| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.5% | 1.6% | 1.6% |
RIT Capital Partners delivered a resilient performance in March 2026, declining only 1.9% while participating in just 33% of the ACWI downside during a broad risk-off move triggered by escalating Middle East geopolitical tensions. The diversified global portfolio generated positive returns for Q1 2026 while the ACWI declined. Private investments drove performance with positive returns following additional fund valuations and strong distributions, enabling new commitments to specialist partners. Key holdings Anthropic, Databricks, and SpaceX showed positive developments with financing rounds and potential IPO plans at valuations above current holdings. Quoted equities declined as commodity-related equities and emerging markets reversed earlier outperformance, though timely profit-taking in gold miners and emerging markets reduced downside impact. The fund reduced exposure ahead of Middle East tensions and established oil positions, positioning to deploy capital on further weakness. Uncorrelated strategies fell modestly with negative gold contributions offset by oil positions. Share buybacks of £12.6m in March brought YTD repurchases to £28.1m, adding estimated 0.25% NAV accretion.
RIT delivers compelling growth through market cycles via a diversified global portfolio across quoted equities, private investments, and uncorrelated strategies, with superior long-term performance and less risk than equity markets.
The outlook for private investments remains constructive, supported by positive developments across key holdings. The fund is positioned to deploy capital on further weakness in quoted equity markets given reduced exposure.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 17 2026 | 2026 Q1 | COF | diversification, Geopolitical, global, gold, Private Investments, risk management | - | RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive returns with key holdings showing strong developments. Reduced exposure ahead of tensions positions the fund to deploy capital on further weakness in quoted equity markets. |
| Mar 2 2026 | 2025 Q4 | 096770.KS, 1928.HK, ELF.TO, FFH.TO | Buybacks, commodities, diversification, global, gold | - | RIT delivered +1.3% NAV growth in January through diversified global exposure. Quoted equities led performance via emerging markets and commodities holdings, while uncorrelated strategies contributed through gold and credit. Share buybacks added 5bps accretion. The multi-asset approach continues generating steady returns despite currency headwinds from sterling strength. |
| Feb 17 2026 | 2025 Q4 | - | Buybacks, commodities, diversification, global, gold | - | RIT delivered +1.3% NAV growth in January through diversified global exposure. Quoted equities led performance via emerging markets and commodities holdings, while uncorrelated strategies contributed through gold and credit. Share buybacks added 5bps accretion. The multi-asset approach continues generating steady returns despite currency headwinds from sterling strength. |
| Oct 15 2025 | 2025 Q3 | RCP.L | diversification, global, gold, long-term, Multi-Asset, Private Investments | - | RIT delivered +2.4% in September, driven by diversified global exposure across asset classes. China managers led Quoted Equities performance while gold rally boosted Uncorrelated Strategies. Fed rate cuts lifted sentiment across markets. Strong year-to-date performance of +10.0% reflects the portfolio's balanced approach to long-term wealth creation through multiple return drivers. |
| Aug 7 2025 | 2025 Q2 | AMZN, CAE.TO, CEG, CPNG, CRM, GDDY, ICE, IWG.L, MRO.L, MSFT, NFLX, RNR, TEAM, VFC | AI, defense, global, Japan, Multi-polar, Private Investments, Quality, Realisations | - | RIT generated 3.4% NAV returns with strong Private Investment performance driving £175m in realisations including Scale AI and Webull exits. All investment pillars contributed positively despite market volatility and USD weakness. The portfolio is well-positioned for technology diffusion and multi-polar world trends, with Private Investment allocation moving toward historical averages while maintaining high conviction in the diversified global approach. |
| May 3 2024 | 2023 Q4 | BARN.SW, BLDR, CP, CPNG, GLNG, HELIOS.L, ICE, KDP, LEN, MA, TALEN, TMO, TPG, V, VTY.L | credit, global, healthcare, Japan, Multi-Asset, nuclear, private equity, value |
TALEN TPG |
RIT delivered 3.2% NAV returns in 2023 through diversified global investing across public and private markets. Strong stock selection and Japan exposure offset private investment headwinds and currency translation effects. The Manager sees compelling opportunities in individual stock picking and credit markets while planning to reduce private investment allocation through organic exits over the next two years. |
| Mar 3 2023 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Private InvestmentsPrivate investments generated positive returns in March and YTD following receipt of additional fourth-quarter fund valuations. Strong fund distributions supported new commitments to specialist fund partners. Key holdings including Anthropic, Databricks, and SpaceX are showing positive developments with financing rounds and potential IPO plans at valuations above current holding values. |
