open/document-extraction
View Schema
Added by Kamaji
Added: 2026-10-23 22:50
Edited: 2026-10-23 22:50
Views:
8
Model:
dorsalhub/pdf-extractor
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026
RATHBONE GREENBANK
MULTI-ASSET PORTFOLIO
Rathbone Greenbank Total Return Portfolio
Rathbone Greenbank Defensive Growth Portfolio
Rathbone Greenbank Strategic Growth Portfolio
Rathbone Greenbank Dynamic Growth Portfolio
Page 2
CONTENTS
DIRECTORY 2
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO
INVESTMENT OBJECTIVE AND POLICY 3
INVESTMENT REPORT 5
NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES 8
RISK AND REWARD PROFILE 10
DISCRETE ANNUAL PERFORMANCE 11
PORTFOLIO AND NET OTHER ASSETS 12
SUMMARY OF PORTFOLIO INVESTMENTS 17
FINANCIAL STATEMENTS 20
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO
INVESTMENT OBJECTIVE AND POLICY 34
INVESTMENT REPORT 38
NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES 39
RISK AND REWARD PROFILE 41
DISCRETE ANNUAL PERFORMANCE 42
PORTFOLIO AND NET OTHER ASSETS 43
SUMMARY OF PORTFOLIO INVESTMENTS 49
FINANCIAL STATEMENTS 52
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO
INVESTMENT OBJECTIVE AND POLICY 67
INVESTMENT REPORT 69
NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES 72
RISK AND REWARD PROFILE 74
DISCRETE ANNUAL PERFORMANCE 75
PORTFOLIO AND NET OTHER ASSETS 76
SUMMARY OF PORTFOLIO INVESTMENTS 81
FINANCIAL STATEMENTS 84
RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
Page 3
CONTENTS (continued)
RATHBONE GREENBANK DYNAMIC GROWTH PORTFOLIO
INVESTMENT OBJECTIVE AND POLICY 99
INVESTMENT REPORT 101
NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES 104
RISK AND REWARD PROFILE 106
DISCRETE ANNUAL PERFORMANCE 106
PORTFOLIO AND NET OTHER ASSETS 108
SUMMARY OF PORTFOLIO INVESTMENTS 113
FINANCIAL STATEMENTS 116
DIRECTORS’ STATEMENT 131
STATEMENT OF THE ACD’S RESPONSIBILITIES 132
STATEMENT OF THE DEPOSITARY’S RESPONSIBILITIES 133
INDEPENDENT AUDITOR’S REPORT 134
GENERAL INFORMATION 137
RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
Page 4
2 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK MULTI-ASSET PORTFOLIO
AUTHORISED CORPORATE DIRECTOR (ACD)
Rathbones Asset Management Limited 30 Gresham Street London EC2V 7QN Telephone 020 7399 0399 A member of the Rathbones Group Authorised and regulated by the Financial Conduct Authority and member of The Investment Association
THE COMPANY
Rathbone Greenbank Multi-Asset Portfolio 30 Gresham Street London EC2V 7QN
DEALING OFFICE
SS&C Financial Services Europe Limited SS&C House St Nicholas Lane Basildon Essex SS15 5FS Telephone 0330 123 3810 Facsimile 0330 123 3812
INDEPENDENT AUDITOR
Deloitte LLP Statutory Auditor 110 Queen Street Glasgow G1 3BX
DIRECTORS OF THE ACD
T Carroll — Chief Investment Officer and Chief Executive Officer JA Rogers — Chief Distribution Officer and Chair of the Board (resigned 30 June 2025) J Lowe — Non-Executive Director J Ide — Non-Executive Director
ADMINISTRATOR
HSBC Securities Services 1-2 Lochside Way Edinburgh Park Edinburgh EH12 9DT Authorised and regulated by the Financial Conduct Authority
REGISTRAR
SS&C Financial Services International Limited SS&C House St Nicholas Lane Basildon Essex SS15 5FS Telephone 0330 123 3810 Facsimile 0330 123 3812 Authorised and regulated by the Financial Conduct Authority
DEPOSITARY
NatWest Trustee and Depositary Services Limited 250 Bishopsgate London EC2M 4AA Authorised and regulated by the Financial Conduct Authority
Page 5
3 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO INVESTMENT OBJECTIVE AND POLICY
INVESTMENT OBJECTIVE
The objective of the fund is to deliver a greater total return than the Bank of England’s Base Rate + 2%, after fees, over any three-year period. The fund seeks a level of volatility that is one-third of the volatility of the FTSE Developed stock market Index (or up to 20% above or below this level).
There is no guarantee that this investment objective will be achieved over three years, or any other time period. Your capital is at risk.
We aim to deliver this return with one-third of the volatility of the FTSE Developed stock market Index. We refer to the amount of volatility risk our fund seeks to take because we want our investors to understand the risk they are taking in terms of the global stock market.
NON-FINANCIAL OBJECTIVE
The fund aims to promote positive environmental and/or social outcomes alongside its financial return objectives. The fund invests in and actively engages with a portfolio of assets that either contribute to, or have the potential to contribute to, at least one of the fund’s non-financial goals set out below for a more sustainable world by meeting our sustainability approach below.
The fund’s non-financial goals are set out below. To us, a more sustainable world is one with:
Decent work: a utilised and productive workforce with decent work, paid fairly, where workers of all backgrounds are represented, with safe and secure working environments.
Energy and climate: a reduced level of greenhouse gas emissions that is consistent with the goals of the Paris Agreement on climate change.
Habitats and ecosystems: conserved and sustainable natural systems, where ecosystems and biodiversity are promoted, and negative human impact is mitigated.
Health and wellbeing: improved physical and mental health outcomes, reducing avoidable deaths, injuries and illnesses.
Inclusive economies: an equitable economy in which there is expanded opportunity for shared prosperity.
Innovation and infrastructure: the delivery of physical and/or technological infrastructure that facilitates the delivery of other non-financial goals.
Resilient institutions: well-functioning institutions that protect the rule of law and fundamental rights.
Resource efficiency: a circular economy that supports sustainable levels of consumption, reduces strain on natural resources and reduces GHG emissions, water and energy use.
The portfolio consists of assets whose contribution, or potential contribution, towards the fund’s non financial goals is mixed:
(a) 100% of the assets meet our exclusionary criteria (avoiding negative impacts) and positive criteria (seeking positive impacts).
(b) 50-90% of the assets meet a higher threshold of positive sustainability alignment with at least one, or more, non-financial goals determined using an analytical framework that is based on the work of the Impact Frontiers.
(c) 5-40% of the assets have the potential to meet a higher threshold of positive alignment with non financial goals over time, with our engagement and stewardship activity supporting progress towards this.
(d) While the proportions in (b) and (c) will differ from time to time, at least 70% of the assets meet a combination of these at all times.
Page 6
4 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO INVESTMENT OBJECTIVE AND POLICY (continued)
SUSTAINABILITY CRITERIA
Our sustainability criteria can be found on our website rathbonesam.com or by following this link .
INVESTMENT POLICY
To meet the total return objective, the fund manager will invest globally in government and corporate bonds with no restriction on their credit quality, equities, collective investment schemes and structured products.
Up to 10% of the fund can be invested directly in contingent convertible bonds.
In normal market conditions, we expect the fund to hold up to 20% in structured products. Structured products may constitute a greater proportion of the portfolio in times of market irregularities or stress.
Derivatives may be used by the fund for the purpose of efficient portfolio management and hedging. The fund manager defines restrictions on how much of the fund can be invested in different types of assets based on the LED Framework. The restrictions are set at the discretion of the fund manager and will change over time. The restrictions are reviewed annually and in response to market events. Further details in relation to the current restrictions may be obtained by contacting Rathbones Asset Management.
The fund manager may use all investment powers as permitted by the prospectus, outside the ranges described above, to ensure the fund is managed in the best interest of investors in times of market irregularities or stress.
The fund may invest at the fund manager’s discretion in other transferable securities, money market instruments, warrants, cash and near cash and deposits and units in collective investment schemes. Use may be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted by the FCA rules. Other than investments in collective investment schemes, we do not apply our wider sustainability approach to these investments but we will ensure that they do not conflict with the non ‑ financial objective.
When we invest in collective investment schemes, the underlying long credit or equity exposure must meet the same criteria as any other holding in our funds. Therefore, we will only access collective investment schemes if we can view all of the underlying holdings to ensure that they meet our criteria. In practice this means we are unlikely to have significant exposure to collective investment schemes.
We actively manage our fund which means we can choose what we invest in as long as it is in line with the investment objective and policy. Because of this, the fund’s performance can diverge significantly from its benchmark.
BENCHMARKING
TARGET BENCHMARK
The investment objective refers to the Bank of England’s Base Rate +2% which is a target benchmark that the fund seeks to outperform. This helps us to articulate an expected level of return depending on the UK inflationary environment.
Page 7
5 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
PERFORMANCE
In the year ended 30 June 2026, the Rathbone Greenbank Total Return Portfolio S-Class gained 5.1%. For the same period the fund’s objective, the Bank of England Base Rate + 2%, returned 6.1%. The portfolio’s three-year volatility as a percentage of the FTSE Developed global stock market index was 43%, compared with a target of 33%.
MARKET OVERVIEW
For all the policy and political upheaval of the past 12 months, the year to 30 June 2026 delivered a steady march higher for global stock markets. Government bonds were a bumpier ride, however, with 10-year yields rising by roughly a quarter of a percentage point. Despite that, greater income from higher starting yields offset the price falls for UK government bonds.
A remarkable avalanche of news, threats and deals thundered throughout the year, and we see little reason for it to let up. It can be hard to stay tethered to the real economy when faced with blaring headlines every morning. One habit we try to keep is a daily reminder that the truth tends to fall closer to the mean than angry commentators and touting politicians would have you believe.
As 2025 drew to a close, the recession that half of economists had pencilled in for America simply hadn’t shown up. President Donald Trump’s second term has been at once chaotic and purposeful, and — ultimately — stocks loved it. Whether that’s because of Trump, in spite of him, or a bit of both is hard to unpick. Looking through the noise, his administration made headway on cheaper homegrown energy, deregulation, tax cuts and a flood of AI and chip investment, even if a stubbornly high deficit remains a chink in the armour. The Federal Reserve, for its part, trimmed its benchmark rate from 4.00–4.25% to 3.50–3.75% in the first six months before pausing.
Then geopolitics reasserted itself. The missile and drone war between the US, Israel and Iran has throttled the movement of oil and gas through the Strait of Hormuz since late February. It’s a stark reminder that, for all our progress on renewables,
the world still runs on oil and gas. Remarkably, the oil crisis largely wasn’t. Brent now trades lower than before the fighting began, even with Hormuz barely open. A record 400-million-barrel release of emergency reserves, quiet stockpile draws — not least from China, which cut its crude imports sharply — and genuine demand destruction did the heavy lifting. A more electrified, more diverse energy mix also meant the shock hurt far less than the oil crises of old.
AI, meanwhile, proved to be both the market’s great engine and its great disruptor — a snake eating its own tail. The capital-light software companies that dominated for a generation were rattled as AI turned their economics on their head, and the software industry suffered one of its worst-ever falls against the broader market. Yet the picks-and-shovels of the build-out went the other way: the world’s semiconductor giants added some $2 trillion of market value in the second quarter of 2026 alone, amid a genuine, physical shortage of chips.
