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

RIT Capital PartnersAnnouncement

18/12/2023 07:00

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RNS Number : 0460X  RIT Capital Partners PLC  18 December 2023

RIT Capital Partners PLC (LEI: P31Q1NLTW35JJGHA4667)

 

18 December 2023

 

30 November 2023 Net Asset Value

 

The unaudited diluted net asset value (NAV) of RIT Capital Partners plc as at
30 November 2023 (with debt at fair value) was 2,377p per £1 ordinary share
(31 October 2023: 2,362p).

 

 

November 2023 Highlights

 

Global equities and bonds advanced strongly in November, as
better-than-expected inflation figures across developed markets supported the
view that central banks have reached the peak of their tightening cycles. The
yield on the US 10-year treasury declined -66bps from its October peak of 5.0%
to end November at 4.3%, which drove the Nasdaq-100 up by +10.8%, while the
S&P 500 posted its best month in over a year, up +9.1%. European stocks
followed suit with the STOXX 600 up by +6.6%, while China's CSI 300 was down
by -2.1%, as economic data continued to show mixed signs of recovery. The US
dollar closed -3.7% lower against sterling, while gold rose by +2.6%.

 

Our portfolio posted a positive return for the month with healthy performance
from our quoted equities and credit positions, while our meaningful dollar
position detracted from returns.

 

 ·         The performance from our Quoted Equities book was driven by positive
           contributions from our exposure to value, healthcare and global quality
           equities.
 ·         Our Private Investments detracted modestly during the month, following Q3
           valuations received for several of our larger fund holdings. As of 30
           November, 86% of private funds were valued at 30 September reported valuations
           and 14% were held at 30 June valuations. All private direct positions are
           valued at 30 June. These will be updated for 31 December, consistent with our
           Valuation Policy, and the revised valuations will be included in our Annual
           Report & Accounts to be published early next year.
 ·         Our Uncorrelated Strategies book contributed positively during the month, led
           by contributions from credit strategies and gold.
 ·         The Board continued its active buyback programme, generating a further
           accretive impact on the NAV per share. In November, the Company repurchased
           approximately 0.2 million shares on behalf of shareholders. Year to date, the
           Company has repurchased approximately £160m worth of RIT's shares, locking in
           a ~26% return on investment on behalf of shareholders.

 

 

For more information:

J. Rothschild Capital Management (Manager):

T: 020 7647 8565

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

 

Numis (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, Tom Burns

T: 020 7404 5959

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

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