GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — TM Gravis UK Listed Property (PAIF) Fund — Investor Presentation (November 2025)
28 slides from GCP Asset Backed Income Fund's investor presentation, November 2025
Slide 1: TM Gravis UK Listed Property (PAIF) Fund
TM GRAVIS UK LISTED PROPERTY (PAIF) FUND NOVEMBER2025
Slide 2: Thematic Real Assets
THEMATIC REAL ASSETS Gravis
Slide 3: Investing in Real Estate Investment Trusts (REITs)
INVESTING IN REAL ESTATE INVESTMENT TRUSTS (REIT s) Contractual rental Tax - efficient Diversification reduces growth typically leads income received gross portfolio volatility to capital growth Daily liquidity, No fund leverage and REITs managed by Stable cash flow from never gated no double discou
Slide 4: Key Themes Driving Returns
KEY THEMES DRIVING RETURNS Four key themes in the real estate sector: ageing population, digitalisation, generation rent and urbanisation Mega trends Ageing Population Digitalisation Generation Rent Urbanisation Healthcare Housing & Commercial Leisure & Alternative Data Industrial & Accommodation Ho
Slide 5: Ageing Population – Increasing Demand for Healthcare
AGEING POPULATION – INCREASING DEMAND FOR HEALTHCARE UK population ageing . Shifting UK demographic increases demand on primary healthcare and residential care. Ageing stock - 20% of primary care estate was built before 1948 1. 10- year NHS plan due in Spring. 14 3 Proportion of UK population over 6
Slide 6: Digitalisation – Driving Demand for Automated Warehouses
DIGITALISATION – DRIVING DEMAND FOR AUTOMATED WAREHOUSES E- commerce penetration increasing. Online sales represents 27.0% 1 of retail sales in the UK. E- commerce requires more than 3x the logistics space of brick - and - mortar sales 2. E- commerce Penetration Online sales as % of total retail sal
Slide 7: Generation Rent – Demand Supply Imbalance
Annual Private Rent Inflation (%) 0 6 9 5 4 8 3 2 7 10 1 1Source: ONS, Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Price Index of Private Rents (PIPR) Mar-17 May-17 Jul-17 Sep-17 Nov-17 as of December 2024. Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Growing demand and shrinking supply of rental
Slide 8: Thematic Real Asset Champions
THEMATIC REAL ASSET CHAMPIONS UK listed companies championing the real assets universe . Market Cap – £1.2bn Market Cap – £9.6bn Market Cap – £4.2bn Market Cap – £2.2bn IPO Date – January 2015 IPO Date – December 1949 IPO Date – April 2000 IPO Date – August 1984 Market Cap – £0.3bn Market Cap – £3.6
Slide 9: Introduction to the Fund
INTRODUCTION TO THE FUND Gravis
Slide 10: Fund Overview and Objectives
FUND OVERVIEW AND OBJECTIVES Objectives Limits within which the Fund is managed Deliver real estate like returns with daily liquidity. Minimum of 16 holdings – currently 22*. Maximum holding 9.5%. Achieve capital appreciation over market cycles 1. No shorting of stock, stock lending or leverage at a
Slide 11: Investment Philosophy
INVESTMENT PHILOSOPHY Investment Management Portfolio construction Attractive valuation Fund Price construction awareness Ensure diversification Seek opportunities to Growing dividends across the UK listed minimise entry price infrastructure sector Inflation hedging Risk management Mitigate risk by
Slide 12: Building a Diversified Portfolio
BUILDING A DIVERSIFIED PORTFOLIO The Fund invests in multiple REITs, which own or invest in a diversified pool of properties. TM GRAVIS UK LISTED PROPERTY (PAIF) FUND Portfolio of REITs & REOCs Primary Health Impact Healthcare Segro Derwent London Unite Group Tritax Big Box Safestore Properties 126
Slide 13: Embedded Rent Growth
EMBEDDED RENT GROWTH Rent reversion can be viewed as embedded growth and helps to offset any outwards shift in valuation yields. Meaningful rent reversion for ‘urbanisation’ and ‘digitalisation’. 60% 57% 50% 45% 40% Rent Reversion 30% 28% 27% 20% 16% 12% 10% 0% These indicators are not necessarily a
Slide 14: Strong & Stable Balance Sheets
