Caledonia (Private) Investments Pty Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Caledonia (Private) Investments Pty Ltd reported 16 stock positions worth $5.2 billion. Its top holding was Zillow Class C (Z) at 34.1% of the portfolio, followed by Flutter Entertainment PLC-Di (FLUT, 29.6%) and Zillow Class A (ZG, 14.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 3, added to 3 and reduced 8. The biggest buy was Flutter Entertainment PLC-Di (FLUT, shares +4%) and the biggest sale an exit from Light & Wonder (LNWO).
- Most Recent 13F
- Q2 2026
- Location
- Sydney Nsw, C3
- CIK
- 0001352924
- Portfolio Value
- $5.2B (Q4 2025)
- SEC Filing
- 0001172661-26-001048 ↗ filed Feb 17, 2026
Holdings Value
Holdings 16 stocks · $5.2B
| Z Zillow Group Inc. Class C | 34.11% | 26,084,393 | $1.8B | Reduce -1.8% |
| FLUT Flutter Entertainment PLC-Di | 29.65% | 7,191,861 | $1.5B | Add +3.8% |
| ZG Zillow Group Inc. Class A | 14.89% | 11,386,865 | $776.9M | Reduce -1.9% |
| CCJ Cameco Corp. | 9.53% | 5,431,296 | $496.9M | Reduce -1.6% |
| RPRX Royalty Pharma PLC Class A | 5.46% | 7,377,038 | $285.0M | Reduce -2.3% |
| COUR Coursera Inc. | 1.70% | 12,052,670 | $88.7M | Add +29.4% |
| UDMY Udemy Inc. | 1.51% | 13,465,240 | $78.8M | Reduce -3.5% |
| APPF Appfolio Inc. Class A | 1.48% | 332,635 | $77.4M | Add +45.9% |
| TRUE Truecar Inc. | 0.75% | 17,420,868 | $39.4M | Reduce -1.9% |
| FWONK Liberty Media Corp. Class C | 0.40% | 209,804 | $20.7M | Reduce -87.3% |
| RKT Rocket Cos Inc. Class A | 0.24% | 659,131 | $12.8M | New |
| GENI Genius Sports Ltd. | 0.10% | 476,875 | $5.3M | New |
| CME Cme Group Inc. | 0.10% | 18,744 | $5.1M | Reduce -71.7% |
| JHX James Hardie Ind PLC | 0.06% | 157,326 | $3.3M | New |
| WFC Wells Fargo & Co. | 0.01% | 3,198 | $298K | No change |
| BWXT BWX Technologies Inc. | 0.00% | 1,371 | $237K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| LNWO Light & Wonder Inc. | Sold out | 0.00% | −2.61 |
| FWONK Liberty Media Corp. Class C | Reduce -87.3% | 0.40% | −2.41 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −1.55 |
| CME Cme Group Inc. | Reduce -71.7% | 0.10% | −0.19 |
| UDMY Udemy Inc. | Reduce -3.5% | 1.51% | −0.08 |
| AMWL American Well Corp. Class A | Sold out | 0.00% | −0.06 |
| TRUE Truecar Inc. | Reduce -1.9% | 0.75% | +0.22 |
| Z Zillow Group Inc. Class C | Reduce -1.8% | 34.11% | +0.84 |
| ZG Zillow Group Inc. Class A | Reduce -1.9% | 14.89% | +0.86 |
| RPRX Royalty Pharma PLC Class A | Reduce -2.3% | 5.46% | +1.14 |
| CCJ Cameco Corp. | Reduce -1.6% | 9.53% | +2.00 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 17 | $2.9B | FLUT, Z, ZG, RPRX, CCJ |
| Q1 2026 | 16 | $3.4B | Z, FLUT, ZG, CCJ, RPRX |
| Q4 2025 | 16 | $5.2B | Z, FLUT, ZG, CCJ, RPRX |
| Q3 2025 | 16 | $6.2B | Z, FLUT, ZG, CCJ, RPRX |
| Q2 2025 | 15 | $6.3B | FLUT, Z, ZG, CCJ, RPRX |
| Q1 2025 | 16 | $6.1B | Z, FLUT, ZG, LNWO, CCJ |
| Q4 2024 | 13 | $7.5B | FLUT, Z, ZG, FWONK, LNWO |
| Q3 2024 | 11 | $6.9B | FLUT, Z, ZG, FWONK, LNWO |
| Q2 2024 | 11 | $5.5B | FLUT, Z, ZG, FWONK, LNWO |
| Q1 2024 | 11 | $3.9B | Z, ZG, FWONK, LNWO, WMG |