Fixed income had a wild year, yet held up better than the headlines implied. Higher energy prices stoked inflation fears and sent government bond yields lurching — the UK and Europe more than the US — before ceasefire hopes pulled them back. Crucially, with yields starting near 4% rather than the 1% of 2022, bondholders had a far thicker cushion this time, and income did much of the offsetting. Investment-grade bonds did very well as their spreads tightened noticeably. Private debt was the exception, as too much money chasing too few assets finally began to turn as investors worried about heavily indebted software businesses defaulting.
The final twist came from the US Federal Reserve’s (Fed) new chair, Kevin Warsh. Having spent a year urging rate cuts, he opened his tenure sounding distinctly hawkish, nudging up the rate outlook and railing against forward guidance and quantitative easing. We suspect this is more about the moment than the man, and that a quieter, less-vocal Fed may yet prove more dovish than first impressions suggest.
Through it all, our approach stays constant: look through the noise, stay diversified, and keep one eye firmly on the real economy.
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
Page 8
6 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
PORTFOLIO ACTIVITY
Our fund invests directly in stocks and bonds, yet our largest single trades are often structured products. This is because, unlike stocks, structured products aren’t perpetual instruments — i.e. they have a finite life. Structured products regularly roll over, usually between one and three years. Not only that, they tend to be less volatile than equities, so they are often larger than our individual stock holdings. For these reasons, they often appear in our largest trades. We report here on the five largest buys and sells, which can make it appear like our portfolio is dominated by structured products, when in fact they tend to only make up between 5%-15% of our funds.
Over the past year or so, we’ve bought different structured products to boost our diversification. These products are contract-based investments with banks that pay specified returns if certain events happen or market measures hit certain targets. But if the opposite happens, we lose the return and sometimes a portion of our capital. It all depends on the product.
We rolled over a structured product that’s linked to US interest rates. The Societe Generale VRR Index Structured Product, which makes money if the volatility of US Treasury yields increases. So if yields rise rapidly because of an inflation scare or if they slump because of GDP growth concerns we make a return. Any increase in the size or frequency of moves in US treasury yields is good for this investment. However, if yields just amble along with little movement, we will lose money. And we would actually prefer the latter: if yields shoot up or down stocks are likely to be falling because of the fears driving the move. Whereas benign yields should be great for our stocks. Long story short, we view this product as an insurance policy for wobbly markets.
Another structured product was the JP Morgan 4.5% Dispersion Note 2026. This one pays us a quarterly coupon amounting to 4.5% each year, as well as a return based on the ‘dispersion’, or volatility of a basket of stocks relative to the volatility of the S&P 500 stock market index. By volatility, we mean that the prices of underlying stocks within the index move up and down more than the price of the index itself. This structured product repays our capital and then some if the difference in volatility between the basket and the index widens between when we bought it and its maturity. If the volatility difference
decreases over the period, we will lose money. This was rolled into the JP Morgan EIB-Backed Orbital Dispersion product during the period. This is a similar investment, with the slight difference that it pays a total return (no coupon) and has a more dynamic approach to how it balances hedging between the index and the basket.
The price of gold has soared in recent years, and it accelerated in 2025 and early 2026. Over the year ended 30 June 2026, gold rose 26% in sterling (at one point it was up 66%). In August we set up a way to get exposure to the gold price to capture its diversification benefits, but with some downside protection. We bought the Goldman Sachs 15% Callable Responsibly Sourced Gold 2030 structured product. This is a contract with an investment bank that gives us the return of gold but with complete capital protection if gold falls over its five-year life. The trade-off is that the issuer can redeem it at any point and pay us a 15% coupon for each year that has elapsed. Effectively, this caps our potential annual return at 15%. We included this trade-off of capital protection for capped upside because we were aware that the price was very high compared with its history.
We took advantage of swings in the yield of UK government bonds, buying the UK Government 4% 2031 and 0.625% 2035 at times when the yield rose (and bond prices fell) and selling the very long dated 1.5% 2053 when the yield dropped back (and prices rose). We also bought the UK T-Bill November 2025 as part of our cash holding.
In January, we sold our Portuguese Government 1.65% 2032 bonds, which had done us well since we bought them back in late 2024. The risk of political backsliding that could undo the good work on fiscal retrenchment had risen. Our return had been boosted as we were paid handsomely to hedge the euro; however, it had become less attractive to lock in that exchange rate ahead of time, reducing our potential return. We felt we had better opportunities elsewhere.
Having bought the Australian Government 2.75% 2028 bonds in March, we ended up selling them in April — much quicker than expected. We hadn’t locked in an exchange rate back to sterling, retaining exposure to fluctuations in the Aussie dollar. A rapid appreciation in the currency resulted in a rise in the bond’s value, leading us to take profits.
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
(continued)
Page 9
7 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
INVESTMENT OUTLOOK
It’s been a remarkable year. And we’re only halfway through.
Markets and the global economy have adapted remarkably well to the energy shock sparked by the Iran war. The resilience and flexibility of the global economy helped contain what could have been a nightmare scenario. Thankfully the fighting appears to have now cooled, and the parties are working on a long-term solution to bury the hatchet.
We’re confident that final terms will be agreed under the Islamabad Memorandum and a new normal will be reached that unequivocally reopens the Strait of Hormuz. If that comes to pass, we think it would make inflation recede once again, opening the door to US rate cuts in 2027.
The US economy is slowing slightly, but it still looks very strong indeed. Contrast that with the other side of the Atlantic, where the story is almost inverted. The European Central Bank raised its interest rate by 0.25 of a percentage point to 2.25% in mid-June — its first hike since 2023. The ECB lifted its 2026 inflation forecast to 3.0%, while cutting its expectation of eurozone growth from 0.9% to just 0.8%.
Germany, which was supposed to be the engine of the recovery, has instead stalled: the BDI, a German industrial trade body, cut its 2026 growth forecast to 0.4%, from 1% in January, and the government has halved its own projection to 0.5%. Chancellor Friedrich Merz’s €500 billion “investment booster” was meant to be the tailwind Europe needed, but by the end of last year only €24 billion had actually been invested — bureaucracy, it turns out, is harder to reform than a spreadsheet.
While the US continues to forge ahead, we think the global economy is on a strong footing. We are optimistic about the rest of the year. There are risks, sure, but there are always risks. There are also opportunities. A massively powerful technology is being rolled out around the world, offering countless ways for people and businesses to experiment and find better ways of doing what they need to do. The modern world can be overwhelming and it’s often framed as a place where all roads lead to doom. But there’s a lot going for it too.
Are we investors because we’re optimists? Or optimists because we’re investors? It’s hard to know how the causality runs, but it’s a requirement of the job: You can’t invest in the future unless you think it can get better.
David Coombs and Will McIntosh-Whyte Fund Managers
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
(continued)
Page 10
8 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES
S-CLASS INCOME SHARES
30.06.26 pence per share
30.06.25 pence per share
30.06.24 pence per share
Change in net assets per share
Opening net asset value per share 95.56p 94.76p 92.32p
Return before operating charges* 5.33p 4.24p 5.48p Operating charges (0.58p) (0.63p) (0.61p)
Return after operating charges* 4.75p 3.61p 4.87p
Distributions on income shares (2.47p) (2.81p) (2.43p)
Closing net asset value per share 97.84p 95.56p 94.76p
*after direct transaction costs 1 of: 0.01p 0.03p 0.03p
1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.
PERFORMANCE
Return after charges 4.97% 3.81% 5.28%
OTHER INFORMATION
Closing net asset value £11,252,750 £13,848,087 £12,933,485 Closing number of shares 11,500,711 14,491,662 13,648,493 Operating charges** 0.65% 0.63% 0.65% Direct transaction costs 0.01% 0.03% 0.03%
PRICES***
Highest share price 99.70p 97.66p 96.32p Lowest share price 95.57p 91.54p 89.28p
** The Operating charges are represented by the Ongoing Charges Figure (OCF) which is calculated in line with the IA SORP.
*** These prices may have been calculated on a different basis to the opening/closing net asset value per share shown in the comparative table, this may result in the opening/closing net asset value per share being higher or lower than the published highest or lowest prices for the period.
Page 11
9 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES
(continued)
S-CLASS ACCUMULATION SHARES
30.06.26 pence per share
30.06.25 pence per share
30.06.24 pence per share
Change in net assets per share
Opening net asset value per share 104.22p 100.36p 95.28p
Return before operating charges* 5.88p 4.49p 5.72p Operating charges (0.63p) (0.63p) (0.64p)
Return after operating charges* 5.25p 3.86p 5.08p
Distributions on accumulation shares (2.72p) (3.00p) (2.54p) Retained distributions on accumulation shares 2.72p 3.00p 2.54p
Closing net asset value per share 109.47p 104.22p 100.36p
*after direct transaction costs 1 of: 0.02p 0.03p 0.03p
1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.
PERFORMANCE
Return after charges 5.04% 3.85% 5.33%
OTHER INFORMATION
Closing net asset value £29,950,184 £29,580,257 £23,726,097 Closing number of shares 27,360,199 28,383,305 23,641,918 Operating charges** 0.65% 0.63% 0.65% Direct transaction costs 0.01% 0.03% 0.03%
PRICES***
Highest share price 110.09p 104.63p 101.07p Lowest share price 104.30p 98.96p 92.65p
** The Operating charges are represented by the Ongoing Charges Figure (OCF) which is calculated in line with the IA SORP.
*** These prices may have been calculated on a different basis to the opening/closing net asset value per share shown in the comparative table, this may result in the opening/closing net asset value per share being higher or lower than the published highest or lowest prices for the period.
Page 12
10 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO RISK AND REWARD PROFILE
RISK AND REWARD PROFILE AS PUBLISHED IN THE FUND’S MOST RECENT KEY INVESTOR INFORMATION DOCUMENT
1 2 3 4 5 6 7
Lower potential risk/reward (Not risk-free)
Higher potential risk/reward
This indicator is a measure of the fund’s past volatility (the extent and rapidity of up-and-down movements of the value of an investment). It may not be a reliable indication of the fund’s future risk. The risk category shown is not a target or a guarantee and may change over time.
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO DISCRETE ANNUAL PERFORMANCE
QUARTER ENDING 30 JUNE 2026
2026 2025 2024 2023 2022
S-class shares 5.08% 3.68% 5.73% -0.66% -5.72%
Bank of England Base Rate +2% 6.10% 6.86% 7.30% 5.22% 2.41%
Source performance data Morningstar, mid to mid, net income reinvested, with the exception of the Bank of England data.
Past performance should not be seen as an indication of future performance.
The value of investments and the income from them may go down as well as up and you may not get back your original investment.
Page 13
11 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO PERFORMANCE OVER 3 YEARS
2026 2025 2024 2023 2022
Rathbone Greenbank Multi-Asset Total Return Portfolio S Acc
15.19% 8.90% -0.97% — —
Rathbone Greenbank Multi-Asset Total Return Portfolio S Inc
15.18% 8.88% -0.96% — —
Bank of England Base Rate +2% 22.13% 21.24% 16.05% 10.15% 7.27%
Rathbone Greenbank Multi-Asset Total Return Portfolio S Acc Volatility as % of FTSE Developed (£) [Target 33.33%]*
43.47% 48.52% 53.14% — —
Rathbone Greenbank Multi-Asset Total Return Portfolio S Inc Volatility as % of FTSE Developed (£) [Target 33.33%]*
43.56% 48.79% 53.31% — —
Volatility as a percentage of FTSE Developed (£) is calculated using monthly data. *or up to 20% above or below this level.
