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Annual Report December 2020

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Annual Report December 2020 Report & Accounts for the year ended 31 December 2020 Contents Company Highlights 1 Strategic Report Chairman’s Statement 3 Our Purpose, Strategy and Business Model 5 Manager’s Report 9 Investment Portfolio 14 Principal Risks and Viability 17 Governance Board of Directors 23 J. Rothschild Capital Management 26 Corporate Governance Report 27 Audit and Risk Committee Report 40 Directors’ Remuneration Report 44 Directors’ Report 49 Financial Statements Consolidated Income Statement and Consolidated Statement of Comprehensive Income 54 Consolidated Balance Sheet 55 Parent Company Balance Sheet 56 Consolidated Statement of Changes in Equity 57 Parent Company Statement of Changes in Equity 58 Consolidated and Parent Company Cash Flow Statement 59 Notes to the Financial Statements 60 Independent Auditor’s Report 85 Other Information Investment Portfolio Reconciliation 97 Glossary and Alternative Performance Measures 98 Historical Information and Financial Calendar 100 Investor Information 101 Directory 102 | Company Highlights | Strategic Report | Governance | Financial Statements | Other Information | Company Highlights Corporate Objective Investment Policy To deliver long-term capital growth, while preserving To invest in a widely diversified, international portfolio shareholders’ capital; to invest without the constraints across a range of asset classes, both quoted and of a formal benchmark, but to deliver for shareholders unquoted; to allocate part of the portfolio to exceptional increases in capital value in excess of the relevant indices managers in order to ensure access to the best external over time. talent available. Performance for the year 2020 NAV per share total return 16.4% Share price total return -0.4% RPI plus 3.0% 4.2% MSCI All Country World Index (ACWI) 12.7% Key data* 2020 2019 Change NAV per share 2,292 pence 2,004 pence 14.4% Share price 2,065 pence 2,115 pence -2.4% Premium/(discount) -9.9% 5.5% -15.4% pts Net assets £3,590 million £3,146 million 14.1% Gearing 4.4% 7.2% -2.8% pts Average net quoted equity exposure 43% 43% - Ongoing charges figure for the year 0.66% 0.68% -0.02% pts First interim dividend (April) 17.5 pence 17.0 pence 2.9% Second interim dividend (October) 17.5 pence 17.0 pence 2.9% Total dividend in year 35.0 pence 34.0 pence 2.9% * 31 December unless otherwise stated. Performance history 3 Years 5 Years 10 Years NAV per share total return 31.5% 59.5% 114.9% Share price total return 11.0% 34.1% 105.9% RPI plus 3.0% per annum 15.9% 30.9% 72.5% ACWI 29.6% 77.7% 158.9% Performance since inception 3,200% RIT NAV per share total return ACWI 2,800% RPI plus 3.0% 2,400% 2,000% 1,600% 1,200% 800% 400% 0% 1 1 1 1 1 1 2 20 20 20 20 20 20 20 20 20 2020 988 990 992 994 996 998 000 10 12 14 16 18 02 04 06 08 A description of the terms used above and in the Strategic Report is set out in the Glossary and Alternative Performance Measures (APMs) section on page 98 and 99. The Group’s designated APMs are the NAV per share total return, share price total return, gearing and the ongoing charges figure. RIT Capital Partners plc Report and Accounts December 2020 1 Strategic Report RIT Capital Partners plc | Company Highlights | Strategic Report | Governance | Financial Statements | Other Information | Chairman’s Statement Sir James Leigh-Pemberton 2020 was a year characterised by extraordinary challenges for any investment company, and RIT was no exception. n a difficult environment such as this The pandemic required rapid and significant change in ... I am pleased to report ... RIT’s net our Company’s operations and ways of working, and Iasset value per share ended the year at created an exceptionally volatile investment climate. For much of the year, financial markets were driven by 2,292 pence, representing a NAV total return the impact on the global economy of the health crisis and for the year (including dividends) of 16.4%. the policy reactions to it. Stock market indices initially saw new highs in February, followed by the fastest drivers also demonstrate the importance of our network correction in history and then a swift recovery, buoyed of relationships which enable us to identify attractive first by stimulus measures and monetary easing of investments, notably within the fast-evolving Chinese exceptional scope and scale, and latterly by the approval and other Asian economies, and to allocate funds to of vaccination programmes. There was wide dispersion exceptional external managers. Our objective requires in the performance of regional indices, with the US and an approach to portfolio management which reflects China up 18% and 17%, whereas the Eurozone and the a subtle balance between caution