Title: URL Source: https://is.gd/gYWSCI Published Time: Thu, 08 May 2025 09:06:29 GMT Markdown Content: Factsheet – March 2025 www.ritcap.com 1Managed by J. Rothschild Capital Management Limited 31 March 2025 NAV and commentary RIT’s unaudited diluted NAV at 31 March 2025 (with debt at fair value) was 2,599p per £1 ordinary share (28 February 2025: 2,689p), -3.4% from the previous month, outperforming the ACWI (50% £), which was down -5.3%. Q1 NAV per share total return was -0.6%, outperforming the ACWI (50% £), which was -3.1%. The decline in global equity markets accelerated in March. In the US, tariff concerns weighed on sentiment and investors reduced risk, especially in cyclical and technology stocks, ahead of the announcement of tariffs on 2 April. In Europe, markets moved lower despite improving economic data and proposed increased German spending on defence and infrastructure. In Asia, Japanese stocks declined, while Chinese equities were resilient notwithstanding ongoing trade tensions and a slowdown in the AI -driven rally. Bond yields rose, particularly in Europe and Japan. The US dollar weakened again, while gold outperformed as investors sought a relative safe haven during global policy uncertainty. Against this backdrop, our portfolio saw a decline in NAV, driven primarily by Quoted Equities. This was partly offset by increases in Uncorrelated Strategies, highlighting the benefits of our diverse portfolio. Private Investments were broadly flat, while the strengthening of sterling was a headwind to translation of our global portfolio. Highlights: • The Quoted Equities portfolio drove the majority of the NAV decline in the month. Our managers in China and Japan were broadly flat, while all other themes detracted, the largest being SMID-cap. Our hedges contributed positively, partly offsetting the sharp decline in global equity markets. • Private Investments were broadly flat for the month and for Q1 additive to performance, driven by receipt of the fourth quarter valuations and the sale of our holding in Xapo, the first regulated cryptocurrency bank globally . As of 31 March, 91% of private funds were held at 31 December reported valuations, with the remainder held at 30 September reported valuations. • Uncorrelated Strategies were additive to our NAV, with positive contributions from gold as it reached new all-time highs, and from our credit strategies. • Currencies detracted meaningfully from performance during the month, primarily due to the strengthening of sterling by +2.7% against the US dollar, leading to adverse translation impacts for our global portfolio. • We continued our ongoing share buyback programme, repurchasing £12.4 million or approximately 645,000 shares in March. This was more than the buybacks in January and February combined and the second largest monthly buyback since the beginning of 2024. At a glance Performance About RIT RIT Capital Partners plc (RIT) is listed on the London Stock Exchange’s FTSE 250 Index and is one of the UK’s largest investment trusts. RIT is managed by its wholly -owned subsidiary, J. Rothschild Capital Management Limited (JRCM). Our purpose is to grow your wealth meaningfully over time, through a diversified and resilient global portfolio. RIT is therefore best thought of as a core diversifier and part of a portfolio's global equity exposure. ## £4.1bn Total assets ## 10.4% 1 Average annualised NAV per share total return since inception, 1988 ## 1,896p Share price ## 10.3% 1 Average annualised share price total return since inception, 1988 ## -3.4% NAV per share total return in month ## -0.6 % NAV per share total return in 2025 ## -27.0% Discount at month end ## 2,599p NAV per share Total return performance Month YTD 1 Year 3 Years 5 Years 10 Years NAV per share -3.4% -0.6% 4.0% 1.8% 56.1% 93.4% Share price -2.0% -4.5% 9.7% -21.8% 15.2% 44.8% CPI plus 3% per annum 2 0.5% 1.4% 5.6% 26.8% 44.7% 82.3% ACWI (50% £) 3 -5.3% -3.1% 6.3% 24.4% 98.1% 145.7% Annual total return 2021 2022 2023 2024 2025 YTD NAV per share 23.6% -13.3% 3.2% 9.4% -0.6% Share price 35.1% -21.5% -9.6% 7.9% -4.5% CPI plus 3% per annum 2 8.4% 13.5% 7.0% 5.5% 1. 