RIT publishes May 2026 NAV and Commentary

NAV Commentary

RIT’s unaudited diluted NAV as at 31 May 2026 (with debt at fair value) was 3,030p per £1 ordinary share (30 April 2026: 2,970p), +2.0% for the month.
YTD to 31 May, RIT’s NAV per share total return is +4.5%.

Global equities continued their narrow rally in May, extending the recent period of strength driven primarily by AI related names and in particular, the semiconductor sector.

Against this backdrop, our globally diversified portfolio delivered a positive return for the month. All three investment pillars – Quoted Equities, Private Investments and Uncorrelated Strategies – contributed positively. Private markets saw significant activity, with notable fundraising rounds across the technology sector. Our exposure to technology and especially AI is expressed primarily through our Private Investments pillar. We believe the portfolio is positioned to benefit from further uplifts in private market valuations and potential liquidity events such as the upcoming SpaceX IPO.

• Quoted Equities contributed positively to performance, led by emerging markets and Europe, partially offset by Japan. Upside participation was constrained, reflecting our preference to express the technology theme through private markets instead.
• Private Investments generated positive returns, supported by the receipt of further Q1 fund valuations and a meaningful contribution from the direct portfolio. During the month, we added to our positions in Anthropic and Databricks, two high-conviction holdings – both having completed new funding rounds at valuations above those previously reflected in our NAV. Our participation in these funding rounds resulted in an uplift to the carrying values at which we previously held both investments, with Anthropic contributing meaningfully.
• Uncorrelated Strategies’ positive returns were driven by strong performance from our macro managers, partially offset by our soft commodity and gold exposures. We took the opportunity to exit our position in oil, initiated in February ahead of the Middle East conflict, crystallising gains following the subsequent rise in oil prices.
• Performance in May was further supported by the weakening of sterling against the US dollar.

During the month we repurchased £6.7m or approximately 300,000 RIT shares.

Our May 2026 Factsheet can be viewed here.