RIT Capital Partners plc (RIT) is listed on the London Stock Exchange's FTSE 250 Index and is one of the UK's largest
investment trusts. RIT is managed by its wholly-owned subsidiary, J. Rothschild Capital Management Limited (JRCM).
Our purpose is to grow your wealth meaningfully over time, through a diversified and resilient global portfolio. RIT is therefore best thought of as a core diversifier and part of a portfolio's global equity exposure.
At a glance2,752p
NAV per share
1,950p
Share price
-29.1%
Discount at month end
£4.3bn
Total assets
2.7%
NAV per share total return in month
6.2%
NAV per share total return in 2025
10.5%1 10.3%1
Average annualised Average annualised NAV per share total return share price total return
since inception, 1988 since inception, 1988
31 July 2025 NAV and commentaryRIT's unaudited diluted NAV as at 31 July 2025 (with debt at fair value) was 2,752p per £1 ordinary share (30 June 2025: 2,680p), +2.7% from the previous month (ACWI (50% £): 3.7%). YTD RIT's NAV per share total return was +6.2% (ACWI (50% £): 7.7%).
Global equity markets were higher in July, delivering steady gains with US equities outperforming in the wake of better Q2 earnings and continued uplift from technology stocks exposed to AI. The US dollar regained strength, with the US dollar index, DXY, closing higher on the month for the first time in 2025. US macro data showed a mixed picture, reigniting the debate on whether the US economy will slow into a recession.
European economic data continued to show signs of improvement in July. Equities in the region also rose but underperformed the rest of the world amidst the uncertainties of a pending US/EU trade deal.
Total return performance | Month | YTD | 1 Year | 3 Years | 5 Years | 10 Years |
NAV per share | 2.7% | 6.2% | 9.2% | 12.9% | 52.5% | 106.6% |
Share price | 0.3% | -0.7% | 4.2% | -18.3% | 24.2% | 48.7% |
CPI plus 3% per annum2 | 0.6% | 3.9% | 6.6% | 23.4% | 46.6% | 84.9% |
ACWI (50% £)3 | 3.7% | 7.7% | 13.9% | 46.1% | 82.5% | 177.5% |
Annual total return | 2021 | 2022 | 2023 | 2024 | 2025 YTD | |
NAV per share | 23.6% | -13.3% | 3.2% | 9.4% | 6.2% | |
Share price | 35.1% | -21.5% | -9.6% | 7.9% | -0.7% | |
CPI plus 3% per annum2 | 8.4% | 13.5% | 7.0% | 5.5% | 3.9% | |
ACWI (50% £)3 | 20.0% | -12.9% | 18.4% | 20.1% | 7.7% |
Asian markets rose, undeterred by the impact of tariff negotiations. Chinese equities outperformed, benefitting further from easing tensions with the US as well as gradual macroeconomic improvement including better GDP growth and earnings in Q2.
Against this backdrop, we continued to focus on our highest conviction themes and ideas. Our portfolio delivered positive returns led by gains in our Quoted Equities pillar and a continued upward momentum in the valuation of our Private Investments. The strengthening of the US dollar during the month resulted in positive translation effects for our global portfolio.
Highlights:Quoted Equities added meaningfully to our NAV in July, generating strong returns across themes and geographies. Key drivers of performance came from our technology, healthcare and quality holdings, and our managers investing in China.
Continuing from its strong first half of the year, Private Investments contributed positively to our NAV in July following the receipt of second quarter valuations for some of our largest fund investments exposed to AI, enterprise software and fintech. As at 31 July, 35% of the funds portfolio is held at the General Partners' 30 June 2025 reported valuations, with the majority of the remaining balance at 31 March 2025.
Uncorrelated Strategies were flat for the month, with marginal uplift in our absolute return and credit strategies.
Currency was a meaningful contributor in July, primarily due to the US dollar's appreciation against sterling, leading to a positive translation effect for our portfolio.
We continued our ongoing share buyback programme, repurchasing £5.9m or 305,000 shares in July.
