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2nd October to lose 14p...
Investment trust RIT Capital Partners said net asset value fell in the half year to September 30th as some of its defensive hedges under performed in a rising market. NAV per share fell 4.9% to 1,188.1p in the six-month period from 1,249.3p at the end of March. Net assets fell to £1.8bn from £1.9bn six months earlier, representing a decrease of £77.9m. "Some half of the decline was accounted for by some of our defensive hedges moving against us in a rising market. The other negative factor was underperformance by a few externally managed portfolios. We have taken active steps to address this," the group explained. Chairman Lord Rothschild added: "We intend to focus our investments on such individual situations and on external managers who recognise the new realities. Over time we are confident that this concentration, together with relentless attention to detail on all our investments, will see us outperform markets." The group, which has changed to a December year-end, from a March year-end previously, will next report for the nine months ended December 31st 2012; thereafter we will be on a calendar year cycle. An interim dividend of 28p will be paid for shareholders on the register at June 15th up sharply from a 4p payment at the end of March.
A bit of research shows that the share price is quite close tithe recently announced NAV per share which is fair enough. But why has the NAV/ share decrease 5% year on year? Does anyone have any insight into how the Baron proposes to recover and increase our asset value?
Hey Guys This is a quiet board but if anyone's around I'd appreciate your views on what's going on. The Baron's share price has lost about 10% of it's value over the last 6 weeks! Thanks for any insights you can offer.
"Success in the future lies in our continuing to find exceptional opportunities throughout the world. I have no doubt that the links we have forged with distinguished groups such as Rockefeller, Edmond de Rothschild and Creat in the USA, Europe and China can only help us in our endeavours in the years ahead."
Over the last year RIT exited its private investment in Agora Oil and Gas realising a profit of £73m over two years and Harbourmaster, realising £72m over seven years. It is also invested in green energy start up Tamar Energy and has completed funding for a new private equity fund in China. Commenting on the results, Lord Rothschild, Chairman of RIT Capital Partners, said: "On the public market side we are...concentrating on investments with fund managers and individual companies...that can grow despite the state of their local markets. On the private investment side, our direct investments in unquoted companies have produced considerable successes, with two profitable exits in the year."
The annual decline in NAV has been worse than RIT's benchmark comparator, the MSCI Sterling World Index, which declined 1.3% over the last 12 months. In this situation, investment trusts usually start talking about their long-term performance. Unsurprisingly then, RIT's Chairman, still Jacob Rothschild, highlighted the the company has seen a 43% gain over the last three years, 19% over five years and 158% over 10 years. All of this, however, is firmly in the past; what will interest investors more is the change in dividend policy to bring RIT in line with many of its sector peers. Last year the firm paid 4p per share, this year that figure will be 28p per share.
RIT Capital Partners, the investment trusted started by Lord Jacob Rothschild, has reported a drop in its net asset value (NAV) but is offering investors a big increase in dividends. Total NAV dropped 3% in the year ending on March 31st to £1.92bn and, amidst Eurozone headwinds, the most recent NAV (as of May 25th) had declined a further 3.4% to £1.85bn.
RIT Capital Partners (RCP) has created a strategic partnership with Rockefeller Financial Services to further develop their investment management and wealth advisory businesses. By acquiring the 39% equity interest in Rockefeller previously held by French bank Société Générale, investment trust RIT will become a significant shareholder in the company, and with the collaboration of investment products and other areas of expertise, the firm said it will be in the position to better serve the needs of its clients and investors. RIT shares fell 7p to 1,124p.
Lord Rothschild, the Chairman of RIT said: "Agora was only established just over 2 years ago. The achievement of the management team since then has been a remarkable one. We're proud and delighted to have been their founding partner, and wish them every possible success in the next phase of their development with Cairn." The transaction is subject to approval from the relevant regulatory authorities in the UK and Norway.
RIT Capital Partners plc announces sale of Agora Oil and Gas to Cairn Energy PLC RIT Capital Partners plc ("RIT") announces the proposed sale of Agora Oil and Gas ("Agora" or the "Company"), a private Norwegian company with oil and gas assets in the United Kingdom and Norwegian North Sea to Cairn Energy PLC ("Cairn"). The proposed sale of the Agora business is for total consideration of $450 million (m) to be satisfied in cash and Cairn shares. RIT's co-investors in Agora include Lord Rothschild's family interests & philanthropic foundation, as well as Agora's management & employees. RIT's anticipated cash proceeds from the transaction will be £114m, against its investment of £41m. This represents a total profit of £73m, and an increase of £47m from the carrying value. RIT backed the experienced Agora team in November 2009. The team has over 250 years of accumulated exploration experience from the North Sea Basin and a proven ability to create and identify new play concepts and prospects. In the two years since RIT's initial investment, Agora has participated in 10 low-risk exploration and appraisal wells to date, resulting in only 1 dry hole, building up reserves and resources of 22 million barrels 2C contingent resources (95% oil weighted) and 55 million barrels (mean risked) prospective resources.
http://www.investegate.co.uk/Article.aspx?id=201204030700156688A
http://www.investegate.co.uk/Article.aspx?id=201203160700124687Z
RIT Capital Partners, the investment trust chaired by Lord Rothschild, is to form a strategic partnership with the Edmond de Rothschild Group, the international private banking and asset management group chaired by Baron Benjamin de Rothschild. The two firms will create a new company that will be 49% owned by RIT, with the majority stake held by EdRG.
Shares in RTI Capital Partners (RCP) dropped 45p to 1,260p on news that the investment trust's net asset value fell 9.6% to 1,165.9p per share over the six months ended 30th September. In response to the increased market volatility, the group has cut its exposure to industrial commodities and emerging markets, while increasing short futures positions and gold investments.
http://www.investegate.co.uk/Article.aspx?id=201111290700189293S
RIT looking for the next BRIC Date: Friday 03 Jun 2011 LONDON (ShareCast) - The net asset value (NAV) per share of investment trust RIT Capital Partners hit a new high at the end of March, though it has eased back since the end of the trust's financial year. In the year to 31 March 2011, the trust's NAV per share appreciated by 9.3% to 1,289.4p from 1180.1p a year earlier. Over the same period, the MSCI World Index in Sterling, the most relevant benchmark, rose by 5.2% and the FTSE All-Share Index rose by 5.4%. Total net assets improved to £1,984m at the end of March from £1,815.7m the year before. As at May 20, NAV per share was 1,265.4p. Over the past five and 10 years the trust's returns stand at 31.2% and 166.2% as compared with MSCI World Index returns in Sterling of 8.2% and 11.1%. The level of public market exposure stayed broadly between 50% and 70% over the last financial year. The trust maintained above-average exposure to the commodity and related sectors as well as a significant exposure to emerging markets, in particular to sectors aimed at growing domestic demand within these economies. Recently, the trust has started to build modest exposure to what it calls "frontier markets" in an attempt get ahead of the sort of trend that saw investors clamour for exposure to the so called BRIC (Brazil, Russia, India and China) countries. "The unquoted portfolio as a whole produced gains of a little over 15%. Notable disposals in the period under review included our holding in The Economist Newspaper which was sold for £24.7 million in December 2010," said company chairman, Lord Rothschild. The company paid £1.5m for the stake in 1988, since when it has banked dividends of £15.1m from the holding. On the subject of its own dividend payment, the board has proposed a final dividend of 4.0p.
Does anyone know of any other family owned investment funds? I like the idea of jumping on the bandwagon of wealthy families investments! Preferably a fund or trust that has a broad portfolio including venture capital and private equity. Any help is much appreciated. Onkon