RM Infrastructure Income PLC GBP · LSE:RMII
RM Infrastructure Income PLC GBP — RM Infrastructure Bond Fund — Investor Presentation (January 2026)
47 slides from RM Infrastructure Income PLC GBP's investor presentation, January 2026
Slide 1: RM Infrastructure Bond Fund
RM Infrastructure Bond Fund RM Infrastructure Bond Fund Q1 2026 Institutional Investors Only
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) is an advertisement and not a prospectus for the purposes of EU Directive 2003/71/EC or Part VI of the Financial Services and Markets Act 2000 ("FSMA"). Investors should not subscribe for shares referred to in this Presentation except on the basis of inf
Slide 3: In this Presentation
In this Presentation About RM Funds: Page 4 Firm Overview Senior Leadership Fund & Strategy Overview: Page 7 Investment Objectives Investible Universe Appendix 1: Page 14 Market Conditions Model Portfolio Construction Simulated Fund Performance Market Outlook Appendix 2: Page 20 Investment Process A
Slide 4: About RM Funds
About RM Funds ▪ Firm Snapshot ▪ Senior Leadership 4
Slide 5: About RM Funds
About RM Funds RM Funds is a specialist in alternative investment VT RM Alternative Income fund ratings 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
Slide 6: RM Funds – Senior Leadership
RM Funds – Senior Leadership Fund Management Leadership James Robson Investment Team Experience Board Director, Investment Committee Member ▪ Investment Team focused on Liquid and Illiquid alternative securities/assets ▪ Chief Investment Officer, Lead PM SVS RM Infra Bond Fund, Co ▪ 360-degree persp
Slide 7: Fund & Strategy Overview
Fund & Strategy Overview ▪ About the Fund ▪ Key Investment Themes ▪ Portfolio ▪ Fund Performance ▪ Outlook 7
Slide 8: SVS RM Infrastructure Bond Investment Objectives
SVS RM Infrastructure Bond Investment Objectives ▪ Investment strategy to allocate into corporate credit focused on infrastructure assets ▪ Regulated Infrastructure ▪ Social Infrastructure ▪ Low management fee, 0.45% F Class ▪ Economic Infrastructure ▪ F Class capped OCF 0.50% ▪ Investment Objective
Slide 9: Characteristics of Infrastructure as an Asset Class
Characteristics of Infrastructure as an Asset Class 1. Stable and Predictable Cash Flows • Revenues derived from essential services tied to asset availability, not market demand. • Cashflows linked to long-term contracts and/or regulatory regimes. ▪ E.g. National Grid’s electricity transmission bond
Slide 10: What Does That Mean for a Fixed Income Allocator?
What Does That Mean for a Fixed Income Allocator? 1. Historically lower default rates • Lower default rates compared to the broader corporate bond universe, providing resilience to economic cycles1. 2. Defensive spread performance in market stress • Consistently muted spread widening compared with b
Slide 11: Security Profile
Security Profile Enhanced Downside Protection Real Estate / Land Charges • Infrastructure bonds are more likely to be secured by physical assets, typically offering robust collateral and improved recovery prospects in the event of default. • Unlike many corporate or financial issuers that rely on so
Slide 12: Regulated Infrastructure
Regulated Infrastructure Regulated infrastructure SUMMARY STATISTICS ▪ Provision of essential services which cannot be easily or efficiently replicated. £198 billion ▪ Highly regulated to reduce likelihood of market failures – protect consumers whilst ensuring estimated to have been spent on renewab
Slide 13: Fundamental Analysis – Electricity Transmission & Distribution
