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Interim Results

RIT Capital Partners posts NAV/shr of 1613p

15 August 2016 07:33

RIT Capital Partners has posted an H1 net asset value (NAV) per share of 1613p, with its total NAV at June 30 hitting an all-time high of £2.5bn.

Pretax profit for the six-month period was £89.6m, from £151.0m. Total income was £18.5m, from £18.5m.

The company's chairman, Lord Rothschild, said:

"The six months under review have seen central bankers continuing what is surely the greatest experiment in monetary policy in the history of the world.

"We are therefore in uncharted waters and it is impossible to predict the unintended consequences of very low interest rates, with some 30% of global government debt at negative yields, combined with quantitative easing on a massive scale.

"In times like these, preservation of capital in real terms continues to be as important an objective as any in the management of your Company's assets.

"In respect of your Company's asset allocation, on quoted equities we have reduced our exposure from 55% to 44%. Our Sterling exposure was significantly reduced over the period to 34%, and currently stands at approximately 25%.

"We increased gold and precious metals to 8% by the end of June. We also increased our allocation to absolute return and credit, which delivered positive returns over the period...

"The outcome of our efforts over a difficult period has been for your Company's net asset value at the end of June to have increased by 3.6% (including dividends) to 1,613 pence per share.

"Our latest NAV at the end of July was 1651 pence per share, representing an increase of 2.3% over the month. The net assets of your Company now amount to £2.6 billion, a new all-time high."

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Related Company: RCP

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