RIT Capital Partners reaches "record" net asset value, dividends rise
RIT Capital Partners PLC on Thursday reported a positive total return for its first half, as well as increased interim dividends.
The investment firm, whose portfolio includes listed and private firms, said its net asset value per share was 3,159 pence as at June 30, up 8.1% from 2,921p at December 31.
"Against a backdrop of heightened geopolitical uncertainty, shifting interest rate expectations and continued reassessment of the economic implications of artificial intelligence, the company delivered the highest net asset value per share in its history," Chair Philippe Costeletos commented.
RIT Capital Partners shares were 0.2% lower at 2,595.00p on Thursday afternoon in London.
RIT Capital's NAV total return for the six months ended June 30 was plus 9.0%, improved from plus 3.4% the year before.
Its Private Investments portfolio generated a 9.1% return and contributed 3.3% to NAV, with notable realisations including the IPO of SpaceX. RIT noted that its exposure to Anthropic and Databricks increased, and that it made new direct investments in Cognition and Stripe.
RIT said the Quoted Equities portfolio generated a 7.8% return and contributed 3.3% to NAV, "driven by global, emerging markets, and biotech managers," while Uncorrelated Strategies generated a 5.6% return and contributed 1.5% to NAV, "led by absolute return and credit managers".
The firm also highlighted the role of currency translation in its positive return, with the US dollar gaining ground against sterling.
RIT has declared two interim dividends of 22.5p per share during the period, both up 4.7% from 21.5p. The total payout for the first half is 45.0p, up 4.7% from 43.0p.
Looking ahead, Costeletos stated: "The investment environment remains uncertain. Geopolitical tensions continue to evolve, inflation and interest rate expectations remain fluid, and technological innovation continues to reshape industries and capital markets at an extraordinary pace.
"Nonetheless, we believe the company enters the second half of the year from a position of strength."
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