Fundamental Analysis – Electricity Transmission & Distribution • Critical infrastructure, predictable revenues, government support. Transmission • UK Electricity Transmission is operated by four companies. ▪ Long-distance x High-voltage • UK Electricity Distribution is divided into 14 regions and op
Slide 14: Fundamental Analysis – SSE PLC
Fundamental Analysis – SSE PLC Bonds Holdco Bonds SSE PLC Summary Stats Drawn Loans SSE PLC Undrawn Loans SSELN 3.74 PERP • SSE’s business model encompasses the full Drawings Unknown energy lifecycle – from generation to • Currency: GBP transmission and distribution. Scottish & SSEN SSEN Distributio
Slide 15: Offshore Transmission Owners (OFTOs)
Offshore Transmission Owners (OFTOs) Key Characteristics • OFTOs are responsible for owning and operating GMOFTO 2.778 02/17/34 TCDUDG 3.158 11/12/38 GGOFTO 4.137 11/29/32 the transmission infrastructure that connects offshore wind farms to onshore grids. Rating: Baa2 Rating: Baa1 Rating: A3 • Reven
Slide 16: Social Infrastructure
Social Infrastructure Social Infrastructure ▪ Vital infrastructure assets occupied by people during their life cycle – physical real estate providing social SUMMARY STATISTICS services to communities. 3.8m estimated ▪ Typically, local government, NHS or highly granular cashflows offer contracted and
Slide 17: Fundamental Analysis – Social Infrastructure
Fundamental Analysis – Social Infrastructure Assura Summary Stats Aspire Defence Summary Stats The UK’s leading diversified healthcare Aspire Defense is an SPV set up to deliver REIT. the 35-year Project Allenby Connaught AGRFIN 1.625 06/30/33 which build and refurbish accommodation • Currency: GBP
Slide 18: Economic Infrastructure
Economic Infrastructure Economic Infrastructure ▪ Infrastructure focused on the movement of people, products and data – a broad opportunity set SUMMARY STATISTICS providing the greatest exposure to GDP-linked returns. ▪ Attractive growth rates across core sectors, underpinned by population increases
Slide 19: Fundamental Analysis – Associated British Ports (ABP)
Fundamental Analysis – Associated British Ports (ABP) Super senior Revolving 5-year GBP400mm Associated British Ports – SUMMARY STATS Credit Facility (£400mm) • Seaport owner-operator handling c. £150billion of UK Currency: GBP trade annually (c.25% of the UK’s seaborne trade) Rank: 1st lien snr sec
Slide 20: Appendix 1 Portfolio Overview
Appendix 1 Portfolio Overview ▪ Market overview ▪ Allocations process ▪ Model portfolio ▪ Fund performance ▪ Market & portfolio outlook 20
Slide 21: 2026 - A Year about Curve Positioning and Carry
2026 - A Year about Curve Positioning and Carry Rates: Curve steepening, fiscal deficit concerns, inflation sticky but not ‘scary’ Credit: Attractive all-in yields, but HY spreads likely to widen Q1 Theme: Lower yields. Front-end outperformance High Yield Theme: Downside skew dominates • Economic sl
Slide 22: Where are we?
Where are we? UK 10Y Yield Investment Grade Credit Fund Duration Steepness 2s 10s 5.5 150 7 1.6 140 5 1.4 6.5 130 1.2 6 4.5 120 1 5.5 4 110 0.8 5 100 3.5 4.5 90 0.6 3 4 80 0.4 Years bps % 70 3.5 0.2 % 2.5 60 3 0 2 2.5 50 -0.2 1.5 40 2 -0.4 30 1.5 1 -0.6 20 1 0.5 -0.8 10 0.5 -1 0 0 0 Last 10 years La
Slide 23: Post QE High-Yield Compression is over
Post QE High-Yield Compression is over • The high-yield trade has worked High Yield Compression post QE exceptionally well over the last 3-years. 600 600 • High-yield spreads have compressed into Investment grade reducing the 550 550 differential to levels last seen in the QE era. 500 500 • BUT…we t
Slide 24: Infrastructure's Defensive Spread Performance in Market Stress
