Caledonia, the prominent Sydney hedge fund that invests on behalf of some of the city’s wealthiest families, says it has reassessed its key holdings as it tries to reassure restive backers to stick with the firm after a long run of disappointing performance led to an exodus of money.
In a confidential memo circulated among clients, Caledonia’s co-chief investment officers Will Vicars and Mike Messara said the firm was “committed to broadening the long book over time” and had already taken new positions in companies such as Live Nation, a New York-listed entertainment marketing and ticketing business, and Transocean, a sprawling Houston-headquartered offshore drilling contractor.
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