RIT Capital Partners PLC Net Asset Value(s) (6319Z)
17 May 2023 - 4:00PM
UK Regulatory
TIDMRCP
RNS Number : 6319Z
RIT Capital Partners PLC
17 May 2023
RIT CAPITAL PARTNERS PLC (LEI: P31Q1NLTW35JJGHA4667)
17 May 2023
Net Asset Value
The unaudited diluted net asset value (NAV) of RIT Capital
Partners plc as at 30 April 2023 (with debt at fair value) was
2,367p per GBP1 ordinary share (31 March 2023: 2,405p). This is
after deduction of the first interim dividend of 19p per GBP1
ordinary share paid on 28 April 2023.
April 2023 Highlights
Global equity markets were broadly stable in April as Q1
economic indicators and quarterly earnings remained healthy, while
overall sentiment was impacted by the prospects for further rate
rises and continued concerns around banking system stability.
Against this backdrop, we continued to maintain a cautious net
quoted equity exposure of around 37%, at the low end of our
historical range.
-- The Quoted Equities book saw healthy performance from Japan
and Healthcare, partly offset by weakness in China.
-- In our Private Investments book, 12% of our private funds
have reported valuations to 31 March and 86% are held at 31
December valuations. Our second largest direct private holding,
Webull, completed an equity issuance in April at a price above
carrying value.
-- Our Uncorrelated Strategies showed healthy performance,
helped by positive contributions from market neutral strategies and
continued momentum in gold.
-- The key headwind during the period was currency movements,
with Sterling recording gains against major currencies including
the Dollar, the Euro and the Yen.
-- Our share price benefitted from a narrowing of the discount,
with the shares closing the month at a discount to NAV of -15.3%.
The Board continued to take advantage of the discount, buying back
1.1 million shares in April. This directly benefits shareholders
through the accretive impact to NAV per share.
-- The portfolio continues to hold a substantial liquidity
balance. As at 30 April, total cash and short-term gilts were
approximately GBP358 million.
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