RIT publishes October 2026 Factsheet and NAV Commentary

NAV Commentary

RIT’s unaudited diluted NAV as at 31 October 2026 (with debt at fair value) was 3,123p per £1 ordinary share (30 September 2026: 3,209p), -2.0% for the month, including the interim dividend of 22.5p.

YTD to 31 October, RIT’s NAV per share total return is +8.5%.

Global equity markets fell further in October, extending September’s losses, with Technology leading the decline and emerging markets notably underperforming. Concerns over the pace and scale of AI-related capital expenditure saw credit spreads widen, while bond yields eased after rising sharply over recent months.

Against this backdrop, we continue to retain a balanced allocation. Positive momentum in our Private Investments pillar was a feature and leading into the year end, we believe the portfolio is well positioned to benefit from further uplifts in private market valuations and potential liquidity events. Having moderated quoted equity and real asset exposure in recent months, we feel well placed to take advantage of opportunities that we see emerging from recent market weakness.

• Quoted Equities detracted from performance in October, led by Chinese equities within our emerging markets managers, and commodity-related stocks. This was partly offset by gains in our quality-oriented stocks and Japan corporate governance theme.
• Private Investments were additive to NAV. We have received approximately one quarter of Q3 fund valuations and expect substantially allto be received by the year end. Separately, Anthropic has reported plans for a US initial public offering (IPO). It is one of our largest direct positions, at 1.7% of NAV as at30 June. We value the position based on the May 2026 fundraising valuation of $965bn and alsohold meaningful indirect exposure through our fund partners.
• Uncorrelated Strategies declined over the month, led by gold, alongside a modest pullback from our absolute return managers.
• Currencies detracted from performance, primarily due to the strengthening of sterling against the US dollar.

During October we repurchased £7.2m or approximately 292,000 RIT shares.

Our October 2026 Factsheet can be viewed here.