RIT Cap Partners sees NAV slip in the first quarter

Investment trust RIT Capital Partners saw its net asset value (NAV) decline in the first quarter.

Diluted NAV per share in the period between the start of April and the end of July fell by 3.0% to 1,183.5p, although it is still up 4.7% since December 31st.

"RIT's investment strategy continues to reflect a policy of caution favouring large, quality companies and growth sectors in the developed world," the firm said.

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On a total return basis, from the start of the year to July 31st, the group's share price had gained 0.3%, better than the 1.1% decline in the FTSE All-Share Index and the 1.6% fall in the MSCI World Index.

The company said it has reviewed its dividend policy, following changes to tax legislation, and a dividend of 28p per share will be paid on August 24th for shareholders on the register at June 15th.

The firm also announced that it is moving its financial year to a December year-end (from a March year-end previously).

BC