Source: Morningstar with the exception of the Bank of England data.
*Launch date: 29/03/2021
Page 14
12 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
Value Percentage (note 1e) of total net Holding £ assets
United Kingdom (30.06.25: 30.95%) 1,811 AstraZeneca 255,351 0.62 £200,000 British Telecom 5.75% 07/12/28* 204,779 0.50 £300,000 BUPA Finance 5% 08/12/26* 300,217 0.73 9,802 Compass 238,542 0.58 £100,000 Co-operative Bank 5.579% VRN 19/09/28* 100,949 0.25 6,799 GSK 134,654 0.33 3,688 Halma 145,086 0.35 193,998 HICL Infrastructure 256,077 0.62 £200,000 Just Group 6.875% 30/03/35* 203,886 0.49 £100,000 Land Securities Capital Markets 4.875% 15/09/34* 99,119 0.24 62,188 Legal and General 177,858 0.43 £200,000 Lloyds Bank 1.985% VRN 15/12/31* 198,807 0.48 27,960 National Grid 348,941 0.85 £100,000 Nationwide Building Society 6.178% VRN 17/12/27* 100,684 0.24 £300,000 NatWest 2.105% VRN 28/11/31* 298,744 0.73 £100,000 Pension Insurance 5.625% 20/09/30* 99,463 0.24 £147,000 Pension Insurance 6.875% 15/11/34* 150,980 0.37 £100,000 Principality Building Society 8.625% 12/07/28* 106,850 0.26 8,539 RELX 202,033 0.49 £200,000 Santander UK 2.421% VRN 17/01/29* 192,863 0.47 £200,000 Schroders 6.346% VRN 18/07/34* 205,851 0.50 10,552 SSE 256,941 0.62 £1,325,000 UK Treasury 0.375% 22/10/26* 1,311,657 3.18 £1,200,000 UK Treasury 0.625% 31/07/35* 840,708 2.04 £700,000 UK Treasury 0.75% 22/03/34* 1,180,622 2.87 £3,250,000 UK Treasury 0.875% 31/07/33* 2,536,593 6.16 £450,000 UK Treasury 1.625% 22/10/2028* 425,714 1.03 £1,500,000 UK Treasury 4% 22/10/31* 1,475,715 3.58 3,296 Unilever 149,210 0.36 Total United Kingdom 12,198,894 29.61
Australia (30.06.25: 2.63%) AUD500,000 Government of Australia 2.75% 21/06/35* 224,155 0.54 AUD2,900,000 New South Wales Treasury 2.5% 22/11/32* 1,314,371 3.19 Total Australia 1,538,526 3.73
Canada (30.06.25: 0.86%) 2,419 Shopify ‘A’ 208,137 0.51
Page 15
13 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
Value Percentage (note 1e) of total net Holding £ assets
Cayman Islands (30.06.25: 0.00%) 3,254 Amer Sports 82,990 0.20
Channel Islands (30.06.25: 0.43%) 4,827 Aptiv 223,339 0.54
Denmark (30.06.25: 0.90%) 1,179 DSV 211,750 0.51 4,175 Novonesis Novozymes 199,331 0.49 Total Denmark 411,081 1.00
Finland (30.06.25: 0.47%) 1,808 Konecranes 41,957 0.10 26,355 Sampo 208,362 0.51 Total Finland 250,319 0.61
France (30.06.25: 1.10%) 738 L’Oreal 243,893 0.59 1,086 Schneider Elte 266,847 0.65 Total France 510,740 1.24
Germany (30.06.25: 2.23%) 10,224 E On 158,966 0.38 3,536 Jungheinrich Preference 70,178 0.17 £450,000 KFW 0.875% 15/09/26* 447,213 1.08 €200,000 Muenchener Rueckversicherung 3.25% VRN 26/05/49* 171,488 0.42 1,130 SAP 130,239 0.32 424 Siemens Energy AG 60,615 0.15 Total Germany 1,038,699 2.52
Guernsey (30.06.25: 1.29%) 228,555 International Public Part 319,063 0.77 286,392 Renewables Infrastructure 208,780 0.51 Total Guernsey 527,843 1.28
Hong Kong (30.06.25: 0.64%) 41,590 AIA 285,302 0.69
Ireland (30.06.25: 1.09%) 654 Linde 255,648 0.62
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Page 16
14 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
Value Percentage (note 1e) of total net Holding £ assets
Jersey (30.06.25: 0.67%) 339,107 GCP Infrastructure Investment 264,164 0.64
Luxembourg (30.06.25: 0.49%) 2,102 Eurofins Scientific 124,140 0.30
Netherlands (30.06.25: 1.11%) 273 ASML 404,670 0.98 £100,000 Co-operatieve Rabobank 5.25% 14/09/27* 100,540 0.25 1,766 ING Groep NV 41,925 0.10 Total Netherlands 547,135 1.33
New Zealand (30.06.25: 1.87%) NZD950,000 New Zealand Government Bond 4.25% 15/05/34* 408,935 0.99 NZD1,200,000 New Zealand Government Bond 4.5% 15/05/35* 522,798 1.27 Total New Zealand 931,733 2.26
Norway (30.06.25: 0.74%) NOK2,800,000 Norway Government Bond 1.75% 17/02/27* 209,552 0.51 NOK1,500,000 Norway Government Bond 3% 15/08/33* 105,851 0.26 NOK6,000,000 Norway Government Bond 3.75% 12/06/35* 441,531 1.07 Total Norway 756,934 1.84
Singapore (30.06.25: 0.84%) 8,053 DBS 306,737 0.74 22,785 Keppel Corporation 145,199 0.35 76,237 Singapore Telecommunications 195,840 0.48 Total Singapore 647,776 1.57
Supranational (30.06.25: 8.48%) $870,000 Asian Development Bank 1.5% 04/03/31* 581,905 1.41 €1,000,000 EIB 2.625% 04/09/34* 839,564 2.04 €500,000 EIB 2.75% 16/01/34* 425,323 1.03 $1,350,000 EIB 4.125% 13/02/34* 1,003,593 2.44 $1,000,000 International Bank for Reconstruction and Development 0.875% 14/05/30* 665,146 1.61 Total Supranational 3,515,531 8.53
Sweden (30.06.25: 0.33%) 6,342 Assa Abloy ‘B’ 169,198 0.41
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Page 17
15 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
Value Percentage (note 1e) of total net Holding £ assets
Switzerland (30.06.25: 1.70%) 2,870 Alcon 146,365 0.35 363 Lonza 184,988 0.45 922 Roche 286,514 0.70 Total Switzerland 617,867 1.50
Taiwan (30.06.25: 0.61%) 1,272 Taiwan Semiconductor 456,712 1.11
United States (30.06.25:13.76%) 3,444 Abbott Laboratories 235,274 0.57 1,104 Advanced Drainage Systems 130,633 0.32 106 Advanced Micro Devices Com 46,334 0.11 £150,000 Alphabet Inc 4.625% 13/11/32* 147,684 0.36 640 Alphabet Inc Class A Com 172,174 0.42 1,389 American Tower 171,138 0.41 1,166 Amphenol Corp A Com 154,916 0.38 5,418 API Group Corp Com 172,796 0.42 80 Applied Mats Com 43,579 0.10 1,133 Arista Networks Inc 145,060 0.35 4,541 Boston Scientific 145,989 0.36 861 Cadence Design Systems 243,363 0.59 2,320 Colgate-Palmolive 160,167 0.39 434 Deere and Co. 207,280 0.50 831 Ecolab 174,364 0.42 402 Equinix REIT 315,721 0.77 861 First Republic Bank^ — — 5,110 GE HealthCare 246,327 0.60 6,408 Hannon Armstrong 188,728 0.46 422 Intel Com 44,351 0.11 299 Littelfuse 102,544 0.25 7,351 LKQ 145,774 0.35 625 Mastercard 241,773 0.59 39 Micron Tech Com 33,814 0.08 1,161 Microsoft 326,077 0.79 2,915 NVIDIA 438,727 1.06 2,014 Owens Corning 241,073 0.59 605 S&P Global 185,391 0.45 796 Stryker Com 188,869 0.46 716 Thermo Fisher Scientific 270,103 0.65 2,416 Trimble 93,090 0.23
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Page 18
16 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
Value Percentage (note 1e) of total net Holding £ assets
3,324 Veralto Corp 222,118 0.54 3,471 Verizon Communications 110,648 0.27 1,076 Visa ’A’ 277,729 0.67 1,633 Waste Management 274,088 0.67 Total United States 6,297,696 15.29
Structured Products # (30.06.25: 10.48%) 900,000 ICE IBA USD SOFR P-note 25/04/2035 (SG) 747,598 1.81 924,375 MLBV NOTES WTS 16/05/28 (MERRILL) 982,611 2.39 1,735,000 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 1,326,822 3.22 750,000 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 611,415 1.48 199,104 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 168,456 0.41 1,250,000 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 930,872 2.26 300,000 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 231,411 0.56 825,000 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 574,408 1.39 199,104 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 180,033 0.44 1,000,000 S&P 500 COMPOSITE WTS 05/12/25 (JPM + ) 753,438 1.83 Total Structured Products 6,507,064 15.79
Forward currency contracts (30.06.25: 0.17%) Buy £760,836, Sell AUD759,040 1,796 0.00 Buy £299,169, Sell CHF297,918 1,251 0.00 Buy £2,222,508, Sell €2,215,663 6,845 0.02 Buy £110,013, Sell €109,832 181 0.00 Buy £348,165, Sell NOK336,991 11,174 0.03 Buy £884,742, Sell NZD876,077 8,665 0.02 Buy £7,225,822, Sell $7,269,394 (43,572) (0.10) Total Forward currency contracts (13,660) (0.03)
Total value of investments (30.06.25: 85.80%) 38,353,808 93.09
Net other assets (30.06.25: 14.20%) 2,849,126 6.91 Total value of the Fund as at 30 June 2026 41,202,934 100.00
All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings.
