Rit Capital Partners Share Discussion Threads

[damanko] 17/8/2012 08:40

RIT CAPITAL PARTNERS PLC



Interim Management Statement - 1 April 2012 to date



RIT Capital Partners ("RIT") is a self-managed investment trust whose corporate objective is "to deliver long-term capital growth, while preserving shareholders' capital; to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of the relevant indices over time."



Its investment policy is "to invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted; to allocate part of the portfolio to exceptional managers in order to ensure access to the best external talent available."



This statement is released to comply with Disclosure and Transparency Rule 4.3 of the Financial Services Authority, and covers the period from the beginning of the first half of the Company's current financial year on 1 April 2012, to the date of this announcement.



Review of the period



· RIT's investment strategy continues to reflect a policy of caution favouring large, quality companies and growth sectors in the developed world.



· RIT's most recent unaudited diluted net asset value (NAV) per share was 1,183.5 pence as at 31 July 2012.



· In April RIT announced the sale of Agora Oil and Gas to Cairn Energy PLC generating a total profit of £73m in just over two years.



· RIT has reviewed its dividend policy, following changes in tax legislation. A dividend of 28 pence per share will be paid on 24 August 2012 to shareholders on the register at 15 June. Consistent with this change in policy, RIT will also be stating its NAV performance on a total return basis.



· RIT announced the acquisition of a 37% equity interest in Rockefeller Financial Services, Inc., from Société Générale Private Banking and a long-term investment in Corsair, a leading private equity fund manager.



· Mr Breuer-Weil announced that he will be stepping down as Investment Director. Mr Tabbouche has been hired to assume the role.



· Mr Sopher and Mr Winters will be joining the board of J Rothschild Capital Management Limited and as such have not sought re-election to the RIT plc Board.



· RIT will move to a December year-end. An interim report will be prepared to 30 September 2012, followed by a report for the nine months to 31 December 2012.





The diluted net asset value by asset category comprised:







31 July 2012

% of Net Assets
31 March 2012

% of Net Assets



Quoted Equity - Internally Managed
16.8%
18.7%



Quoted Equity - Externally Managed
42.8%
45.0%



Unquoted Direct
10.1%
15.5%



Unquoted Funds
15.0%
13.7%



Real Assets
5.9%
5.8%



Absolute Return & Credit, Government Bonds and Currency
6.0%
7.2%



Net Liquidity/Borrowing /other
3.4%
-5.9%



Total
100.0%
100.0%






The principal currency exposures comprised:







31 July 2012

% of Net Assets
31 March 2012

% of Net Assets



US dollar
53%
53%



Sterling
16%
15%



Singapore dollar
13%
13%



Canadian dollar
8%
11%



Norwegian krone
7%
3%



Mexican peso
4%
6%



Euro
-7%
-5%



Other
6%
4%



Total
100%
100%






Financial performance since 31 March 2012:



Capital only:







As at

31 July

2012
Change since 31 March 2012
Change since 31 December 2011



NAV per share
1,183.5p
-5.3%
2.2%



Share price
1,195.0p
-2.0%
-2.4%



MSCI World Index (in £)
798.1
-2.7%
4.7%



FTSE All-Share Index
2,927.3
-2.5%
2.4%






Total Return:







As at

31 July

2012
Change since 31 March 2012
Change since 31 December 2011



NAV per share
1,183.5p
-3.0%
4.7%



Share price
1,195.0p
0.3%
0.0%



MSCI World Index (in £)
798.1
-1.6%
6.6%



FTSE All-Share Index
2,927.3
-1.1%
5.0%

[jzd] 20/7/2012 10:51

Todays announcement of an Investment in Corsair Capital



is extremely vague as to cost and % of the outfit we are buying.
Seems a strange contrast to the precision regarding the shares issued.

[elmfield] 11/7/2012 14:54

nav, running a bit out of steam, better value elsewhere, who knows, not I really just an observation.