and opportunity. UK were down by -3% and -11% respectively. Behind Caution has been and will continue to be one of our core these headline index performances lay a complex and watchwords, but we also recognise that market stresses quickly changing pattern of asset price behaviour and provide opportunities for the astute deployment of capital, capital flows. All of this resulted in a market environment as we saw in March and October. The privilege of loyal which was difficult to navigate, with at times savage shareholders and a permanent capital base allows us to movements in most asset classes. take a long-term view, and to act decisively where we see In a difficult environment such as this, the means by which fundamental value and the potential to deliver long-term your Company seeks to achieve its corporate objective growth in shareholders’ capital. are severely tested. The objective set by your Board for Share capital our Manager, J. Rothschild Capital Management Limited, We are very much aware that the move in your is to protect shareholders from the worst excesses of Company’s rating over the year to trade at a discount market declines, but also to achieve healthy participation to the NAV, resulted in shareholders experiencing a flat over the long term in market rises. The approach taken by overall return, lagging the growth in the NAV. However, JRCM to achieve this has to be sophisticated, dynamic the nature and composition of our investment portfolio and disciplined in each of the key areas of asset allocation, means we do not publish a daily NAV. And so, the strong portfolio construction and security selection. While there performance in December, well above many market may be times in the future when our performance does estimates, was not reflected in the share price, resulting not meet our high expectations, I am pleased to report in a discount of 9.9% at year end. This discount narrowed that 2020 was not one of them. RIT’s net asset value per since the year end, and as I mentioned to shareholders in share ended the year at 2,292 pence, representing a NAV August, we monitor the share price carefully, and bought total return for the year (including dividends) of 16.4%. back approximately 116,000 shares at a discount to This compares to the Company’s two principal KPIs for NAV during the last three months of the year, benefiting investment performance of RPI+3.0% per annum and the shareholders. We intend to continue to take the ACWI which were 4.2% and 12.7% respectively. opportunity to selectively purchase shares in the market The Manager’s Report provides detail in relation to when we judge that doing so is beneficial. performance and attribution, and it is pleasing to see a Dividend broad spread of strong results across the portfolio, with We paid a final interim dividend of 17.5 pence per share all of the key asset classes making a positive impact. in October, providing shareholders with a total dividend in These included allocations designed to capture long- 2020 of 35 pence per share. For 2021, we are intending term structural trends within our public and private to pay a dividend of 35.25 pence per share, an increase of positions, and those that target less correlated areas 0.7% over the previous year, slightly above inflation. This such as absolute return and real assets. The performance RIT Capital Partners plc Report and Accounts December 2020 3 Chairman’s Statement will be paid in two equal instalments in April and October. deliver returns for shareholders and to operate in a way Supported by our significant reserves, our policy remains that met our obligations to our regulators, counterparties to maintain or increase the annual dividend, as long as and suppliers while prioritising the safety and well-being it does not come into conflict with your Company’s core of colleagues. I am very aware of the difficulties that objective of capital preservation. employees have had to operate under at times, and the acute personal challenges many of them and their Governance families have had to face. Everyone in the Group has our In light of the range of matters which we have had to sincere thanks for their dedication and professionalism. address, the Board and its Committees have been busier than normal this year. We have an experienced and Outlook diverse Board who have all engaged with the increased The pandemic has severely affected the lives of millions frequency of Board and Committee meetings we felt of people worldwide. The economic consequences, it necessary to undertake. I would like to express my together with the extraordinary policy responses, will gratitude and appreciation to Board colleagues for their be an enduring feature of markets for some time to dedication, support and wise counsel over the year.
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