Watch LIVE the focusIR May Investor webinar with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRIT Capital Partners Regulatory News (RCP)

Share Price Information for RIT Capital Partners (RCP)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1,930.00
Bid: 1,930.00
Ask: 1,938.00
Change: -20.00 (-1.03%)
Spread: 8.00 (0.415%)
Open: 1,950.00
High: 1,950.00
Low: 1,926.00
Prev. Close: 1,950.00
RCP Live PriceLast checked at -
RIT Capital Partners is an Investment Trust

To invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted; to allocate part of the portfolio to exceptional managers in order to ensure access to the best external talent available.

Find out More

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Net Asset Value(s)

14 Oct 2022 07:00

RNS Number : 8548C
RIT Capital Partners PLC
14 October 2022
 

RIT CAPITAL PARTNERS PLC (LEI: P31Q1NLTW35JJGHA4667)

14 October 2022

 

30 September 2022 Net Asset Value and Commentary

The unaudited diluted net asset value of RIT Capital Partners plc as at 30 September 2022 (with debt at fair value) was 2,464p per £1 ordinary share (31 August 2022: 2,523p).

In light of the extraordinary market conditions experienced during late September, we felt it would be helpful for shareholders if we provided some more colour on the behaviour of our portfolio during times like these, as well as putting it into the context of our long-term objectives.

September saw equity markets fall sharply. The FTSE 250 lost -9.7%, the S&P 500 -9.2% and our own reference index, the MSCI All Countries World Index (50% Sterling) was down -7.1%. The exceptional volatility was not limited to equity markets, with all asset classes experiencing wide swings notably across currencies, bond markets and commodities. Against this most challenging backdrop, our NAV total return over the month was a decline of -2.3%. This outperformance reflected in particular:

· Our cautious positioning, with historically low levels of quoted equity exposure, helped to protect us from the brunt of the stock market falls;

· Positive contribution from our currency positioning, with around half our portfolio held outside of Sterling benefiting the NAV as Sterling weakened; and

· Some modest give back of the exceptional gains from our private investments over recent years. 

Our year-to-date NAV total return therefore shows a decline of -11.2% against the ACWI which lost -16.0%, with the outperformance reflecting broadly the same drivers as above. With a corporate objective focused on the long-term, our three-year performance of 31.9% compares favourably with the ACWI of 17.9% as does our five-year performance of 47.9% compared to 37.1% for global equities. This performance also exhibited lower risk, whether measured by volatility or the size of any drawdowns.

Our private investments have been a key source of returns over RIT's history and in particular during recent years. While we have seen some value compression this year, underlying portfolio companies continue to perform well and we remain confident in their ability to generate future NAV performance. Our direct private investments are valued on a six-monthly cycle by our independent Valuation Committee, and the private funds report quarterly fair values, on a lagged basis as is standard for this industry. By the end of September, the vast majority of our funds (around 99%) were valued at 30 June quarterly valuations. 

As shareholders are aware, the nature and composition of our investment portfolio enables us to produce monthly rather than daily NAVs. At times of significant market stress, the wider market conditions can dominate such that our share price moves in sync with broad equity markets, irrespective of our underlying NAV. This may lead to a widening of the discount. In these circumstances, we have continued our approach of seeking to minimise the impact on shareholders by buying back shares accretively. During September we acquired some 280,000 shares at a cost of around £6.1m, increasing the NAV per share. 

Shareholders will also be aware that our share price became ex-dividend on 6 October and we will pay our second interim dividend of 18.5p per share on 28 October. This will provide shareholders with a total dividend of 37p for 2022, 5.0% above 2021.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NAVEXLFFLBLEFBK
Date   Source Headline
14th May 202411:48 amRNSDirector/PDMR Shareholding
14th May 20247:00 amRNSTransaction in Own Shares
10th May 20247:00 amRNSTransaction in Own Shares
9th May 20247:00 amRNSTransaction in Own Shares
7th May 20245:32 pmRNSDirector/PDMR Shareholding
2nd May 20246:18 pmRNSResult of AGM
1st May 202412:00 pmRNSTotal Voting Rights
1st May 20247:00 amRNSTransaction in Own Shares
30th Apr 20247:00 amRNSTransaction in Own Shares
30th Apr 20247:00 amRNSDirector/PDMR Shareholding
29th Apr 20247:00 amRNSTransaction in Own Shares
26th Apr 20247:00 amRNSTransaction in Own Shares
25th Apr 20247:00 amRNSTransaction in Own Shares
24th Apr 20247:00 amRNSTransaction in Own Shares
18th Apr 20247:00 amRNSNet Asset Value(s)
4th Apr 20247:00 amRNSTransaction in Own Shares
2nd Apr 20242:27 pmRNSTotal Voting Rights
2nd Apr 20247:00 amRNSTransaction in Own Shares
20th Mar 20247:00 amRNSTransaction in Own Shares
19th Mar 20245:22 pmRNSDirector/PDMR Shareholding
18th Mar 20247:00 amRNSNet Asset Value(s)
15th Mar 20247:00 amRNSTransaction in Own Shares
14th Mar 20247:00 amRNSTransaction in Own Shares
13th Mar 20247:00 amRNSTransaction in Own Shares
12th Mar 20247:00 amRNSTransaction in Own Shares
11th Mar 20247:00 amRNSTransaction in Own Shares
8th Mar 20244:56 pmRNSDirector/PDMR Shareholding
8th Mar 20247:00 amRNSTransaction in Own Shares
7th Mar 20247:00 amRNSTransaction in Own Shares
5th Mar 20247:00 amRNSFinal Results
5th Mar 20247:00 amRNSTransaction in Own Shares
1st Mar 202410:32 amRNSTotal Voting Rights
1st Mar 20247:00 amRNSTransaction in Own Shares
29th Feb 20245:13 pmRNSDirectorate Change
29th Feb 20247:00 amRNSTransaction in Own Shares
28th Feb 20247:00 amRNSTransaction in Own Shares
27th Feb 20247:00 amRNSTransaction in Own Shares
26th Feb 20241:31 pmRNSCompany Announcement
26th Feb 20247:00 amRNSTransaction in Own Shares
23rd Feb 20247:00 amRNSTransaction in Own Shares
22nd Feb 20247:00 amRNSTransaction in Own Shares
21st Feb 20247:00 amRNSTransaction in Own Shares
20th Feb 20247:00 amRNSTransaction in Own Shares
19th Feb 20247:00 amRNSNet Asset Value(s)
19th Feb 20247:00 amRNSTransaction in Own Shares
16th Feb 20247:00 amRNSTransaction in Own Shares
15th Feb 20247:00 amRNSTransaction in Own Shares
14th Feb 20247:00 amRNSTransaction in Own Shares
13th Feb 20247:00 amRNSTransaction in Own Shares
9th Feb 20247:00 amRNSTransaction in Own Shares

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.