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

RIT Capital PartnersAnnouncement

18/03/2024 07:00

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RNS Number : 1331H  RIT Capital Partners PLC  18 March 2024

RIT Capital Partners PLC (LEI: P31Q1NLTW35JJGHA4667)

 

18 March 2024

 

29 February 2024 Net Asset Value

 

The unaudited diluted net asset value (NAV) of RIT Capital Partners plc as at
29 February 2024 (with debt at fair value) was 2,474p per £1 ordinary share
(31 January 2024: 2,415p).

 

February 2024 Highlights

 

Global equities performed well in February, on the back of strong corporate
earnings, continued US economic strength and a rebound in China. This was
despite an increase in government bond yields across developed markets as
stronger inflation pared back expectations of imminent rate cuts. In the US,
the S&P 500 was +5.3%, with a significant portion of the gains occurring
after NVIDIA published earnings. The Chinese Shenzhen index rose 9.4% in the
month, driven by good data over the Chinese New Year and cuts to the key
mortgage reference rate. Japanese stocks remained strong with solid corporate
earnings driving the TOPIX up by 4.9% in February. Strong inflation and growth
data in the US led to the US dollar rising against most currencies, with
sterling ending February weaker against the dollar by -0.5%.

 

Our portfolio performed well for the month, driven by gains in our quoted
equities book from our managers and individual stock selection. Uncorrelated
strategies also generated healthy returns, while private investments were
approximately flat for the month.

 

 ·         Our quoted equities book generated solid returns driven by strong earnings
           results from directly held stocks alongside healthy contributions from our
           core managers. Chinese holdings were also a solid contributor during the
           month.
 ·         Private investments held steady during the month. As of 29 February, 23% of
           private funds were valued at 31 December reported valuations and 76% were held
           at 30 September reported valuations. All private direct positions are valued
           at 31 December, in line with our half-yearly valuation process for these
           holdings.
 ·         Uncorrelated strategies generated healthy returns during the month, driven by
           positive contributions from our credit and market neutral strategies.
 ·         Currencies contributed positively during the month, as sterling's decline
           versus the US dollar led to positive translation impacts.
 ·         The Board continued its active buyback programme, generating a further
           accretive impact to the NAV per share. In the month of February, the Company
           repurchased approximately 0.5 million shares 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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