RIT Cap. Partners - Net Asset Value(s)

RIT Capital Partners

15/12/2022 07:00

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RNS Number : 7549J  RIT Capital Partners PLC  15 December 2022

 

 

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.

 

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