RIT Capital Partners: Global, Unconstrained, and Undervalued? A Conversation with Maggie Fanari
Founded in 1971 as the Rothschild Investment Trust, RIT Capital Partners PLC continues today with a mandate to preserve and grow capital across generations through a multi-asset, global, unconstrained strategy.
As one of the UK’s largest Investment Trusts, with total assets of c£4bn, over 20% of which is owned by family members, RIT targets CPI + 3% as one of its benchmarks, aiming to meet those real return objectives for long-term wealth preservation.
In this conversation Maggie explains the asset allocation, where private assets represent over 30% of the assets, public equities 40%, and uncorrelated nearly 20%.
She discusses their approach to the asset classes, the network of partners that offers them unusual access, why hedge funds play an important role and how they look at currency exposures and hedging and to whom such an approach makes sense.
Finally, she assesses the 30% discount to NAV, which although part of a wider UK problem, might seem unusually compelling, and the actions they are taking to try to close the gap.
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