RIT Capital Partners PLC Fund Data

Global markets experienced a sharp reversal in March as escalating geopolitical tensions in the Middle East induced a broad risk-off move across various asset classes. Against this backdrop, our diversified global portfolio delivered a resilient performance, participating in only 33% of the ACWI (50% £) downside in March having delivered 87% of the upside to end February. Overall, the portfolio generated a positive return for the first quarter of 2026, whilst the ACWI (50% £) declined over the same period. Quoted Equities declined in March, with commodity-related equities and Emerging Markets reversing outperformance from earlier in the year. Timely profit-taking in gold miners and Emerging Markets early in the month reduced the downside impact. Mindful of the risks surrounding events in the Middle East, our reduced exposure positions us to deploy capital on any further weakness in quoted equity markets. Private Investments generated positive returns in March and YTD, following receipt of additional fourth-quarter fund valuations. Strong fund distributions also supported new commitments to some of our largest specialist fund partners. The outlook remains constructive, supported by positive developments across a number of our key holdings, with Anthropic and Databricks completing financing rounds, while Brex was acquired by Capital One, all at valuations above our current holding values in the NAV. SpaceX, one of our top ten positions, has reported plans for a U.S. initial public offering as early as mid-2026 at a valuation materially higher than our current holding value, should it proceed. Uncorrelated Strategies fell modestly for the month with negative contributions from gold partially offset by a position in oil, established ahead of the outbreak of hostilities in the Middle East. The pillar remains a steady diversifier of returns, additive overall to NAV YTD. Performance was further supported by US dollar strength against sterling. During March we repurchased £12.6m or approximately 582,000 shares. This brings YTD to approximately 1.3m shares or £28.1m, adding an estimated +0.25% accretion to NAV returns.

Global markets experienced a sharp reversal in March as escalating geopolitical tensions in the Middle East induced a broad risk-off move across various asset classes. Against this backdrop, our diversified global portfolio delivered a resilient performance, participating in only 33% of the ACWI (50% £) downside in March having delivered 87% of the upside to end February. Overall, the portfolio generated a positive return for the first quarter of 2026, whilst the ACWI (50% £) declined over the same period. Quoted Equities declined in March, with commodity-related equities and Emerging Markets reversing outperformance from earlier in the year. Timely profit-taking in gold miners and Emerging Markets early in the month reduced the downside impact. Mindful of the risks surrounding events in the Middle East, our reduced exposure positions us to deploy capital on any further weakness in quoted equity markets. Private Investments generated positive returns in March and YTD, following receipt of additional fourth-quarter fund valuations. Strong fund distributions also supported new commitments to some of our largest specialist fund partners. The outlook remains constructive, supported by positive developments across a number of our key holdings, with Anthropic and Databricks completing financing rounds, while Brex was acquired by Capital One, all at valuations above our current holding values in the NAV. SpaceX, one of our top ten positions, has reported plans for a U.S. initial public offering as early as mid-2026 at a valuation materially higher than our current holding value, should it proceed. Uncorrelated Strategies fell modestly for the month with negative contributions from gold partially offset by a position in oil, established ahead of the outbreak of hostilities in the Middle East. The pillar remains a steady diversifier of returns, additive overall to NAV YTD. Performance was further supported by US dollar strength against sterling. During March we repurchased £12.6m or approximately 582,000 shares. This brings YTD to approximately 1.3m shares or £28.1m, adding an estimated +0.25% accretion to NAV returns.