Table of Contents
Key Points
- Reinet’s NAV fell by $342.8 million in Q1 2026, reflecting market volatility across key investment segments.
- The decline comes despite strong March gains, as Reinet shifts focus from tobacco to long-term alternative asset strategies.
- Core stake in UK’s PIC and steady diversification remain central to Rupert’s patient capital investment strategy.
Reinet Investments S.C.A., the Luxembourg-based investment vehicle controlled by South African billionaire Johann Rupert, has reported a significant decline in the net asset value (NAV) of its flagship fund, falling to $7.71 billion for the quarter ended June 30, 2025.
The downward movement in asset value by €315 million ($342.8 million) over the three months signals ongoing market volatility across segments in which Reinet is exposed, particularly in insurance, real estate, and unlisted investments.
Representing a 4.6 percent slide to €6.6 billion ($7.71 billion) from €6.92 billion ($8.09 billion) at the end of March. The NAV per share also declined to €38.54 ($45.05), down from €40.38 ($47.2).
The decrease primarily represents fair-value adjustments across Reinet Fund’s diversified portfolio, which includes a substantial stake in UK-based Pension Insurance Corporation Group Limited (PIC) alongside private equity holdings and alternative assets.
Strategic pivot holds course despite short-term dip
The recent dip in Reinet’s NAV comes on the heels of a strong fiscal year-end performance in March 2025, when the firm posted multi-billion-euro gains driven by favorable asset revaluations and continued progress in its long-term strategy to diversify away from tobacco-linked investments.
Between November 2018 and May 2022, Reinet executed five share buyback programs, repurchasing 14,151,395 ordinary shares at a total cost of €222 million ($259.44 million), excluding transaction costs. All repurchased shares are held in treasury.
Reinet Fund remains wholly owned by Reinet Investments S.C.A., which holds all 181.8 million ordinary shares in issue. Management shares are held by Reinet Fund Manager S.A.
Rupert’s long-term pivot remains intact
Since its 2008 spin-off from luxury group Richemont, Reinet has undergone a sweeping transformation—from a tobacco-heavy holding vehicle into a patient capital investor focused on long-term value across diverse sectors.
At the helm of this evolution is South African billionaire Johann Rupert, who retains a 24.9 percent stake in Reinet. The investment remains a key contributor to his $16 billion net worth, according to the Bloomberg Billionaires Index.
Rupert’s strategy has centered on gradually shifting away from legacy holdings in British American Tobacco, redirecting capital into insurance, real assets, and unlisted private equity. The fund’s cornerstone position in UK-based Pension Insurance Corporation (PIC) continues to anchor its portfolio.
While the recent dip reflects broader market adjustments, Reinet’s long-term outlook remains supported by its core investments and disciplined, value-driven approach.
