Managed by J. Rothschild Capital Management Limited

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2025 Half-Yearly Results Announced

RIT Capital Partners publishes results for the half-year ended 30 June 2025
Positive returns from all three investment pillars, led by Private Investments
10.3% increase in dividend to 43p per share, representing 12th consecutive year of dividend increases

Performance highlights

  • Delivered Net Asset Value (NAV) per share total return of 3.4%.
  • Positive returns from all three investment pillars – Quoted Equities, Private Investments and Uncorrelated Strategies – led by Private Investments.
  • Private Investments generated a return of 9.0% and contributed 3.3% to NAV
    • Strongest year since 2021 for Private Investments exits, with £175m of realisations in the first six months of 2025, representing 4.7% of NAV.
    • Significant 29% return generated by direct investments. Private funds also contributed positively with a 3% return and delivered healthy distributions.
    • Benefitted from exposure to sectors such as AI and fintech, through the partial realisation of Scale AI and the sale of Xapo. Additionally, the successful IPO of Webull contributed positively to NAV overall.
    • At 30 June 2025, Private Investments represented 30.9% of NAV, aligned with our target range.
  • Quoted Equities generated a return of 4.9% and contributed 2.4% to NAV
    • Strong performance from our Japanese managers which continued to outperform Japanese equity markets. Our European aerospace and defence holdings and our direct positions such as Constellation Energy and National Grid also stood out in terms of performance.
  • Uncorrelated Strategies generated a return of 3.0% and contributed 0.9% to NAV
    • Led by exposure to absolute return and credit funds as well as gold. This was partially offset by a detraction from our investment in California carbon credits, as well as our government bonds and interest rate driven investments.
  • Careful risk management, through the use of currency hedges, helped mitigate the impact on the portfolio of a near -10% move of the US dollar relative to sterling. Net of currency hedging the overall impact on the portfolio was -3.2%.
  • In the last 10 years, RIT has generated a NAV per share total return of 102.7%.
  • Since RIT’s listing in 1988, the annualised NAV per share total return has increased at 10.4% per annum, and the share price total return has compounded at 10.3% per annum.

Capital allocation

  • A dividend of 21.5p per share was paid to shareholders during the period with a further interim dividend of 21.5p per share to be paid in October 2025.
  • Continued active buyback programme, acquiring £52 million or 2.7 million shares in the half year ended 30 June 2025, adding an estimated 0.5% to the NAV per share total return.
  • Since 2023, RIT has bought back 10% of its share capital, adding an estimated 2.5% to the NAV per share return.

 

Philippe Costeletos, Chairman of RIT Capital Partners plc, said:
“The first half of 2025 saw further positive momentum for RIT and we are encouraged by the breadth of contribution across our portfolio despite the challenging market environment. It was a particularly strong start to the year for our Private Investments pillar where we realised several direct private investments at levels above previous carrying values, and our private funds portfolio continued to compound value. These outcomes reflect years of thoughtful underwriting and the structural advantage of our permanent capital base, which enables us to hold our investments until we believe conditions favour an exit.”

Maggie Fanari, Chief Executive Officer of J. Rothschild Capital Management, said:
“We’re pleased to report positive year-to-date performance across all three investment pillars, led by Private Investments which delivered a significant return of 9% and included a superior 29% return generated from our direct private investments. Our strong performance highlights the benefits of our exposure to the transformative megatrends shaping the global economy including Enterprise Technology, FinTech, Healthcare and Life Sciences.”

Access the Company’s full Half-Yearly Financial Report here.

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