STRONG & STABLE BALANCE SHEETS Growing Rents Hybrid , 2% c.30 % inflation - linked or fixed uplifts. 7.5 years – weighted average unexpired lease term (WAULT). CPI/RPI , 30% Open Market , 58% Fixed Uplifts , 4% Fixed Rate Debt Av. Cost of Loan to Value Av. Debt Maturity % Fixed or capped 90% Fixed R
Slide 15: Managing Climate Risk
MANAGING CLIMATE RISK Government Minimum Energy Efficiency Standards require non - domestic properties to have a minimum EPC rating of B by 2030, with an interim target of EPC C by 2027. The EPC rating of GULP’s underlying assets have improved through time (2019 to 2024) 1 EPC A-B EPC C-G 2024 59% 4
Slide 16: Current Positioning
CURRENT POSITIONING Gravis
Slide 17: Portfolio Exposure and Top Holdings
PORTFOLIO EXPOSURE AND TOP 10 HOLDINGS Portfolio as at 31 October 2025. Company Holding Sector Breakdown Multi-Theme 24.4% SEGRO PLC 7.87% Housing & Accom 20.2% Primary Health Properties PLC 7.74% Industrial & Logistics 15.5% Tritax Big Box REIT PLC 7.64% Healthcare 14.6% Self storage 9.3% Grainger
Slide 18: Reliable Distributions
RELIABLE DISTRIBUTIONS Quarterly since inception to 30 June 2025. Q1 2019 0.1556p Q2 2020 3.0501p Q3 Q4 2021 3.5129p 2022 3.7404p 2023 4.0175p 2024 3.8321p 2025 3.0240p - 1.0000 2.0000 3.0000 4.0000 5.0000 Past performance is not necessarily a guide to future performance . The Fund launched on 31 Oc
Slide 19: Dependable Distributions
DEPENDABLE DISTRIBUTIONS Driven by strong underlying investments, the Fund has paid 23 distributions since inception. REITs offer attractive c.5% dividend yields with growth potential. In contrast, c.1.3% yields on indexed - linked gilts. Years of Consecutive Dividend per Share Company Growth Divide
Slide 20: Performance Since Launch
PERFORMANCE SINCE LAUNCH Performance from 31 October 2019 to 30 September 2025. 140 TM Gravis UK Listed Property (PAIF) Fund TR 130 UK IMI Core Real Estate TR 120 110 100 90 80 70 60 Oct 19 Oct 20 Oct 21 Oct 22 Oct 23 Oct 24 Oct 25 Returns Annualised Since 5 3 12 3 1 YTD Since Volatility Yield Incep
Slide 21: Appendix
APPENDIX Gravis
Slide 22: Fund Investment Team
FUND INVESTMENT TEAM Matthew Norris, CFA – Director of Real Shayan Ratnasingam – Senior Research James Peel, CFA – Senior Research Estate Securities & Fund Manager Analyst Analyst Matthew is the lead manager to the TM Shayan is a senior research analyst at James is a senior research analyst at Gravi
Slide 23: Distribution Team
Distribution team Cameron Gardner – Director, Jason Anderson – Head of Jonathan Feely – Sales Director, Ollie Matthews – Sales Director, Head of Distribution London Sales North & Midlands South & Channel Islands Cameron is a Director at Gravis and Jason is Head of London Sales for Jonathan is a Sale
Slide 24: Key Terms
KEY TERMS Fund Size* £134.02 m Yield (A Inc GBP)* 4.73 % Share Classes Income & Accumulation / GBP, USD & EURO Minimum Investment £100 Capped fund operating charges** 0.70% Launch Date 31/10/2019 Launch Price (31/10/2019) £1 Valuation and trading Daily 12pm Investment Association Sector Property Oth
Slide 25: Platforms and Wrappers
PLATFORMS AND WRAPPERS Available on the following platforms Suitable for 7IM Nucleus Directors Aegon Old Mutual SIPPs AJ Bell Quilter ISAs Allfunds Pershing Charities Ascentric Raymond James Companies Aviva Sanlam Offshore Bonds Barclays SEI CoFunds Standard Life - Elevate Fidelity Funds Network Sta
Slide 26: Important Notice
IMPORTANT NOTICE Warning This presentation is issued by Gravis Advisory Limited (“GAL” or the “Firm”)), which is authorised and regulated by the Finan cia l Conduct Authority. GAL’s registered office address is 24 Savile Row, London, United Kingdom, W1S 2ES. The company is registered in England and
Slide 27: Contact Information
CONTACT INFORMATION Cameron Gardner - Director, Head of Distribution Jason Anderson - Head of London Sales cameron.gardner@graviscapital.com jason.anderson@graviscapital.com 020 3405 8555 020 3405 8527 Jonathan Feely - Sales Director, North & Midlands Ollie Matthews - Sales Director, South & Channel
Slide 28: Investment Ideas for the Long Run
INVESTMENT IDEAS FOR THE LONG RUN
TM Gravis UK Listed Property (PAIF) Fund — Investor Presentation (November 2025) on 6ix