# Structured Products are not listed on an official stock exchange * Debt Securities ^ Asset has been valued at zero by the ACD. The intrinsic value was zero post take over by JP Morgan in May 2023 + These securities are different with respect to type of instrument and hence disclosed separately
Country eliminated since the beginning of the year: Portugal 1.96%
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Page 19
17 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO SUMMARY OF PORTFOLIO INVESTMENTS
Percentage Value of total net £ assets
Equity Securities 14,216,554 34.51 Debt Securities 17,643,850 42.82 Structured Products 6,507,064 15.79 Forward currency contracts (13,660) (0.03) Total value of investments 38,353,808 93.09
Page 20
18 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO STATEMENT OF TOTAL RETURN FOR THE
YEAR ENDED 30 JUNE 2026
30.06.26 30.06.26 30.06.25 30.06.25 Note £ £ £ £
Income
Net capital gains 3 1,182,976 503,912
Revenue 4 1,285,195 1,432,079
Expenses 5 (241,409) (257,839)
Net revenue before taxation 1,043,786 1,174,240
Taxation 6 (155,819) (180,284)
Net revenue after taxation 887,967 993,956
Total return before distributions 2,070,943 1,497,868
Distributions 7 (1,084,263) (1,197,341)
Change in net assets attributable to shareholders from investment activities 986,680 300,527
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO
SHAREHOLDERS FOR THE YEAR ENDED 30 JUNE 2026
30.06.26 30.06.26 30.06.25 30.06.25 £ £ £ £
Opening net assets attributable to shareholders 43,428,344 36,659,582
Amounts receivable on issue of shares 7,402,097 13,791,938
Amounts payable on cancellation of shares (11,375,766) (8,146,091)
(3,973,669) 5,645,847
Change in net assets attributable to shareholders from investment activities (see Statement of total return above) 986,680 300,527
Retained distributions on accumulation shares 761,579 822,388
Closing net assets attributable to shareholders 41,202,934 43,428,344
Page 21
19 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO BALANCE SHEET AS AT 30 JUNE 2026
30.06.26 30.06.26 30.06.25 30.06.25 Note £ £ £ £
Assets
Fixed assets: Investments 38,397,380 37,289,807
Current assets: Debtors 8 348,758 770,608 Cash and bank balances 3,744,820 5,720,402
Total current assets 4,093,578 6,491,010
Total assets 42,490,958 43,780,817
Liabilities Investment liabilities (43,572 ) (27,061)
Creditors: Distribution payable on income shares (88,555) (121,730) Other creditors 9 (1,155,897) (203,682)
Total liabilities (1,288,024) (352,473)
Net assets attributable to shareholders 41,202,934 43,428,344
Page 22
20 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES
a) Basis of accounting The annual financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Statement of Recommended Practice (SORP) for Financial Statements of UK Authorised Funds issued by The Investment Association in May 2014, and as amended in June 2017.
As stated in the Statement of the ACD’s responsibilities in relation to the report and the financial statements of the fund on page 132, the ACD continues to adopt the going concern basis in the preparation of the financial statements of the fund.
b) Critical accounting judgements Significant judgment and estimation uncertainty were applied in the valuation of Level 3 assets. Note 1f provides more details on this.
c) Recognition of revenue All dividends on investments marked ex-dividend up to the accounting date are included in revenue inclusive of any tax deducted at source and net of attributable tax credits. Bank and other interest receivable is accrued up to the accounting date, and this forms part of the distribution.
d) Treatment of scrip and special dividends Any stock received in lieu of cash dividends is credited to capital in the first instance, followed by a transfer to revenue of the cash equivalent being offered, and this forms part of the distribution made by the fund.
Special dividends are treated as revenue or capital depending on the facts of each particular case.
e) Treatment of expenses All expenses (excluding overdraft interest) are charged against capital.
f) Basis of valuation of investments The quoted investments of the fund have been valued at the closing bid-market prices excluding any accrued interest in the case of debt securities ruling on the principal markets on which the stocks are quoted on the last business day of the accounting year.
If the Stock Exchange quotation of an investment has been suspended, and in the opinion of the ACD it is unlikely to be reinstated, this has been indicated in the portfolio of investments. Suspended investments are valued based on the latest financial statements of the respective company and agreed with the Depositary.
The Company may use warrants, derivative and structured products in order to generate long or short exposures. Such structured products may include notes, certificates or any other eligible transferable security whose returns are linked to an index, currencies, interest rates, transferable securities, a basket of transferable securities, or a UCI. Where market prices are unavailable, valuation models are applied considering relevant transaction characteristics, observable inputs or unobservable market parameters. The pricing source of these warrants and structured products is in most cases the issuer, however the prices are reviewed and relayed through third party market providers, such as Atlantic House and Fortem Capital, which is a well-known structurer or collector of the issuer prices, and internally controlled by independent pricing vendors such as Markit.
In the event that extraordinary circumstances render such a valuation impracticable or inadequate, the Board of Directors of the Company may, at their discretion, prudently and in good faith follow other methods of valuation to be used if they consider such method of valuation better reflects the value and is in accordance with good accounting practice in order to achieve a fair valuation of the assets of the Company.
Profits or losses arising on the disposal of investments are calculated by reference to the net sales proceeds and the average cost attributable to those investments.
On a quarterly basis Rathbones Asset Management Fair Value Pricing Committee review the daily checks that were performed during the previous quarter to ensure the prices used reflected fair value. Where no price is readily available, valuations are obtained from the issuer of the product.
During the year the fund entered into derivative transactions in the form of forward foreign currency contracts. For forward foreign currency contracts, market value is determined by reference to forward currency exchange rates at the year end.
Page 23
21 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
1 ACCOUNTING POLICIES (continued)
f) Basis of valuation of investments (continued) All assets are recognised and derecognised on trade date. Any trades occurring between valuation point and close of business are included in the financial statements.
Unquoted investments are valued at fair value, which represents the Manager’s view of the amount for which an asset could be exchanged between knowledgeable and willing parties in an arm’s length transaction. This does not assume that the underlying business is saleable at the reporting date or that its current shareholders have an intention to sell their holding in the near future.
The unquoted investments are valued by the Manager based upon information from an independent valuation firm, taking into account, where appropriate, latest dealing prices, achievement or not of key milestones, valuations from reliable sources, financial performance, and other relevant factors.
g) Exchange rates The functional currency of the fund is pound sterling. Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting year are translated into sterling at the closing middle exchange rates ruling on that date.
h) Taxation/Deferred Tax i) Corporation tax is provided for at 20% on taxable revenue, after deduction of expenses.
ii) Where overseas tax has been deducted from taxable overseas revenue, that tax can, in some instances, be set off against the corporation tax payable by the fund, by way of double taxation relief.
iii) The charge for deferred tax is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is provided using the liability method on all timing differences, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets
are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax assets can be offset. Deferred tax assets and liabilities are not discounted to reflect the time value of money.
2 DISTRIBUTION POLICY
Revenue arising from the fund’s investments accumulates during each accounting period. If, at the end of the accounting period, revenue exceeds expenses, the net revenue of the fund is available to be distributed to shareholders.
For the purpose of calculating the distribution available to shareholders, all expenses are charged to capital, offsetting expenses against capital may constrain future growth in revenue and capital.
For the purpose of calculating the distribution available to shareholders, revenue on debt securities is computed as the higher of the amount determined on an accrual of coupon basis and on an effective yield basis. A reconciliation of the net distribution to the net revenue of the fund as reported total return is shown in note 7.
In order to conduct a controlled dividend flow to shareholders, interim distributions will be made at the ACD’s discretion, up to a maximum of the distributable income available for the year. All remaining revenue is distributed in accordance with the regulations.
Distributions remaining unclaimed after 6 years are paid into the fund as part of the capital property.
There may be instances where marginal tax relief is due to/from revenue for the utilisation of allowable expense.
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
Page 24
22 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
3 NET CAPITAL GAINS
30.06.26 30.06.25 £ £
The net capital gains during the year comprise: Realised (losses)/gains derivative contracts (13,660) 73,158 Unrealised (losses)/gains derivative contracts (220,029) 584,616 Realised gains/(losses) non-derivative securities 83,112 (2,340) Unrealised gains/(losses) non-derivative securities 1,333,430 (183,834) Realised gains currency 8,463 10,983 Unrealised gains currency 2,816 19,940 Capital special dividend — 1,389 Transaction charges (11,156) — Net capital gains 1,182,976 503,912
4 REVENUE
30.06.26 30.06.25 £ £
Dividends — UK Ordinary 97,008 101,717 — Overseas 252,928 226,755 Interest on debt securities 793,961 848,680 Bank interest 141,298 254,927
Total revenue 1,285,195 1,432,079
5 EXPENSES
30.06.26 30.06.26 30.06.25 30.06.25 £ £ £ £
Payable to the ACD, associates of the ACD and agents of either of them: ACD’s charge 212,687 204,647 Refund of expenses by the ACD (62,165) — 150,522 204,647
Payable to the Depositary, associates of the Depositary and agents of either of them: Safe custody and other bank charges 2,497 5,888
2,497 5,888
Page 25
23 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
5 EXPENSES (continued)
30.06.26 30.06.26 30.06.25 30.06.25 £ £ £ £
Other expenses: Administration fees 47,038 8,889 Audit fee* 12,964 9,065 Interest on bank overdrafts — 210 Legal and professional fees 229 — Printing and publication costs 1,555 1,548 Registration fees 17,662 20,992 Listing fee 34 — Trustee fee 8,908 6,600
88,390 47,304
Total expenses 241,409 257,839
* Audit fees for 2026 are £10,670 excluding VAT (30.06.25: £10,250 excluding VAT).
6 TAXATION
30.06.26 30.06.25 £ £
a) Analysis of charge in the year Corporate tax 139,174 162,813 Overseas tax 19,551 19,699 Double taxation relief — (2,152) Reclaimable tax written off — 187 Irrecoverable Overseas tax on capital special dividends — (263)
Current tax charge (note 6b) 158,725 180,284
Deferred tax — origination and reversal of timing differences (note 6c) (2,906) — Total tax charge for the year (note 6b) 155,819 180,284
b) Factors affecting current tax charge for the year The tax assessed for the year is higher/lower than the standard rate of corporation tax in the UK for an Open-Ended Investment Company (20%) (30.06.25: 20%). The differences are explained below.
30.06.26 30.06.25 £ £
Net revenue before taxation 1,043,786 1,174,240
Corporation tax at 20% 208,757 234,848
Effects of: Revenue not subject to taxation (62,551) (62,145) Overseas tax 19,014 19,699 Reclaimable tax written off 537 187 Irrecoverable Overseas tax on capital special dividends — (263) Double taxation relief (2,906) (2,152) Tax relief on Index Linked Gilts (7,032) (9,890)
Total tax charge for the year (note 6a) 155,819 180,284
Page 26
24 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
6 TAXATION (continued)
c) Deferred tax At the year end the fund had no surplus management expenses (30.06.25: £nil) and no deferred tax asset has been recognised.
7 DISTRIBUTIONS
The distributions take account of amounts received on the issue of shares and amounts deducted on the cancellation of shares, and comprise:
30.06.26 30.06.25 £ £
First Interim 283,873 303,346 Second Interim 247,230 273,254 Third Interim 219,942 270,686 Final 321,117 377,180
1,072,162 1,224,466
Add: Amounts deducted on cancellation of shares 38,039 32,194 Deduct: Amounts received on issue of shares (25,938) (59,319)
Net distribution for the year 1,084,263 1,197,341
Reconciliation of net distribution for the year to net revenue after tax: Net distribution for the year 1,084,263 1,197,341 Expenses allocated to Capital: ACD’s charge (150,522) (204,647) All other fees (90,887) (52,982) Irrecoverable tax payable on dividends — 263 Corporation Tax 48,282 51,526 Balance brought forward (3,534) (1,079) Balance carried forward 365 3,534
Net revenue after taxation 887,967 993,956
8 DEBTORS
30.06.26 30.06.25 £ £
Amounts receivable for issue of shares 7,587 543,147 Sales awaiting settlement 155,545 13,818 Accrued revenue 164,829 197,771 Overseas Taxation recoverable 20,797 15,872
Total debtors 348,758 770,608
Page 27
25 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
9 OTHER CREDITORS
30.06.26 30.06.25 £ £
Amounts payable for cancellation of shares 104,691 10,832 Purchases awaiting settlement 876,338 — Accrued expenses 21,793 14,086 Accrued ACD’s charge 16,807 18,103 Taxation payable 136,268 160,661
Total other creditors 1,155,897 203,682
10 RECONCILIATION OF SHARES
S-class S-class income accumulation
Opening shares issued at 01.07.25 14,491,662 28,383,305 Share movements 01.07.25 to 30.06.26 Shares issued 2,789,596 4,361,038 Shares cancelled (5,873,554) (5,299,925) Shares converted 93,007 (84,219)
Closing shares at 30.06.26 11,500,711 27,360,199
11 RELATED PARTIES
ACD fees paid to Rathbones Asset Management Limited (the ACD) are disclosed in note 5 and amounts outstanding at the year end in note 9.
