Interim Management Statement

RNS Number : 2507V

RIT Capital Partners PLC

07 July 2009

 



RIT CAPITAL PARTNERS PLC

Interim Management Statement - 1 April 2009 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 Company's current financial year on 1 April 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 2009.

1.    Material events and transactions during the period

• Adjustment of the currency exposure. At 30 June the principal exposures comprised:

	US$:	27%	(31 March 2009: 21%)
	Sterling:	36%	(31 March 2009: 34%)
	Euro:	14%	(31 March 2009: 11%)

• Watson Pharmaceuticals announced a transaction valued by them at US$1.75bn, to acquire Arrow Group, the operating business of Robin Hood Holdings, in which RIT owns approximately 8% of the equity.

• RIT closed its short positions in the Government Bond market and also reduced some of its commodity-related exposure.

• RIT invested £28 million with Nevsky, a London-based emerging markets hedge fund.

2.    Financial performance during the quarter ended 30 June 2009

The financial performance of the Company may be assessed by reference to some or all of the following comparatives:

		31 March 2009	30 June 2009	Change
	Net Asset Value (NAV) per share	874.3p	907.5p	+3.8%
	Share price	831.0p	907.0p	+9.1%
	Share price premium / (discount) to NAV	(5.0)%	(0.1)%	n/a
	Morgan Stanley Capital
	International World Index (in £)			+4.2%
	FTSE All-Share Index			+9.5%
	Investment Trust Net Assets Index			+8.1%

 

END

 

 

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