RIT Capital Partners PLC

Global equity markets fell modestly in July. A sharp momentum unwind in technology stocks drove the decline, offset in part by broad-based gains across other sectors. SpaceX, having generated substantial gains from our original investment in 2024 and a sharp post-IPO price increase, saw profit-taking, and was a meaningful detractor from our portfolio performance during July. Shares are subject to a staggered lock-up through December and may contribute volatility to NAV in the months ahead as the market digests newly available stock. Notwithstanding recent market volatility, we see the current environment as supportive of our outlook for a broadening equity market, for which we believe our portfolio is well positioned.