RIT CAPITAL PARTNERS PLC

2. Key Holdings

The portfolio is dominated by a few large, strategic positions with the top holding commanding a massive weight.

• Webull Corp (40.35%): This is the standout position, valued at nearly $192 million. RIT Capital Partners aggressively increased this stake by 49.7% during the quarter, adding over $96 million. This suggests an extremely bullish outlook on the fintech/brokerage sector, specifically viewing Webull as a primary growth driver. The size of this position relative to the portfolio indicates it is a core "conviction" holding.
• Coupang Inc (18.29%): The second-largest holding is the South Korean e-commerce giant. The firm increased its stake modestly by 3.5%, adding roughly $8.8 million. This demonstrates continued confidence in the consumer cyclical sector and specifically in Coupang’s operational execution.
• Intercontinental Exchange Inc (11.52%): Representing the financial services sector, this $54.8 million position remained unchanged. It provides a stable, infrastructure-focused counterweight to the more volatile growth assets like Webull and Coupang.
• SomniGroup International Inc (10.91%): This consumer cyclical holding saw a 21.1% increase in value (an injection of $17.3 million), signaling that the firm identifies significant upside potential in this specific name.
• VanEck ETF Trust (GDX) (11.00%): A new position comprising gold miners, valued at $52.3 million. This is a defensive or inflation-hedge move, distinct from the equity-specific growth bets elsewhere in the portfolio.