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 glance2,680p
NAV per share
1,944p
Share price
-27.4%
Discount at month end
£4.2bn
Total assets
2.4%
NAV per share total return in month
3.4%
NAV per share total return in 2025
10.4%1 10.3%1
Average annualised Average annualised NAV per share total return share price total return
since inception, 1988 since inception, 1988
Total return performance | Month | YTD | 1 Year | 3 Years | 5 Years | 10 Years |
NAV per share | 2.4% | 3.4% | 8.5% | 11.0% | 48.7% | 102.7% |
Share price | 2.4% | -1.0% | 9.2% | -13.8% | 19.5% | 50.7% |
CPI plus 3% per annum2 | 0.6% | 3.3% | 6.6% | 24.1% | 47.2% | 84.6% |
ACWI (50% £)3 | 3.2% | 3.9% | 10.6% | 50.9% | 78.9% | 171.6% |
Annual total return | 2021 | 2022 | 2023 | 2024 | 2025 YTD | |
NAV per share | 23.6% | -13.3% | 3.2% | 9.4% | 3.4% | |
Share price | 35.1% | -21.5% | -9.6% | 7.9% | -1.0% | |
CPI plus 3% per annum2 | 8.4% | 13.5% | 7.0% | 5.5% | 3.3% | |
ACWI (50% £)3 | 20.0% | -12.9% | 18.4% | 20.1% | 3.9% |
RIT's unaudited diluted NAV as at 30 June 2025 (with debt at fair value) was 2,680p per £1 ordinary share (31 May 2025: 2,617p), +2.4% from the previous month and outperforming our absolute reference hurdle, CPI +3%, which was up +0.6%. Comparatively, the ACWI (50% £) was up +3.2%.
This positive performance was delivered in the context of continued market uncertainty as the geopolitical and economic landscapes remained volatile. June was another strong month for global equities, with gains across both developed and emerging markets. At the same time, US economic data softened, with lower consumer confidence and higher unemployment claims. However, US stocks rose, led by gains across the technology sector.
European economic data remained resilient, while stocks fell slightly. Asian markets rose, with gains in Japanese and Chinese stocks. Global interest rates were mixed, the US dollar continued to weaken, while gold eased slightly.
Against this backdrop, our actively managed portfolio delivered positive returns across all three investment pillars, led by gains in our Quoted Equities book and an increase in the valuation of our Private Investments.
Highlights:Quoted Equities added positively to our NAV during the month, driven largely by our continued exposure to specialist managers in Japan, as well as an uplift from our technology and biotech holdings. Our SMID-cap and quality themes were also additive, while Chinese holdings and cyclicals remained flat for the month.
Private Investments added meaningfully to our NAV, benefitting from further realisations as well as an uplift in the half-year valuations of our broader private direct holdings. Fund investments also contributed positively following receipt of further Q1 valuations. As of 30 June, 99% of our private funds were held at 31 March 2025 reported valuations, with most of the remainder held at 31 December 2024 reported valuations. All private direct holdings were valued at 30 June 2025, in line with our valuation policy.
Uncorrelated Strategies were additive to our NAV, driven by gains in absolute return and credit strategies.
Currencies detracted meaningfully from our NAV, primarily due to further strengthening of
sterling against the US dollar, leading to a negative translation effect for our portfolio.
We continued our ongoing share buyback programme, repurchasing £8.1 million or approximately 425,000 shares in June. We have now repurchased ~10% of RIT's share capital since the beginning of 2023.
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 | 2,680p |
Share price | 1,944p |
Discount | -27.4% |
Total assets | £4.2bn |
Net assets | £3.8bn |
Average YTD net quoted equity exposure4 | 52% |
OCF5 | 0.76% |
Gearing6 | 5.8% |
Shares in issue (less treasury shares) | 140,511,133 |
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 ~£375,000 today (with dividends reinvested) compared to the same amount invested in the ACWI (50% £)3which would be worth ~£153,000.
5,000%
Annual dividend per share (p)43*
39
38
37
35
35
32
33
34
31
30
4,000%
3,000%
2,000%
1,000%
0%
1988 1994 2000 2006 2012 2018 2024
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *
CPI plus 3.0% ACWI (50% £) (TR) 3
Share Price (TR) NAV per share (TR)
* 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
31%
21%
2%
29%
4%
1%
4%
12%
11%
6%
4%
Quoted Equities | 46% | |
Stocks 4 | 26% | |
Funds | 20% | |
Private Investments | 31% | |
Funds 4,7 | 23% | |
Direct | 8% | |
Uncorrelated Strategies | 21% | |
Absolute return and credit | 17% | |
Real assets | 2% | |
Government bonds and rates | 2% | |
Other | 2% | |
Currency, liquidity and other | 2% | |
Quoted Equities
Private Investments
Uncorrelated Strategies
Currency, liquidity and other
46%
Sterling
US dollar
Chinese renminbi | 4% | Europe | 8% | ||
Japanese yen | 3% | Global | 7% |
Euro
Hong Kong dollar
Other
55%
North America United Kingdom Emerging Markets
Japan Other
52%
Further Information | Financial calendar 31 December 2025 - Year end March 2026 - Full Year 2025 results reported (estimated date) May 2026 - AGM (estimated 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 E: investorrelations@ritcap.co.uk E: info@cadarncapital.com | |
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 E: RIT@BrunswickGroup.com |
As of 30 June 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 3.3%, representing an estimate of publicly-traded equities held indirectly in Private investment funds, based upon the latest available fund valuations as at March 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 of 30 June, 99% of our private funds were held at 31 March 2025 reported valuations, with most of the remainder held at 31 December 2024 reported valuations.
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 3% and 4% 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 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 07, 2025 at 07:55 UTC.
