Investment company broker and research provider Stifel has downgraded its rating for the £2.8bn RIT Capital Partners investment trust from 'neutral' to 'negative', saying its "shares are expensive on a 7% premium".
In a recent report, Stifel said the trust has a good investment strategy and defensive qualities but it is wary of the valuation. It said: "We are downgrading on valuation grounds, as the shares are expensive on a 7% premium. They are currently trading near the top of their five-year discount/premium range. Over one year, the shares have seen a significant re-rating from a small discount to a 7% premium. "Whilst the portfolio is expected to underperform in a rising market, this has been markedly so in the six months to 18 August, with its NAV up 11% against the Global Trust sector, up...
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