RIT publishes June 2026 Factsheet and NAV Commentary

NAV Commentary

RIT’s unaudited diluted NAV as at 30 June 2026 (with debt at fair value) was 3,159p per £1 ordinary share (31 May 2026: 3,030p), +4.3% for the month.

YTD to 30 June, RIT’s NAV per share total return is +9.0%.

Global equity markets were broadly flat in June, masking an important shift beneath the surface. Easing geopolitical tensions and falling oil prices supported broader market participation, with performance extending well beyond the narrow group of market leaders that had dominated in recent months. The debut of SpaceX, the largest IPO in history, was the standout event.

Our portfolio delivered a strong performance in June, with Private Investments and Quoted Equities contributing positively, boosted by the SpaceX IPO, one of the most significant Private Investment realisations in RIT’s history. A strong June capped a resilient first half. Overall, we believe the portfolio remains well positioned to benefit from broadening public equity markets and specific opportunities in private markets whilst keeping focus on limiting downside in the event of market disruption.

• Quoted Equities contributed positively to performance, led by SpaceX⁵ following its IPO, alongside strong returns from our Japan and biotech exposures, partially offset by commodity-related holdings.
• Private Investments generated strong returns, driven largely by the SpaceX⁵ IPO, and a positive contribution from our funds portfolio. Several of the underlying holdings within our funds book have benefitted from recent tailwinds in AI, space and defence, and completed funding rounds during Q2 at higher valuations. We expect these to be reflected in reported performance on receipt of end June valuations in the coming months. All private direct holdings were valued at 30 June 2026, in line with our valuation policy.
• Uncorrelated Strategies detracted modestly from performance, driven by our gold and other commodities exposure, as strong US economic and labour market data led to a more hawkish interest rate outlook, marginally offset by positive performance from our macro managers.
• Performance in June was further supported by currency translation, driven primarily by the weakening of sterling against the US dollar.

During the month we repurchased £13m or approximately 579,000 RIT shares, taking the YTD to £60m, and adding an estimated +0.5% accretion to NAV total returns.