Interim Management Statement

RNS Number : 5153X

RIT Capital Partners PLC

16 February 2012

 



RIT CAPITAL PARTNERS PLC

Interim Management Statement - 1 October 2011 to date

RIT Capital Partners plc ("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."

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 2011, to the date of this announcement. 

Review of the period

·    RIT's investment strategy continues to favour large, quality companies and growth sectors in the 
developed world as well as gold and opportunities in corporate credit.

·    Despite recent market rises, RIT's investment policy remains mindful of the view that "... the risks ahead 
are glaring and global" as outlined in the last Chairman's Statement.

·    RIT's most recent diluted net asset value (NAV) per share on an estimated basis was 1,202.6 pence as 
at 10 February 2012 (as compared with the 31 January NAV of 1,190.7p.)

·    RIT has won the annual award from Investment Trusts Magazine for Best Large Investment Trust of the year.  The top 10 trusts by market capitalisation qualified for this award.  RIT was the only one in this group that saw a rise in the price of its ordinary shares in 2011. 

·    RIT completed the sale of its investment in Harbourmaster in January 2012. The first investment in Harbourmaster was in April 2005 and it has generated a total profit of £72.4 million, including a £10 million valuation increase on exit.

·    RIT's investment in Renshaw Bay Limited, a new asset management group founded by Bill Winters, was completed on 6 October 2011. 

·    Mr Winters joined the Board of Directors of RIT on 10 October 2011.

·    The diluted net asset value by asset category comprised:

		30 September 2011	31 January 2012
		% of Net Assets	% of Net Assets
	Quoted equity - internally managed	11.6%	15.1%
	Quoted equity - externally managed	39.1%	40.5%
	Unquoted direct	12.8%	13.1%
	Unquoted funds	11.9%	10.2%
	Real assets	15.3%	12.3%
	Absolute return, fixed income and currency	1.1%	6.5%
	Liquidity/other	22.8%	16.5%
	Borrowings	-14.6%	-14.2%
	Total	100.0%	100.0%

·    The principal currency exposures comprised:

		30 September 2011	31 January 2012
		% of Net Assets	% of Net Assets
	US Dollar	40.6%	53.5%
	Sterling	9.7%	10.3%
	Canadian Dollar	10.4%	9.9%
	Euro	-2.3%	-2.7%
	Norwegian Krone	8.9%	10.1%
	Singapore Dollar	13.1%	13.7%
	Renminbi	9.5%	0.0%
	Other	10.1%	5.2%
	Total	100.0%	100.0%

·    Financial performance:

		31 January 2012	Change since 31 March 2011	Change since 30 September 2011
	Diluted NAV per share	1,190.7p	-7.7%	2.1%
	Share price	1,210.0p	-7.4%	-0.4%
	Share price premium to NAV	1.6%	n/a	n/a
	MSCI World Index (in £)	787.9	-5.2%	11.7%
	FTSE All-Share Index	2,932.9	-4.4%	10.5%

 

END

 

 

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