Final Results for the year ended 31 December 2025
Final Results for the year ended 31 December 2025
RIT reports strong portfolio performance and shareholder returns
- Delivered a 13.5% Net Asset Value (NAV) per share total return for the year, and a 16.9% share price total return.
- Double-digit returns from all three investment pillars – Private Investments, Quoted Equities and Uncorrelated Strategies, led by Private Investments.
- Key areas for new investments in 2025 included the UK and Europe, emerging markets, commodity-related equities, and technology.
- Since inception, the annualised share price total return has compounded at 10.7% per annum, and the NAV per share total return at 10.6% per annum.
- Share price discount to NAV of -22.3% at 31 December 2025 (2024: -24.0%).
Philippe Costeletos, Chairman of RIT Capital Partners plc, said:
“We’re pleased to report a 13.5% NAV per share total return and 16.9% total shareholder return, alongside our continued dividend growth and emphasis on share buybacks. These results reflect the strength of our long-term investment strategy, disciplined risk management and the quality of our portfolio, and build on our track record of 10.6% annualised NAV per share total return since our inception.”
Maggie Fanari, Chief Executive Officer of J. Rothschild Capital Management, investment manager for RIT Capital Partners plc, said:
“The global investment landscape continues to undergo a profound transformation with the impact of AI and a shifting geopolitical environment. Whilst this creates a more complex backdrop, it equally creates opportunities. The United States remains a core exposure, but within quoted equity, greater emphasis has been placed on the UK and Europe, emerging markets and commodity-related stocks. Opportunities in technology are more focused through our private investments book, with early investments in fast-growing private companies including SpaceX, Anthropic and Databricks.”
“Looking ahead, we believe that our strong and expanding global network, experienced investment team and diversified portfolio leave us well positioned to thrive in 2026 and beyond.”
Portfolio highlights
- Private Investments generated an 18.3% return and contributed 6.5% to NAV.
- Multiple exits totalling £232m, equivalent to 5.7% of year-end NAV or 18.6% of the private portfolio and representing our highest level of realisations since 2021.
- A 47.4% return from private direct investments including realisations at an aggregate 112% above carrying value.
- A 10.2% return generated by our specialist funds portfolio, which continues to be self-funding.
- New investments made in high-growth businesses such as Anthropic and Databricks, as well as a timely increase in our exposure to SpaceX.
- Quoted Equities generated a 15.0% return and contributed 6.9% to NAV.
- Funds performance was led by specialist managers focused on biotech, Japan and emerging markets.
- Direct stocks benefitted from European aerospace and defence holdings, with some idiosyncratic stocks partially offsetting performance.
- Uncorrelated Strategies generated a 12.1% return and contributed 3.4% to NAV.
- Performance was led by absolute return and credit as well as gold.
- Active currency hedging reduced the impact on the portfolio of a near -8% fall of the US dollar relative to sterling. The net impact of currency after hedging was -2.9%.
Capital allocation
- The Company bought back a further 3.0% of issued share capital in 2025 at a total cost of £89 million, adding an estimated 0.9% to NAV per share total return. This brings total share capital repurchased since 2023 to 11.2%.
- With the ongoing discount to NAV, the Board continues to commit capital to buybacks.
- Planned dividend of 45p per share in 2026, an above inflationary increase of 4.7%, to be paid in two equal instalments in April and October 2026 – the 13th successive year of dividend growth.
Financial summary
| 31 December 2025 | 31 December 2024 | Return / Change | |
| RIT NAV per share total return | 13.5%1 | 9.4% | 4.1% pts |
| RIT share price total return | 16.9% | 7.9% | 9.0% pts |
| NAV per share | 2,921p1 | 2,614p | 11.7% |
| Share price | 2,270p | 1,986p | 14.3% |
| Premium/(discount) | -22.3% | -24.0% | 1.7% pts |
| OCF for the year | 0.73% | 0.76% | -0.03% pts |
| Total dividend in year | 43.0p | 39.0p | 10.3% |
1 Unchanged from the preliminary, unaudited 31 December 2025 NAV reported to shareholders on 5 February 2026. Over the same period, the Company’s two reference indices, CPI plus 3% and the ACWI (50% £) were up 6.4% and 17.1% respectively.
The Company’s full RNS is available here. The 2025 Reports and Accounts are available here.
