7th Aug 2018 10:15
LONDON (Alliance News) - RIT Capital Partners PLC on Tuesday said its net asset value total return outperformed its benchmark in the first half of 2018 on strong performances from its technology stocks and direct portfolio.
The company's net asset value total return for the period was 3.2%, more than twice the 1.4% return recorded by its benchmark MSCI All Country World Index.
"Private investments, particularly those in technology, made a useful contribution. The direct portfolio was particularly active, with the successful completion of the Rockefeller disposal and the Dropbox initial public offering," said Chairman Jacob Rothschild.
As at June 30 the company's net asset value per share was 1,882 pence, up 2.3% from 1,839p on December 31.
In the six months to June, the investment trust recorded a pretax profit of GBP102.0 million, falling 12% from GBP117.0 million the year before. Its income and gains fell as well, down 12% at GBP113.9 million from GBP130.6 million.
The company paid an interim 16.5p dividend per share in April, and has declared a second dividend of the same amount to be paid in October. This will result in a total 2018 dividend of 33.00p per share, a 3.1% increase over the 32.0p per share total for 2017.
"We are now seeing some areas of weaker growth emerge; indeed the International Monetary Fund has recently predicted some slowdown," said Rothschild.
"In the circumstances our policy is to maintain our limited exposure to quoted equities and to enter into new commitments with great caution...we are conscious of the economic potential in Asia, notably China, as well as the advances in innovation and technology," he added.
Shares in RIT Capital were up 0.5% at 2,121.05p on Tuesday.
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RIT Capital Partners