That seemed fair enough to me considering the way it invests. It fell over 35% at one point but at the time of writing it’s down about 18%, roughly the same as a global tracker. For further information on the different calculation of costs and charges figures and what is included in the varying approaches, please see the Ongoing Charges Figure / KID Methodology document under Shareholder Information > Regulatory Disclosures. Investors may hope to share in this ongoing legacy of capital preservation - after all, it’s one that has worked for … By your continued use of this site you accept such use. Most of the private equity portfolio is invested in mature, cash-generative holdings, reflecting RIT’s strategy since 2012 to focus on selected direct investments and to reduce new commitments to third party funds, other than in exceptional circumstances. Martin Currie Global Portfolio: A Little-Known Gem? RIT offers exposure to managers that in many cases would be difficult for retail investors to access. In 1971 he was appointed Chairman of Rothschild Investment Trust which had a value of £5 million. Its structure is very similar to Caledonia, but it’s nowhere near as conservative as the likes Personal Assets or Capital Gearing which both hold a large proportion of fixed income. Both of these measures are included in the KID’s cost disclosures. It is chaired by Lord Rothschild, whose family interests retain a significant holding. But you’re right to highlight the uncertainty over part of their NAV. RIT was subsequently built up through a combination of internal growth and acquisitions so that by the 1980’s it had become an investment holding company, J Rothschild Holdings plc with assets of about £650 million. We make no assertions as to the accuracy, completeness, suitability or validity of anything on this site.We will not be liable for any errors or omissions or any damages arising from its display or use. Over the same period the total return to shareholders was 12.2% per annum. The RIT Capital Partners plc website is for information purposes only and nothing contained in this website constitutes investment advice. Caledonia has written down its leisure holdings, which have been most affected by the shutdown, but seem to be holding back on writing down everything else on valuation grounds. Having contributed 2.4% to NAV in 2016, it’s returned around a quarter of that the past two years, despite having roughly the same portfolio weighting throughout. I speculated at the time that Lord Rothschild stepping down might result in the premium to net assets declining. Terms of Use All rights reserved. During a volatile six months for markets, the managers maintained their cautious approach with exposure to listed shares averaging 42%. RIT Capital has an exceptional long-term track record through a differentiated and unconstrained approach seeking to deliver long-term growth while preserving capital. The ‘green revolution’ a priority for Joe Biden, but a divided government may slow down progress in the move away from oil. ‘These fundamental attractions are compounded by the recent de-rating,’ he added. Required fields are marked *, Copyright © 2018-2020 www.itinvestor.co.uk. And the family continue to be big holders. Each manager is a specialist within their given field, providing us with a book that is diversified by asset class, theme, geography and strategy. The private equity investments were relatively well insulated during the volatility, one contributing factor being exposure to technology-related businesses. Investment management services for charities and charitable trusts. I took a proper look at RIT’s holdings for one of the first articles on this blog, having just skimmed its accounts for a few years, and was surprised by the extent to which it had shifted from owning shares directly to owning them through funds. The RIT Capital Partners plc website is for information purposes only and nothing contained in this website constitutes investment advice. The shares held up pretty well until 5 March and were just over £20 at that time having started the year at £21. Past performance is not a reliable guide to future returns. Areas within this that performed well were China, biotech, and technology, while certain more economically sensitive areas suffered. At that time RIT was a listed investment trust with net assets of some £80 million. I remember that this caused a little kerfuffle at the time, as many investors seemed to hold RIT Capital Partners outside of ISAs (as indeed I did), and therefore weren’t too impressed at the extra tax they might have to pay on the increased dividend. Covid-19 Reality Check: How long will Pfizer vaccine last? Our decision making begins with a considered top down macro-economic view. The value of investments can fall or rise and you may not get back the amount invested. So basically I have major governance concerns, which is a shame. As a result of its acquisition of a number of financial services businesses during this period, the company no longer qualified as an investment trust and in 1988, J Rothschild Holdings plc demerged into two entities – J Rothschild Assurance which was subsequently renamed St. James’s Place Capital plc and RIT Capital Partners plc. Please note that I may own some of the investments mentioned above -- you can see my current holdings on my portfolio page. Despite last year’s positive performance, RCP is not a trust to give you world-beating returns and recent returns have been lacklustre. Established in 1961, the company is a list on London Stock Exchange and