Just to clarify I don't hold RIT.

I did have a couple of dabbles/punts/experiments/good ideas at the time or whatever but they were small and short lived to the point that I can't remember for the life of me how much and what the profit or loss was as the contract note emails from HL don't have that detail in them.

Either way it's not for me either in terms of either fees or where I'm at right now 👍🏻

I was simply saying I don't hold RIT any more because on the last page my name was mentioned.

It's all in passives at the moment - that's the start and the end of my point 👍🏻

using 1812p sp the discount is 29.8%.... "Year to date, RIT's NAV per share total return was +7.2%."

RIT Capital Partners plc (LEI: P31Q1NLTW35JJGHA4667)

16 September 2024

31 August 2024 Net Asset Value

RIT Capital Partners plc ("RIT") announces that its unaudited diluted net asset value ("NAV") as at 31 August 2024 (with debt at fair value) was 2,580p per £1 ordinary share (31 July 2024: 2,560p).

August 2024 Commentary and Highlights

RIT's NAV per share total return for August 2024 was +0.8%. The increase in the value of our portfolio was driven by positive performance across each of our three strategic investment pillars including Quoted Equities, Private Investments and Uncorrelated Strategies. Our meaningful US dollar position detracted from returns as sterling strengthened by 2.1%. Year to date, RIT's NAV per share total return was +7.2%.

RIT's positive performance for August was delivered against a volatile backdrop for global equities in the period. Global equity markets saw a meaningful correction at the start of the month as US unemployment numbers rose, while the Yen strengthened as the Bank of Japan prepared the market for further interest rate hikes. However, calm returned to the markets later in August as the US reported better employment figures and better than expected retail sales. European equities were choppy throughout the month but ended in positive territory, while Chinese domestic equities continued to lag the wider market.

Specific highlights for August include:

·
An increase in the value of our Quoted Equities book was driven by a range of contributing factors across both direct and underlying managers. This included gains from companies in our Quality theme, as well as ongoing upside from our exposure to specialist managers in Japan which continued to contribute positively to our performance despite the volatility seen in the TOPIX during August. Our portfolio hedges were also additive in the month despite the overall market finishing in the positive.

·
Private Investments were a solid contributor during the month, driven by gains from our private funds which saw an increase in Q2 valuations. As of 31 August, 97% of our private funds were held at 30 June reported valuations.

·
Investments in Uncorrelated Strategies also contributed positively to our total return for August, driven largely by holdings in credit managers and equity market neutral managers.

·
The Board of RIT continued its active buyback programme, generating a further accretive impact on the NAV per share and taking the volume of shares repurchased on behalf of shareholders to approximately 2.2 million for the year to 31 August 2024. Since the start of 2023, the Board has bought back nearly 7% of RIT's issued share capital, representing one of the largest share buybacks in the industry.

I am not sure I agree. Their buyback plan in the main issue. They have £4,000m of assets but yet they buy typically £0.2m (10,000 shares) a day and often with gaps. This is a tiny percentage compared with BM Macro and RICA. There is no better investment for them than buying their own shares and booking a +25% immediate gain. So why won't they do it?

Their problems are they know they have gone too far into the very early stage PE/VC and can't get out. If they free up cash from listed equites or uncorrelated strategies it skews the portfolio profile further. Plus it is management fees on management fees.

The only positive is the discount is so large you almost get the PE/VC stuff for free.

I just don't see what will close the discount without upping the buybacks. They have only bought back 1.5% of their shares in the last 12mths (the 7% quote is a little disingenuous).

Remember as a Family controlled Trust many professional buyers are precluded from buying and its not in the Companies interest to buyback shares... In order for the IPO market to move we have to wait for the markets to move to-wards overbought. This will happen as investors see past performance figures and more cash is moved into market as they gain confidence.

Remember we were seeing many REITs on say 40% discount but this has narrowed as we see more and more M&A in sector. What I find interesting why are these bidders paying say 10% discount now when we were buying on 40% plus discount.

The cash from these varies bids will come back into the market and IT/IC SPs will rise. At some stage the net buying will top out and just before this the IPOs will come to the market.