Q2 2026 RIT Capital Partners PLC Earnings Call
Speaker #1: We aim to capture growth, manage risk, and compound wealth for our shareholders over time. So I'm pleased to report that in the first half of 2026 we delivered a net asset value per share total return of 9%, with our net asset value per share reaching the highest level on record.
[Company Representative] (RIT Capital Partners): We aim to capture growth, manage risk, and compound wealth for our shareholders over time. I'm pleased to report that in H1 2026, we delivered a net asset value per share total return of 9%, with our net asset value per share reaching the highest level on record. This extends our long-term track record of 10.7% annualized returns since our inception, with less volatility than equity markets. Our portfolio is designed to compound attractive returns across market cycles while limiting major drawdowns. In Q1 of this year, when global equity markets fell 2% following the outbreak of hostilities in the Middle East, our portfolio rose 1.6%. Markets recovered, and we captured 71.4% of the equity market return for H1. This builds on our long-term trend.
[Company Representative] (RIT Capital Partners): We aim to capture growth, manage risk, and compound wealth for our shareholders over time. I'm pleased to report that in H1 2026, we delivered a net asset value per share total return of 9%, with our net asset value per share reaching the highest level on record. This extends our long-term track record of 10.7% annualized returns since our inception, with less volatility than equity markets. Our portfolio is designed to compound attractive returns across market cycles while limiting major drawdowns. In Q1 of this year, when global equity markets fell 2% following the outbreak of hostilities in the Middle East, our portfolio rose 1.6%. Markets recovered, and we captured 71.4% of the equity market return for H1. This builds on our long-term trend.
Speaker #1: This extends our long-term track record of 10.7% annualized returns since our inception, with less volatility than equity markets. Our portfolio is designed to compound attractive returns across market cycles while limiting major drawdowns.
Speaker #1: In the first quarter of this year, when global equity markets fell 2% following the outbreak of hostilities in the Middle East, our portfolio rose 1.6%, markets then recovered and we captured 71.4% of the equity market return for the first half.
Speaker #1: This builds on our long-term trend since inception: RIT has captured 71% of positive monthly moves, while limiting the downside capture to 40% of market declines.
[Company Representative] (RIT Capital Partners): Since inception, RIT has captured 71% of positive monthly moves while limiting the downside capture to 40% of market declines. All three of our investment pillars delivered strong returns in H1. These were led by private investments, where we saw landmark realizations, including SpaceX, one of the most significant in RIT's history, and some meaningful uplifts in valuations. Over the past two years, we've realized more than 43% of the private portfolio. Our direct realizations during this period averaged near 70% above their previous carrying values in a market where realizations remain broadly muted. The quoted equities portfolio advanced while falling short of equity market returns, driven by the narrow rally in sectors related to AI, a theme we largely express through private investments. We expect a broadening of market leadership beyond US tech stocks to benefit our quoted equity portfolio.
[Company Representative] (RIT Capital Partners): Since inception, RIT has captured 71% of positive monthly moves while limiting the downside capture to 40% of market declines. All three of our investment pillars delivered strong returns in H1. These were led by private investments, where we saw landmark realizations, including SpaceX, one of the most significant in RIT's history, and some meaningful uplifts in valuations. Over the past two years, we've realized more than 43% of the private portfolio. Our direct realizations during this period averaged near 70% above their previous carrying values in a market where realizations remain broadly muted. The quoted equities portfolio advanced while falling short of equity market returns, driven by the narrow rally in sectors related to AI, a theme we largely express through private investments. We expect a broadening of market leadership beyond US tech stocks to benefit our quoted equity portfolio.
Speaker #1: All three of our investment pillars delivered strong returns in the first half. These were led by private investments, where we saw landmark realizations including SpaceX, one of the most significant in our IT's history, and some meaningful uplifts in valuations.
Speaker #1: Over the past 2 years, we've realized more than 43% of the private portfolio. Our direct realizations during this period averaged near 70% above their previous carrying values, in a market where realizations remain broadly muted.
Speaker #1: The quoted equities portfolio advanced while falling short of equity market returns, driven by the narrow rally in sectors related to AI. A theme we largely express through private investments.
Speaker #1: We expect a broadening of market leadership beyond U.S. tech stocks to benefit our quoted equity portfolio. Uncorrelated strategies provided an important balance during the sharp sell-off in the first quarter, protecting the portfolio from market volatility.
[Company Representative] (RIT Capital Partners): Uncorrelated strategies provided an important balance during the sharp sell-off in Q1, protecting the portfolio from market volatility. Our network puts us in a privileged position, investing early alongside partners and in companies which we regard as category leading. Our edge is our access, and RIT is one of the few places where investors can unlock such opportunities through a listed entity. We have long argued that two structural forces are reshaping the global investment landscape and in many respects, accelerating faster than we first anticipated. Firstly, the world is becoming more fragmented and multipolar, broadening the opportunity set beyond the US. Secondly, the AI revolution is entering a new phase, with value creation shifting towards applications. We expect there to be fewer but larger winners, with the greatest opportunities beginning in private markets.
[Company Representative] (RIT Capital Partners): Uncorrelated strategies provided an important balance during the sharp sell-off in Q1, protecting the portfolio from market volatility. Our network puts us in a privileged position, investing early alongside partners and in companies which we regard as category leading. Our edge is our access, and RIT is one of the few places where investors can unlock such opportunities through a listed entity. We have long argued that two structural forces are reshaping the global investment landscape and in many respects, accelerating faster than we first anticipated. Firstly, the world is becoming more fragmented and multipolar, broadening the opportunity set beyond the US. Secondly, the AI revolution is entering a new phase, with value creation shifting towards applications. We expect there to be fewer but larger winners, with the greatest opportunities beginning in private markets.
Speaker #1: Our network puts in a privileged partners, and in companies which we regard as Category Leading. Our edge is our access and RIT is one of the few places where investors can unlock such opportunities through a listed entity.
Speaker #1: We have long argued that two structural forces are reshaping the global investment landscape, and in many respects accelerating faster than we first anticipated. Firstly, the world is becoming more fragmented and multipolar, broadening the opportunity set beyond the U.S.
Speaker #1: Secondly, the AI revolution is entering a new phase with value creation shifting toward applications. We expect there to be fewer but larger winners, with the greatest opportunities beginning in private markets.
Speaker #1: We believe exit opportunities will continue to improve as fast-maturing businesses seek earlier listings, accompanied by ongoing consolidation in a more open M&A environment. In a world of structural change, RIT is built to thrive.
[Company Representative] (RIT Capital Partners): We believe exit opportunities will continue to improve as fast maturing businesses seek earlier listings, accompanied by ongoing consolidation in a more open M&A environment. In a world of structural change, RIT is built to thrive. Our unique combination of disciplined asset allocation, rigorous investment selection, permanent capital, and access to what we believe are exceptional private investments is designed for precisely this environment. Thank you for your continued trust and support.
[Company Representative] (RIT Capital Partners): We believe exit opportunities will continue to improve as fast maturing businesses seek earlier listings, accompanied by ongoing consolidation in a more open M&A environment. In a world of structural change, RIT is built to thrive. Our unique combination of disciplined asset allocation, rigorous investment selection, permanent capital, and access to what we believe are exceptional private investments is designed for precisely this environment. Thank you for your continued trust and support.
Speaker #1: Our unique combination of disciplined asset allocation, rigorous investment selection, permanent capital, and access to what we believe are exceptional private investments is designed for precisely this environment.
