RM Infrastructure Income PLC GBP · LSE:RMII
RM Infrastructure Income PLC GBP — RM Funds — Investor Presentation (January 2026)
27 slides from RM Infrastructure Income PLC GBP's investor presentation, January 2026
Slide 1: RM Alternative Income Q1 Outlook Presentation
VT RM Alternative Income Fund RM Alternative Income Q1 Outlook Presentation January 2026 Institutional Investors Only
Slide 2: Disclaimer
Disclaimer Disclaimer All information and opinions contained in this document has been provided by RM Capital Markets Limited ("Company"), which is authorised and regulated by the Financial Conduct Authority, and have not been independently verified as to their accuracy by either the Company or any
Slide 3: Agenda
1 Overview 2 Sector & Fund Overview Agenda 3 Fund Performance & Outlook 4 Investment Process
Slide 4: About RM Funds
About RM Funds RM Funds is a specialist in alternative investment management ▪ RM currently manages public and private market strategies, including: – Listed Real Assets Strategy: VT RM Alternative Income Fund (“RMAI”) – Infrastructure Debt Strategy: SVS RM Infrastructure Bond Fund (“IBF”) – Alterna
Slide 5: RM Funds – Senior Leadership
RM Funds – Senior Leadership Fund Management Leadership Pietro Nicholls Investment Team Experience Lead Portfolio Manager, Investment Committee Member ▪ Investment Team focused on Liquid and Illiquid alternative securities/assets ▪ Expertise in structuring and managing alternative assets including ▪
Slide 6: VT RM Alternative Income Overview
VT RM Alternative Income Overview The VT RM Alternative Income Fund (the “Fund”) launched in June 11th June 2018. FUND LAUNCHED 2018 ▪ An actively managed global-developed mandate, with a strategy designed to deliver consistent income returns to investors. EXPERIENCED Pietro Nicholls, ▪ Aims to offe
Slide 7: Agenda
1 Overview 2 Sector & Fund Overview Agenda 3 Fund Performance & Outlook 4 Investment Process
Slide 8: What are Listed Real Assets, and why invest?
What are Listed Real Assets, and why invest? Listed Real assets, put simply, are investments in assets ▪ US / Global Trade Tariffs beyond traditional equities, bonds and cash. Mixed Income ▪ Ukraine / Russia Conflict They include assets in specialist real estate (e.g. data centres, care homes, stude
Slide 9: Infrastructure & Sustainable Assets
Infrastructure & Sustainable Assets Government policy supported by long-term structural drivers, underpins an Summary Statistics asset class characterised by non-cyclical cash flows and high-quality $2.5 trillion per year counterparties, creating an opportunity-rich universe. Invested in power, wate
Slide 10: Real Estate & Ageing Populations
Real Estate & Ageing Populations The global population is growing and ageing. By 2030 the population is Summary Statistics expected to be over 8.5bn, and the total number of people over the age of 60 $200 billion per year is predicted to grow from c.962M in 2025 to c.2.1bn worldwide by 2050.1 Expect
Slide 11: Industrial Disruption
Industrial Disruption The global health crisis immediately disrupted consumer behaviour and Summary Statistics accelerated the structural decline of traditional physical-based businesses 9.2% CAGR and services. Growth in internet usage1 Working from home, E-commerce and cloud-based application usage
Slide 12: Alternatives Assets Offer Attractive High Yield Opportunities
Alternatives Assets Offer Attractive High Yield Opportunities Real Asset - Sector Average Discounts Real Asset Opportunities 20% 10% Valuation and Yield From a relative-value perspective, investment trusts are trading more 0% than one standard deviation wide on a spread basis, implying Discount (%)
Slide 13: Current Allocation – January 2026
Current Allocation – January 2026 Liquidity Key Changes Debt Real Estate Renewables 4% Equity ▪ Reduce (Moving to underweight): The biggest 21% 1% detractor to FY25 performance were UK 23% 3% 10% renewable energy stocks. A combination of 10% 2% weaker power prices, lower wind generation, 3% 1% regul
Slide 14: Agenda
