Jun 2, 2026 – 1.31pmIt’s a tough time to be ultrarich. Labor is bulldozing tax breaks on trusts, investment properties and asset sales – and now, Caledonia, the Sydney hedge fund that invests on behalf of some of the city’s wealthiest families, has handed out its monthly report card.Will Vicars, above, and Mike Messara run Caledonia. Edwina PicklesSarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Will Vicars’ Caledonia bleeds 44pc in 2026
The duo must have their fingers crossed for a dramatic comeback in the next four weeks before it’s time to mail out a half-yearly performance report.
151 words~1 min read
