Interim Management Statement

RNS Number : 7234E

RIT Capital Partners PLC

15 May 2013

 



RIT CAPITAL PARTNERS PLC

Interim Management Statement - 1 January 2013 to date

Review of the period

·     RIT's net assets exceeded £2 billion for the first time in its history.

·     The Company paid a dividend of 14p per share on 26 April and intends to pay a further 14p per share in October this year.  

·     The most recent unaudited NAV per share was 1,348p as at 10 May 2013 (1,317p as at 30 April 2013), representing a year to date NAV total return (including dividends) of 14.3%.

·     Over the same period RIT's share price increased by 11.8% to 1,264p representing a total shareholder return of 13.1%.

·     The profile of our return is consistent with our dual objectives of generating long-term capital growth while preserving shareholders' capital.

·     RIT has continued to consolidate its portfolio, focusing on both specific stocks and conviction themes. 

·    The result for the period reflects strong outperformance of our internal and external quoted equity book, the success of the Japan and US cyclical themes and our active currency management. 

·    Following the move to a calendar year end, RIT published accounts on 7 March 2013 for the nine months ending 31 December 2012. A half-yearly report will be prepared to 30 June 2013, which will be published in August 2013.

·    RIT held its Annual General Meeting at Spencer House on 16 April 2013.  The meeting was well attended by shareholders and all resolutions were passed.

Financial performance since 31 December 2012

Total return:

		As at 10 May 2013	Performance since 31 December 2012
	Diluted NAV per share	1,348p	14.3%
	Share price	1,264p	13.1%
	MSCI World Index (in £)		19.3%

Financial performance since 31 December 2012

Capital only:

		As at 10 May 2013	Performance since 31 December 2012
	Diluted NAV per share	1,348p	13.1%
	Share price	1,264p	11.8%
	MSCI World Index (in £)		18.3%

The diluted net asset value by asset category comprised:

		30 April 2013	31 December 2012
	Quoted Equity - Internally Managed	20.9%	18.5%
	Quoted Equity - Externally Managed	46.8%	44.2%
	Unquoted Investments -  Direct	10.1%	11.5%
	Unquoted Investments - Funds	13.4%	14.6%
	Real Assets	3.8%	5.5%
	Absolute Return & Credit, Government Bonds and Currency	2.7%	2.9%
	Net Liquidity/Borrowings and Other	2.3%	2.8%
	Total	100.0%	100.0%

The principal currency exposures comprised:

		30 April 2013	31 December 2012
	US Dollar	60%	62%
	Sterling	17%	16%
	Euro	4%	2%
	Norwegian Krone	4%	8%
	Mexican Peso	6%	4%
	Singapore Dollar	6%	2%
	Canadian Dollar	4%	6%
	Japanese Yen	-5%	-4%
	Other	4%	4%
	Total	100%	100%

About RIT

RIT Capital Partners ("RIT") 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."

RIT has more than doubled its NAV and tripled its share price over the last ten years.  A shareholder who invested in RIT at inception will have seen their share price increase by 11.7% per annum.

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 first half of the Company's current financial year on 1 January 2013, to the date of this announcement.

 

END

 

 

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