1 Overview 2 Sector & Fund Overview Agenda 3 Fund Performance & Outlook 4 Investment Process
Slide 15: Relative Performance vs Asset Classes
Relative Performance vs Asset Classes VT RM Alternative Income Fund – Relative Performance Since Inception 170 160 150 140 130 120 110 100 90 80 70 60 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 Ma
Slide 16: Performance Contribution – LTM to October 2025
Performance Contribution – LTM to October 2025 Debt Performance Contribution LTM Infrastructure Equity Performance Contribution LTM Performance 1.2% 8% ▪ Last 12 Months Total Return of 3.36% 1.0% 6% ▪ Top 10 performing holdings added 6.02% to total 0.8% return 0.6% 4% ▪ Bottom 10 holdings detracted
Slide 17: Market & Portfolio Outlook
Market & Portfolio Outlook 2022 1Q Outlook Fund Positioning Playbook Fiscal Policy Considerations ▪ Rotation: Aggressively reduced exposure to renewable energy generation US Government policy lending towards (but increase transmission exposure). Adding exposure to toll roads, student financial repre
Slide 18: Agenda
1 Overview 2 Sector & Fund Overview Agenda 3 Fund Performance & Outlook 4 Investment Process
Slide 19: Summary Investment Process
Summary Investment Process Rigorous investment process, with a focus on both top-down Macro and bottom-up analysis to Analysis support investment decisions. Inflation / Rates / Policy ESG FACTORS • Ethical, Social and Corporate Governance ESG Factor • Active engagement with Boards Investment Screen
Slide 20: Global Investment Opportunities
Global Investment Opportunities American Tower Corp XIOR Student Housing Schroders European REIT Sienna Senior Living TC Energy Corp Japan Airport Terminal Co Ltd Union Pacific Corp Octopus Renewables Equinix Inc Hutchinson Port Holdings Trust SmartCentres Real Estate Investments Direct Exposure Loo
Slide 21: Macro Analysis & Review
Macro Analysis & Review Investment Team Time: up to 10% Key Metrics: ▪ GDP ▪ Payrolls ▪ Housing Sales/Starts etc ▪ PMIs ▪ Interest Rate Expectations ▪ Inflation Expectations ▪ Cyclical macro factors Why? ▪ Macro-economic information is an important consideration when considering domestic (fund base
Slide 22: ESG Review
ESG Review Investment Team Time: c.5% Key Metrics: ▪ C.100 metrics ▪ UN Sustainable Development Goals ▪ Specific areas include: suitability management, environmental impact, labour practices, health & safety, diversity & inclusion, supply chain management, leadership & governance and business ethics
Slide 23: Fundamental Analysis
Fundamental Analysis Investment Team Time: Up to c.50% Management Experience, Three Key Factors: Alignment, Transparency ▪ Management: Board, Governance, Transparency and Alignment ▪ Financial Statements: Cash Generation, Revenue Recognition, etc ▪ Assets: Counterparties, Valuation Policy, Capital S
Slide 24: Liquidity, Technical Factors & Portfolio Construction
Liquidity, Technical Factors & Portfolio Construction Investment Team Time: c.5-10% Key Priorities ▪ Liquidity Tree and Ladder ▪ Portfolio and stock metrics (volatility, correlation, beta et al) ▪ Position sizing/weighting Why? ▪ A key focus is ensuring we only invest in liquid public securities, wi
Slide 25: Post-Investment Monitoring
Post-Investment Monitoring Investment Team Time: 20-50% Key Metrics: ▪ Various metrics, driven by sector specific considerations, for example: Renewables: power prices, resource generation, discount rates, OpEx costs, tax, asset life. For Real Estate: psf price, rent free periods, occupancy rates, c
Slide 26: Contact Information
Contact Information Investment Management Distribution Pietro Nicholls: 0203 697 1768 / pietro.nicholls@rm-funds.co.uk James Satterthwaite: 0131 603 7068 / james.satterthwaite@rm-funds.co.uk David Watts: +44 7402 810068 / david.watts@rm-funds.co.uk Head Office: 4th Floor, 7 Castle Street, Edinburgh,
Slide 27: Registered in Scotland No SC380707
Registered in Scotland No SC380707 Registered Office: 4th Floor, 7 Castle Street, Edinburgh, EH2 3AH RM Capital Markets Limited is authorised and regulated by the Financial Conduct Authority (Number 562209) 27