Last checked at 
15 Dec 2022 07:00
RIT CAPITAL PARTNERS PLC (LEI: P31Q1NLTW35JJGHA4667)
15 December 2022
30 November 2022 Net Asset Value and Commentary
The unaudited diluted net asset value (NAV) of RIT Capital Partners plc as at 30 November 2022 (with debt at fair value) was 2,454p per £1 ordinary share (31 October 2022: 2,420p).
For the month of November, this represented an increase in net assets of +1.4%. This equates to a NAV total return of -7.8% over one year, +30.9% over three years and +47.4% over five years. In comparison, the MSCI ACWI (50% Sterling) returned -5.8% over one year, +26.0% over three years and +44.6% over five years.
The key drivers for November's performance were:
- Chinese domestic funds, recovering from October lows to significantly outperform;
- Absolute return and credit funds, as well as real assets, contributed positively;
- Sterling's strength versus the US Dollar was a detractor; and
- The private investment portfolio gave back some of its previous strong gains as Q3 valuations came in; over 92% of the private funds portfolio is now marked to 30 September valuations.
Overall:
- RIT continues to outperform when both rising and falling markets are taken into account, with three and five-year performance producing returns in excess of broad equity markets and with less risk;
- We maintain a diversified and integrated portfolio, investing across a range of asset classes, both quoted and unquoted. These elements are combined with an active risk management framework, as the foundation of our long-standing portfolio construction philosophy; and
- This has driven RIT's long-term performance, with an annualised total return to shareholders of 11.4% compared to the ACWI equity index of 7.2% since our inception.