4% ACWI (50% £) 3 20.0% -12.9% 18.4% 20.1% -3.1% Factsheet – March 2025 www.ritcap.com 2Managed by J. Rothschild Capital Management Limited A distinctive approach Our key differentiators are our unrivalled network, internal expertise and flexible investment mandate. These enable us to source and underwrite high - quality, often hard -to -access investments, and implement them in a capital efficient way across asset classes and geographies. Long -term investing Above all, our approach is long term. We aim to deliver compelling growth through market cycles and superior long -term performance, with less risk than equity markets. A well -balanced, unique portfolio Each of our investments is meticulously chosen, structured and monitored to create a unique, high -conviction, balanced portfolio. Where every position matters but none has a disproportionate impact on returns. And where returns compound over time. Our global portfolio is diversified across three primary strategic pillars – Quoted Equities, Private Investments and Uncorrelated Strategies - always with a long -term view and focus on risk management. Risk warnings Please refer to page five for important information regarding risk warnings. Annual dividend per share (p) Performance since inception £10,000 invested in RIT at inception in 1988 would be worth ~£361,000 today (with dividends reinvested) compared to the same amount invested in the ACWI (50% £) 3 which would be worth ~£1 43 ,000. > 3 Key facts NAV per share 2,599p Share price 1,896p Discount -27.0% Total assets £4.1bn Net assets £3.7bn Average YTD net quoted equity exposure 4 53% OCF 5 0.76% Gearing 6 8.7% Shares in issue (less treasury shares) 142,195,114 First interim dividend to be paid (25 Apr 2025) 21.5p Second interim dividend planned to be paid (Oct 2025) 21.5p Total planned dividend (2025) 43.0p YTD annualised dividend yield 2.1% ISIN GB0007366395 Financial year end 31 Dec Manager JRCM 30 31 32 33 34 35 35 37 38 39 43 * 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 * > * 2025 planned dividend 0% 1,000% 2,000% 3,000% 4,000% 5,000% 1988 1994 2000 2006 2012 2018 2024 CPI plus 3.0% ACWI (50% £) (TR) Share Price (TR) NAV per share (TR) Factsheet – March 2025 www.ritcap.com 3Managed by J. Rothschild Capital Management Limited A well -balanced, diversified portfolio across three main pillars 30 – 60% NAV > Long -term allocation range Quoted Equities Diversified, global high -conviction strategies held directly through stocks, as well as public equity funds. We target high -conviction investments in listed equity markets, aiming for returns that outperform relevant equity market indices. We source these investments either directly through our internal team or through our network of exceptional, specialist managers. Private Investments High -quality assets in private markets, held through both direct investments and specialist managers. We target high -quality assets in private markets, aiming to generate double -digit compound returns over the long term. These investments have been a compelling source of returns. 20 – 40% NAV > Long -term allocation range 20 – 40% NAV > Long -term allocation range Uncorrelated Strategies A mix of strategies which aim to generate consistent returns in different market conditions, with a lower correlation to equity markets across the cycle. Underlying investments in this pillar are in traded instruments primarily focused on absolute return strategies (including market neutral and macro managers), credit investments, and some real assets and government bonds. We access most of these strategies through specialist external managers or co - investments. 58% 27% 4% 4% 3% 1% 3% Sterling US dollar Chinese renminbi Euro Japanese yen Hong Kong dollar Other Currency exposure (% NAV) 8 44% 33%25%-2% Currency, liquidity and other Uncorrelated Strategies Private Investments Quoted Equities Asset allocation (% NAV) 44% Stocks 4 25% Funds 19% Private Investments 33% Funds 4,7 23% Direct 10% Uncorrelated Strategies 25% Absolute return and credit 21% Government bonds and rates 2% Real assets 2% Other -2% Currency, liquidity and other -2% Quoted Equities 56% 14% 12% 8% 7% 5% -2% North America United Kingdom Emerging Markets Global Europe Japan Other Geographical exposure (% NAV) 9Factsheet – March 2025 www.ritcap.com 4Managed by J. Rothschild Capital Management Limited Further Information Sustainability A commitment to sustainability and ESG issues is a core focus of both our Board and our manager, J. Rothschild Capital Management Limited. Read about our approach to responsible investing on our website: www.ritcap.com/about -us/sustainability Portfolio case studies Our case study series offers a window into some of the opportunities we have invested in – both existing and realised. Read about our portfolio in action on our