RIT Capital Partners Regulatory News (RCP)

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The value of our Quoted Equities book increased meaningfully. Contributors in directly held stocks included Quality companies and SMID-cap stocks, while our specialist managers performed well in China and Healthcare themes.

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Private Investments also rose in value after we received the initial fourth quarter valuations from our fund investments. We also saw gains from the sale of a direct private investment, Xapo Bank, the first regulated cryptocurrency bank globally, at a sizeable uplift to its most recent valuation. As of 31 January, 10% of our private funds were held at 31 December reported valuations, with the remainder held at 30 September reported valuations.

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Uncorrelated Strategies contributed to our NAV, with gains from absolute return strategies and gold, which reached an all-time high in January. These gains were offset by modest detraction from our exposure to Carbon Credits.

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Currencies benefited our NAV during the month, primarily due to the US dollar's appreciation against sterling, which led to positive translation impacts for our portfolio.

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We continued our ongoing share buyback programme, repurchasing £1.6 million or approximately 80,000 shares in January.

1 As is customary at this point in our year-end process, the preliminary December NAV and associated performance numbers for 2024 are estimates, and subject to potential adjustment and audit. Changes made to the December 2024 NAV could impact January's opening NAV and therefore January's performance. The 2024 Annual Report and Accounts are expected to be finalised and published by early March.