Details of shares created and cancelled by the ACD are shown in the Statement of Change in Net Assets Attributable to Shareholders and note 10.
There were no commissions paid to stockbroking of the ACD in respect of dealings in the investments of Rathbone Greenbank Total Return Portfolio during the year (30.06.25: nil).
All other amounts paid to or received from the related parties, together with the outstanding balances are disclosed in the financial statements.
At the year end there were significant shareholders. Allfunds Nominee Limited (Formerly Rathbones Nominees Limited) held a total of 73.95% (30.06.25: 74.38%).
12 SHAREHOLDER FUNDS
The fund has one share class: S-Class. The annual ACD charge on the fund is 0.50%.
The net asset value, the net asset value per share and the number of shares in issue are given in the net asset value per share and comparative tables on pages 8 and 9.
13 CONTINGENT LIABILITIES AND COMMITMENTS
There were no contingent liabilities or outstanding commitments at the balance sheet date (30.06.25: nil).
Page 28
26 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
14 RISK DISCLOSURES ON FINANCIAL INSTRUMENTS
In pursuing the investment objective a number of financial instruments are held which may comprise securities and other investments, cash balances and debtors and creditors that arise directly from operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for liquidations and debtors for accrued revenue.
There is little exposure to credit or cash flow risk. There are no net borrowings and little exposure to liquidity risk because assets can be readily realised to meet redemptions.
The fund does not make use of derivatives.
The main risks arising from the financial instruments are:
(i) Foreign currency risk , being the risk that the value of assets and liabilities will fluctuate as a result of exchange rate movements. The value of some of the fund’s underlying investments will be affected by movements in exchange rate against sterling, in respect of non-sterling denominated assets.
The table below shows the foreign currency risk profile at the balance sheet date:
30.06.26 30.06.25 £ £
Currency: Australian dollar 783,672 68,363 Canadian dollar — 350 Danish krone 411,080 390,967 Euro 1,246,823 920,859 Hong Kong dollar 285,302 277,287 Norwegian krone 425,143 677,779 New Zealand Dollar 60,711 49,005 Singapore dollar 647,777 365,319 Swedish krona 169,198 142,914 Swiss franc 319,949 737,547 US dollar 7,044,657 7,599,947 Pound sterling 29,924,092 32,342,796
41,318,404 43,573,133
Other net assets/(liabilities) not categorised as financial instruments (115,470) (144,789)
Net assets 41,202,934 43,428,344
If GBP to foreign currency exchange rates had increased by 10% as at the balance sheet date, the net asset value of the fund would have decreased by £1,035,847 (30.06.25: £1,020,940). If GBP to foreign currency exchange rates had decreased by 10% as at the balance sheet date, the net asset value of the fund would have increased by £1,266,035 (30.06.25: £1,247,815). These calculations assume all other variables remain constant.
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
Page 29
27 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
14 RISK DISCLOSURES ON FINANCIAL INSTRUMENTS (continued)
(ii) Interest rate risk, being the risk that the value of assets and liabilities will fluctuate as a result of interest rate charges.
The table below shows the interest rate risk profile at the balance sheet date:
30.06.26 30.06.25 £ £
Fixed rate assets: 15,193,839 15,538,699 Fixed rate liabilities: Floating rate assets: 6,194,829 8,508,928 Floating rate liabilities: Assets on which no interest is paid: 21,238,558 19,717,317 Liabilities on which no interest is paid: (1,308,822) (191,811)
41,318,404 43,573,133
Other net assets/(liabilities) not categorised as financial instruments (115,470) (144,789)
Net assets 41,202,934 43,428,344
If interest rates had increased by 1% as at the balance sheet date, the net asset value of the fund would have increased by £727,285 (30.06.25: £730,791). If interest rates had decreased by 1% as at the balance sheet date, the net asset value of the fund would have decreased by £727,285 (30.06.25: £730,791). These calculations assume all other variables remain constant.
The floating rate financial assets and liabilities comprise bank balances, floating rate securities and index linked bonds that earn or pay interest at rates linked to the UK base rate or its international equivalents.
30.06.26 30.06.25 Value Percentage Value Percentage (note 1e) of total net (note 1e) of total net Bond credit ratings £ assets £ assets
Investment grade 17,328,447 42.06 16,703,411 38.46 Unrated stocks*** 315,402 0.76 1,604,764 3.69
Total Bonds 17,643,849 42.82 18,308,175 42.15
***stocks not rated by S&P, Moody and Fitch.
There are no material amounts of non-interest bearing financial assets and liabilities, other than equities and collective investment schemes, which do not have maturity dates.
(iii) Market price risk , being the risk that the value of investment holdings will fluctuate as a result of changes in market prices caused by factors other than currency or interest rate movements.
The investment portfolio is exposed to market price fluctuations which are monitored by the ACD in pursuance of the investment objective and policy set out in the Prospectus. Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation and Prospectus and the rules of the FCA’s Collective Investment Scheme Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.
Page 30
28 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
14 RISK DISCLOSURES ON FINANCIAL INSTRUMENTS (continued)
(iii) Market price risk (continued) If market prices had increased by 10% as at the balance sheet date the net asset value of the fund would have increased by £3,835,381 (30.06.25: £3,726,275). If market prices had decreased by 10% as at the balance sheet date the net asset value of the fund would have decreased by £3,835,381 (30.06.25: £3,726,275). These calculations assume all other variables remain constant.
(iv) Credit risk/Counterparty risk. Credit risk arises firstly from the issuer of a security not being able to pay interest and principal in a timely manner and also from counterparty risk, where the counterparty will not fulfil its obligations or commitments to deliver the investments for a purchase or the cash for a sale after the fund has fulfilled its responsibilities. In order to manage the risk, the fund will only buy and sell investments through brokers which have been approved as an acceptable counterparty. Brokers are monitored on an on-going basis for suitability and creditworthiness. In addition, the fund is subject to investment limits for issuers of securities and issuer credit ratings are evaluated periodically.
(v) Fair value . There is no material difference between the carrying value and fair value of the financial instruments disclosed in the balance sheet.
(vi) Leverage . There is no significant leverage in the fund which would increase its exposure.
15 CROSS HOLDINGS
The Fund did not hold shares in any of the other Sub-Funds of Rathbone Greenbank Multi-Asset Portfolio at the period end.
16 PORTFOLIO TRANSACTION COST
For the year ended 30 June 2026
Analysis of total purchase costs
Value Commissions Taxes £ £ % £ %
Equity transactions 6,935,234 1,541 0.02 1,583 0.02 Bond transactions 9,837,869 661 0.01 — — Total purchases before transaction costs 16,773,103 2,202 1,583
Total purchases including commission and taxes 16,776,888
Page 31
29 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
16 PORTFOLIO TRANSACTION COST (continued)
Analysis of total sales costs
Value Commissions Taxes £ £ % £ %
Equity transactions 5,544,272 1,968 0.04 120 — Bond transactions 5,888,631 445 0.01 — — Corporate actions 5,918,605 — — — — Total sales including transaction costs 17,351,508 2,413 120
Total sales net of commission and taxes 17,348,967
The fund had paid £nil as commission on purchases and sale derivative transactions for the year ended 30 June 2026.
Commissions and taxes as % of average net assets Commissions 0.01% Taxes 0.00%
For the year ended 30 June 2025
Analysis of total purchase costs
Value Commissions Taxes £ £ % £ %
Equity transactions 5,580,010 1,562 0.03 5,293 0.09 Bond transactions 9,735,527 1,292 0.01 — — Total purchases before transaction costs 15,315,537 2,854 5,293
Total purchases including commission and taxes 15,323,684
Page 32
30 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
16 PORTFOLIO TRANSACTION COST (continued)
Analysis of total sales costs
Value Commissions Taxes £ £ % £ %
Equity transactions 3,482,150 1,024 0.03 107 — Bond transactions 6,130,364 1,086 0.02 — — Corporate actions 3,494,175 — — — — Total sales including transaction costs 13,106,689 2,110 107
Total sales net of commission and taxes 13,104,472
The fund had paid £nil as commission on purchases and sale derivative transactions for the year ended 30 June 2025.
Commissions and taxes as % of average net assets Commissions 0.01% Taxes 0.02%
In the case of shares, commissions and taxes are paid by the fund on each transaction. In addition, there is a dealing spread between the buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments, derivatives) have no separately identifiable transaction costs; these costs form part of dealing spread. Dealing spreads vary considerably depending on the transaction value and market sentiment. At the balance sheet date the dealing spread was 0.22% (30.06.25: 0.19%).
17 FAIR VALUE OF INVESTMENTS
The fair value of investments has been determined using the following hierarchy:
Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.
Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.
Page 33
31 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
17 FAIR VALUE OF INVESTMENTS (continued)
For the year ended 30 June 2026
Category 1 2 3 Total
Investment assets £ £ £ £
Equities 14,216,554 — — 14,216,554 Bonds 10,131,044 7,512,806 — 17,643,850 Collective investment scheme — — — — Structured Products 1,359,013 — 5,148,051 6,507,064 Derivatives — 29,912 — 29,912
25,706,611 7,542,718 5,148,051 38,397,380
Category 1 2 3 Total
Investment liabilities £ £ £ £
Derivatives — (43,572) — (43,572)
— (43,572) — (43,572)
For the year ended 30 June 2025
Category 1 2 3 Total
Investment assets £ £ £ £
Equities 14,328,048 — — 14,328,048 Bonds 10,198,146 8,110,029 — 18,308,175 Structured Products — — 4,553,365 4,553,365 Derivatives — 100,219 — 100,219
24,526,194 8,210,248 4,553,365 37,289,807
Category 1 2 3 Total
Investment liabilities £ £ £ £
Derivatives — (27,061) — (27,061)
— (27,061) — (27,061)
Page 34
32 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO DISTRIBUTION TABLES FOR THE YEAR ENDED 30 JUNE 2026
DIVIDEND DISTRIBUTION (PENCE PER SHARE)
First Interim Group 1 — Shares purchased prior to 1 July 2025 Group 2 — Shares purchased on or after 1 July 2025 and on or before 30 September 2025
S-class income Paid Paid shares Income Equalisation 28.11.25 29.11.24
Group 1 0.63 — 0.63 0.73 Group 2 0.20 0.43 0.63 0.73
S-class accumulation Accumulated Accumulated shares Income Equalisation 28.11.25 29.11.24
Group 1 0.69 — 0.69 0.76 Group 2 0.37 0.32 0.69 0.76
Second Interim Group 1 — Shares purchased prior to 1 October 2025 Group 2 — Shares purchased on or after 1 October 2025 and on or before 31 December 2025
S-class income Paid Paid shares Income Equalisation 27.02.26 28.02.25
Group 1 0.57 — 0.57 0.62 Group 2 0.20 0.37 0.57 0.62
S-class accumulation Accumulated Accumulated shares Income Equalisation 27.02.26 28.02.25
Group 1 0.63 — 0.63 0.67 Group 2 0.33 0.30 0.63 0.67
Third Interim Group 1 — Shares purchased prior to 1 January 2026 Group 2 — Shares purchased on or after 1 January 2026 and on or before 31 March 2026
S-class income Paid Paid shares Income Equalisation 29.05.26 30.05.25
Group 1 0.51 — 0.51 0.62 Group 2 0.11 0.40 0.51 0.62
S-class accumulation Accumulated Accumulated shares Income Equalisation 29.05.26 30.05.25
Group 1 0.56 — 0.56 0.67 Group 2 0.24 0.32 0.56 0.67
Page 35
33 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK TOTAL RETURN PORTFOLIO DISTRIBUTION TABLES FOR THE YEAR ENDED 30 JUNE 2026
(continued)
DIVIDEND DISTRIBUTION (PENCE PER SHARE) (continued)
Final Group 1 — Shares purchased prior to 1 April 2026 Group 2 — Shares purchased on or after 1 April 2026 and on or before 30 June 2026
S-class income Payable Paid shares Income Equalisation 28.08.26 29.08.25
Group 1 0.77 — 0.77 0.84 Group 2 0.51 0.26 0.77 0.84
S-class accumulation Allocated Accumulated shares Income Equalisation 28.08.26 29.08.25
Group 1 0.85 — 0.85 0.90 Group 2 0.49 0.36 0.85 0.90
Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued revenue included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.
