Rit Capital Partners Share Discussion Threads

[f56] 14/3/2023 20:36

Looks like the lesson to learn from all this is beware of the black box. Yes, RCP are clearly honest in their assessment of direct private investments. But they look as though they are not completely sure when it comes to their much larger 3rd party private investments. Like I say beware of the black box. Why hold 28% of your investments in something you are not sure of?

[essentialinvestor] 14/3/2023 13:04

Bouncy bouncy.

[peakyblinderssss] 14/3/2023 10:52

What are your thoughts on smallcaps? I've been looking into get into smallcaps and am wondering what are some good ones to jump into

[bottomfisher] 14/3/2023 10:43

Over the last twelve months the NAV has fallen by 10% whilst the share price is down by almost 30%. The discount has widened from 1.5% to 22.9% over the last year. Clearly, the trust’s heavy weighting in private equity has soured enthusiasm for this trust and one has to look back to the early 1990s to find a time when the discount was so wide. (It ended 1992 at a 39.4% discount). However, last week’s announcement that Philippe Costeletos, the senior independent non-exec, invested £418,00 to pick up another 20,860 shares at £20.05, together with earlier buying by some of the non-execs gives me some modest reassurance to stick with what is supposed to be a ‘wealth preservation’ trust.

[olliemagern] 14/3/2023 09:42

Good February with a 0.3% drop in net assets versus a 3% drop in the ACWI world index.
In October Private funds could have been overpriced, because if there were no comparable companies, stats show companies are priced on around the last 15 month average of the relevant index or a simple 312 day moving average of the ACWI. But private equity's are not overpriced now.

The board can recommence Buy Backs now, as the 22.6% discount is silly for one of the best trusts beating the world index over the last 5 years.

[essentialinvestor] 13/3/2023 16:07

Available around £18.50 on the bid earlier and unless there is something
significantly sinister yet to hit markets, that may be a decent longer term price (not necessarily a low).

As always though no guarantees and subsequent major stresses may yet emerge
in the wider financial system.

[f56] 08/3/2023 17:22

It’s like the label on the tin says - ‘please don’t underperform the market unless you can’t do anything about it’?

[f56] 08/3/2023 17:15

From a share price perspective I mean!

[f56] 08/3/2023 17:14

It looks like currently they are as volatile as technology trusts.

[essentialinvestor] 08/3/2023 12:42

Current level of buy backs unlikely to continue for long. Looks to be a major seller atm.

[dickiehh] 04/3/2023 13:10

They have bought for the last three days. My guess is that they will keep buying until the discount gets back to low single figures.

[gbcol] 03/3/2023 16:45

Doesn’t look like they bought many (any) today. Hopefully they will grab a few more next week and keep the share price recovery going.

[mancman1] 02/3/2023 19:05

For me it's a core holding. I have quite a lot of trust in the management in what are incredibly difficult times.

[essentialinvestor] 02/3/2023 15:17

Back over £20, that was a low odds call.

Where it may go next will leave to others.

[rambutan2] 01/3/2023 17:11

Bit more info in this year's AR. Enough, on a proper read through, to come away with a good idea of the shape of the portfolio and of the company:

[essentialinvestor] 01/3/2023 09:54

If wider market stay well behaved RIT may trade over £20 plus again shortly.

[essentialinvestor] 01/3/2023 08:18

Ah right, buy back as expected.

[essentialinvestor] 28/2/2023 16:33

RIT may have bought a few today by the looks of the share price

[dickiehhh] 28/2/2023 12:03

Agree Ollie - buy backs seems to be a key point plus director buys - there hasn't been much of either recently presumably because it's been a closed period with the release of accounts. I'm expecting some big buybacks now at this discount

[olliemagern] 28/2/2023 11:48

My take on the results was,
The Board.... expects to buy back shares accretively when in shareholders' interests.

[mancman1] 28/2/2023 08:02

Results today.

A bit defensive about its investment in private equity.


This caught my eye:

"It may well be that we are witnessing a reversal of a decade's material outperformance of financial assets over the real economy. Investors will likely need to adjust their expectations to the very different environment of a higher cost of capital, labour and raw materials, and with no safety net provided by central banks..."

[ferrox5] 27/2/2023 12:30

On the website it says 28th February

hxxps://www.ritcap.com/financial-calendar

[kiwi2007] 27/2/2023 10:19

Edit.
Watching with interest.

Thanks Ferrox - 28th it is.

[essentialinvestor] 21/2/2023 14:48

17% is incorrect for RIT, as least based on yesterday's closing price. Tbf its dynamic rather than fixed given share price and NAV changes so not a criticism of HL.

[mancman1] 20/2/2023 17:28

Some figures for discounts on investment trusts that I know that have substantial private equity holdings:

APEO -36.77% RCP - 17% SMT - 14.67% TFGS -67.13 ICGT -38.68.

Figures are from Hargreaves Lansdown's closing prices. SMT and RCP of course have less
exposure than the others, but the market is naturally very cautious about it.