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RIT Capital Partners enjoys new all-time high NAV numbers

RIT Capital Partners - Healthy absolute return with less risk

RIT Capital Partners enjoys new all-time high NAV numbers – RIT Capital Partners (RCP) has published its results for the half-year to 30 June 2021. During this time, the company enjoyed a 19.1% uplift in NAV, resulting in a new all-time high NAV per share of 2,711 pence. Meanwhile, the share price increased by 18.5% while the board has declared a dividend of 17.625p per share for October. This represents a dividend increase of 0.7% on last year.

During the period under review, RCP also bought back shares when they were trading on a high single-digit discount; and intends to continue to selectively purchase shares in the market when viewed as beneficial.

Extract from the chairman’s report;

The first six months of the year appeared to be a relatively benign time for equity markets, with many developed markets posting low double-digit gains, despite continuing Covid-19 concerns and notably higher inflation figures. However, beneath the surface, the situation was far more volatile, with material rotations between market-leading sectors, regions and themes … All this resulted in a wide dispersion of underlying asset returns; the first half of the year reminding us again that decisions over where exposure is held, and not just how much, is the key to achieving our Corporate Objective.

Our focus continued to be on ensuring the investment approach remained disciplined, but with the right amount of agility that these market conditions require. The two principal KPIs we use for investment performance, the ACWI and RPI+3%, measured 12.2% and 3.4% respectively over the half year, resulting in your Company experiencing healthy outperformance … we saw positive contributions across the majority of your Company’s asset categories, with private investments in particular producing strong returns…

Our long-term approach allows us to integrate these private investments with carefully considered allocations to stocks, equity and hedge funds, absolute return and credit, and currencies … We continue to believe this differentiated approach offers something truly distinct from many other offerings in both the investment trust and wider fund universe. 

… my Board colleagues and I remain very grateful for the continuing exceptional efforts of our colleagues in JRCM, our suppliers and counterparties, which allow your Company to operate as normal.

RCP : RIT Capital Partners enjoys new all-time high NAV numbers

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