Valeur(s) nette(s) d'inventaire
RIT Capital Partners PLC (LEI : P31Q1NLTW35JJGHA4667)
18 Avril 2024
31 mars 2024 Valeur Nette d'Inventaire
La valeur nette d'inventaire (VNI) diluée non auditée de RIT Capital Partners plc au 31 mars 2024 (avec dette à la juste valeur) était de 2,536 1 pence par action ordinaire de 29 £ (2024 février 2,474 : XNUMX XNUMX pence).
Commentaire T1 2024
RIT's NAV per share total return for Q1 2024 was +4.6% and total net assets as at 31 March stood at approximately £3.7 billion. Performance was led by strong returns from our Quoted Equities and Uncorrelated Strategies books, while Private Investments held steady.
Our CPI+3% reference hurdle gained 1.6% during the quarter, while the MSCI ACWI (50% £) returned +9.5%. As in 2023, headline market-cap weighted equity indices in Q1 this year were driven primarily by a small number of large capitalisation technology stocks. For comparison, the MSCI ACWI Equal Weighted Index returned +4.3% in Q1.
RIT runs a flexible and global portfolio, diversified across our three core pillars of Quoted Equities, Private Investments and Uncorrelated Strategies, and supported by disciplined risk management.
· | Quoted Equities (42% of NAV) returned approximately +9% in the quarter. Returns kept pace with equity markets, despite our minimal exposure to technology stocks which drove headline indices.
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· | Private Investments (35% of NAV) were flat in the quarter. These investments are long-term in nature. Over the last five years to 31 December, the private investments book has returned approximately 20% on an annualised basis.
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· | Uncorrelated Strategies (25% of NAV) returned approximately +3% in the quarter. The portfolio continues to generate healthy absolute returns and is a diversifier in the NAV.
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· | Currencies had a slight impact during the quarter, contributing approximately -0.2% to the NAV return due to hedging costs we incurred as part of our active currency risk management.
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· | Discounts widened across much of the industry during Q1, and RIT was no exception. During the period, the Board continued its robust capital allocation programme.
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· | The Board has announced a dividend of 39 pence per share for 2024, a 2.6% increase over the prior year and marking the 10th consecutive year of dividend increases. The first interim dividend will be paid on 26 April to shareholders of record as of 5 April 2024. The second interim dividend will be paid in October.
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Recent geopolitical events, coupled with a complex macro-economic outlook, suggests some caution is warranted. Against this backdrop, our focus is on identifying unique opportunities trading at attractive valuations. In listed equity markets, we are looking in the small and mid-cap space, and in situations with a clear catalyst on the horizon that can help drive value. We are also seeing opportunities in selective areas of liquid credit markets, with the potential to generate double-digit returns via high quality credits, while taking limited risk to our capital. In private investments, several core holdings are actively exploring sales or IPOs. Our approach is to maintain a balanced positioning in the portfolio, with a continued focus on diversification and disciplined risk management.
Pour plus d’information :
J. Rothschild Capital Management (gestionnaire) :
T: 020 7647 8565
Numis (Commun Broker):
David Benda
T: 020 7260 1000
JP Morgan Cazenove (Conjoint Broker):
Guillaume Simmond
T: 020 3493 8000
Brunswick Group LLP (demandes des médias) :
Nick Cosgrove, Tom Burns
Tél. : 020 7404 5959
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