RIT Capital Partners, the investment trust chaired by Lord Rothschild, is sticking to a bearish stance that cost it money during the first half, reducing holdings in equity markets as it prepares for tougher times ahead.

Presenting the £3bn trust’s half-year results on August 5, Rothschild said it is “cautiously positioned”, with stock holdings falling from 47% to 44% during the six months to June 30.