CA
Caledonia Investment Portfolio (Q2 2026) — 13F Stock Holdings
CaledoniaCIK: 0001352924
Momentum followerSector-focusedQuality / disciplined sizing
Total reported value
$2.9B
Reporting period: 2026-06-30 · Number of holdings: 17
Caledonia disclosed 17 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $2.9B and a quarterly turnover rate of 24.1%.
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Personality snowflake
- Concentration
- 74.88
- Portfolio Stability
- 24.08
- Momentum
- 100
- Sector conviction
- 92.59
- Diversification
- 34
- Sizing Uniformity
- 84.77
Caledonia's disclosed holdings carry a Herfindahl concentration index of 0.187 — mathematically equivalent to about 5 equally-sized positions, well below its 17 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.52), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim Z
-6.9% -$311.8M
Add FLUT
-5.3% -$44.1M
Add COUR
+77.8% $48.2M
Sold out 7WH
Trim ZG
-0.4% -$115.3M
Add RKT
+182.5% $31.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | FLUT | Flutter Entertainment plc | Stock-Consumer Disc | 28.18% | +2.88% | -5.28% | |
| 2 | Z | Zillow Group Inc - C | Stock-Comm Services | 25.93% | -5.24% | -6.92% | |
| 3 | ZG | Zillow Group Inc - A | Stock-Comm Services | 12.13% | -1.56% | -0.37% | |
| 4 | RPRX | Royalty Pharma plc | Stock-Healthcare | 11.06% | +1.06% | -19.43% | |
| 5 | CCJ | Cameco CORP | Stock-Energy | 10.05% | -0.68% | -14.89% | |
| 6 | COUR | Coursera Inc | Stock-Other | 3.92% | +1.98% | +77.81% | |
| 7 | LYV | Live Nation Entertainment In | Stock-Comm Services | 3.66% | +1.10% | +1.53% | |
| 8 | APPF | Appfolio Inc - A | Stock-Tech | 1.59% | +0.08% | -11.52% | |
| 9 | RKT | Rocket Cos Inc-class A | Stock-Financials | 1.57% | +1.14% | +182.47% | |
| 10 | RIG | Transocean Ltd. | Stock-Energy | 0.93% | +0.93% | NEW | |
| 11 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 0.68% | +0.16% | — | |
| 12 | CME | Cme Group Inc | Stock-Financials | 0.14% | -0.02% | — | |
| 13 | GENI | Genius Sports Limited | Stock-Other | 0.10% | +0.04% | — | |
| 14 | JHX | James Hardie Industries plc | Stock-Other | 0.03% | -0.06% | -78.52% | |
| 15 | XOM | Exxon Mobil CORP | Stock-Energy | 0.01% | — | — | |
| 16 | WFC | Wells Fargo & Co | Stock-Financials | 0.01% | — | — | |
| 17 | BTSG | Brightspring Health Services | Stock-Other | 0.01% | +0.01% | NEW |
Portfolio Performance
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
-45.7%
- Stdev
- +36.7%
- Beta
- +1.61
- Alpha
- -33.8%
- Max Drawdown
- -49.5%
- Annualized Perf
- -7.8%
- Batting Avg vs S&P
- +41.7%
- Sortino
- -0.07
- Stutzer
- -0.01
- Treynor
- -0.01
- Sterling
- -0.2
- Calmar
- -0.16
- Information Ratio
- -0.69
- Tracking Error
- +31.2%
- Stdev Down
- +24.5%
- Winning Months %
- +47.2%
- Losing Months %
- +52.8%
- Best 12 Months
- +61.1%
- Worst 12 Months
- -46.2%
- Efficiency Ratio
- +0.07
- Sharpe
- -0.04
- Stdev Sectors
- +15.4%
- Skewness
- +0.43
- Kurtosis
- +0.36
- Upside Potential
- +2.01
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 17 | $2.9B | 24 | ||
| 2026 Q1 | 16 | $3.4B | 48 | ||
| 2025 Q4 | 16 | $5.2B | 20 | ||
| 2025 Q3 | 16 | $6.2B | 20 | ||
| 2025 Q2 | 15 | $6.3B | 0 | ||
| 2025 Q1 | 16 | $6.1B | 100 | ||
| 2024 Q4 | 13 | $7.5B | 0 | ||
| 2024 Q3 | 11 | $6.9B | 0 | ||
| 2024 Q2 | 11 | $5.5B | 0 | ||
| 2024 Q1 | 11 | $3.9B | 0 | ||
| 2023 Q4 | 11 | $4.7B | 0 | ||
| 2023 Q3 | 12 | $4.0B | 0 | ||
| 2023 Q2 | 12 | $4.6B | 0 | ||
| 2023 Q1 | 14 | $4.5B | 0 | ||
| 2022 Q4 | 14 | $3.7B | 0 | ||
| 2022 Q3 | 15 | $3.4B | 0 | ||
| 2022 Q2 | 17 | $3.8B | 0 | ||
| 2022 Q1 | 17 | $5.4B | 0 | ||
| 2021 Q4 | 19 | $6.4B | 0 | ||
| 2021 Q3 | 17 | $8.0B | 0 | ||
| 2021 Q2 | 16 | $9.7B | 25 | ||
| 2021 Q1 | 17 | $10.7B | 9 | ||
| 2020 Q4 | 14 | $10.5B | 25 | ||
| 2020 Q3 | 17 | $8.8B | 46 | ||
| 2020 Q2 | 14 | $5.5B | 73 | ||
| 2020 Q1 | 14 | $4.6B | 36 | ||
| 2019 Q4 | 12 | $5.6B | 33 | ||
| 2019 Q3 | 15 | $4.1B | 100 | ||
| 2019 Q2 | 12 | $5.7B | 0 | ||
| 2019 Q1 | 12 | $4.7B | 14 | ||
| 2018 Q4 | 18 | $4.6B | 38 | ||
