FTSE 250-listed investment trust RIT Capital Partners has reported its highest net asset value (NAV) per share of 1,309p on February 22nd, a financial update has shown.
In the nine months ended December 31st, the company reported that it increased its net quoted equity exposure to 61% and overall investment exposure to 101% .
It said that it consolidated its portfolio, with an increasing focus on specific situations and paid a total dividend of 28p per share in August 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
The board reported that it intends to pay dividends of 14p per share in April 2013 and 14p per share in October 2013.
Since December 31st, the NAV grew 9.9% and the company said that net assets are currently over £2.0bn for the first time in the trust's history.
Lord Rothschild, Chairman of RIT Capital Partners, commented: "For the first time in RIT's history net assets now exceed £2.0bn, while the NAV on February 22nd of 1,309p represents a new all-time high."
He added: "We have not abandoned the overall caution which the world economy still demands but our focus has shifted more towards growth. To reflect our increasing confidence in markets we have reduced our defensive hedges and identified investments which are attractively valued. Our particular emphasis in the current year has been targeted at an improving US economy."
RIT Capital Partners' share price was up 5.12% to 1,232p at 11:35 on Thursday.
Lloyds, Halifax and Bank of Scotland to shut another 45 branches
Lloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
By Vaishali Varu Published
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
By Ruth Emery Published