Page 36
34 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO INVESTMENT OBJECTIVE AND POLICY
INVESTMENT OBJECTIVE
The objective of the fund is to deliver a greater total return than the Consumer Price Index (CPI) measure of inflation + 2%, after fees, over any rolling five-year period. The fund seeks a level of volatility that is half of the volatility of the FTSE Developed stock market Index (or up to 15% above or below this level).
There is no guarantee that this investment objective will be achieved over five years, or any other time period.
We use the CPI + 2% as a target for our fund’s return because we aim to grow your investment above inflation. We refer to the amount of volatility risk our fund seeks to take because we want our investors to understand the risk they are taking in terms of the global stock market.
NON-FINANCIAL OBJECTIVE
The fund aims to promote positive environmental and/or social outcomes alongside its financial return objectives. The fund invests in and actively engages with a portfolio of assets that either contribute to, or have the potential to contribute to, at least one of the fund’s non-financial goals set out below for a more sustainable world by meeting our sustainability approach below.
The fund’s non-financial goals are set out below. To us, a more sustainable world is one with:
Decent work: a utilised and productive workforce with decent work, paid fairly, where workers of all backgrounds are represented, with safe and secure working environments.
Energy and climate: a reduced level of greenhouse gas emissions that is consistent with the goals of the Paris Agreement on climate change.
Habitats and ecosystems: conserved and sustainable natural systems, where ecosystems and biodiversity are promoted, and negative human impact is mitigated.
Health and wellbeing: improved physical and mental health outcomes, reducing avoidable deaths, injuries and illnesses.
Inclusive economies: an equitable economy in which there is expanded opportunity for shared prosperity.
Innovation and infrastructure: the delivery of physical and/or technological infrastructure that facilitates the delivery of other non-financial goals.
Resilient institutions: well-functioning institutions that protect the rule of law and fundamental rights.
Resource efficiency: a circular economy that supports sustainable levels of consumption, reduces strain on natural resources and reduces GHG emissions, water and energy use.
The portfolio consists of assets whose contribution, or potential contribution, towards the fund’s non financial goals is mixed:
(a) 100% of the assets meet our exclusionary criteria (avoiding negative impacts) and positive criteria (seeking positive impacts).
(b) 50-90% of the assets meet a higher threshold of positive sustainability alignment with at least one, or more, non-financial goals determined using an analytical framework that is based on the work of the Impact Frontiers.
(c) 5-40% of the assets have the potential to meet a higher threshold of positive alignment with non financial goals over time, with our engagement and stewardship activity supporting progress towards this.
(d) While the proportions in (b) and (c) will differ from time to time, at least 70% of the assets meet a combination of these at all times.
Page 37
35 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO INVESTMENT OBJECTIVE AND POLICY (continued)
SUSTAINABILITY CRITERIA
Our sustainability criteria can be found on our website rathbonesam.com or by following this link .
INVESTMENT POLICY
To meet the defensive growth objective, the fund manager will use a defensive asset allocation to invest globally in government and corporate bonds with no restriction on their credit quality, equities, collective investment schemes and structured products.
Up to 10% of the fund can be invested directly in contingent convertible bonds.
In normal market conditions, we expect the fund to hold up to 20% in structured products. Structured products may constitute a greater proportion of the portfolio in times of market irregularities or stress.
Derivatives may be used by the fund for the purpose of efficient portfolio management and hedging.
The fund manager defines restrictions on how much of the fund can be invested in different types of assets based on the LED Framework. The restrictions are set at the discretion of the fund manager and will change over time. The restrictions are reviewed annually and in response to market events. Further details in relation to the current restrictions may be obtained by contacting Rathbones Asset Management.
The fund manager may use all investment powers as permitted by the prospectus, outside the ranges described above, to ensure the fund is managed in the best interest of investors in times of market irregularities or stress.
The fund may invest at the fund manager’s discretion in other transferable securities, money market instruments, warrants, cash and near cash and deposits and units in collective investment schemes. Use may be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted by the FCA rules. Other than investments in collective investment schemes, we do not apply our wider sustainability approach to these investments but we will ensure that they do not conflict with the non ‑ financial objective.
When we invest in collective investment schemes, the underlying long credit or equity exposure must meet the same criteria as any other holding in our funds. Therefore, we will only access collective investment schemes if we can view all of the underlying holdings to ensure that they meet our criteria. In practice this means we are unlikely to have significant exposure to collective investment schemes.
We actively manage our fund which means we can choose what we invest in as long as it is in line with the investment objective and policy. Because of this, the fund’s performance can diverge significantly from its benchmark.
BENCHMARKING
TARGET BENCHMARK
The investment objective refers to the Consumer Prices Index (CPI) +2% which is a target benchmark that the fund seeks to outperform. This helps us to articulate an expected level of return relative to the level of UK inflation.
Page 38
36 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
PERFORMANCE
In the year ended 30 June 2026, the Rathbone Greenbank Defensive Growth Portfolio S-Class gained 5.1%. For the same period the fund’s objective, the UK Consumer Price Index +2%, returned 4.9%. The portfolio’s three-year volatility as a percentage of the FTSE Developed global stock market index was 54%, compared with a target of 50%.
MARKET OVERVIEW
For all the policy and political upheaval of the past 12 months, the year to 30 June 2026 delivered a steady march higher for global stock markets. Government bonds were a bumpier ride, however, with 10-year yields rising by roughly a quarter of a percentage point. Despite that, greater income from higher starting yields offset the price falls for UK government bonds.
A remarkable avalanche of news, threats and deals thundered throughout the year, and we see little reason for it to let up. It can be hard to stay tethered to the real economy when faced with blaring headlines every morning. One habit we try to keep is a daily reminder that the truth tends to fall closer to the mean than angry commentators and touting politicians would have you believe.
As 2025 drew to a close, the recession that half of economists had pencilled in for America simply hadn’t shown up. President Donald Trump’s second term has been at once chaotic and purposeful, and — ultimately — stocks loved it. Whether that’s because of Trump, in spite of him, or a bit of both is hard to unpick. Looking through the noise, his administration made headway on cheaper homegrown energy, deregulation, tax cuts and a flood of AI and chip investment, even if a stubbornly high deficit remains a chink in the armour. The Federal Reserve, for its part, trimmed its benchmark rate from 4.00–4.25% to 3.50–3.75% in the first six months before pausing.
Then geopolitics reasserted itself. The missile and drone war between the US, Israel and Iran has throttled the movement of oil and gas through the Strait of Hormuz since late February. It’s a stark reminder that, for all our progress on renewables, the world still runs on oil and gas. Remarkably, the oil crisis largely wasn’t. Brent now trades lower
than before the fighting began, even with Hormuz barely open. A record 400-million-barrel release of emergency reserves, quiet stockpile draws — not least from China, which cut its crude imports sharply — and genuine demand destruction did the heavy lifting. A more electrified, more diverse energy mix also meant the shock hurt far less than the oil crises of old.
AI, meanwhile, proved to be both the market’s great engine and its great disruptor — a snake eating its own tail. The capital-light software companies that dominated for a generation were rattled as AI turned their economics on their head, and the software industry suffered one of its worst-ever falls against the broader market. Yet the picks-and-shovels of the build-out went the other way: the world’s semiconductor giants added some $2 trillion of market value in the second quarter of 2026 alone, amid a genuine, physical shortage of chips.
Fixed income had a wild year, yet held up better than the headlines implied. Higher energy prices stoked inflation fears and sent government bond yields lurching — the UK and Europe more than the US — before ceasefire hopes pulled them back. Crucially, with yields starting near 4% rather than the 1% of 2022, bondholders had a far thicker cushion this time, and income did much of the offsetting. Investment-grade bonds did very well as their spreads tightened noticeably. Private debt was the exception, as too much money chasing too few assets finally began to turn as investors worried about heavily indebted software businesses defaulting.
The final twist came from the US Federal Reserve’s (Fed) new chair, Kevin Warsh. Having spent a year urging rate cuts, he opened his tenure sounding distinctly hawkish, nudging up the rate outlook and railing against forward guidance and quantitative easing. We suspect this is more about the moment than the man, and that a quieter, less-vocal Fed may yet prove more dovish than first impressions suggest.
Through it all, our approach stays constant: look through the noise, stay diversified, and keep one eye firmly on the real economy.
Page 39
37 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
(continued)
PORTFOLIO ACTIVITY
Our fund invests directly in stocks and bonds, yet our largest single trades are often structured products. This is because, unlike stocks, structured products aren’t perpetual instruments — i.e. they have a finite life. Structured products regularly roll over, usually between one and three years. Not only that, they tend to be less volatile than equities, so they are often larger than our individual stock holdings. For these reasons, they often appear in our largest trades. We report here on the five largest buys and sells, which can make it appear like our portfolio is dominated by structured products, when in fact they tend to only make up between 5%-15% of our funds.
Over the past year or so, we’ve bought different structured products to boost our diversification. These products are contract-based investments with banks that pay specified returns if certain events happen or market measures hit certain targets. But if the opposite happens, we lose the return and sometimes a portion of our capital. It all depends on the product.
We rolled over a structured product that’s linked to US interest rates. The Societe Generale VRR Index Structured Product, which makes money if the volatility of US Treasury yields increases. So if yields rise rapidly because of an inflation scare or if they slump because of GDP growth concerns we make a return. Any increase in the size or frequency of moves in US treasury yields is good for this investment. However, if yields just amble along with little movement, we will lose money. And we would actually prefer the latter: if yields shoot up or down stocks are likely to be falling because of the fears driving the move. Whereas benign yields should be great for our stocks. Long story short, we view this product as an insurance policy for wobbly markets.
Another structured product was the JP Morgan 4.5% Dispersion Note 2026. This one pays us a quarterly coupon amounting to 4.5% each year, as well as a return based on the ‘dispersion’, or volatility of a basket of stocks relative to the volatility of the S&P 500 stock market index. By volatility, we mean that the prices of underlying stocks within the index move up and down more than the price of the index itself. This structured product repays our capital and then some if the difference in volatility between the basket and the index widens between when we bought it and its maturity. If the
volatility difference decreases over the period, we will lose money. This was rolled into the JP Morgan EIB Backed Orbital Dispersion product during the period. This is a similar investment, with the slight difference that it pays a total return (no coupon) and has a more dynamic approach to how it balances hedging between the index and the basket.
