Interim Management Statement
RIT CAPITAL PARTNERS PLC
Interim Management Statement - 1 October 2010 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 2010, to the date of this announcement.
Review of the period
· Half year results to 30 September 2010 announced on 17 November.
· Appointment of Mr Rick Sopher as non-executive Director on 2 December.
· Drawdown of US$400 million under a new three year credit facility announced on
13 January.
· Net asset value per share of 1,237.9p as at 31 January announced on 8 February.
· Net asset value by asset category comprised:
|
|
|
31 December 2010 |
30 September 2010 |
|
|
|
% of Net Assets |
% of Net Assets |
|
|
Quoted equities |
11% |
10% |
|
|
Long equity funds |
38% |
36% |
|
|
Hedge funds |
7% |
7% |
|
|
Unquoted direct |
10% |
11% |
|
|
Unquoted funds |
12% |
12% |
|
|
Real assets |
13% |
13% |
|
|
Absolute return, fixed income and currency |
2% |
2% |
|
|
Liquidity/other |
7% |
9% |
|
|
Total |
100% |
100% |
· Management of currency exposure: principal exposures comprised:
|
|
|
31 December 2010 |
30 September 2010 |
|
|
|
% of Net Assets |
% of Net Assets |
|
|
US Dollar |
35% |
26% |
|
|
Sterling |
21% |
18% |
|
|
Canadian Dollar |
9% |
5% |
|
|
Euro |
8% |
15% |
|
|
Singapore Dollar |
7% |
10% |
|
|
Renminbi |
6% |
7% |
|
|
Other |
14% |
19% |
|
|
Total |
100% |
100% |
· Financial performance during the quarter ended 31 December 2010
|
|
|
31 December 2010 |
30 September 2010 |
Change |
|
|
Net Asset Value (NAV) per share |
1274.5p |
1159.7p |
9.9% |
|
|
Share price |
1199p |
1110p |
8.0% |
|
|
Share price premium / (discount) to NAV |
(5.9)% |
(4.3)% |
n/a |
|
|
Morgan Stanley Capital |
|
|
|
|
|
International World Index (in £) |
821.0 |
749.7 |
9.5% |
|
|
FTSE All-Share Index |
3062.9 |
2867.6 |
6.8% |
This information is provided by RNS