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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
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.
As of Mar 31, 2026
The strategy is led by Chief Investment Officer Daniel G. Bandi and includes senior portfolio managers Daniel J. DeMonica, CFA, Mirsat Nikovic, CFA, and Sean A. Burke, along with Brian T. Cavalier as Head of Equity Trading. The Rocky River, Ohio-based team has been working together since 1999, providing significant experience and continuity in their investment approach. Daniel Bandi serves as Chief Investment Officer for Integrity Asset Management's value equity strategies and is the lead portfolio manager for multiple small-cap and micro-cap value strategies within the franchise.
The Integrity Micro Cap Value Equity strategy invests in a diversified portfolio of micro capitalization stocks that are currently undervalued but poised to outperform. Integrity believes that superior risk-adjusted performance is achieved by maintaining a diversified portfolio of micro capitalization stocks trading below intrinsic value with improving investor sentiment. The strategy seeks to invest in the right company, at the right price, and at the right time through rigorous fundamental analysis.
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
High-conviction positioning: RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Growth Outlook
Market outlook remains high conviction: RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Risk Appetite
Risk appetite posture is high conviction: RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Forward Guidance
Forward guidance signal: RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Language Signal
Tone analysis indicates very low conviction language: RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive ret...
Top Conviction Themes
Key Catalysts
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