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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift."
RIT Capital Partners delivered a 9.0% NAV total return for H1 2026, extending its 10.7% annualised return since inception in 1988. All three investment pillars contributed positively: Quoted Equities returned 7.8%, Private Investments 9.1%, and Uncorrelated Strategies 5.6%. The SpaceX IPO was a landmark realisation, generating a 4.0x return on invested capital. Over the past two years, the manager has realised more than 43% of the private portfolio at an average 70% uplift to carrying values. The manager believes two structural forces are reshaping markets: the transition to a multipolar world and the AI revolution. Germany and Japan are making unprecedented defence and infrastructure commitments, while AI is shifting from infrastructure toward applications. The manager increased emerging markets exposure and added positions in Anthropic, Databricks, Cognition, and Stripe. Key risks include persistent inflation and elevated semiconductor valuations. The manager is mindful of inflation risks given substantial fiscal commitments and massive AI infrastructure spending. The portfolio's diversification, permanent capital structure, and access to category-defining private companies position it to capture growth while managing risk in an environment of structural change.
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