185: RIT Capital Partners: Global, Unconstrained, Undervalued? A Conversation with Maggie Fanari (RIT CEO)

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 16 October 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 and unconstrained strategy.

As one of the UK’s largest investment trusts, with total assets of approximately £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 30% of the assets, public equities at 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.

NOTE - This podcast was recorded in September 2025, and therefore all RIT data is provided as at 31/08/2025. Statistics cited in this description by Simon are all approximations and for general information purposes only. Please find RIT’s regulatory disclosures here. Money Maze Podcast disclaimer here.

Transcript

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0:00.0	It's really around the Rothschild family.
0:04.0	Jacob set up this firm to last for generations to come, as you noted, to compound wealth.
0:10.0	SpaceX is one of the most highly coveted private investments in the world.
0:15.0	SpaceX is now also in our portfolio.
0:18.0	We were very early in FinTech. We also were exposed to the AI theme, so we had a couple of exits there as well.
0:27.3	And over the last 18 months, we've been able to realize about 25% of our private's portfolio.
0:33.3	When everyone was looking to divest or sell out of China.
0:38.3	Last year in the first quarter of last year,
0:40.3	we increased our allocation to China, and that's done very well.
0:44.3	The US will always be a core market to us,
0:46.3	but we are seeing interesting opportunities in places like Europe and elsewhere.
0:51.3	My principal piece of advice is don't assume don't assume that the job that you start with
0:57.4	is going to be the job that you continue on with. And it's actually very important, I think,
1:02.0	very early in your career to be able to invest or look at very different sectors and opportunities
1:10.1	to really find out where your passion lies.
1:12.4	Welcome to the Moneybase podcast. If this is your first time joining, I'm your host, Simon
1:16.9	Brewer. Quick word before we start. 95% of viewers aren't subscribed. So miss out on future
1:25.4	interviews with top business, finance and industry leaders.
1:28.7	To support the show and ensure we can keep sharing high quality content,
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1:35.6	Plus, if you have any future guest ideas, do share your suggestions in the comment section below.
1:41.0	Otherwise, thank you for watching and listening and enjoy the show.
	...

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