Managed Portfolio Service (MPS)

Progressive Portfolio Fact Sheet

Third 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

Return Target:

Bank of England (BoE) Inflation Target + 5% (per annum)

Management Fee:

0.75% per annum

Volatility Target:

60 - 80% (per annum) of global equities

Cumulative Performance Overview

Key Highlights:

Cumulative Growth: 34.83% since inception (date of inception 31/05/2019)
Benchmark Comparison: 36.69% (ARC Sterling Steady Growth Index)

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
Q4 2024	2.58%	1.14%
Q1 2025	-3.85%	-1.63%
Q2 2025	6.59%	3.31%
Q3 2025	4.14%	5.07%

Cumulative Performance:

Key:

Portfolio

Benchmark

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Market Commentary

Sector Performance:

Third quarter performance was positive for the portfolio at +4.1%, driven by international equities, particularly those in North America. However, the fund underperformed its benchmark (+5.1%) due to an underweight allocation to US equities, where valuations remain stretched.

The top performers included Allianz Technology Trust (+17.5%), JP Morgan Global Emerging Markets Trust (+11.2%) and CT American Smaller Companies (+10.3%).

Fixed-Income holdings also performed well, with all funds generating positive returns. The focus remained on shorter term maturities, which offered an attractive risk/reward profile in the current market environment. The top performing fixed income allocation was PIMCO GIS Income (+2.5%).

On the downside, notable detractors included Gravis UK Listed Property (-6.7%) and Gravis UK Infrastructure Income (-3.5%), both of which continue to face headwinds in a higher interest rate environment. Hg Capital Trust (-2.7%) underperformed during the period as its discount to Net Asset Value (NAV) widened.

Market Trends:

Political uncertainty is the theme of Q4.

In the US, the onset of a government shutdown, halting all but essential government spending, appears to have left markets unfazed, with equities continuing their upward trajectory.

Despite concerns around labour market weakness, and the delayed publication of employment data doing little to dent investor confidence, a more pressing issue lies in the potential fallout from spending cuts proposed by the current administration.

Domestically, attention turns to the upcoming November budget. The Chancellor, Rachel Reeves, needs to plug a sizeable shortfall in day-to-day public spending to remain compliant with her fiscal rules. Tax rises are all but inevitable, yet questions on the subject remain unanswered. At the recent Labour party conference, the Chancellor signalled a shift in tone, preparing the electorate for potentially manifesto-breaking tax rises, as she stated, “the world has changed”.

Meanwhile, political gridlock in France is straining already stretched public finances. The resignation of Prime Minister Sebastien Lecornu, only 26 days after taking office, underscores the troubles inside the Fifth Republic. Questions surrounding Macron’s presidency are gaining traction, and bond markets are pricing in further uncertainty, with yields on French government debt climbing amid rising uncertainty.

Portfolio Changes:

No changes were made in the quarter, but the portfolio was rebalanced later in the period to realign holdings to their target weightings.

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	75.00%
	Alternatives	10.50%
	Fixed Interest	10.00%
	Property	3.50%
	Cash	1.00%

Geographic Breakdown

	UK	29.00%
	North America	25.00%
	Global	23.50%
	Europe	9.00%
	Asia Pacific	5.00%
	Japan	5.00%
	Emerging Markets	2.50%

Top Ten Holdings

Top Ten Holdings	Target Portfolio Weight
Dodge & Cox US Stock Fund	7.00%
JP Morgan American Investment Trust	7.00%
HSBC American Index Fund	7.00%
Liontrust European Dynamic	6.50%
Artemis UK Select	6.00%
Edinburgh Investment Trust	6.00%
Gresham House UK Multi Cap Income	5.50%
Pacific Assets Trust	5.00%
Comgest Growth Japan	5.00%
Guinness Global Equity Income	5.00%

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.
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.