Private Equity Venture Capital Valuations Distributions IPO |
GeopoliticalEscalating geopolitical tensions in the Middle East induced a broad risk-off move across various asset classes in March. The fund reduced exposure ahead of these events and positioned to deploy capital on any further weakness. Oil positions were established ahead of the outbreak of hostilities. |
Middle East Risk-off Tensions Oil Deployment | |
GoldTimely profit-taking in gold miners early in March reduced downside impact during the market reversal. Gold positions contributed negatively to uncorrelated strategies performance for the month but remain part of the diversification approach. |
Gold Miners Profit-taking Commodities Diversification | |
| 2025 Q4 |
AIAI infrastructure plays dominated 2025 returns with 65% of Russell 2000's return coming from AI infrastructure. The manager views this as a concentrated, singular bet on CAPEX spending by five companies building data centers. Questions the sustainability of this theme given its concentration and speculative nature. |
Infrastructure Data Centers CAPEX Concentration |
Small CapsSmall cap performance was dominated by AI infrastructure plays and speculative unprofitable companies in 2025. The manager notes extreme bifurcation between unprofitable stocks and quality stocks, with quality businesses trading at historically cheap multiples despite the overall market concentration. |
Russell 2000 Quality Valuation Bifurcation | |
QualityQuality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager sees this as creating opportunities in quality stocks that have been left behind in the speculative frenzy. |
Valuation Multiples Disparity Opportunity | |
| 2025 Q4 |
AIAI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025. |
Artificial Intelligence Technology Market Concentration Growth Innovation |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles. |
Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions | |
InflationThe inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term. |
Inflation Federal Reserve Monetary Policy Economic Data | |
DollarThe U.S. dollar fell more than 9% during 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. With the Federal Reserve still focused on easing policy, narrowing interest rate differentials may drive a further decline in the dollar. |
US Dollar Currency Federal Reserve Interest Rates | |
| 2025 Q3 |
ChinaMSCI China outperformed the S&P 500 in September, reflecting a more balanced contribution to global equity performance. Performance was led by gains in Quoted Equities across investment themes and regions, with China managers contributing significantly to NAV. |
China Emerging Markets Outperformance |
GoldGold reached record highs during September. Uncorrelated Strategies performed well, supported by the gold rally, adding meaningfully to NAV with strength in gold contributing to solid performance. |
Gold Record Highs Uncorrelated | |
| 2025 Q2 |
AIArtificial intelligence and digital transformation are accelerating change across traditional industries creating new sources of growth. The portfolio benefitted from AI-driven technologies including investments in Scale AI, OpenAI, and other AI-focused companies. Meta's acquisition of a 49% stake in Scale AI for $14.3 billion demonstrates the value creation potential in this space. |
Scale AI OpenAI Meta Digital transformation Machine learning |
Private InvestmentsPrivate investments delivered strong performance with a 9% return, contributing 3.3% to NAV. The portfolio saw significant realisations totaling £175m, including successful exits from Scale AI, Xapo, and Webull's IPO. The allocation decreased from 33.4% to 30.9% of NAV, moving closer to the historical average of 25%. |
Realisations IPO Scale AI Xapo Webull | |
DefenseEuropean aerospace and defence holdings performed strongly, benefiting from NATO members' commitment to allocate 5% of GDP to defence by 2035. The portfolio includes investments in aerospace and defence companies that are capitalizing on increased defence spending. |
NATO Defence spending Aerospace European defence | |
QualityQuality investments, defined as companies with high barriers to entry that compound profits over time, represented 9% of NAV and was the highest contributing theme. Performance was led by European aerospace and defence, Constellation Energy, and National Grid. |
Barriers to entry Constellation Energy National Grid Compounding | |
JapanJapanese managers representing 6% of NAV continued to outperform Japanese equity markets. Corporate governance reforms continue to support stronger markets through improved corporate practices, higher wages and increased retail investing. Seibu Holdings saw significant gains after railway fare increase applications. |
Corporate governance Seibu Holdings Railway Retail investing | |