The price of gold has soared in recent years, and it accelerated in 2025 and early 2026. Over the year ended 30 June 2026, gold rose 26% in sterling (at one point it was up 66%). In August we set up a way to get exposure to the gold price to capture its diversification benefits, but with some downside protection. We bought the Goldman Sachs 15% Callable Responsibly Sourced Gold 2030 structured product. This is a contract with an investment bank that gives us the return of gold but with complete capital protection if gold falls over its five-year life. The trade-off is that the issuer can redeem it at any point and pay us a 15% coupon for each year that has elapsed. Effectively, this caps our potential annual return at 15%. We included this trade-off of capital protection for capped upside because we were aware that the price was very high compared with its history.
We took advantage of swings in the yield of UK government bonds, buying the UK Government 4% 2031 when the yield rose (and the bond price fell) and selling the very long-dated 1.5% 2053 when the yield dropped back (and prices rose). We also bought the UK T-Bill November 2025 as part of our cash holding.
In January, we sold our Portuguese Government 1.65% 2032 bonds, which had done us well since we bought them back in late 2024. The risk of political backsliding that could undo the good work on fiscal retrenchment had risen. Our return had been boosted as we were paid handsomely to hedge the euro; however, it had become less attractive to lock in that exchange rate ahead of time, reducing our potential return. We felt we had better opportunities elsewhere.
Having bought the Australian Government 2.75% 2028 bonds in March, we ended up selling them in April — much quicker than expected. We hadn’t locked in an exchange rate back to sterling, retaining exposure to fluctuations in the Aussie dollar. A rapid appreciation in the currency resulted in a rise in the bond’s value, leading us to take profits.
Page 40
38 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
(continued)
INVESTMENT OUTLOOK
It’s been a remarkable year. And we’re only halfway through.
Markets and the global economy have adapted remarkably well to the energy shock sparked by the Iran war. The resilience and flexibility of the global economy helped contain what could have been a nightmare scenario. Thankfully the fighting appears to have now cooled, and the parties are working on a long-term solution to bury the hatchet.
We’re confident that final terms will be agreed under the Islamabad Memorandum and a new normal will be reached that unequivocally reopens the Strait of Hormuz. If that comes to pass, we think it would make inflation recede once again, opening the door to US rate cuts in 2027.
The US economy is slowing slightly, but it still looks very strong indeed. Contrast that with the other side of the Atlantic, where the story is almost inverted. The European Central Bank raised its interest rate by 0.25 of a percentage point to 2.25% in mid-June — its first hike since 2023. The ECB lifted its 2026 inflation forecast to 3.0%, while cutting its expectation of eurozone growth from 0.9% to just 0.8%.
Germany, which was supposed to be the engine of the recovery, has instead stalled: the BDI, a German industrial trade body, cut its 2026 growth forecast to 0.4%, from 1% in January, and the government has halved its own projection to 0.5%. Chancellor Friedrich Merz’s €500 billion “investment booster” was meant to be the tailwind Europe needed, but by the end of last year only €24 billion had actually been invested — bureaucracy, it turns out, is harder to reform than a spreadsheet.
While the US continues to forge ahead, we think the global economy is on a strong footing. We are optimistic about the rest of the year. There are risks, sure, but there are always risks. There are also opportunities. A massively powerful technology is being rolled out around the world, offering countless ways for people and businesses to experiment and find better ways of doing what they need to do. The modern world can be overwhelming and it’s often framed as a place where all roads lead to doom. But there’s a lot going for it too.
Are we investors because we’re optimists? Or optimists because we’re investors? It’s hard to know how the causality runs, but it’s a requirement of the job: You can’t invest in the future unless you think it can get better.
David Coombs and Will McIntosh-Whyte Fund Managers
Page 41
39 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES
S-CLASS INCOME SHARES
30.06.26 pence per share
30.06.25 pence per share
30.06.24 pence per share
Change in net assets per share
Opening net asset value per share 96.77p 95.31p 92.48p
Return before operating charges* 5.47p 4.68p 5.88p Operating charges (0.56p) (0.56p) (0.61p)
Return after operating charges* 4.91p 4.12p 5.27p
Distributions on income shares (2.27p) (2.66p) (2.44p)
Closing net asset value per share 99.41p 96.77p 95.31p
*after direct transaction costs 1 of: 0.02p 0.03p 0.04p
1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.
PERFORMANCE
Return after charges 5.07% 4.32% 5.70%
OTHER INFORMATION
Closing net asset value £35,967,176 £31,756,215 £26,967,056 Closing number of shares 36,178,976 32,815,598 28,293,683 Operating charges** 0.60% 0.58% 0.65% Direct transaction costs 0.02% 0.03% 0.04%
PRICES***
Highest share price 101.42p 98.90p 97.18p Lowest share price 96.34p 91.04p 88.28p
** The Operating charges are represented by the Ongoing Charges Figure (OCF) which is calculated in line with the IA SORP.
*** These prices may have been calculated on a different basis to the opening/closing net asset value per share shown in the comparative table, this may result in the opening/closing net asset value per share being higher or lower than the published highest or lowest prices for the period.
Page 42
40 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES
(continued)
S-CLASS ACCUMULATION SHARES
30.06.26 pence per share
30.06.25 pence per share
30.06.24 pence per share
Change in net assets per share
Opening net asset value per share 105.57p 101.16p 95.67p
Return before operating charges* 6.02p 5.01p 6.13p Operating charges (0.61p) (0.60p) (0.64p)
Return after operating charges* 5.41p 4.41p 5.49p
Distributions on accumulation shares (2.50p) (2.85p) (2.55p) Retained distributions on accumulation shares 2.50p 2.85p 2.55p
Closing net asset value per share 110.98p 105.57p 101.16p
*after direct transaction costs 1 of: 0.02p 0.03p 0.04p
1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.
PERFORMANCE
Return after charges 5.12% 4.35% 5.74%
OTHER INFORMATION
Closing net asset value £140,912,660 £145,616,071 £127,291,108 Closing number of shares 126,974,211 137,937,479 125,833,793 Operating charges** 0.60% 0.58% 0.65% Direct transaction costs 0.02% 0.03% 0.04%
PRICES***
Highest share price 111.89p 106.34p 102.09p Lowest share price 105.63p 98.47p 91.84p
** The Operating charges are represented by the Ongoing Charges Figure (OCF) which is calculated in line with the IA SORP.
*** These prices may have been calculated on a different basis to the opening/closing net asset value per share shown in the comparative table, this may result in the opening/closing net asset value per share being higher or lower than the published highest or lowest prices for the period.
Page 43
41 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO RISK AND REWARD PROFILE
RISK AND REWARD PROFILE AS PUBLISHED IN THE FUND’S MOST RECENT KEY INVESTOR INFORMATION DOCUMENT
1 2 3 4 5 6 7
Lower potential risk/reward (Not risk-free)
Higher potential risk/reward
This indicator is a measure of the fund’s past volatility (the extent and rapidity of up-and-down movements of the value of an investment). It may not be a reliable indication of the fund’s future risk. The risk category shown is not a target or a guarantee and may change over time.
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO DISCRETE ANNUAL PERFORMANCE
QUARTER ENDING 30 JUNE 2026
2026 2025 2024 2023 2022
S-class shares 5.14% 4.20% 6.21% 0.20% -7.06%
UK Consumer Price Index +2% 5.05% 5.42% 4.02% 10.87% 11.21%
Source performance data Morningstar, mid to mid, net income reinvested, with the exception of CPI data.
Past performance should not be seen as an indication of future performance.
The value of investments and the income from them may go down as well as up and you may not get back your original investment. Rathbone Greenbank Defensive Growth Portfolio
Page 44
42 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO PERFORMANCE OVER 5 YEARS
2026 2025 2024 2023 2022
Rathbone Greenbank Multi-Asset Defensive Growth Portfolio S Acc*
8.36% — — — —
Rathbone Greenbank Multi-Asset Defensive Growth Portfolio S Inc*
8.37% — — — —
UK Consumer Price Index +2% 41.85% 40.84% 36.92% 36.97% 29.09%
Rathbone Greenbank Multi-Asset Defensive Growth Portfolio S Acc Volatility as % of FTSE Developed (£) [Target 50.00%] †
59.19% — — — —
Rathbone Greenbank Multi-Asset Defensive Growth Portfolio S Inc Volatility as % of FTSE Developed (£) [Target 50.00%] †
59.28% — — — —
UK Consumer Price Inflation figures quoted with a 1 month lag. Volatility as a percentage of FTSE Developed (£) is calculated using monthly data. † or up to 15% above or below this level.
Source: Morningstar with exception of CPI Data.