Infrastructure’s Defensive Spread Performance in Market Stress 55 50 RMIBF Sectors 45 Spread vs 10days (bps) 40 35 30 Avg. IG Spread widening 25 (ex-RMIBF Sectors): 26.2bp 20 Avg. IG Spread widening (RMIBF Sectors): 19.3bp 15 10 5 Autos Banks Building Capital Consumer Non-Bank Insurance Media Metals
Slide 25: Allocation Framework
Allocation Framework ▪ Defined and structured approach to risk taking Investment Guidelines: ▪ Issuer Limit 10% ▪ No Illiquid Holdings/Securities ▪ Clear risk profile grading system for investor communication ▪ <5% crossover in portfolio ▪ Issue Limit 5% holdings with RMAI ▪ >70% portfolio issuers I
Slide 26: Current Portfolio Positioning
Current Portfolio Positioning Portfolio Statistics ▪ Running Yield: 4.92% ▪ Economic Infrastructure: 34% ▪ Top #10 Exposure: 28.5% ▪ Distribution Yield*: 5.15% ▪ Regulated Infrastructure: 30% ▪ # of Holdings: 58 ▪ Duration: 4.36 years ▪ Social Infrastructure: 12% ▪ VT RMAI Crossover: 2.7% ▪ YTW: 5.1
Slide 27: Fund Performance (15th June 2023 – 31st December 2025)
Fund Performance (15th June 2023 – 31st December 2025) RM Infrastructure Bond Fund 125 Performance since Inception 120 115 110 105 100 95 RM Infrastructure Bond Fund (F-Class Acc) IA Sterling Strategic Bond SVS RM Infrastructure Bond - Institutional "I" Class Distribution (GBp/share)1 1.363p 1.404p
Slide 28: Fund Performance vs Passive Peers
Fund Performance vs Passive Peers Healthcare iBoxx EUR IG Sector Weightings Real Estate 3% • RM IBF selects from a small sub-set (c. 1%0% 0% 2% 3% 5% Telecoms 30%) of the investment grade corporate 3% 1% bond universe. Transport 2% Utilities • We consider these sectors to be more 10% Autos defensive
Slide 29: RM IBF vs Passive Peers
RM IBF vs Passive Peers 22 20 • Active bond funds tend to outperform passive indices because bond indices are 18 heavily weighted toward large, highly indebted issuers, which carry greater 16 financial risk, leading to weaker performance. 1 14 • In 2024, active funds in the IA Sterling Strategic Bon
Slide 30: Market & Portfolio Outlook
Market & Portfolio Outlook 2026 H1 Outlook ▪ Rates & Duration: Near term economic momentum to slow, driving gilt yields lower through Q1 & Q2. This should provide a favourable window to add duration. In H2 2026, we expect yields to move higher - particularly in the 10Y - as gilt issuance and QT acce
Slide 31: Summary
Summary RM Funds designed the SVS RM Infrastructure Bond Fund to generate income linked to SONIA and modest capital growth. ✓ Defensive sector focus - the only fund in IA Sterling Strategic Bond sector dedicated to thematic infrastructure investing. ✓ Bond investments seek to reduce volatility whils
Slide 32: Appendix 2 Investment Process Overview
Appendix 2 Investment Process Overview ▪ 360 degrees investment Process ▪ Macro analysis ▪ ESG ▪ Fundamental analysis ▪ Technical analysis ▪ Execution ▪ Monitoring 32
Slide 33: 360° Investment Process
360° Investment Process ▪ Top-down macro view to identify key investment themes – supports Rigorous investment process, with a focus allocation strategy. Macro & on both top-down and bottom-up analysis Thematic to support investment decisions. ▪ Idea-led fundamental bottom-up Top-Down ESG/PRI FACTOR
Slide 34: Macro Analysis & Review
Macro Analysis & Review Investment Team Time: up to 25% Key Metrics: ▪ GDP ▪ Payrolls ▪ Housing Sales/Starts etc ▪ Interest Rate Expectations ▪ Inflation Expectations ▪ Cyclical macro factors Why? ▪ Macro-economic information is a key determinant of monetary policy. ▪ Direction of travel for inflati
Slide 35: ESG Review
ESG Review Investment Team Time: c.5% Key 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. ▪ Concludes w
Slide 36: ESG in Fixed Income
