Interim Management Statement

RNS Number : 3503L

RIT Capital Partners PLC

08 January 2009

 



RIT CAPITAL PARTNERS PLC

Interim Management Statement - 1 October 2008 to date

RIT Capital Partners is a self-managed investment trust whose corporate objective is 'to deliver long-term capital growth, while preserving shareholders' capital; to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of the relevant indices over time.'

Its investment policy is 'to invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted; to allocate part of the portfolio to exceptional managers in order to ensure access to the best external talent available.'

This statement is released to comply with Disclosure and Transparency Rule 4.3 of the Financial Services Authority, and covers the period from the beginning of the second half of the Company's current financial year on 1 October 2008, to the date of this announcement. It is divided into two sections, the first covering material events and new investments during the period and subsequently to the date of publication of this statement. The second section is a general description of the financial performance of the Company in the quarter to 31 December 2008.

1.    Material events and transactions during the period and subsequently

• Adjustment of the currency exposure. At 31 December the principal exposures comprised:

US$:        25.2%        (30 September 2008: 24.2%)

Sterling:    21.3%        (30 September 2008: 12.3%)

Euro:        18.2%        (30 September 2008: 0.3%)

• Increase in cash, government securities and money market fund balances from £350.2 million at 30 September 2008 to £515.9 million at 31 December 2008.

• A number of managed accounts or funds have been redeemed or partially redeemed in order to reduce investment exposure and raise liquidity. These include full redemptions from Akasha Capital (£18 million, global equities), Southeastern Asset Management (£16 million, global equities) and Gluskin Sheff (£14 million, Canadian equities).

• The sale of the holding in Messagelabs was completed. The agreement to sell the holding in this e-mail security business for £28.2 million or 5.9x its cost was announced in early October and the resulting uplift in valuation was included in RIT's net asset value at 30 September 2008.

2.    Financial performance during the period

The financial performance of the Company may be assessed by reference to some or all of the following comparatives:

	30 September 2008	31 December 2008	Change
Net Asset Value (NAV) per share	992.2p	1,006.7p	+1.5%
Share price	1,100.0p	867p	-21.2%
Share price premium / (discount) to NAV	10.9%	-13.9%	n/a
Morgan Stanley Capital International World Index (in £)			-4.9%
FTSE All-Share Index			-11.0%
Investment Trust Net Assets Index			-9.8%

The above net asset value figures reflect the most recent valuations received from our external managers. In the case of our investments in private equity funds, these were mostly calculated as at 30 September 2008.  They also include the results of the detailed, six-monthly review of the valuation of the unquoted portfolio as at 30 September 2008. Where appropriate, these values have been adjusted for subsequent purchases and sales, as well as currency movements. Quoted investments are valued at the closing bid price.

 

END

 

 

IMSEVLFBKFBBBBE