RIT Capital plc
The RIT Capital Investment Trust, is a London Listed Fund
The family wealth of The Rothschild Family is managed by this fund.
http://www.ritcap.com/significant-shareholdings
Lord Rothschild 18,462,036 shares 11.88% holding in RIT
Hannah Rothschild 14,081,001 shares 9.06% holding in RIT
The Rothschild Foundation 14,081,001 shares 9.06% holding in RIT
It’s asset allocation:-
Quoted Equity – Long 38%
Absolute Return & Credit 22%
Quoted Equity – Hedge 19%
Private Investments – Funds 13%
Private Investments – Direct 9%
Real Assets 3%
Other Investments 2%
Net Liquidity / Borrowings / Other Assets -6%
Global 33%
North America 33%
Emerging Markets 19%
Japan 8%
Europe 8%
United Kingdom 6%
Other -1%
It’s strategy is to deliver long-term capital growth, while preserving shareholders’ capital, to invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted.
Investment Portfolio as at 30 June 2018, all figures in £m
Quoted Equity
Stocks:
CSX Corporation1 United States Industrials 102.8 3.5%
Trian Partners Co-Investment2 United States Consumer staples/Industrials 64.1 2.2%
Dropbox United States Information technology 45.3 1.5%
Automatic Data Processing1 United States Information technology 36.3 1.2%
Citigroup Swap United States Financials, 2.0% notional (0.5) (0.0%)
Reckitt Benckiser Swap United Kingdom Consumer staples, 2.0% notional (0.4) (0.0%)
Nestlé Swap Switzerland Consumer staples, 1.4% notional 0.0 0.0%
Unilever Swap Europe Consumer staples, 1.1% notional 0.5 0.0%
Alphabet Swap United States Information technology, 1.0% notional (0.4) (0.0%)
Mitsubishi UFJ Swap Japan Financials, 0.9% notional (0.2) (0.0%)
S&P Global Swap United States Financials, 0.6% notional (0.2) (0.0%)
Other Stocks – – 9.4 0.4%
Total Stocks 256.7 8.8%
Long-only Funds:
HCIF Offshore United States All-cap, biotechnology 156.5 5.4%
Morant Wright3 Japan Small/mid-cap, value bias 117.4 4.0%
BlackRock Emerging Markets Emerging Markets All-cap, value bias 81.2 2.8%
Lansdowne Developed Markets Strategic Global All-cap, diversified 63.7 2.2%
Tekne Long-only Fund United States All-cap, information technology 56.3 1.9%
Ward Ferry Asian Smaller Companies Asia Small/mid-cap, diversified 55.2 1.9%
Springs Opportunities China All-cap, diversified 54.2 1.9%
Lansdowne New Energy Global All-cap, energy 45.1 1.5%
Brown Advisory LATAM3,4 Latin America All-cap, diversified 44.6 1.5%
Emerging India Focus India All-cap, diversified 39.8 1.4%
Trian Partners United States Large-cap, diversified 31.1 1.1%
Strategic Equity Capital United Kingdom Small-cap, diversified 21.6 0.7%
Other Long-only Funds – – 43.9 1.4%
Total Long-only Funds: 810.6 27.7%
Hedge Funds:
BlackRock European Hedge Fund Europe All-cap, diversified 95.2 3.3%
Gaoling China All-cap, diversified 88.9 3.0%
Martin Currie Japan Japan All-cap, diversified 87.7 3.0%
Soroban Global All-cap, diversified 83.9 2.9%
Palestra Capital Global All-cap, diversified 79.4 2.7%
RIT Discovery5 Global All-cap, diversified 62.0 2.1%
ENA Opportunity6 Europe All-cap, diversified 46.7 1.6%
Other Hedge Funds – – 33.1 1.1%
Total Hedge Funds: 576.9 19.7%
Derivatives:
GS US Value Basket Swap United States Long, 1.9% notional (2.6) (0.1%)
Euro Stoxx 600 Basic Resources Swap Europe Long, 0.7% notional (0.2) (0.0%)
Euro Stoxx 600 Oil & Gas Swap Europe Long, 0.5% notional 0.2 0.0%
MSCI World £ Index Swap Global Short, 5.6% notional 0.3 0.0%
GS Custom Industrials Swap United States Short, 2.6% notional 3.1 0.2%
FTSE 100 Futures United Kingdom Short, 2.0% notional 0.4 0.0%
S&P 500 Futures United States Short, 1.5% notional 1.0 0.0%
