Rit Capital Partners Share Discussion Threads

[riverman77] 18/12/2024 10:17

Another solid update - NAV now up 10% YTD, 45% over 5y.No reason for this to be trading on 27% discount.

[fabius1] 06/12/2024 19:38

bench2 - Breakout from the wedge.

[mancman1] 06/12/2024 08:05

Private Equity is coming back into fashion.

[chillpill] 06/12/2024 07:16

I wouldn’t be surprised if some activist funds such as Elliott are getting involved.

[bench2] 05/12/2024 19:39

Any reason for the big move above £20 today ,

[riverman77] 04/12/2024 17:55

NAV performance actually pretty good expect for the big drawdown in 2022 due to write down in PE positions. Hence 3y number a bit soft, but strong over 1y and 5y. However, fund selectors clearly scared off by what happened in 2022 and once a reputation is tarnished (RCP was always viewed as a safe pair of hands that never lost money) it takes a long time to get it back. I personally think it looks decent value while discount is above 20% but would probably sell if it went any tighter.

[makinbuks] 04/12/2024 17:25

Yes, I believe RIT has lost its reputation with wealth managers. A strong NAV comeback including some PE realisation should restore that and narrow the discount as demand returns. I agree with comments above but add at £18 personally

[mwj1959] 24/11/2024 17:28

I hope so!

[johnfreeadvfn] 23/11/2024 21:31

Pretty much as I see it, discount-wise. Think that NAV growth from here might surprise on the upside, though.

[mwj1959] 22/11/2024 14:35

Certainly relative to its LT history (it traded at a premium for a while), but discount has been wider in the recent past. I see no reason why it shouldn't trade in a 10-15% discount range, particularly if absolute and relative performance improves sustainably (NAV is up nearly 9% YTD, but flat over 3 years). Performance, negative sentiment towards PE exposure and large family stake (Caledonia where family stake is nearer 50% than the 25% here is trading at a near 40% discount) are all factors that have not helped in recent years. The latter two are not going away, hence not forecasting the discount getting much narrower than 10-15%. Plenty of other easier targets for activists too and the Board isn't going to do too much (other than buybacks)to shake things up. Definitely one for the patient! I've added when share price has fallen below 1750p and discount has been north of 30%.

[johnfreeadvfn] 21/11/2024 20:16

Cheap, isn’t it?

[johnfreeadvfn] 21/11/2024 20:10

Cheap, isn’t it?

[mwj1959] 19/11/2024 09:20

Flat NAV in October after payment of dividend. I note that US$ exposure has dropped from 33% (where it has been since June) to 26% over the month, quite a material move, particularly in a month where it appreciated by nearly 4%.
Approximately a 27% discount on this NAV.

[chillpill] 14/11/2024 07:17

Thrive are up 5.8x on their initial investment in OpenAI early last year.

[f56] 13/11/2024 16:22

Interesting that RCP have an indirect stake in OpenAI through Thrive capital.

[abc_001] 23/10/2024 08:18

RCP buyback volumes have been up recently

[ferrox5] 19/10/2024 15:29

This is from their Interim Report
"Real assets represented 2% of NAV, including gold, our
investment in California carbon credits, and our investment
properties. As we invest in gold through derivatives rather
than buying the physical commodity, our exposure to this
commodity was closer to 2.3%."

[timmy40] 19/10/2024 13:14

Does RIT hold any Gold ?

[chillpill] 18/10/2024 07:23

Back on Fidelity platform….

Fidelity has removed RIT Capital Partners (RCP) from its blacklist of investment trusts in the first sign of the positive impact cost disclosure reform could have on the beleaguered closed-end fund sector.

Shares in the Rothschild family-backed trust, which languish on a 34% discount over concerns about performance, private equity exposure and high costs, jumped 50p, or 2.9%, to £17.80 at Fidelity International’s decision to remove trading restrictions.

‘We are delighted that Fidelity has reinstated RIT Capital Partners plc on its platform. This means that new buyers can once again buy RIT shares via Fidelity,’ said a spokesperson for the £2.5bn global multi-asset fund.

[chillpill] 17/10/2024 21:22

Happy buyer at these levels. Prepared to play the patient game.

[mwj1959] 17/10/2024 12:57

A decent NAV gain of 1.5% in September, despite £ strength. So, not a surprise to see a decent rally in the share price, albeit still down on the month.

[mwj1959] 16/10/2024 20:11

Interview on II with CEO of the management company...
hxxps://www.ii.co.uk/analysis-commentary/rit-capital-partners-portfolio-not-blame-share-price-slump-ii533189
Blames a large part of the discount widening on the "industry", but does admit that they haven't done enough engaging with investors.
Says they are aggressively buying back stock. I would hardly call under 2% YTD aggressive.
TBH NAV performance YTD hasn't been too bad, up 6.3%, but longer term not been great as down slightly over 3 years.
End Sep NAV should be published in the next couple of days. Will be hit by £ strength vs the US$, but that has been more than offset by the decline we've seen this month.
The Board needs to come up with a Plan C (Plan A was to continue as if nothing had happened, Plan B to buy back some stock).
Definitely one for the patient and I'll add into any further discount widening on the basis that at some point something will change. Maybe wishful thinking!

[essentialinvestor] 16/10/2024 16:40

Buying back a 'modest' amount of shares at these levels, eh.

Does that strike anyone as a bit odd.

[dickiehh] 16/10/2024 16:32

Could the recent weakness be to do with their unquoted investments again? Does anyone know anything about the recent performance of these?

[1grenville] 15/10/2024 13:24

Yes I would think that plenty of long term holders with good gains might be selling in advance of the widely predicted hike in CGT - even at these discounts.