ChinaInvestment in China through specialist managers represented 8% of NAV and performed well on the back of stimulus measures and advancements in AI technologies, which outweighed concerns around tariff uncertainty. The theme benefited from technology and AI advances. |
Stimulus measures Tariff uncertainty Technology advances | |
CryptoCryptocurrency investments benefited from increased institutional adoption and legislative support from the Trump administration. The portfolio realized value from Xapo, one of the first cryptocurrency banks globally, and benefited from Ribbit Capital's fintech focus including crypto exposure. |
Xapo Ribbit Capital Institutional adoption Trump administration | |
| 2023 Q4 |
AIThe fund has exposure to AI through Scale AI, which specializes in labeling objects in photos and videos for self-driving cars, virtual/augmented reality, and U.S. Department of Defense applications. Scale AI has expanded its product offerings to assist in teaching computers how to generate content using AI. The company is positioned as a picks-and-shovels opportunity that can benefit from AI breakthroughs without committing to a specific foundational model. |
Scale AI Machine Learning Computer Vision Content Generation Defense |
HealthcareThe fund maintains a positive long-term perspective on healthcare grounded in ongoing innovation, scientific and technological breakthroughs, and a generally favorable regulatory environment in the US. Large pharmaceutical companies need to offset substantial revenue losses from patent cliffs through mergers and acquisitions with biotech firms. The fund has strategically invested alongside best-in-class healthcare managers given the specialized nature of the sector. |
Pharmaceuticals Biotech Innovation M&A Patent Cliffs | |
JapanJapan represents a compelling opportunity for outperformance with attractive valuations, improving corporate governance, a rise in activism, and secular changes such as labor and capital mobility. The fund maintains exposure through specialist Japan value-oriented managers including Morant Wright Management and 3D Investment Partners. Japan exposure contributed positively to performance and outperformed all other developed markets. |
Corporate Governance Activism Value Labor Mobility Capital Mobility | |
ValueThe value sector remains a fertile environment for stock picking, with the fund expressing this perspective through individual stock positions and partnerships with managers like Discerene Group. The fund emphasizes businesses with strong defensive moats, robust cash flows, and attractive valuations. Over the past two years, three of Discerene's top five positions have been subject to acquisition, demonstrating the value creation potential. |
Stock Picking Defensive Moats Cash Flows Acquisitions Undervaluation | |
CreditCredit markets present significant opportunities due to sharply higher interest rates, bank retrenchment from lending beyond core clients, and large volumes of maturing debt. The fund has privileged access to specialists with expertise in specific credit market sub-categories. Credit strategies drove the majority of contribution under uncorrelated strategies, with credit funds delivering double-digit returns for the year. |
Interest Rates Bank Lending Debt Maturity Credit Spreads Specialists | |
NuclearThe fund has exposure to nuclear energy through its investment in Talen Energy, a US power utility that emerged from bankruptcy in 2023. The US government's decision to endorse nuclear energy's role in supplying carbon-free baseload power, combined with the US Inflation Reduction Act providing a revenue floor for nuclear power plants, creates a compelling investment opportunity with minimal downside risk. |
Carbon-Free Baseload Power Inflation Reduction Act Revenue Floor Utility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | Fund Letters | RIT Capital | TALEN | Talen Energy | Utilities | Electric Utilities | Bull | NASDAQ | Bankruptcy emergence, energy transition, Event-driven, Inflation Reduction Act, Nuclear Power, Power generation, Regulatory tailwinds, utilities | Login |
| Dec 31, 2023 | Fund Letters | RIT Capital | TPG | Tempur Sealy International | Consumer Discretionary | Home Furnishings | Bull | NYSE | brand recognition, Consumer Discretionary, Fragmented Industry, industry consolidation, market dominance, Mattresses, premium products, vertical integration | Login |
| Dec 31, 2023 | Fund Letters | RIT Capital | - | Scale AI | Information Technology | Application Software | Bull | Private | AI infrastructure, Artificial Intelligence, autonomous vehicles, Data labeling, defense technology, machine learning, Picks and shovels, Technology Services | Login |
| Dec 31, 2023 | Fund Letters | RIT Capital | - | Epic Systems | Health Care | Health Care Technology | Bull | Private | Cloud computing, Electronic Health Records, founder-led, Healthcare digitization, Healthcare Technology, Long-Term Compounding, market leadership, recurring revenue | Login |
| TICKER | COMMENTARY |
|---|---|
| COF | Brex was acquired by Capital One, all at valuations above our current holding values in the NAV. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
