Interim Management Statement

RNS Number : 5001P

RIT Capital Partners PLC

16 July 2010

 



RIT CAPITAL PARTNERS PLC

Interim Management Statement - 1 April 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 2009, to the date of this announcement.  It is divided into two sections, the first covering material events and new investments during this period.  The second section is a general description of the financial performance of the Company in the quarter to 30 June 2010.

1.   Material events and transactions during the period

·    Full year results to 31 March 2010 announced on 16 June

·    RIT has an interest in Agora Oil and Gas, a newly-established oil and gas exploration company focusing on the UK and Norwegian Continental Shelf.  An encouraging start has been made with discoveries of hydrocarbons in both the Catcher and Tybalt prospects.  RIT's interest is currently held at its cost of £12 million.  An additional investment of up to £44 million will be made by RIT in Agora.

·    Management of currency exposure: at 30 June the principal exposures comprised:

		30 June 2010	31 March 2010
		% of Net Assets	% of Net Assets
	US$:	31.3%	38.8%
	Sterling:	23.5%	17.3%
	Renminbi	10.3%	9.4%
	Swiss Franc:	9.8%	7.6%
	Singapore Dollar:	8.3%	7.1%
	Canadian Dollar:	7.9%	8.9%
	Euro:	-1.0%	7.4%
	Yen:	-5.2%	-8.7%

2.   Financial performance during the quarter ended 30 June 2010

		30 June 2010	31 March 2010	Change
	Net Asset Value (NAV) per share	1,101.9p	1,180.1p	(6.6%)
	Share price	1,147.0p	1,082.0p	6.0%
	Share price premium / (discount) to NAV	4.1%	(8.3%)	n/a
	Morgan Stanley Capital
	International World Index (in £)	695.9	790.3	(11.9%)
	FTSE All-Share Index	2543.5	2910.2	(12.6%)

 

END

 

 

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