Questor: Caledonia has stretched its dividend record but the 25pc discount won’t budge Questor investment trust bargain: this fund’s persistent markdown has failed to narrow but it remains a solid long-term choice 29 April 2021 • 5:00am The late Sir James Cayzer sat for many years on the board of Caledonia Investments, which was set up to manage the shipping dynasty's wealth Credit: Marina Imperi Few investment trust discounts are as stubborn as the one that has clung like a limpet to shares in Caledonia, the multi-asset fund tipped by this column almost four years ago. Then, we highlighted Caledonia’s 18pc discount, which belied its elite status as one of just four trusts to have grown its dividend for 50 consecutive years. Now, even though it has lengthened that record to 53 years, the discount has widened to 25pc.