Rit Capital Partners PLC

First-pass take

RIT has explicit AI exposure through Anthropic and Databricks investments and strong 13.5% NAV returns, but as a diversified investment trust rather than an operating company, AI is one theme among many. The persistent 22% discount to NAV reflects market concerns about illiquid private assets (31.7% of NAV), and the growth-oriented portfolio offers limited downside protection despite low gearing (3.2%).