the FTSE 250 Index. Phone Number 020 7647 8565 RIT Capital Partners plc is an investment trust listed on the London Stock Exchange with net assets of some £1.9 billion. I’m hoping it releases a detailed update, much as Caledonia has just done. If you would like to, you can find out more about cookies and managing them at any time, We use cookies to improve your experience. Buffettology Smaller Companies: IPO Thoughts. I know this is the wrong post, but I wondered if you’d heard more about MNL from MS. At the heart of our approach is a relentless determination to deliver long-term capital growth, while preserving shareholders’ capital. Watch on-demand our series exclusively for Solicitors and Accountants. I’m certainly looking for the absolute return and credit part of the portfolio to have a better 2020, relative to the other parts of the RIT’s portfolio. Whilst I share your concerns about management changes I bear in mind that the Rothschilds have 250 years of experience in their blood rather than the couple of decades of most top fund managers. We have an experienced in house team, dedicated to stock selection, whose decision is characterised by discipline and conviction. That happened to some extent, even before the recent market carnage, although whether his departure was the key driver of this is impossible to know. RIT Capital Partners offers investors to partner up with finance royalty, the Rothschilds. ‘While we are comfortable with our core positions, and continue to uncover areas of opportunity, the environment necessitates an even greater approach and rigorous portfolio construction,’ he said. Thanks Tom. Register to get unlimited access to our investor forum and all editorial content, including our e-zine and weekly email. The current discount looks quite appealing for investors seeking a balanced approach through a diverse portfolio, though there are no guarantees it will narrow further. It was 1,798p before the deduction of an interim dividend of 17.5p due to be paid on 30 April. About a quarter of its assets are in absolute return and credit funds. As far as I can tell, this statistic was first mentioned in March 2014, when the figures where 70% of upsides and 38% of declines respectively, so the numbers haven’t shifted too much in recent years. Your local Charles Stanley office can help advise you on a wide range of investment management services. To change your settings please, Hit for six in the sell-off, ‘cautious’ RIT Capital in good shape if worse happens, retirement of former chairman Lord Rothschild, Covid-19: investment trust bargains & defensive boltholes, RIT Capital Partners signals change with LionTree shares, Lord Rothschild steps back from RIT Capital Partners, Trust Watch: HICL downgrade & RIT Capital showing value, Green energy & infrastructure funds look to raise £670m from sustainable, income investors, FTSE extends vaccine rally to take week’s gains to 8%, Impax tumbles 10% as biggest backer sells major stake, Scottish Mortgage slides 6% as ‘value’ switch gathers pace, Wednesday Papers: UK economy ‘to recover by the summer’, Hargreaves to fix accounts as users report duplicate trades, Trust Watch Update: the big risers and fallers in yesterday’s Covid cure euphoria. One of the ironies of an indiscriminate sell-off like the one we saw last week is that it can hit defensive funds meant to protect investors’ capital. How can fiduciary management help my scheme? RIT Capital Partners is an investment trust with a broad range of assets and a flexible approach. But they collapsed to as low as 1,252p over the next two weeks before bouncing back to nearly £18 in just one week! Is it done on an annual or quarterly basis, or is a subjective call made as to when an upside/decline begins and ends? I make RIT’s NAV decline in Q1 2020 as 10.3%. Strong macro-economic views also allow us to deploy active currency strategies and appropriate overlays. The cost disclosures in the KID differ from the presentation of the OCF which is based on the AIC assumptions of a static market without any transactions. Your article on RIT Capital Partners was for me timely. Private Client Research Policy. At a time when many companies are over borrowed and vulnerable to a pandemic-induced slowdown, they like the way it balances riskier bets in biotech and China with holdings in private equity and specialist third-party funds. It also beats RCP’s other objective of outperforming inflation (as measured by the retail prices index) by more than 3%. So it requires more trust (sic) than usual to keep holding. Meanwhile, shares have moved from a significant premium to a discount*. Although the Covid-19 sell-off has rocked RCP’s share price, analysts, such as Peel Hunt, which this week included it in a selection of defensive trusts, remain positive on a trust which does not believe equities are the ‘only show in town’. The Chairman is Lord Rothschild. This methodology differs from other presentations of costs, for example the Ongoing Charges Figure (OCF) in the Company’s Annual Report & Accounts, which is based on advice from the Association of Investment Companies (AIC). Past performance is not necessarily a guide to future returns. For me, the funds and the lack of visibility into what they actually hold make it difficult to gauge what’s really going on. Glad you found the article useful. Their final results in May should add some more colour. But the shift away from mostly direct investments to more of a fund-based approach seemed to take place about a decade ago.
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