GS Custom US Transport Swap United States Short, 0.9% notional (0.8) (0.0%)
GS Custom Technology Swap Global Short, 0.8% notional 2.6 0.1%
iShares NASDAQ Biotech ETF Swap United States Short, 0.8% notional 0.2 0.0%
Equity Options Various Premium 9.3 0.3%
Other Derivatives – – 2.8 0.1%
Total Derivatives: 16.3 0.6%
Total Quoted Equity 1,660.5 56.8%
Private Investments – Direct:
Acorn Global Consumer staples 102.9 3.5%
Coupang Asia Information technology 38.2 1.3%
Helios Towers Africa Telecommunication services 35.2 1.2%
CSL United Kingdom Information technology 25.8 0.9%
Infinity Data Systems United Kingdom Information technology 20.9 0.7%
Age of Learning United States Information technology 14.1 0.5%
Other Private Investments – Direct – – 27.9 1.0%
Total Private Investments – Direct 265.0 9.1%
Private Investments – Funds:
Thrive Capital Funds United States Venture Capital 67.9 2.3%
Gaoling – Unquoted China Private Equity 37.2 1.3%
BDT Capital Funds United States Private Equity 36.2 1.2%
3G Special Situations United States Private Equity 23.0 0.8%
Augmentum Fintech PLC United Kingdom Venture Capital 19.0 0.6%
ICQ Holdings 6 United States Private Equity 18.9 0.6%
Other Private Investments – Funds – – 183.6 6.4%
Total Private Investments – Funds 385.8 13.2%
Absolute Return & Credit:
Eisler Capital Fund Global Macro strategy 140.9 4.8%
Attestor Value Fund Global Distressed and special situations 109.3 3.7%
Elliott International Global Multi-strategy 95.9 3.3%
Farmstead Fund United States Distressed and special situations 52.4 1.8%
Emso Opportunity Strategies Fund Global Opportunistic credit 47.5 1.6%
Sand Grove Tactical Global Multi-strategy 46.6 1.6%
Palm Lane Credit Opportunities Fund Global Fixed income, relative value 42.3 1.4%
Oaktree Strategic Credit Global Opportunistic credit 37.5 1.3%
BTG Global Derivatives Opportunities Global Volatility strategy 34.1 1.2%
RIT US Value Partnership Global Multi-strategy 24.9 0.9%
Other Absolute Return & Credit – – 44.3 1.5%
Total Absolute Return & Credit 675.7 23.1%
Real Assets:
Spencer House United Kingdom Investment property 38.9 1.3%
Other St James’s Properties United Kingdom Investment property 24.7 0.8%
BlackRock World Gold Fund Global Gold and precious metal equities 17.5 0.6%
Gold Futures United States Long, 2.3% notional (3.0) (0.1%)
Corn Futures Swap United States Long, 0.6% notional (1.2) (0.0%)
Silver Futures United States Long, 0.5% notional (0.1) (0.0%)
Soybean Futures Swap United States Long, 0.5% notional (0.9) (0.0%)
Other Real Assets – – 12.0 0.4%
Total Real Assets 87.9 3.0%
Government Bonds & Rates:
US Treasury Inflation Protected Securities United States Maturing January 2028 52.5 1.8%
US Dollar Interest Rate Swaps7 United States Long, 13.8% notional (1.4) (0.0%)
Sterling Interest Rate Swap7 United Kingdom Long, 1.8% notional 0.1 0.0%
Interest Rate Options Various Premium 8.2 0.2%
Total Government Bonds & Rates 59.4 2.0%
Other Investments:
Currency Forward Contracts Global Various forward contracts (26.3) (0.9%)
Currency Options Various Premium 0.4 0.0%
Total Other Investments (25.9) (0.9%)
Total Investments 3,108.4 106.3%
Liquidity:
Liquidity – Cash at bank/margins 221.2 7.6%
Total Liquidity 221.2 7.6%
Borrowings:
Commonwealth Bank of Australia loan – Revolving credit facility (125.0) (4.3%)
National Australia Bank loan – Revolving credit facility (150.0) (5.1%)
RIT Senior Notes – Long-term notes (159.5) (5.5%)
Total Borrowings (434.5) (14.9%)
Other Assets/(Liabilities) – Various 29.9 1.0%
Total Net Asset Value £2,925.0m 100.0%