[davidbh] 02/6/2012 17:34

See Fin Times (p.19)today for interview with R on link with Rockefeller.
Interesting, reassuring.
RIT been my largest holding for 10 years.

[greentrident] 01/6/2012 21:54

Useful dividend boost - will all be reinvested via DRIP!

[anphil] 30/5/2012 23:48

Since Lord R owns, I believe, about one third of RIT he is going to be very careful about preserving his wealth - I am very confident about hitching myself to his star. Long term RIT has got to be one of the best there is and it doesn't bother me one bit if he does big deals with the family - more power to his elbow

[davidbh] 30/5/2012 23:07

Forget the deals.
Concentrate on the capital preservation

[honiton] 30/5/2012 20:20

yes, quite.

At least Nat. is not on the scene or we could have another Bumi!! At least Atticus did not do too badly.

[langostino] 30/5/2012 09:18

Is any one else getting tired of all these big deals with other branches of the family and assorted old cronies? Meanwhile the premium turns to a discount and NAV goes nowhere.

[yieldsearch] 10/5/2012 09:10

thanks, bought some at 1098!

[1nf3rn0] 09/5/2012 12:52

Looks like a great chance to start topping up at sub £11. Drip feeding in over the next few weeks until it bottoms out. Then leave it to do it's magic.

[yieldsearch] 09/5/2012 12:17

any reasons why this is underperforming general markets?

[davidbh] 08/5/2012 21:39

Discount 2.79%
Will buy a modest sufficiency tomorrow.

[elmfield] 08/5/2012 17:20

Let me know when the time to add arrives?!

[1nf3rn0] 04/4/2012 16:33

Yes they keep doing the business. With the markets looking jittery again over Spain and the Euro we'll hopefully get a chance to add here shortly at a good price.

[strollingmolby] 03/4/2012 14:22

RIT Capital Partners plc announces sale of Agora Oil and Gas to Cairn Energy PLC

RIT Capital Partners plc ("RIT") announces the proposed sale of Agora Oil and Gas ("Agora" or the "Company"), a private Norwegian company with oil and gas assets in the United Kingdom and Norwegian North Sea to Cairn Energy PLC ("Cairn").

The proposed sale of the Agora business is for total consideration of $450 million (m) to be satisfied in cash and Cairn shares. RIT's co-investors in Agora include Lord Rothschild's family interests & philanthropic foundation, as well as Agora's management & employees.

RIT's anticipated cash proceeds from the transaction will be GBP114m, against its investment of GBP41m. This represents a total profit of GBP73m, and an increase of GBP47m from the carrying value.

RIT backed the experienced Agora team in November 2009. The team has over 250 years of accumulated exploration experience from the North Sea Basin and a proven ability to create and identify new play concepts and prospects.

In the two years since RIT's initial investment, Agora has participated in 10 low-risk exploration and appraisal wells to date, resulting in only 1 dry hole, building up reserves and resources of 22 million barrels 2C contingent resources (95% oil weighted) and 55 million barrels (mean risked) prospective resources.

Lord Rothschild, the Chairman of RIT said: "Agora was only established just over 2 years ago. The achievement of the management team since then has been a remarkable one. We're proud and delighted to have been their founding partner, and wish them every possible success in the next phase of their development with Cairn."

The transaction is subject to approval from the relevant regulatory authorities in the UK and Norway.


Great exit price and investment over a relatively short period.

[strollingmolby] 16/3/2012 12:02

From Alphaville just now:

BE There's a curious announcement from RIT Capital Partners
PM go on
BE London / Geneva / Paris - 16 March 2012 - RIT Capital Partners plc ("RIT"), the London-listed investment trust chaired by Lord (Jacob) Rothschild, and Edmond de Rothschild Group, the international private banking and asset management group chaired by Baron Benjamin de Rothschild, today announced the creation of a strategic partnership.
BE So, to summarise ...
BE An investment group run by a Rothschild
BE Has formed a strategic partnership with Rothschild
BE The investment bank run by a Rothschild.
BE And, on the multiplier effect of double Rothschild ...
BE Shares are up.
RIT Capital Partners PLC (RCP:LSE): Last: 1,235, up 10 (+0.82%), High: 1,237, Low: 1,220, Volume: 208.35k
PM one to watch clearly
BE Doesn't all this make you proud to be British?
PM Course it does

