| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 |
|---|
| 13.5% |
RIT Capital Partners delivered a solid +1.3% NAV performance in January 2026, reaching 2,958p per share, driven by quoted equities and uncorrelated strategies. The portfolio benefited from broad global equity gains, with emerging markets leading and SMID-caps outperforming in the US as market leadership rotated toward cyclical and defensive sectors. Quoted equities contributed positively, led by emerging markets and commodities-related holdings, while uncorrelated strategies provided steady diversification through gold and credit exposure. Private investments remained flat pending Q4 2025 valuations. Commodity prices surged, particularly energy, while precious metals gained momentum from dollar weakness and macroeconomic uncertainty. Currency translation effects detracted from NAV due to sterling strength against the dollar. The firm continued its share buyback program, repurchasing £6.9 million of shares, adding 5bps NAV accretion. The diversified approach across asset classes and geographies continues to provide resilient returns in varying market conditions.
RIT Capital Partners maintains a diversified global portfolio approach across quoted equities, private investments, and uncorrelated strategies to deliver steady returns while managing risk through geographic and asset class diversification.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 2 2026 | 2025 Q4 | - | Buybacks, commodities, diversification, global, gold | - | Commodity prices surged in January, led by energy, while positive momentum in precious metals was supported by dollar weakness and ongoing macroeconomic uncertainty. The portfolio benefited from commodities-related holdings within quoted equities. Gold contributed positively to performance through uncorrelated strategies, supported by dollar weakness and ongoing macroeconomic uncertainty. |
| Feb 17 2026 | 2025 Q4 | - | Buybacks, commodities, diversification, global, gold | - | Commodity prices surged in January, led by energy, while positive momentum in precious metals was supported by dollar weakness and ongoing macroeconomic uncertainty. The portfolio benefited from commodities-related holdings within quoted equities. Gold contributed positively to performance through uncorrelated strategies, supported by dollar weakness and ongoing macroeconomic uncertainty. |
| Oct 15 2025 | 2025 Q3 | - | Artificial Intelligence, Biotech, diversification, gold, private equity | - | RIT delivered a 2.4% monthly NAV gain and 10% YTD return driven by diversified exposure across global equities, gold, and credit strategies. Gains were led by China equity managers, technology, and life sciences investments benefiting from AI and biotech innovation. The trust emphasizes long-term compounding through uncorrelated strategies and private investments. |
| Aug 7 2025 | 2025 Q2 | - | Equity Management, Long-Term Growth, Market Volatility, Private Investments | - | |
| May 3 2024 | 2023 Q4 | - | - | - | |
| Mar 3 2023 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CommoditiesBull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent. |
Cycles Capital Valuation Equities |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
| 2025 Q4 |
CommoditiesBull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent. |
Cycles Capital Valuation Equities |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
| 2025 Q3 |
AI Exposure |
|
DiversificationThe Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. |
Risk Management Portfolio Construction Concentration | |
Private EquityDiscounts for funds of funds are still far too wide and persistently so. Stark arbitrage available from selling underlying third-party fund interests at tight discounts in secondary market to fund share buybacks at much wider discounts. HVPE announced $300m sale at 6% discount to fund debt repayment and buybacks. |
Private Equity Discount Arbitrage Secondary Market Share Buybacks Fund of Funds | |
| 2025 Q2 |
Private Investments |
|
VolatilityU.S. equity valuations remain elevated while market volatility remains unusually subdued given macro and geopolitical risks present. This combination has historically preceded periods of market disappointment characterized by rapid sell-offs and volatility spikes. |
Suppressed Elevated Valuations Sell-offs Spikes |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| 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 |
|---|---|---|---|
| No industry data available | |||
