RIT publishes April 2026 NAV and Commentary

NAV Commentary

RIT’s unaudited diluted NAV as at 30 April 2026 (with debt at fair value) was 2,970p per £1 ordinary share (31 March 2026: 2,967p), +0.8% for the month, including the interim dividend of 22.5p.
YTD to 30 April, RIT’s NAV per share total return is +2.4%.

Markets staged a sharp but narrow rally in April, reversing the losses of the first quarter. Where Q1 saw broad sector and geographic participation, April’s move was concentrated in US technology and AI capital spending beneficiaries.

Our participation in the rally was modest, reflecting both our global diversification across asset classes including unquoted holdings, and our deliberate choice to access the AI theme primarily through our Private Investments pillar, where we believe future champions are best identified and held. As a reminder, our private fund valuations are typically received two to three months after each quarter end and our private direct book is revalued semi-annually. Currency translation was also a headwind for our global portfolio as the US dollar declined -2.9% against sterling over the month.

We continue to maintain a defensive stance in our overall allocation to equities, as we believe the ongoing closure of the Strait of Hormuz poses underappreciated challenges to the global economy.

• Quoted Equities rose in April, with positive contributions across most of the pillar, particularly in emerging markets and Europe, partially offset by Japan. As expected, the upside capture was limited given our lower US exposure.
• Private Investments were marginally down, reflecting receipt of approximately one third of Q1 fund valuations. Uplifts in private market valuations were broadly offset by weaker indirect public market holdings, consistent with the Q1 equity market selloff.
• Uncorrelated Strategies generated a positive return in April, driven by strong performance from our macro managers, marginally offset by gold. During the month we added soft commodity exposure to complement existing gold and oil positions, reflecting our view that markets are underestimating the impact of the Middle East conflict on agricultural supply chains.
• Currency translation was a meaningful detractor from performance over the period, driven primarily by a weakening US dollar against sterling.

During April we repurchased £11.4m or approximately 515,000 RIT shares.

Our April 2026 Factsheet can be viewed here.