A results day with a few plot twists
RIT Capital Partners’ latest final results were basically a reminder that this is not your average sleepy investment trust. The company booked £232 million of realizations from private investments, then turned around and kept backing high-growth names like Anthropic and Databricks while upping exposure to SpaceX. So yes, they’re cashing in some winners and still trying to catch the next rocket ship.
Buybacks: because the discount is doing the talking
The board also stayed in shareholder-return mode, buying back 3.0% of issued share capital in 2025 for £89 million. That’s not tiny — it adds an estimated 0.9% to NAV per share total return and brings total repurchases since 2023 to 11.2%. In plain English: when your shares trade below the value of the stuff you own, buying your own stock starts to look a lot like a bargain-bin splurge.
Dividend fans, rejoice
There was a little sugar on top too. RIT proposed a 4.7% increase in its 2026 dividend to 45p per share, marking the 13th straight year of dividend growth. The payout will come in two chunks in April and October 2026, which is catnip for income investors who like their checks with a side of consistency.
The NAV gap still matters
The share price discount to NAV narrowed a bit, to -22.3% from -24.0% a year earlier, but it’s still wide enough to keep management focused on capital allocation instead of victory laps. Big picture: the company is trying to do three things at once — realize gains, back new winners, and return cash to shareholders — while the market still refuses to fully pay up for the portfolio.