Caledonia is a self-managed investment trust company with net assets of c.£2.8bn. Our aim is to grow net assets and dividends paid to shareholders over the long term, whilst managing risk to mitigate volatility of returns. We achieve this by investing in well-managed businesses that combine reasonable growth characteristics with an ability to deliver increasing levels of income. Our investments include listed and private companies, as well as funds, across a range of sectors. The company maintains a progressive dividend policy and has increased its annual dividend every year since 1967. Our heritage can be traced back to the shipping empire established by Sir Charles Cayzer in 1878. We continue to enjoy the backing of the Cayzer family, which owns 48.5% of the share capital. The Cayzer family shareholding provides both support for our long term value investment horizon and provides a foundation to our culture of conservative generational wealth management.