| 2018 Q3 | 13 | $6.3B | 21 | ||
| 2018 Q2 | 11 | $6.5B | 18 | ||
| 2018 Q1 | 11 | $5.5B | 33 | ||
| 2017 Q4 | 9 | $4.0B | 47 | ||
| 2017 Q3 | 9 | $3.4B | 19 | ||
| 2017 Q2 | 9 | $3.6B | 37 | ||
| 2017 Q1 | 10 | $2.6B | 13 | ||
| 2016 Q4 | 10 | $2.4B | 8 | ||
| 2016 Q3 | 10 | $2.3B | 11 | ||
| 2016 Q2 | 11 | $2.3B | 39 | ||
| 2016 Q1 | 7 | $1.6B | 11 | ||
| 2015 Q4 | 6 | $1.4B | 22 | ||
| 2015 Q3 | 4 | $1.4B | 100 | ||
| 2015 Q2 | 4 | $1.3B | 22 | ||
| 2015 Q1 | 2 | $1.3B | 76 | 1Z2400110 | |
| 2014 Q4 | 6 | $1.6B | 14 | ||
| 2014 Q3 | 8 | $1.6B | 24 | ||
| 2014 Q2 | 7 | $1.6B | 59 | ||
| 2014 Q1 | 4 | $893.6M | 28 | ||
| 2013 Q4 | 5 | $910.0M | 19 | ||
| 2013 Q3 | 5 | $936.2M | 47 | ||
| 2013 Q2 | 6 | $623.2M | 0 |
Holding changes this quarter
Caledonia's most significant position changes for 2026-06-30: Sold out: Udemy Inc (7WH); New buy: Transocean Ltd. (RIG); New buy: Brightspring Health Services (BTSG); Trim: Zillow Group Inc - C (Z) — shares -6.92%; Trim: Flutter Entertainment plc (FLUT) — shares -5.28%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FLUT | Flutter Entertainment plc | +2.9% | -5.28% | Trim |
| 2 | COUR | Coursera Inc | +2% | +77.81% | Add |
| 3 | RKT | Rocket Cos Inc-class A | +1.1% | +182.47% | Add |
| 4 | LYV | Live Nation Entertainment In | +1.1% | +1.53% | Add |
| 5 | RPRX | Royalty Pharma plc | +1.1% | -19.43% | Trim |
| 6 | RIG | Transocean Ltd. | +0.9% | NEW | New buy |
| 7 | FWONK | Liberty Media Corp-formula-c | +0.2% | — | Unchanged |
| 8 | APPF | Appfolio Inc - A | +0.1% | -11.52% | Trim |
| 9 | GENI | Genius Sports Limited | 0% | — | Unchanged |
| 10 | BTSG | Brightspring Health Services | 0% | NEW | New buy |
| 11 | XOM | Exxon Mobil CORP | — | — | Unchanged |
| 12 | WFC | Wells Fargo & Co | — | — | Unchanged |
| 13 | CME | Cme Group Inc | 0% | — | Unchanged |
| 14 | JHX | James Hardie Industries plc | -0.1% | -78.52% | Trim |
| 15 | CCJ | Cameco CORP | -0.7% | -14.89% | Trim |
| 16 | ZG | Zillow Group Inc - A | -1.6% | -0.37% | Trim |
| 17 | 7WH | Udemy Inc | -1.8% | EXIT | Sold out |
| 18 | Z | Zillow Group Inc - C | -5.2% | -6.92% | Trim |
Filing History
FAQ
What is Caledonia and what type of investor is it?
Caledonia is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $2.9B, spread across 17 disclosed positions.
What are Caledonia's largest equity positions?
Based on the latest 13F filing, Caledonia's top holdings by market value are:
1. Flutter Entertainment plc (FLUT) — $825.5M (28.2%)
2. Zillow Group Inc - C (Z) — $759.7M (25.9%)
3. Zillow Group Inc - A (ZG) — $355.4M (12.1%)
4. Royalty Pharma plc (RPRX) — $323.9M (11.1%)
5. Cameco CORP (CCJ) — $294.3M (10.1%)
What changes did Caledonia make in its most recent portfolio filing?
In the latest reported quarter, Caledonia made 13 notable position adjustments: 2 new positions were initiated, 3 existing holdings were added to, 7 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Udemy Inc (7WH); New buy: Transocean Ltd. (RIG); New buy: Brightspring Health Services (BTSG); Trim: Zillow Group Inc - C (Z) — shares -6.92%; Trim: Flutter Entertainment plc (FLUT) — shares -5.28%
What sectors does Caledonia focus on?
Caledonia is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 44.2%
• Consumer Discretionary: 29.4%
• Health Care: 11.5%
• Energy: 11.4%
• Financials: 1.8%
• Information Technology: 1.7%
Investment Profile
Caledonia returned an annualized -7.8% over the trailing 36 months — underperforming the S&P 500 by 33.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.61 (more volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 44.2% of the portfolio concentrated in Communication Services.
Its concentration score has fallen from 100 to 75 over the past 4 quarters — a shift toward broader diversification.
It has added to its RKT position over the past two quarters (+$33.2M, now $46.0M), while trimming Z over the same stretch (-$1.0B, still holding $759.7M).
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Developer Access
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