Managed Portfolio Service (MPS)

Progressive Portfolio Fact Sheet - Income

Fourth Quarter 2025

This fact sheet provides an overview of the investment portfolio which is professionally managed by Redmayne Bentley. It is designed to give investors a clear summary of the portfolio’s key details, performance, and strategy.

Investment Objective

The Progressive Portfolio will seek, over the long term, to generate strong returns and is therefore likely to reflect the majority of the fluctuation in value of equity markets. A significant proportion of the investments is likely to be held in volatile asset classes, such as equities, in order to have the potential to achieve higher returns. The extent of equity exposure could be up to 90% of the portfolio dependant on the investment manager’s discretion. The opportunity to generate higher returns comes at the expense of greater risk to capital and the portfolio is likely to experience reasonably high levels of volatility.

Key Portfolio Information

Holdings:

Go to holdings

Yield Target:

4 - 4.5%

Management Fee:

0.75% per annum

Volatility Target:

60 - 80% (per annum) of global equities

Cumulative Performance Overview

Key Highlights:

Cumulative Growth: 46.58% since inception
Benchmark Comparison: 30.61% (ARC Sterling Steady Growth Index)

The model was launched 31/12/2024 with performance figures prior to this date simulated based on portfolio weights at the time of launch. It should be noted that simulated past performance is not a reliable indicator of future performance.

Performance is calculated net of our management fees. The performance below accounts for the Redmayne Bentley fee of 0.75% per annum.

Discrete Quarters:

Quarter	RB MPS	ARC Steady Growth
Q1 2025	-1.51%	-1.63%
Q2 2025	5.51%	3.31%
Q3 2025	3.74%	4.89%
Q4 2025	3.94%	2.39%

Cumulative Performance:

Key:

Portfolio

Benchmark

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Market Commentary

Sector Performance:

Fourth quarter performance was positive at +3.9%, supported by performance in domestic equities. Over the period, the portfolio outperformed its benchmark (+2.4%) due to an overweight allocation to UK equities.

Top performers included Schroder Japan Trust (+9.8%), JP Morgan Global Emerging Market Income (+9.6%) and Merchants Trust (+7.8%). Additionally, The North American Income Trust (+5.7%) and BlackRock Continental European Income (+5.2%) supported performance with exposure to the US and Europe, respectively.

Fixed income holdings also performed well, with all funds generating positive returns. The focus remained on short-to-medium term maturities, which offered an attractive risk/return profile in the current market environment given their limited interest rate sensitivity. The top performing fixed income allocation was PIMCO GIS Income (+2.3%). Gresham House UK Multi Cap Income detracted from performance during the period.

Market Trends:

Markets defied trade and geopolitical uncertainty in 2025 to deliver positive returns across regions. Despite elevated US tech valuations, earnings growth remains strong, though a rising reliance on debt-funded capex adds to bubble speculation.

Expected US interest rate cuts should support broader economic growth but weaken the dollar, benefitting emerging markets and commodities.

In Europe, monetary easing has ended as fiscal policy now becomes the focus, with German stimulus contrasting with French debt concerns. In the UK, fiscal pressure has eased after the November Budget, supporting lower bond yields while economic growth should be stimulated by expected rate cuts. However, the local elections in May are predicted to be difficult for the Labour government, which may have negative implications for fiscal discipline.

Portfolio Changes:

The UK sleeve was rebalanced through the sale of Gresham House UK Multi Cap Income and the addition of the Vanguard FTSE All Share Tracker. JP Morgan UK Small Cap Growth & Income Trust was introduced (+2.0%), funded by a reduction in global equity exposure.

Gravis UK Infrastructure Income was exited, and Sequoia Economic Infrastructure was trimmed to 2.5%, in light of the yield opportunities in fixed income and weakening sector sentiment. Premier Miton Strategic Monthly Income was reduced to 2.0%. Proceeds were reallocated to fixed income Aegon High Yield Bond (+4.0%) and PIMCO GIS Income (+2.5%). High yield exposure was added to preserve portfolio income, with improving market quality being supportive of tighter credit spreads.

Finally, the disposal of private equity holdings and a reduction in Atlantic House Defined Returns (-2.25%) funded the addition of Japanese equity exposure (+5.0%) via Schroder Japan Trust and an increase in emerging market equities (+1.25%).

Our Holdings

All holdings in the MPS Progressive Portfolio are carefully selected to align with its investment objectives. Values may not add up to 100% due to rounding.

Asset Allocation

	Equities	73.75%
	Fixed Interest	15.00%
	Alternatives	5.25%
	Property	5.00%
	Cash	1.00%

Geographic Breakdown

	Global	29.75%
	UK	28.00%
	North America	21.00%
	Europe	6.50%
	Asia Pacific	5.00%
	Japan	5.00%
	Emerging Markets	3.75%

Top Ten Holdings

Top Ten Holdings	Target Portfolio Weight
Vanguard FTSE All-Share	7.50%
HSBC American Index	7.00%
The North American Income Trust	7.00%
Schroder US Equity Income Maximiser	7.00%
BlackRock Continental European Income	6.50%
JP Morgan Asia Growth & Income	5.00%
Schroder Japan Trust	5.00%
Gravis UK Listed Property	5.00%
Edinburgh Investment Trust	4.75%
Merchants Trust	4.75%

Risks

Investments and income arising from them can fall in value and you may get back less than you originally invested.
Past performance is not a reliable indicator of future results.

Contact Us

For more information, please contact our support team at mps@redmayne.co.uk

Key Features & Benefits

Maintain Stability:

Designed to monitor volatility while providing steady growth.

Diversification:

Exposure to multiple asset classes to manage risk.

Active Management:

Regular rebalancing to maintain portfolio stability.

Frequently asked questions

Who are ARC?

Asset Risk Consultants (ARC) are an independent financial consultant founded on the principle that improving the transparency of performance data would lead to better decision making.

What is a Benchmark?

A benchmark is a standard or point of reference against which the performance of an investment or financial instrument can be measured. It helps in evaluating performance.

ARC produce four benchmark indices composed of actual portfolio performance figures submitted by contributing discretionary investment management firms. The benchmarks cover four risk categories of Cautious, Balanced, Steady Growth, and Equity Risk, where the level of risk is assessed by the volatility of returns relative to those of global equities. Cautious risk portfolios are expected to show up to 40% of the volatility of world equities, Balanced between 40% and 60%, Steady Growth between 60% and 80%, and Equity Risk between 80% and 110% of world equities.

What is the ARC Sterling Steady Growth Index?

The ARC Sterling Steady Growth PCI is an average of the average performance of each contributing investment management firm, where the historic risk profile has been in the range of 60-80% of that experienced by world equity markets.

Terminology Explained

MPS - Our Managed Portfolio Service (MPS) is digital discretionary service, ideal for hands-off investors with £20k-£100k to invest. We manage your investments for you and in order to recommend one of our risk strategies (further information below) we collect details of your investing goals and attitude to risk.
Holdings - Holdings refer to the individual assets or securities that are included in the portfolio.
Yield Target - Yield target represents the level of income expected to be generated as a percentage of the overall portfolio value.
Volatility Target - A volatility target in investing refers to a specific level of annual volatility that a portfolio aims to achieve. Volatility refers to the degree of fluctuation in the price of an asset over a specific period.