Our key differentiators are our unrivalled network, internal expertise and flexible investment mandate. These enable us to source and underwrite high-quality, often hard-to-access investments, and implement them in a capital efficient way across asset classes and geographies.
A well-balanced, unique portfolioEach of our investments is meticulously chosen, structured and monitored to create a unique, high-conviction, balanced portfolio. Where every position matters but none has a disproportionate impact on returns. And where returns compound over time.
Our global portfolio is diversified across three primary strategic pillars -Quoted Equities, Private Investments and Uncorrelated Strategies -always with a long-term view and focus on risk management.
Long-term investingAbove all, our approach is long term. We aim to deliver compelling growth through market cycles and superior long-term performance, with less risk than equity markets.
Risk warningsPlease refer to page five for important information regarding risk warnings.
Key facts | |
NAV per share | 2,752p |
Share price | 1,950p |
Discount | -29.1% |
Total assets | £4.3bn |
Net assets | £3.8bn |
Average YTD net quoted equity exposure4 | 52% |
OCF5 | 0.76% |
Gearing6 | 0.8% |
Shares in issue (less treasury shares) | 140,206,133 |
First interim dividend paid (25 Apr 2025) | 21.5p |
Second interim dividend to be paid (31 Oct 2025) | 21.5p |
Total planned dividend (2025) | 43.0p |
YTD annualised dividend yield | 2.1% |
ISIN | GB0007366395 |
Financial year end | 31 Dec |
Manager | JRCM |
£10,000 invested in RIT at inception in 1988 would be worth ~£376,000 today (with dividends reinvested) compared to the same amount invested in the ACWI (50% £)3 which would be worth ~£159,000.
5,000%
4,000%
Annual dividend per share (p)39
38
37
35
35
32
33
34
31
30
43*
3,000%
2,000%
1,000%
0%
1988 1994 2000
3 2006 2012 2018 2024
CPI plus 3.0% ACWI (50% £) (TR) Share Price (TR) NAV per share (TR)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *
* Second interim dividend of 21.5p to be paid in October
A well-balanced, diversified portfolio across three main pillars Quoted Equities Private Investments Uncorrelated StrategiesDiversified, global, and high conviction strategies
held directly through stocks, as well as public equity funds.
High-quality assets in private markets,
held through both direct investments and specialist managers.
A mix of strategies which aim to generate
consistent returns in different market conditions, with a lower correlation to equity markets across the cycle.
We target high-conviction investments in listed equity We target high-quality assets in private markets, aiming
markets, aiming for returns that outperform relevant to generate double-digit compound returns over the Underlying investments in this pillar are in traded equity market indices. We source these investments long term. These investments have been a compelling instruments primarily focused on absolute return either directly through our internal team or through source of returns. strategies (including market neutral and macro
our network and exceptional specialist managers. managers), credit investments, and some real assets
and government bonds. We access most of these strategies through specialist external managers or co-investments.
