RIT publishes November 2025 NAV and commentary

RIT Capital Partners 30 November 2025 NAV Commentary

RIT Capital Partners plc (“RIT”) announces that its unaudited diluted NAV as at 30 November 2025 (with debt at fair value) was 2,899p per £1 ordinary share (31 October 2025: 2,903p), -0.1% from the previous month and outperforming the ACWI (50% £), which was -0.4% (UK CPI plus 3%: +0.6%). YTD RIT’s NAV per share total return was +12.7%.

Market Commentary
Global equities declined in November for the first time since March, with Emerging Markets dragging on performance and investors unwinding AI-related positions amid concerns around valuations.

In the United States, markets were influenced by the record 43-day government shutdown, which delayed key economic data releases and created uncertainty. This was reflected in US equity markets, which showed mixed performance with declines across AI-related technology stocks, while defensive sectors such as healthcare outperformed.

Across Europe, economic and geopolitical conditions were broadly stable. The UK drew particular attention as the Bank of England and Autumn Budget took centre stage. Despite a more dovish tone from policymakers and a budget that avoided major surprises, UK equities were essentially flat for the month. In Asia, equity markets recorded their weakest month since late 2024, reversing some of their strong year to date performance. Meanwhile, global bond markets remained stable, sterling strengthened following the UK Budget, and a continued rally in gold led a broader recovery in commodity markets.

Against a challenging backdrop, RIT delivered a resilient performance, demonstrating the benefits of our diversified global portfolio. Performance was led by gains in Private Investments and Uncorrelated Strategies, which were offset by a decline from the Quoted Equities book and negative currency effects.

Performance Highlights

• Quoted Equities detracted modestly from our NAV, as weakness in technology and Chinese stocks was balanced by strong performance in more defensive holdings including biotech and life sciences.
• Private Investments delivered positive returns, bolstered further by the receipt of solid third quarter valuations for some of our largest fund investments. As at 30 November, 97% of the funds portfolio is held at the 30 September 2025 reported valuations, with the majority of the remaining balance at 30 June 2025. In line with our valuation policy, our direct investments will be revalued as at 31 December.
• Uncorrelated Strategies, which acts as a steady diversifier of returns, performed well, reflecting gains in gold and robust performance from absolute return strategies.
• Currencies detracted from our NAV, primarily due to further strengthening of sterling against the US dollar, leading to a negative translation effect for our portfolio.
• We continued our share buyback programme, repurchasing £9.1m or approximately 420,000 shares in November. YTD, we have bought back approximately £75.6m of shares adding an estimated accretion benefit of +76bps of NAV.

For more information:
J. Rothschild Capital Management (Manager):
T: 020 7647 8565
E: [email protected]