Last checked at 
17 Nov 2023 07:00
RIT Capital Partners PLC (LEI: P31Q1NLTW35JJGHA4667)
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17 November 2023
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31 October 2023 Net Asset Value
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The unaudited diluted net asset value (NAV) of RIT Capital Partners plc as at 31 October 2023 (with debt at fair value) was 2,362p per £1 ordinary share (30 September 2023: 2,409p). This is after deduction of the second interim dividend of 19p per £1 ordinary share paid on 27 October 2023.
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October 2023 Highlights
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Global equities retreated in October as higher bond yields and renewed geopolitical concerns put pressure on equity valuations. In the US, buoyant economic data reinforced a higher-for-longer rate environment which pushed the 10-year Treasury yield above 5% for the first time since 2007. The S&P 500 declined by -2.1% over the month, while weakening economic growth in the UK and Europe led to declines of -3.7% for the FTSE 100 and -3.6% for the STOXX 600. Investor sentiment towards China weakened, with the CSI 300 down -3.1%. Gold rallied by ~7.3% as investors sought safe haven assets, while the US dollar strengthened slightly in the month.
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Our portfolio declined less than the markets driven by our moderate net equity exposure, positive contributions from our Uncorrelated Strategies as well as our meaningful US dollar position.
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· | Our Quoted Equities book detracted during the month. Positive contributions from Japanese holdings were offset by weakness in certain value positions, alongside declines in our healthcare and Chinese holdings. |
· | Private Investments were approximately flat for the month, with no major movements from the new marks received from our private funds for Q3. As of 31 October, 12% of private funds were valued at 30 September reported valuations and 83% were held at 30 June valuations, with the remainder held at 31 March. All private direct positions are valued at 30 June. |
· | Our Uncorrelated Strategies book was steady in October. Our macro strategies and gold position contributed positively during the month, while credit strategies detracted. |
· | The Board continued its active buyback programme, generating a further accretive impact to the NAV per share. In the month of October, the Company repurchased approximately 0.7 million shares on behalf of shareholders. |
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For more information:
J. Rothschild Capital Management (Manager):
T: 020 7647 8565
E: investorrelations@ritcap.co.uk
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Numis (Joint Broker):
David Benda
T: 020 7260 1000
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JP Morgan Cazenove (Joint Broker):
William Simmonds
T: 020 3493 8000
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Brunswick Group LLP (Media enquiries):
Nick Cosgrove, Tom Burns
T:Â 020 7404 5959
E:Â RIT@BrunswickGroup.comÂ