Rit Capital Partners Share Discussion Threads

[f56] 20/2/2023 17:17

The peak NAV was 2794 I think. So the drop from peak NAV at 2440 is approx 13.7%. I think that the relative under performance to RIT’s mandate is what the media are referring to. Anyway RIT have just hired a risk specialist to the board in Feb so they must be aware of the problem.

[essentialinvestor] 20/2/2023 11:30

Given equity market strength since 31 Jan
NAV discount may be nearer 25% atm - on Friday's price. The bearish case on is RIT will see valuation declines in their unlisted book during 2023 and these represent a larger % of total allocation than a few years ago -
the later is accurate, time will tell on the former.


I'm dyslexic btw and it's a complete pain, far worse when tired.

[jimbox1] 20/2/2023 10:54

Sorry Essential. You are correct, discount was 23%. An attack of early morning dyslexia.

[essentialinvestor] 20/2/2023 08:07

I make it around 23% based on the updated NAV AND Friday's share price at close ?.

[jimbox1] 20/2/2023 07:57

Everyone seems to have it in for RCP at the moment. Friday's closing share price is a discount of 32% to the Jan 31st net asset value, published today.

[dickiehh] 17/2/2023 14:02

I think it's just lazy journalism by Max King. The June 2022 report shows Coupang at 1.7 percent of NAV. So they've already sold most of Coupang - which actually shows that they likely got out before the collapse in tech shares

[dlp6666] 17/2/2023 10:51

Do you think Max King has made the right assessment of RCP in today's Moneyweek?

hxxps://moneyweek.com/investments/605638/rit-capital-partners

"In mid-2021, it seemed that RIT’s record had been rescued by the flotation of Coupang, the Korean e-commerce firm that surged 40% on its March listing and accounted for 9% of the portfolio. The shares now trade 64% below the opening price, though there has been a partial recovery since last June.

The price of stock trading platform Robinhood, in which RIT had invested £29m, has collapsed 84% since August 2021. It is hard to imagine RIT under Jacob Rothschild, who previously ran the trust, investing in either Coupang or Robinhood. The team that took over from him (he left for good in 2019) are, perhaps, proving too clever for their own good. Two years ago, it seemed that they were managing well, but tougher market conditions have found them out"

He was suggesting it was a 'sell' in Dec20, but in Sep21 re-considered his position and felt that "RIT should be a key building block of any investment trust portfolio".

Now he seems to be 'sell' [at the right price] again.

[essentialinvestor] 16/2/2023 15:04

This sold on an 8% NAV premium at one point!, but those days are now long gone.

Still may be worth a look if markets sell off as tends to bounce back routinely.

The questions raised about valuation on the unlisted have clearly altered sentiment towards RIT.

[riverman77] 16/2/2023 12:03

The other issue is, if you look at the underlying holdings (can be found on the reports) it's mostly held in dozens of other funds (venture, hedge, private equity, etc) - you therfore have a double layer of fees which I'm really not keen on.

[kiwi2007] 16/2/2023 11:30

I left in Feb last year. Unfortunately well below the top. I felt the trusts ethos had changed and it was looking for quick gain rather than a solid, secure and plodding performance plus it seemed every man and his dog in the City and abroad was having a touch before anything got through to share holders.
I don't think it does what it used to say on the tin anymore.

[essentialinvestor] 07/2/2023 13:58

Slightly ahead of where I thought NAV may be.

[riverman77] 07/2/2023 12:37

Given they've only about 40% in qutoed equities I'd expect it to hold up better than the market, so wouldn't say it was particularly impressive, but I suppose could have been worse. Still see much better value in CLDN which is on a bigger discount, has performed better recently and less opaque than RCP without any venture exposure.

[dickiehhh] 07/2/2023 09:23

Yes, Jolomo, you are right. That's probably better actually as markets bottomed early October (so far!) so end December Valuations should be higher

[jolomo] 07/2/2023 08:16

I read that as 94% til the end of September & just 6% to December.

[dickiehhh] 07/2/2023 07:43

Dec NAV of 2388 looks a very good outcome to me. Strong outperformance against ACWI which was down over 5 percent for December. And ACWI up 6 percent or so in January so RCP January NAV should have bounced nicely assuming similar outperformance 94 percent of valuations updated to end December

[bottomfisher] 03/2/2023 11:16

According to RCP's investor relations department, contacted on Jan 31, "We expect to publish our December NAV, unaudited as is always the case, within the next week. The full year audited results will be published at the end of February.

[mancman1] 02/2/2023 13:40

Two years ago they posted NAV on 4th February. I expect it will be next week now.
Few announcements on a Friday.

[ygor705] 02/2/2023 08:46

NAV released at end of January last year. What's going on? Have the Directors all broken their necks at St Moritz?

[kiwi2007] 01/2/2023 05:16

NAV update delayed as the chaps are all skiing in St Moritz.

[essentialinvestor] 30/1/2023 14:11

Some doubts ahead of this number at a guess.

[essentialinvestor] 29/1/2023 15:46

Next week or early FEB at a guess.

[dickiehh] 28/1/2023 09:10

Anyone know when NAV update is expected?

[jimbox1] 12/1/2023 12:48

Not sure if they're allowed to buy back shares until full year results have been announced (financial year-end 31 Dec.).

[essentialinvestor] 12/1/2023 11:32

Not buying back any shares atm, even with
the current % discount to NAV.

[f56] 06/1/2023 19:23

Lol. Looks like Questor hasn’t kept up to date with the RIT NAV. Take a closer look at the Dec 15 update - 92% of private funds updated to 30th Sep.