Investment Companies Daily: RCP/DBAG interim results, TFG tender price range, SYNC June NAV/quarterly update, LIVE acquisition update

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Europe Equity Research

06 August 2026

Investment Companies Daily

RCP/DBAG interim results, TFG tender price range,

SYNC June NAV/quarterly update, LIVE acquisition

update

RIT Capital Partners (RCP, Overweight) – Interim results – RCP this

morning announced its interim results for the six months to 30/6/26. RCP’s

NAV at 30/6/26 was a record high of 3159pps (£4,289m), in line with what was

pre-reported, and representing an NAV TR of 9.0% for the six-month reporting

period. In 1Q26, the portfolio returned 1.6%, while global equities fell 2.0%,

and over the whole period RCP captured 71.4% of the index return. The TSR

was 2.0% as the discount widened. The NAV TR was ahead of the inflation

hurdle of CPI + 3% (2.8% for 2026 YTD), but behind the MSCI ACWI (50%

£) equity index measure of 12.5%. All three strategic investment pillars

performed well. Private investments contributed 3.3% pts to the NAVTR, with

a return of 9.1% on the portfolio, driven principally by direct investments,

which were up 17.9%, with SpaceX a significant contributor, returning 4.0x

MOIC at the point of IPO, but other names contributed too. Private fund

investments were up 5.9%. More than 43% of the overall Private investment

portfolio has been sold over the past two years, generating £569m, with the

Directs realised at an aggregate 70% above prior carrying values. Uncorrelated

strategies contributed 1.5% pts to NAVTR with a return of 5.6%, with gold

(later trimmed) and absolute return performing well in 1Q and macro in 2Q,

while a short-term position in oil was profitable. Quoted equities contributed

3.3%-pts to NAVTR with a return of 7.8% overall, broken down into 3.9% from

the directs (18.9% of 30/6/26 NAV) and 10.1% from Funds (28.9% of NAV),

with the highlights being biotech and EM. Buybacks added 0.5%. Forex was

positive as the USD strengthened vs the pound. On a rolling five-year basis, to

30/6/26 (the most recent NAV), RCP’s NAV TR has underperformed the MSCI

ACWI (50% £) TR by 28%, but the NAVTR has had a low beta of 0.28 vs that

equity index, such that alpha is -1.1% pa, and RCP’s NAV TR is in line with

the AIC Flexible Investments sector average NAV TR.…