While it's been a tough time for hedge funds that have bet against high growth stocks of late, the market has been kind to one of Australia's most venerated money managers.

Caledonia (Private) Investments, which manages $5.8 billion of client assets recently updated its investors, informing them its portfolio had generated a return after fees of 27 per cent for the fiscal year

The gains came entirely from its long book - which is made up predominantly in sizeable bets in US real estate portal Zillow, gaming firm Stars Group, food delivery platform Grubhub and two Australian positions - in Challenger Limited and Aristocrat Leisure.

The longs contributed 39 per cent while its shorts proved a drag on its overall numbers.

In a sign that Caledonia, whose portfolios are overseen by joint chief investment officers Mike Messara and Will Vicars, are getting a little cautious, the net long position of the book has been scaled back from 80 per cent to 50 per cent.

And it's been a good start so far for the Sydney and New York-lbased fund which has delivered annualised returns of about 23.5 per cent over three and five years.

Shares in Grubhub, one its largest positions popped more than 24 percent last week after it said it it would acquire LevelUp, a mobile ordering and payments platform.

As for its position in Zillow, that could get interesting.