RM Infrastructure Income PLC GBP · LSE:RMII
RM Infrastructure Income PLC GBP — RM Funds — Investor Presentation (May 2026)
30 slides from RM Infrastructure Income PLC GBP's investor presentation, May 2026
Slide 1: SVS RM Defensive Capital Fund
SVS RM Defensive Capital Fund SVS RM Defensive Capital Fund May 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: In This Presentation
In This Presentation About RM Funds 5 About RM Funds 6 Senior Leadership & Investment Team DCF Overview 8 Fund Objectives 9 How Can DCF Be Utilised? 10 Strategy Performance Fund Investments and Allocation 13 Capital Preservation & Income 14 Capital Growth 15 Diversifiers 16 Dynamic Portfolio Constru
Slide 4: About RM Funds
SVS RM Defensive Capital Fund About RM Funds ▪ About RM Funds ▪ Firm Senior Leadership ▪ Investment Team 4
Slide 5: About RM Funds
About RM Funds RM Funds is a specialist in alternative investment management ▪ RM currently manages public and private market strategies, including: – Direct Lending Strategy: RM Infrastructure Income PLC (“RMII”) – Listed Real Assets Strategy: VT RM Alternative Income Fund (“RMAI”) – Infrastructure
Slide 6: RM Funds – Research Capability
RM Funds – Research Capability Lead Manager Dr Niall O’Connor Investment Team Experience Lead Fund Manager ▪ Investment Team focused on Liquid and Illiquid alternative securities/assets ▪ Lead Fund Manager for DCF strategy at Brooks Macdonald since ▪ 360-degree perspective - from lead advisory, fina
Slide 7: Fund Overview
SVS RM Defensive Capital Fund Fund Overview 7
Slide 8: SVS RM Defensive Capital Fund Overview
SVS RM Defensive Capital Fund Overview The Defensive Capital Fund strategy was launched in 2010 and was acquired by RM Funds in 2024 Investment Objectives Preserve Capital Positive absolute return over a rolling three-year Capital growth over the long-term (5+ years) period Aims to deliver lower vol
Slide 9: How Can the Defensive Capital Fund Be Utilised?
How Can the Defensive Capital Fund Be Utilised? As a defensive building block without sacrificing growth potential, given the fund’s lower volatility profile and focus on minimising downside risk. ▪ Well-suited to Defensive/Cautious/Balanced portfolios, and as an alternative to fixed income. To prov
Slide 10: Contribution by Asset Class
Contribution by Asset Class Different asset classes perform well in diverse periods and market conditions. Diversification is provided by the portfolio’s asset mix, contributing towards low volatility and consistent return profile. Asset class 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Autocal
Slide 11: RMDCF Relative Performance & Track Record
RMDCF Relative Performance & Track Record Defensive Capital Fund Strategy vs Asset Classes Outperformed TAR sector 200 over 1, 3, 5, and 10 years Positive 3-year rolling returns in all but 2 months 100 over last 13+ years SVS RM Defensive Capital Fund Class C Acc Iboxx Sterling Non-Gilts Overall Tot
Slide 12: What assets does the SVS RM invest in?
SVS RM Defensive Capital Fund What assets does the SVS RM Defensive Capital Fund invest in? ▪ Capital Preservation & Income: Convertible Bonds, Preference Shares, Corporate Credit ▪ Capital Growth: Speciality Equity, Discounted Growth Assets, Convertible Bonds ▪ Diversifiers: Commodities, Structured
Slide 13: Capital Preservation & Income
Capital Preservation & Income Assets which are the “backbone” of the fund. Typically, defined Example Investment Themes return investments that provide downside protection and income ▪ Pharmaceuticals & Healthcare returns. Mostly shorter-duration in profile. Innovation: Defensive non-cyclical sector
Slide 14: Capital Growth
Capital Growth Under-explored, under-researched and undervalued assets with Example Investment Themes potential for capital appreciation ▪ Private Markets: Unlocking Value, beyond traditional public equity (and associated volatility). Investments within this segment will contribute towards the capit
Slide 15: Diversifiers
Diversifiers Lower correlation investments which still have potential for capital Example Investment Themes appreciation. Asset prices are driven more by idiosyncratic ▪ Global Macro: Inflation Concerns. characteristics than equity or bond market movements. ▪ Govt Policy: Protectionism, Tariffs, Sup
Slide 16: Dynamic portfolio construction across the three segments
Dynamic portfolio construction across the three segments ▪ The fund is monitored across numerous “factor” exposures (growth vs value, inflation, duration etc)… ▪ …so can be tilted to match the prevailing macroeconomic backdrop. Date December 2019 April 2020 February 2021 December 2021 December 2023
Slide 17: Performance Contribution: Last 12 Months Cumulative
Performance Contribution: Last 12 Months Cumulative Fund Capital Preservation & Income 20% 8% Performance 18% 16% ▪ +16.9% 12-month performance (to 30th April 2026) 6% 14% ▪ Similar contributions from Capital Preservation and 12% Income and Capital Growth; positive contribution from 10% 4% Diversifi
Slide 18: Example Holdings
Example Holdings Income: Biopharma Credit Growth: Georgia Capital Infrastructure in Georgia (bank, insurance, Loans to companies with FDA-approved hospitals, pharmacy, education) drugs 9% GDP growth, 3% inflation -13% discount -30% discount, despite +60% NAV growth >10% dividend yield in 2025 Divers
Slide 19: Macro Outlook
SVS RM Defensive Capital Fund ▪ Macroeconomic Conditions ▪ Portfolio Positioning 19
Slide 20: Macro Outlook
Macro Outlook IMF Forecast Improving Fiscal Position in EM vs DM • Economic Growth 160 – Still solid = Good for credit, although 140 largely priced in. Good for commodities Debt-GDP Ratio (%) 120 • Budget Deficits 100 – High. But QE there to save the long 80 end? 60 • Inflation 40 – Large Iran-relat
Slide 21: Market & Portfolio Positioning
Market & Portfolio Positioning Fund Positioning Allocation Split Largest allocation is Capital Preservation and Income Investments: lower volatility, attractive absolute yields (risk free Cash rate is high and it’s hard, but still possible, to find nice spreads) Diversifiers Capital Growth: selectiv
Slide 22: Appendix
SVS RM Defensive Capital Fund Appendix ▪ Investment Process ▪ Summary ▪ Contact Information 22
Slide 23: Summary Investment Process
Summary Investment Process Rigorous investment process, with a focus on macro-driven Macro asset allocation, and fundamental-driven securities selection. Analysis Inflation / Rates / Policy Portfolio Construction Considerations: • Rate cycle, inflation, valuations • Single stock analysis ESG Factor
Slide 24: 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 25: 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 26: Fundamental Analysis
Fundamental Analysis Investment Team Time: Up to c.50% Management Experience, Alignment, Three Key Factors: Transparency ▪ Management: Board, Governance, Transparency and Alignment ▪ Financial Statements: Cash Generation, Revenue Recognition, etc ▪ Assets: Counterparties, Valuation Policy, Capital S
Slide 27: 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 28: 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 29: Contact Information
Contact Information Investment Management Distribution Dr Niall O’Connor: 0203 540 4618 / niall.oconnor@rm-funds.co.uk James Satterthwaite: +44 7905 270487 / james.satterthwaite@rm-funds.co.uk David Watts: +44 7402 810068 / david.watts@rm-funds.co.uk Head Office: 4th Floor, 7 Castle Street, Edinburg
Slide 30: 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) 30