website: www.ritcap.com/case -studies How to invest RIT’s shares can be held or purchased via a financial adviser, stockbroker, or an online investment platform. You can access most of these investment platforms via our website : www.ritcap.com/investor -relations/how -to -invest Website www.ritcap.com is constantly updated to ensure that our stakeholders can always access our latest data and information from any device. Financial calendar 01 May 2025 – AGM August 2025 – Half Year 2025 results reported (estimat ed date) 31 December 2025 – Year end March 2026 – Full Year 2025 results reported (estima ted date) Board of Directors Sir James Leigh -Pemberton (Chair) Philippe Costeletos (Senior Independent Director) Helena Coles Vikas Karlekar Cecilia McAnulty André Perold Jutta af Rosenborg Dame Hannah Rothschild DBE CBE Manager J. Rothschild Capital Management Limited 27 St. James’s Place, London, SW1A 1NR +44(0) 20 7493 8111 Maggie Fanari, Chief Executive Officer Nicholas Khuu, Chief Investment Officer Key Contacts Investor Relations T: 020 7647 8565 E: investorrelations@ritcap.co.uk E: info@cadarncapital.com Shareholder Enquiries For shareholder queries such as change of address, transfer of shares etc., please contact our Registrar, Computershare: T: 0370 703 6307 W: investorcentre.co.uk Brokers JP Morgan Cazenove (Joint Broker) William Simmonds T: 020 3493 800 0 Numis (Joint Broker) Nathan Brown /Vicki Paine T: 020 7260 1000 Media Brunswick T: 020 7404 5959 E: RIT@BrunswickGroup.com Footnotes: 1. As of 31 March 2025. The since inception return is calculated using the NAV per share and closing share price at 2 August 1988. 2. Using 31 March 2025 CPI data. 3. The ACWI refers to the MSCI All Country World Index and is calculated using 50% of the index measured in Sterling and 50% measured in a Sterling hedged ACWI. The Sterling hedged ACWI is used as it incorporates hedging costs, which the portfolio also incurs, to protect against currency risk. It is applied from 1 January 2015 (from when it is readily available), and prior to this date it uses the index measured in local currencies. Before December 1998, when total return indices were introduced, the index is measured using a capital -only version. 4. Included in Quoted Equity stocks and excluded from Private Investments funds is an adjustment of 4.0%, representing an estimate of publicly -traded equities held indirectly in Private investment funds, based upon the latest available fund valuations at March 2025. 5. As of 31 December 2024. This is RIT’s own ongoing charges figure (OCF), calculated based on recommendations from the Association of Investment Companies and excluding performance -related amounts as well as costs incurred within third -party funds. See RIT’s Annual Report & Accounts (ARA) for further detail. 6. Gearing is calculated in accordance with AIC guidance as total assets, excluding cash, divided by net assets. Refer to p.133 in the ARA for further detail. 7. As of 31 March, 91% of our private funds were held at 31 December valuations and 9% at 30 September valuations. 8. Excluding currency options. 9. Excludes the notional exposure from derivatives. When factoring in the exposure from equity futures and equity swaps, the exposure to North America, Europe and Emerging Markets increases by 7%, 3% and less than 1%, respectively. Factsheet – March 2025 www.ritcap.com 5Managed by J. Rothschild Capital Management Limited Risk warnings Past performance is no indication of future performance. The price of shares and income from them can rise and fall so invest ors could get back less than they originally invested or nothing at all. Net Asset Value (“NAV”) performance is not the same as share price performance and inv est ors may not realise returns in line with NAV performance. Exchange rate changes may cause the value of underlying overseas investments to go down as well as up. The information contained in this document should in no circumstances be considered as advice or an investment recommendation and you should only consider inve stm ents that are right for you. If you are in any doubt about the suitability of an investment, you should speak to an independent financial adviser. Before inv est ing in RIT shares, we strongly recommend you read the documentation in the Regulatory Disclosures section of the website, which contains key information. FT SE® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. 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