Interim Management Statement

RNS Number : 4786H

RIT Capital Partners PLC

19 May 2014

 



RIT CAPITAL PARTNERS PLC

Interim Management Statement

May 2014

·     The Company paid a dividend of 14.7p during the period and intends to pay a further 14.7p in October. This represents an increase of 5% on dividends paid in 2013 

·     The Board has been strengthened by the appointment of Mike Power and John Makinson

·     The Company held its Annual General Meeting at Spencer House on 30 April 2014.  The meeting was well attended and all resolutions were passed

·     The share price increased by 46p to 1,306p as at 30 April; including dividends this represented a share price total return of 4.8% for the period

·     The discount narrowed from 9.0% at the year end to 3.2% at 30 April 2014

·     The most recent unaudited NAV per share was 1,350p as at 30 April 2014, representing a year to date NAV total return (including dividends) of -1.4%

·     Following the drawdown of the debt facility, the allocation to Absolute Return & Credit was increased from 7% to 17% over the period

Financial performance:

	As at 30 April 2014	Performance Year to Date
Diluted NAV per share	1,350p	-1.4%
Share price	1,306p	4.8%
MSCI All Country World Index (50% £)		0.8%
RPI plus 3%		1.5%

The net asset value by asset category comprised:

	30 April 2014	31 December 2013
Quoted Equities - Long-only equities	51%	49%
Quoted Equities - Hedged equities	15%	14%
Private Investments - Direct	13%	12%
Private Investments - Funds	14%	13%
Real Assets	4%	4%
Absolute Return & Credit	17%	7%
Currency/ Government Bonds/ Other	0%	1%
Net Liquidity/ Borrowings/Other Assets	-14%	0%
Total	100%	100%
Average Gross Equity Exposure	71%	71%
Average Net Equity Exposure	56%	59%

The principal currency exposures comprised:

	30 April 2014	31 December 2013
Sterling	49%	54%
US Dollar	49%	44%
Mexican Peso	4%	4%
Norwegian Krone	1%	1%
Japanese Yen	-1%	0%
Euro	-7%	-6%
Other	5%	3%
Total	100%	100%

About RIT

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."

RIT has more than doubled its NAV and share price over the last ten years.  A shareholder who invested in RIT at inception will have seen a share price total return of 12.5% per annum.

This statement is released to comply with Disclosure and Transparency Rule 4.3 of the Financial Conduct Authority, and covers the period from the 1 January 2014, to the date of this announcement.

 

END

 

 

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