[damanko] 16/3/2012 09:26

Keeping it in the family............ 16/03/2012:

Strategic partnership between RIT Capital Partners and Edmond de Rothschild Group



London / Geneva / Paris - 16 March 2012 - RIT Capital Partners plc ("RIT"), the London-listed investment trust chaired by Lord (Jacob) Rothschild, and Edmond de Rothschild Group, the international private banking and asset management group chaired by Baron Benjamin de Rothschild, today announced the creation of a strategic partnership.



RIT and Edmond de Rothschild Group have entered into a joint venture through the creation of a new company. RIT will hold 49% of the capital of the joint venture and Edmond de Rothschild Group will hold a 51% interest. Edmond de Rothschild Group will contribute its stake in the management company of Capital Holdings (assets under management of $2.7 billion) into the joint venture. RIT will issue 1,128,000 new ordinary shares with a market value as at close on 14 March 2012 of £14 million to Edmond de Rothschild Group as consideration for the acquisition of its interest in the joint venture.



In the coming year, RIT and Edmond de Rothschild Group will work together to strengthen their co-operation on investment opportunities and fund management.



As a result of this transaction, Baroness Ariane de Rothschild, Vice Chairman of Edmond de Rothschild Group, will become Honorary Vice Chairman of RIT. In a reciprocal arrangement, Lord Rothschild will become Honorary Vice Chairman of La Compagnie Financière Saint-Honoré, the French holding company of Edmond de Rothschild Group. Jean Laurent-Bellue, General Secretary of Edmond de Rothschild Holdings, was appointed as a non-executive director of RIT on 15 March 2012.



Lord Rothschild said, "We are excited by the prospect of closer co-operation with the Edmond de Rothschild Group. This alliance increases RIT's ability to identify investment opportunities globally and to expand its activities with third party fund management."



Baroness Ariane de Rothschild said, "This strategic partnership with RIT Capital Partners is extremely important to the Edmond de Rothschild Group. We are delighted to work with RIT on developing this new venture, leveraging our complementary skills and outstanding track records."



The closing of this transaction is subject to customary regulatory approval.



The new shares issued in this transaction will on issue be credited as fully paid and will rank pari passu including for all dividends declared or paid thereafter. Application will be made to the UK Listing Authority and the London Stock Exchange for the new shares to be admitted to the Official List and to be admitted for trading on the main market of the London Stock Exchange. The shares will be issued on completion of the transaction on receipt of regulatory approval.

[strollingmolby] 08/3/2012 17:27

Net Asset Value

The unaudited diluted net asset value of RIT Capital Partners plc as at 29 February 2012 was 1,216.9p per GBP1 ordinary share, (31 January 2012: 1,190.7p).

[ifthecapfits] 31/1/2012 16:00

doesn't rothschild himself have over £200m of these?

[bpdon] 28/1/2012 11:08

I agree with Jimbo. Im ignoring the noise. You dont have to look too hard to see that, over the long term, RCP has been a consistent stalwart delivering both wealth preservation and creation when appropriate.

RCP has under performed the FTSE 100 since early December and I think Jimbos reasoning for this is sound. Its also blown some froth off the premium this had been trading at in Q3 2011 - its now back to a more normal level.

This week Ive sold some higher risk holdings and used some of the cash released to top up RCP and Ruffer.

[jimbo55] 24/1/2012 23:34

elmfield. This trust is seen to have some defensive qualities, having done quite well in 2008's market carnage. Markets seem to be moving back to "risk-on" trading. I've noticed stocks considered to be defensive plays moving down over the course of the last week. Perhaps there be another reason for the slide, but as a NAV update was released only 14 days ago, I strongly doubt it's related to this.