ESG in Fixed Income Provider A% B% C% D% E% F% G% • Bondholders are not shareholders: no voting rights, no ownership of corporate externalities. Platform Housing Group 0.5% 21.9% 53.6% 22.2% 1.6% 0.2% 0.0% L&Q 0.3% 11.9% 60.9% 25.4% 1.3% 0.1% 0.0% • Unlike for equity holders, ESG is not about engage
Slide 37: GSS Fixed Income
GSS Fixed Income Green Bonds ▪ Proceeds dedicated exclusively to environmental projects (renewables, clean transport, Global GSS Fixed Income Issuance energy efficiency). 2017 ▪ Use of proceeds is ring-fenced for green only projects. 2018 Sustainability Bonds ▪ Funds a blend of environmental and soc
Slide 38: Infrastructure GSS Fixed Income
Infrastructure GSS Fixed Income • As at 31st July 2025, 22.40% of the portfolio is allocated to GSS Fixed Income. (18.30% at 30th June SVS RM Infrastructure Bond Fund 2025) GSS Allocations ▪ 5.5% Green; 14.8% Sustainability; 2.1% Social • Since inception, 23% of total allocations have been to GSS Fi
Slide 39: Examples of GSS Allocations
Examples of GSS Allocations SSELN 5 1/2 01/15/44; Green Bond NWG 3.575 09/12/32; Social Bond ▪ £500m Green Bond, 20-year, 5.5% coupon ▪ €1bn Social Bond, 7-year, 3.575% coupon ▪ Use of Proceeds exclusively for financing critical low-carbon infrastructure – renewable ▪ A Social Bond whose proceeds we
Slide 40: Fundamental Analysis
Fundamental Analysis Investment Team Time: Up to c.50% Management Experience, Three tasks in order driven by macro & thematic: Alignment, ▪ Sectoral analysis and selection Transparency ▪ Issuer analysis and selection ▪ Specific issue analysis and selection Issuer analysis: ▪ Management: Board, Gover
Slide 41: Liquidity, Technical Factors & Portfolio Construction
Liquidity, Technical Factors & Portfolio Construction Investment Team Time: c.20% Critically important as all over-the-counter securities. MIFID II has improved price visibility – however, investment manager and firm DNA based around secondary trading of credit products: Key liquidity counterparties
Slide 42: Post-Investment Monitoring
Post-Investment Monitoring Investment Team Time: ongoing as part of fundamental analysis Key Metrics: ▪ Various metrics, fundamentally leverage and interest rate risk, but sectoral specific considerations, for example: ▪ For Economic infrastructure: GDP-linkage, asset life, demand trajectory. ▪ For
Slide 43: Stewardship
Stewardship Our Approach: ✓ ESG Incorporation ✓ ESG is integrated into our investment process ✓ Active Ownership / Stewardship ✓ We engage with Boards and stakeholders to drive disclosure. ✓ In the public companies we invest-in, we advocate for gender representation, sustainability and action on the
Slide 44: Appendix 3 Summary Information
Appendix 3 Summary Information ▪ Summary ▪ Fund Terms ▪ Contact Details 44
Slide 45: Fund Information
Fund Information Key Term Details Distributions: Quarterly in arrears Share Classes: Income & Accumulation available Currency: GBP Valuation / Trading: Daily Institutional: 0.55% Annual Management Charges “AMC” Founder Class 0.45% IA Sector: Sterling Strategic Bond GBP Acc: GB00BR103F36 Founder Clas
Slide 46: Contact Information
Contact Information Investment Management Distribution James Robson: james.robson@rm-funds.co.uk James Satterthwaite: james.satterthwaite@rm-funds.co.uk David Watts: david.watts@rm-funds.co.uk Head Office: 4th Floor, 7 Castle Street, Edinburgh, EH2 3AH London Office: 42 New Broad Street, London, EC2
Slide 47: Registered in Scotland No SC380707
Registered in Scotland No SC380707 Registered Office: 7 Castle Street, Edinburgh, EH2 3AH RM Capital Markets Limited is authorised and regulated by the Financial Conduct Authority (Number 562209)
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