30 - 60% NAV
Long-term allocation range
20 - 40% NAV
Long-term allocation range
20 - 40% NAV
Long-term allocation range
32%
19%
9%
32%
4%
4%
3%
4%
Quoted Equities | 40% | |
Stocks 4 | 20% | |
Funds | 20% | |
Private Investments | 32% | |
Funds 4,7 | 24% | |
Direct | 8% | |
Uncorrelated Strategies | 19% | |
Absolute return and credit | 16% | |
Real assets | 2% | |
Government bonds and rates | 1% | |
Other | 9% | |
Currency, liquidity and other | 9% | |
9%
8%
8%
8%
7%
9%
Quoted Equities
Private Investments
Uncorrelated Strategies
Currency, liquidity and other
40%
Sterling US dollar
Euro Japanese yen Chinese renminbi
Other
53%
North America Emerging Markets United Kingdom
Europe Global Japan Other
51%
Further Information | Financial calendar 31 December 2025 - Year end March 2026 - Full Year 2025 results reported (estimated date) 30 April 2026 - AGM (scheduled date) August 2026 - Half Year 2026 results reported (estimated date) Board of Directors Philippe Costeletos (Chairman) Jutta af Rosenborg (Senior Independent Director) Helena Coles Vikas Karlekar Cecilia McAnulty André Perold Dame Hannah Rothschild DBE CBE Manager J. Rothschild Capital Management Limited 27 St. James's Place, London, SW1A 1NR +44(0) 20 7493 8111 Maggie Fanari, Chief Executive Officer | Key Contacts |
Sustainability A commitment to sustainability and ESG issues is a core focus of both our Board and our manager, J. Rothschild Capital Management Limited. Read about our approach to responsible investing on our website: https://www.ritcap.com/about-us/sustainability Portfolio case studies Our case study series offers a window into some of the opportunities we have invested in - both existing and realised. Read about our portfolio in action on our website: https://www.ritcap.com/case-studies How to invest RIT's shares can be held or purchased via a financial adviser, stockbroker, or an online investment platform. You can access most of these investment platforms via our website: https://www.ritcap.com/investor-relations/how-to-invest Website www.ritcap.comis constantly updated to ensure that our stakeholders can always access our latest data and information from any device. | Investor Relations T: 020 7647 8565 | |
Shareholder Enquiries For shareholder queries such as change of address, transfer of shares etc., please contact our Registrar, Computershare: T: 0370 703 6307 W: investorcentre.co.uk | ||
Brokers JP Morgan Cazenove Limited (Joint Broker) William Simmonds T: 020 3493 8000 Deutsche Numis (Joint Broker) Nathan Brown/Vicki Paine T: 020 7260 1000 | ||
Media Brunswick Group T: 020 7404 5959 |
As of 31 July 2025. The since inception return is calculated using the NAV per share and closing share price at 2 August 1988.
Using 30 June 2025 CPI data.
The ACWI refers to the MSCI All Country World Index and is calculated using 50% of the index measured in Sterling and 50% measured in a Sterling hedged ACWI. The Sterling hedged ACWI is used as it incorporates hedging costs, which the portfolio also incurs, to protect against currency risk. It is applied from 1 January 2015 (from when it is readily available), and prior to this date it uses the index measured in local currencies.
Before December 1998, when total return indices were introduced, the index is measured using a capital-only version.
Included in Quoted Equity stocks and excluded from Private Investments funds is an adjustment of 3.4%, representing an estimate of publicly-traded equities held indirectly in Private investment funds, based upon the latest available fund valuations as at June 2025.
As of 31 December 2024. This is RIT's own ongoing charges figure (OCF), calculated based on recommendations from the Association of Investment Companies and excluding performance-related amounts as well as costs incurred within third-party funds. See RIT's Annual Report & Accounts (ARA) for further detail.
Gearing is calculated in accordance with AIC guidance as total assets, excluding cash, divided by net assets. Refer to p.133 in the ARA for further detail.
As at 31 July, 35% of the funds portfolio is held at the General Partners' 30 June 2025 reported valuations, with the majority of the remaining balance at 31 March 2025.
Excluding currency options.
Excludes the notional exposure from derivatives. When factoring in the exposure from equity futures and equity swaps, the exposure to North America and Europe increases by 4% and 5% respectively.
Past performance is no indication of future performance. The price of shares and income from them can rise and fall so investors could get back less than they originally invested or nothing at all. Net Asset Value ("NAV") performance is not the same as share price performance and investors may not realise returns in line with NAV performance. Exchange rate changes may cause the value of underlying overseas investments to go down as well as up. The information contained in this document should in no circumstances be considered as advice or an investment recommendation and you should only consider investments that are right for you. If you are in any doubt about the suitability of an investment, you should speak to an independent financial adviser. Before investing in RIT shares, we strongly recommend you read the documentation in the Regulatory Disclosures section of the website, which contains key information. FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE's express written consent. FTSE does not promote, sponsor or endorse the content of this communication.
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RIT Capital Partners plc published this content on August 18, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 18, 2025 at 06:11 UTC.
