AI Analysis · Q1 2026

Caledonia Private Investments' $3.44 billion U.S.-listed portfolio for March 2026 is one of the most concentrated portfolios in the current filing cohort — a position that defines the portfolio's return characteristics and that readers need to understand before interpreting any of the other movements. The headline fact is that the portfolio's single largest position, Zillow Group Class A, declined from $1.78 billion to $1.07 billion in a single quarter, a $708 million markdown that accounts for roughly 40% of the portfolio's total AUM contraction of $1.78 billion (from $5.22 billion at year-end to $3.44 billion). Zillow Class A now represents 31.2% of the book, and Zillow Class C adds another 13.7% at $471 million — so 44.9% of the entire portfolio is a single housing-market technology company in two share classes, both held at essentially unchanged share counts across Q1. The decline in reported value was entirely price-driven: the portfolio held 25.9 million Z shares and 11.4 million ZG shares across the quarter without a significant change in share count, and those shares lost value as the housing market data softened and mortgage rates remained elevated. For a reader trying to interpret the rest of the portfolio, the essential point is that the Caledonia book as it exists on March 31 is a Zillow-and-adjuncts portfolio: removing the Z + ZG positions and their $1.54 billion leaves $1.90 billion of assets distributed across everything else, with Flutter Entertainment ($870 million, 25.3%), Cameco ($369 million, 10.7%), Royalty Pharma ($344 million, 10.0%), Live Nation ($88 million), Coursera ($67 million), Udemy ($63 million), and AppFolio ($52 million) as the principal holdings. The portfolio was actively managed within that $1.90 billion sleeve: Cameco was reduced by 37.5%, Live Nation was added as a new $88 million position, Rocket Companies was added to, and TrueCar and BWX Technologies were liquidated completely. The smart-read structural question — whether Caledonia's 45% Zillow concentration reflects high-conviction thesis or a passive drift — is not answerable from the 13F alone; what the filing confirms is that the position was held without significant change in share count despite the largest single-quarter price decline in the company's public-market history.

Zillow Group Class A (Z) at $1.07 billion, Class C (ZG) at $471 million — together $1.54 billion or 44.9% of assets — is a real-estate-technology company whose core business operates three inter-related platforms: Zillow.com, Trulia, and StreetEasy are residential real-estate marketplaces that connect home buyers and sellers with real-estate agents and generate lead-generation and Premier Agent subscription revenue; Zillow Home Loans is a mortgage-lending business; and Zillow Offers was the now-discontinued iBuying platform that bought homes directly, renovated them, and resold them — a business that was wound down after producing substantial losses in 2021-2022. The company's current earnings are derived primarily from Premier Agent subscriptions, mortgage-lending origination fees, and a growing rental-platform business. The portfolio held 25.9 million Z shares and 11.4 million ZG shares across Q1 2026 without significant change in share count (a reduction of 9,000 shares in Z and a reduction of 16,000 shares in ZG — rounding adjustments). The reported value of the position fell from $1.78 billion to $1.07 billion because Zillow's stock price declined approximately 40% across the quarter. That price decline was driven by housing-market data: mortgage rates remained elevated above 6.5% through Q1, existing-home sales reached multi-year lows, and the market began pricing in a prolonged period of housing-market softness that would pressure Zillow's Premier Agent subscription renewals, mortgage-origination volumes, and advertising revenue simultaneously. The 13F does not reveal whether Caledonia added to its Zillow position as the price declined or simply held; the 9,000-share reduction is so small relative to the position size that it is operationally indistinguishable from a flat hold. What the filing confirms is that Caledonia entered Q1 carrying 44.9% of its assets in Zillow and exited with essentially the same structural exposure — a vote, if an unintentional one, for staying invested through volatility rather than trimming into weakness.

Flutter Entertainment at $870 million, 25.3% — Flutter is the Irish-domiciled gaming-and-sports-betting group whose businesses include Paddy Power and Betfair in Europe, FanDuel in the United States, and Sportsbet in Australia. The company generated €11.4 billion in revenue in 2025 and is the world's largest listed sports-betting operator by revenue. Flutter's stock had a volatile Q1 2026: the U.S. sports-betting market continued to grow but faced margin pressure as promotional spending remained elevated to acquire customers in a competitive landscape, and the company's international operations faced currency headwinds from the British pound and Australian dollar. Caledonia added 1.34 million shares to its Flutter position in Q1, a 18.6% increase that deployed new capital into a stock that had declined in price — buying into weakness in a name whose core U.S. FanDuel operation has a meaningful market position in a growing sector. The position's size — 25.3% of assets — reflects the manager's conviction that Flutter's market position in U.S. sports betting is durable and that the company's revenue growth will eventually translate to margin expansion as the customer-acquisition-cost cycle normalizes. The Flutter position is now the portfolio's second-largest holding after Zillow and represents a very different thesis: sports-betting market share in a growing market versus housing-technology exposure to a cyclical housing market.

Quarter at a glance — Q1 2026

Top 10 holdings

Filing history