RIT publishes July 2026 Factsheet and NAV Commentary

NAV Commentary

RIT’s unaudited diluted NAV as at 31 July 2026 (with debt at fair value) was 3,106p per £1 ordinary share (30 June 2026: 3,159p), -1.7% for the month.
YTD to 31 July, RIT’s NAV per share total return is +7.1%.

Global equity markets fell modestly in July. A sharp momentum unwind in technology stocks drove the decline, offset in part by broad-based gains across other sectors.

SpaceX, having generated substantial gains from our original investment in 2024 and a sharp post-IPO price increase, saw profit-taking, and was a meaningful detractor from our portfolio performance during July. Shares are subject to a staggered lock-up through to December and may contribute volatility to NAV in the months ahead as the market digests newly available stock. Notwithstanding recent market volatility, we see the current environment as supportive of our outlook for a broadening equity market, for which we believe our portfolio is well positioned.

• Quoted Equities declined in July, led primarily by SpaceX, partly offset by our quality stocks, which benefitted from a strong earnings season.
• Private Investments generated moderate positive returns, reflecting receipt of approximately one third of Q2 fund valuations. A number of our funds with underlying holdings that benefitted from Q2 tailwinds in AI, space and defence, and completed funding rounds at higher valuations, are yet to report. We expect these to be reflected in performance on receipt of valuations in the coming months.
• Uncorrelated Strategies detracted modestly from performance, driven by our macro-focused absolute return managers, marginally offset by positive performance from our soft commodity exposure.
• Currency translation was a meaningful headwind for our global portfolio as the US dollar fell against sterling over the month.

As part of the package of strategic initiatives announced in July, we completed a £300m tender offer, repurchasing 11.2 million shares, equivalent to 8.2% of issued share capital, and was meaningfully accretive to NAV per share. Approximately 80% of shares were not elected for tender, reflecting the long-term orientation of our shareholder base. Including ongoing share buybacks, a total of £304m or approximately 11.3 million RIT shares were repurchased during the month, adding an estimated +1.3% accretion to NAV per share total returns.

Our July 2026 Factsheet can be viewed here.