RIT publishes September 2026 Factsheet and NAV Commentary

NAV Commentary

RIT’s unaudited diluted NAV as at 30 September 2026 (with debt at fair value) was 3,209p per £1 ordinary share (31 August 2026: 3,221p), -0.4% for the month.

YTD to 30 September, RIT’s NAV per share total return is +10.7%.

Global equities were mixed in September as bond yields rose materially and oil prices remained elevated. The notable exception was the technology sector, with gains led by a narrow group of semiconductor and AI infrastructure companies. Against this backdrop of concentrated market leadership, performance of our globally diversified portfolio was modestly lower over the month. As a reminder, our principal exposure to technology and AI is via our Private Investments pillar. Overall, we retain a balanced allocation, mindful of the risks building in markets whilst remaining selective in our exposure to leading themes and alert to emerging value opportunities.

• Quoted Equities’ performance was weaker in September, led by our emerging markets and quality exposures, marginally offset by our position in SpaceX.
  Private Investments were largely unchanged in the month, with the outlook constructive across both funds and direct investments. Cognition, which builds agentic AI, and is one of our top five direct positions, completed a financing round during September at a valuation meaningfully above our current holding value in the NAV.
  Uncorrelated Strategies fell modestly as rising bond yields weighed on gold, while positive performance from our macro managers helped cushion the decline.
  Currency translation was a meaningful positive contributor during the month, driven primarily by the strengthening of the US dollar against sterling.

During September we repurchased approximately £5m or 205,000 RIT shares, taking YTD purchases, including the tender offer, to £373m.

Our September 2026 Factsheet can be viewed here.