REG - RIT Cap. Partners - Net Asset Value(s)

RIT Capital PartnersAnnouncement

16/09/2024 07:00

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RNS Number : 2184E  RIT Capital Partners PLC  16 September 2024

RIT Capital Partners plc (LEI: P31Q1NLTW35JJGHA4667)

 

16 September 2024

 

31 August 2024 Net Asset Value

 

RIT Capital Partners plc ("RIT") announces that its unaudited diluted net
asset value ("NAV") as at 31 August 2024 (with debt at fair value) was 2,580p
per £1 ordinary share (31 July 2024: 2,560p).

 

August 2024 Commentary and Highlights

 

RIT's NAV per share total return for August 2024 was +0.8%. The increase in
the value of our portfolio was driven by positive performance across each of
our three strategic investment pillars including Quoted Equities, Private
Investments and Uncorrelated Strategies. Our meaningful US dollar position
detracted from returns as sterling strengthened by 2.1%. Year to date, RIT's
NAV per share total return was +7.2%.

 

RIT's positive performance for August was delivered against a volatile
backdrop for global equities in the period. Global equity markets saw a
meaningful correction at the start of the month as US unemployment numbers
rose, while the Yen strengthened as the Bank of Japan prepared the market for
further interest rate hikes. However, calm returned to the markets later in
August as the US reported better employment figures and better than expected
retail sales. European equities were choppy throughout the month but ended in
positive territory, while Chinese domestic equities continued to lag the wider
market.

 

Specific highlights for August include:

 

 ·         An increase in the value of our Quoted Equities book was driven by a range of
           contributing factors across both direct and underlying managers. This included
           gains from companies in our Quality theme, as well as ongoing upside from our
           exposure to specialist managers in Japan which continued to contribute
           positively to our performance despite the volatility seen in the TOPIX during
           August. Our portfolio hedges were also additive in the month despite the
           overall market finishing in the positive.

 ·         Private Investments were a solid contributor during the month, driven by gains
           from our private funds which saw an increase in Q2 valuations. As of 31
           August, 97% of our private funds were held at 30 June reported valuations.

 ·         Investments in Uncorrelated Strategies also contributed positively to our
           total return for August, driven largely by holdings in credit managers and
           equity market neutral managers.

 ·         The Board of RIT continued its active buyback programme, generating a further
           accretive impact on the NAV per share and taking the volume of shares
           repurchased on behalf of shareholders to approximately 2.2 million for the
           year to 31 August 2024. Since the start of 2023, the Board has bought back
           nearly 7% of RIT's issued share capital, representing one of the largest share
           buybacks in the industry.

 

 

 

 

 

 

For more information:

J. Rothschild Capital Management Limited (Manager):

T: 020 7647 8565

E: investorrelations@ritcap.co.uk (mailto:investorrelations@ritcap.co.uk)
investorrelations@ritcap.co.uk

 

Numis Securities Limited (Joint Broker):

David Benda

T: 020 7260 1000

 

JP Morgan Cazenove (Joint Broker):

William Simmonds

T: 020 3493 8000

 

Brunswick Group LLP (Media enquiries):

Nick Cosgrove, Sofie Brewis

T: 020 7404 5959

E: RIT@BrunswickGroup.com (mailto:RIT@BrunswickGroup.com)

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