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bill xxxx
Posted: 01 March 2023 00:10:37(UTC)
#929

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We’ve got a lot of these in family trusts, as long term holdings.

I see that the Accounts are out, and after a quick look, also find them pretty reassuring.
The market’s unease seems centered on the private equity, of course, and the
company appears to have provided quite a lot of helpful detail in response.

I was wondering whether anyone has had a chance to compare RCP’s private equity
composition and performance with that of the listed PE stocks. It might be helpful to
rank the various businesses, and see how that compares to their current discounts. That
might indicate the kind of discount that RCP’s PE business ‘should’ be on, which might in turn
be useful input into a sum of the parts valuation.

I’d have a go myself, but I don’t really know much about the other listed PE stocks, and I’m away from home with only a cellphone and little access to information.
Just a thought, and I appreciate that it may well be that the above isn’t likely to be either practical or useful,
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Big boy on 01/03/2023(UTC)
Phil 2
Posted: 01 March 2023 07:20:42(UTC)
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RNS today confirmed share buyback has restarted - with a purchase of 150k shares.
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Mr GL
Posted: 01 March 2023 07:32:28(UTC)
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Phil 2;259104 wrote:
RNS today confirmed share buyback has restarted - with a purchase of 150k shares.


TRANSACTION IN OWN SHARES

RIT Capital Partners plc (the "Company") announces that it has purchased the following number of its ordinary shares of £1 each on the London Stock Exchange. The purchased shares will be held in treasury.
Ordinary Shares

Date of purchase:
28 February 2023

Number of ordinary shares purchased:
150,000

Price paid per share:
£19.45
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MartynC on 01/03/2023(UTC), Phil 2 on 01/03/2023(UTC), Big boy on 01/03/2023(UTC), Auric on 01/03/2023(UTC)
Phil 2
Posted: 01 March 2023 09:54:28(UTC)
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Probably not just me who is a bit vague about share buybacks that are either cancelled or held in treasury.

Courtesy of Google …

“Treasury stock can be retired or held for resale in the open market. Retired shares are permanently canceled and cannot be reissued later. Once retired, the shares are no longer listed as treasury stock on a company's financial statements. Non-retired treasury shares can be reissued through stock dividends, employee compensation, or capital raising.”
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Big boy on 01/03/2023(UTC)
s patel
Posted: 01 March 2023 11:00:12(UTC)
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Private equity holding increased from 24% two years ago to nearly 41% now. Benchmark is RPI +3%. Is there style drift?

PIN/HVPE discounts are over 40%. Is RCP discount of 20% unreasonable?
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Big boy on 01/03/2023(UTC), Mr GL on 01/03/2023(UTC), Rocca Billy on 01/03/2023(UTC), Low Returns on 01/03/2023(UTC), Auric on 01/03/2023(UTC)
Mr GL
Posted: 01 March 2023 11:18:21(UTC)
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s patel;259126 wrote:

Private equity holding increased from 24% two years ago to nearly 41% now. Benchmark is RPI +3%. Is there style drift?

PIN/HVPE discounts are over 40%. Is RCP discount of 20% unreasonable?


PE per their end of Jan factsheet is 39%

please read the comments upthread and read the annual report which was published yesterday... they have been doing PE for many, many years and the reason their PE % is currently higher than versus recent past is because it has increased in value so much...

IF you believe that their multi portfolio approach gives them diversity and non correlated aspects in their portfolio then their overall portfolio beta is lot lower than a 100% equity risk portfolio...
There are many 100% equity risk portfolios (with liquid underlying investments) that trade close to NAV and many that trade a decent step wide of NAV
There are a number of listed PE trusts where the shares trade much closer to NAV - or even sometimes at a premium to NAV.

PIN and HVPE are super diversified PE fund of funds... RIT is not the same animal...

as to the correct discount - this changes over time - but a simplistic approach of looking at the widest discounts in the pure listed PE space and then extrapolating to a 39% diversified fund like RIT seems a bit short sighted... but then I would say that as I didn't sell any shares at these current 20% ish discounts and was buying at up to 16% discounts and have 20% of my AUM in RIT currently... you will probably find people who agree with you - but then they seemed to come to this viewpoint AFTER the shares fell from premium / tight discounts that RIT had up to before the COVID crisis...
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Mr GL
Posted: 01 March 2023 11:39:33(UTC)
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Phil 2;259118 wrote:
Probably not just me who is a bit vague about share buybacks that are either cancelled or held in treasury.

Courtesy of Google …

“Treasury stock can be retired or held for resale in the open market. Retired shares are permanently canceled and cannot be reissued later. Once retired, the shares are no longer listed as treasury stock on a company's financial statements. Non-retired treasury shares can be reissued through stock dividends, employee compensation, or capital raising.”



read here. https://citywire.com/inv...s-with-a-bang/a2410556.
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Phil 2 on 02/03/2023(UTC)
Mr GL
Posted: 02 March 2023 07:40:30(UTC)
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TRANSACTION IN OWN SHARES

RIT Capital Partners plc (the "Company") announces that it has purchased the following number of its ordinary shares of £1 each on the London Stock Exchange. The purchased shares will be held in treasury.
Ordinary Shares

Date of purchase:
1 March 2023

Number of ordinary shares purchased:
50,000

Price paid per share:
£19.80
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Big boy on 02/03/2023(UTC), Mostly Retired on 02/03/2023(UTC), Sheerman on 02/03/2023(UTC), William P on 02/03/2023(UTC), Rocca Billy on 02/03/2023(UTC), Phil 2 on 02/03/2023(UTC), dlp6666 on 02/03/2023(UTC), Guest on 02/03/2023(UTC)
npf
Posted: 02 March 2023 13:46:21(UTC)
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Looks like they're doing the same again today. Two big blocks of 25,000 shares so far.
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Phil 2 on 02/03/2023(UTC)
Mr GL
Posted: 03 March 2023 07:13:09(UTC)
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npf;259247 wrote:
Looks like they're doing the same again today. Two big blocks of 25,000 shares so far.

RIT CAPITAL PARTNERS PLC (LEI: P31Q1NLTW35JJGHA4667)
TRANSACTION IN OWN SHARES

RIT Capital Partners plc (the "Company") announces that it has purchased the following number of its ordinary shares of £1 each on the London Stock Exchange. The purchased shares will be held in treasury.
Ordinary Shares

Date of purchase:
2 March 2023

Number of ordinary shares purchased:
115,000

Price paid per share:
£20.01
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3 users thanked Mr GL for this post.
Phil 2 on 03/03/2023(UTC), Big boy on 03/03/2023(UTC), Rocca Billy on 03/03/2023(UTC)
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