*Launch date: 29/03/2021
Page 45
43 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
United Kingdom (30.06.25: 28.82%) 10,570 AstraZeneca 1,490,370 0.84 £700,000 British Telecom 5.75% 07/12/28* 716,728 0.41 £900,000 BUPA Finance 5% 08/12/26* 900,650 0.51 54,247 Compass 1,320,157 0.75 £400,000 Co-operative Bank 5.579% VRN 19/09/28* 403,797 0.23 £1,950,000 Government of United Kingdom 1.625% 22/10/28* 1,844,759 1.04 42,009 GSK 831,988 0.47 23,308 Halma 916,937 0.52 826,992 HICL Infrastructure 1,091,629 0.62 £809,000 Just Group 6.875% 30/03/35* 824,718 0.47 395,473 Legal and General 1,131,053 0.64 £900,000 Lloyds Bank 1.985% VRN 15/12/31* 894,632 0.51 153,624 National Grid 1,917,228 1.08 £600,000 Nationwide Building Society 6.178% VRN 07/12/27* 604,106 0.34 £200,000 Nationwide Building Society 7.875% VRN Perp* 208,790 0.12 £1,050,000 NatWest 2.105% VRN 28/11/31* 1,045,605 0.59 £300,000 Pension Insurance 5.625% 20/09/30* 298,388 0.17 £491,000 Pension Insurance 6.875% 15/11/34* 504,295 0.29 £700,000 Principality Building Society 8.625% 12/07/28* 747,947 0.42 49,436 RELX 1,169,656 0.66 £800,000 Santander UK 2.421% VRN 17/01/29* 771,450 0.44 £665,000 Schroders 6.346% VRN 18/07/34* 684,454 0.39 55,552 SSE 1,352,691 0.76 £3,550,000 UK Treasury 0.375% 22/10/26* 3,514,252 1.99 £1,250,000 UK Treasury 0.625% 31/07/35* 875,738 0.50 £2,200,000 UK Treasury 0.75% 22/03/34* 3,710,527 2.10 £9,456,720 UK Treasury 0.875% 31/07/33* 7,380,875 4.17 £4,500,000 UK Treasury 4% 22/10/31* 4,427,145 2.50 19,149 Unilever 866,875 0.49 Total United Kingdom 42,447,440 24.02
Value Percentage (note 1e) of total net Holding £ assets
Page 46
44 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Australia (30.06.25: 2.22%) AUD2,000,000 Government of Australia 2.75% 21/06/35* 896,618 0.51 AUD10,500,000 New South Wales Treasury 2.5% 22/11/32* 4,758,928 2.69 Total Australia 5,655,546 3.20
Cayman Islands (30.06.25: 0.00%) 23,021 Amer Sports 587,124 0.33
Canada (30.06.25: 1.33%) 13,215 Shopify ‘A’ 1,137,053 0.64
Channel Islands (30.06.25: 1.21%) 28,522 Aptiv 1,319,673 0.75 1,343,000 GCP Infrastructure Investments 1,046,197 0.59 Total Channel Islands 2,365,870 1.34
Denmark (30.06.25: 1.38%) 7,586 DSV 1,362,454 0.77 25,341 Novonesis Novozymes 1,209,876 0.68 Total Denmark 2,572,330 1.45
Finland (30.06.25: 0.71%) 15,405 Konecranes 357,492 0.20 162,510 Sampo 1,284,800 0.73 Total Finland 1,642,292 0.93
France (30.06.25: 1.38%) 4,099 L’Oréal 1,354,630 0.77 5,948 Schneider Elte 1,461,518 0.83 Total France 2,816,148 1.60
Germany (30.06.25: 1.84%) 55,474 E.On 862,530 0.49 24,399 Jungheinrich Preference 484,241 0.27 £1,310,000 KFW 0.875% 15/09/26* 1,301,887 0.74 €900,000 Muenchener Rueckversicherung 3.25% VRN 26/05/49* 771,695 0.44 6,260 SAP 721,503 0.41 2,214 Siemens Energy 316,511 0.18 Total Germany 4,458,367 2.53
Value Percentage (note 1e) of total net Holding £ assets
Page 47
45 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Guernsey (30.06.25: 1.30%) 928,767 International Public Partnership 1,296,559 0.73 1,185,969 Renewables Infrastructure 864,571 0.49 Total Guernsey 2,161,130 1.22
Hong Kong (30.06.25: 0.86%) 217,473 AIA 1,491,836 0.84
Ireland (30.06.25: 1.49%) 3,636 Linde 1,421,307 0.80
Japan (30.06.25: 0.00%) 2,833 Advantest 424,599 0.24
Luxembourg (30.06.25: 0.73%) 12,002 Eurofins Scientific 708,813 0.40
Netherlands (30.06.25: 1.48%) 1,643 ASML 2,435,429 1.38 £500,000 Co-operatieve Rabobank 5.25% 14/09/27* 502,697 0.28 19,165 ING Groep 454,983 0.26 Total Netherlands 3,393,109 1.92
New Zealand (30.06.25: 1.63%) NZD4,300,000 New Zealand Government Bond 4.25% 15/05/34* 1,850,967 1.05 NZD4,000,000 New Zealand Government Bond 4.5% 15/05/35* 1,742,659 0.99 Total New Zealand 3,593,626 2.04
Norway (30.06.25: 0.85%) NOK12,000,000 Government of Norway 1.75% 17/02/2027* 898,080 0.51 NOK8,000,000 Government of Norway 3% 15/08/33* 564,541 0.32 NOK25,000,000 Government of Norway 3.75% 12/06/35* 1,839,714 1.04 Total Norway 3,302,335 1.87
Singapore (30.06.25: 1.09%) 42,199 DBS 1,607,352 0.91 138,313 Keppel Corporation 881,410 0.50 431,886 Singapore Telecommunications 1,109,444 0.63 Total Singapore 3,598,206 2.04
Value Percentage (note 1e) of total net Holding £ assets
Page 48
46 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Supranational (30.06.25: 7.74%) $3,100,000 Asian Development Bank 1.5% 04/03/31* 2,073,456 1.17 €4,200,000 EIB 2.625% 04/09/34* 3,526,170 1.99 €2,100,000 EIB 2.75% 16/01/34* 1,786,356 1.01 $5,200,000 European Investment Bank 4.125% 13/02/34* 3,865,690 2.19 $2,750,000 International Bank for Reconstruction 0.875% 14/05/30* 1,829,152 1.03 Total Supranational 13,080,824 7.39
Sweden (30.06.25: 0.54%) 38,379 Assa Abloy ‘B’ 1,023,912 0.58 38,256 Atlas Copco Ab 585,813 0.33 Total Sweden 1,609,725 0.91
Switzerland (30.06.25: 2.49%) 16,960 Alcon 864,929 0.49 2,138 Lonza Group 1,089,543 0.62 5,064 Roche 1,573,652 0.89 Total Switzerland 3,528,124 2.00
Taiwan (30.06.25: 0.87%) 7,135 Taiwan Semiconductor 2,561,827 1.45
United States (30.06.25: 20.73%) 19,390 Abbott Laboratories 1,324,612 0.75 7,921 Advanced Drainage Systems 937,271 0.53 692 Advanced Micro Devices 302,483 0.17 4,102 Alphabet 1,103,530 0.62 £850,000 Alphabet 4.625% 13/11/32* 836,878 0.47 8,410 American Tower 1,036,193 0.59 6,745 Amphenol Corp A 896,149 0.51 34,554 APi Group Corp 1,102,031 0.62 550 Applied Mats 299,604 0.17 6,490 Arista Networks 830,925 0.47 27,932 Boston Scientific 897,991 0.51 5,160 Cadence Design Systems 1,458,485 0.82 13,194 Colgate-Palmolive 910,881 0.51 2,625 Deere and Co. 1,253,711 0.71 5,268 Ecolab 1,105,357 0.62 2,161 Equinix REIT 1,697,197 0.96 3,713 First Republic Bank^ — —
Value Percentage (note 1e) of total net Holding £ assets
Page 49
47 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
28,763 GE HealthCare 1,386,519 0.78 40,617 Hannon Armstrong 1,196,247 0.68 1,997 IDEXX Laboratories 791,758 0.45 4,033 Intel 423,856 0.24 1,763 Littelfuse 604,634 0.34 43,950 LKQ 871,549 0.49 3,988 Mastercard 1,542,708 0.87 215 Micron Tech 186,411 0.11 7,500 Microsoft 2,106,442 1.18 17,963 NVIDIA 2,703,552 1.53 12,653 Owens Corning 1,514,547 0.86 4,538 Stryker 1,076,743 0.61 3,463 S&P Global 1,061,169 0.60 4,093 Thermo Fisher Scientific 1,544,038 0.87 16,251 Trimble 626,164 0.35 21,539 Veralto Corp 1,439,287 0.81 24,023 Verizon Communications 765,804 0.43 6,188 Visa ‘A’ 1,597,201 0.90 9,270 Waste Management 1,555,907 0.88 Total United States 38,987,834 22.01
Structured Products # (30.06.25: 9.91%) 4,000,000 Ensemble Notes ELN 30/06/31 3,013,750 1.70 1,200,000 Green Tree Wisdom Green Note 04/08/31 925,643 0.52 3,800,000 ICE IBA USD SOFR P-note 25/04/35 (SG) 3,156,527 1.78 3,860,625 MLBV NOTES WTS 16/05/28 (MERRILL) 4,103,844 2.32 2,750,000 Royal Mint Resp Phy Gld ETC PNote 21/02/31 2,241,853 1.27 3,025,000 Royal Mint Res Phy Gold ETC WTS 08/10/31 2,106,161 1.19 5,925,000 Structured Note on SGI VRR USD Index ELN 09/08/27 4,531,079 2.56 895,968 2 Year Certificate WTS 08/10/27 (BNP) 758,054 0.43 895,968 2 Year Certificate WTS 08/10/27 (BNP) 810,149 0.46 4,660,000 5 Year Delta 1 Cert WTS 05/11/30 (JPM) 3,470,291 1.96 Total Structured Products 25,117,351 14.19
Value Percentage (note 1e) of total net Holding £ assets
Page 50
48 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO PORTFOLIO AND NET OTHER ASSETS AS AT 30 JUNE 2026
(continued)
Forward Foreign Exchange Contracts (30.06.25: 0.19%) Buy £2,796,703 Sell AUD5,352,543 6,600 0.00 Buy £1,794,149 Sell CHF1,896,731 7,504 0.00 Buy £10,408,026 Sell €12,006,957 32,056 0.02 Buy £444,917 Sell €513,014 1,589 0.00 Buy £379,572 Sell €438,513 625 0.00 Buy £1,519,045 Sell NOK19,331,127 48,755 0.03 Buy £3,412,761 Sell NZD7,864,968 33,422 0.02 Buy £29,343,561 Sell $39,181,459 (176,943) (0.10) Total Forward Foreign Exchange Contracts (46,392) (0.03)
Total value of investments (30.06.25: 93.25%) 168,616,424 95.33
Net other assets (30.06.25: 6.75%) 8,263,412 4.67 Total value of the Fund as at 30 June 2026 176,879,836 100.00
All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings.
# Structured Products are not listed on an official stock exchange * Debt Securities ^ Asset has been valued at zero by the ACD. The intrinsic value was zero post take over by JP Morgan in May 2023
Country eliminated since the beginning of the year: Portugal 2.44%
Value Percentage (note 1e) of total net Holding £ assets
Page 51
49 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO SUMMARY OF PORTFOLIO INVESTMENTS
Debt Securities 59,404,344 33.59 Equity Securities 84,141,121 47.57 Structured Products 25,117,351 14.20 Forwards (46,392) (0.03) Total value of investments 168,616,424 95.33
Percentage Value of total net £ assets
Page 52
50 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
30.06.26 30.06.26 30.06.25 30.06.25 Note £ £ £ £
Income
Net capital gains 3 5,607,327 3,222,540
Revenue 4 4,861,191 5,491,187
Expenses 5 (982,436) (972,047)
Net revenue before taxation 3,878,755 4,519,140
Taxation 6 (531,735) (644,572)
Net revenue after taxation 3,347,020 3,874,568
Total return before distributions 8,954,347 7,097,108
Distributions 7 (4,133,922) (4,644,313)
Change in net assets attributable to shareholders from investment activities 4,820,425 2,452,795
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO
SHAREHOLDERS FOR THE YEAR ENDED 30 JUNE 2026
30.06.26 30.06.26 30.06.25 30.06.25 £ £ £ £
Opening net assets attributable to shareholders 177,372,286 154,258,164
Amounts receivable on issue of shares 25,000,040 35,479,040
Amounts payable on cancellation of shares (33,599,237) (18,688,433)
(8,599,197) 16,790,607
Change in net assets attributable to shareholders from investment activities (see Statement of total return above) 4,820,425 2,452,795
Retained distributions on accumulation shares 3,286,322 3,870,720
Closing net assets attributable to shareholders 176,879,836 177,372,286
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO STATEMENT OF TOTAL RETURN FOR THE
YEAR ENDED 30 JUNE 2026
Page 53
51 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO BALANCE SHEET AS AT 30 JUNE 2026
30.06.26 30.06.26 30.06.25 30.06.25 Note £ £ £ £
Assets
Fixed assets: Investments 168,793,367 165,515,519
Current assets: Debtors 8 2,081,093 970,384 Cash and bank balances 10,274,147 12,197,388
Total current assets 12,355,240 13,167,772
Total assets 181,148,607 178,683,291
Liabilities Investment liabilities (176,943) (123,954)
Creditors: Distribution payable on income shares (249,635) (275,651) Other creditors 9 (3,842,193) (911,400)
Total liabilities (4,268,771) (1,311,005)
Net assets attributable to shareholders 176,879,836 177,372,286
Page 54
52 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES
a) Basis of accounting The annual financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Statement of Recommended Practice (SORP) for Financial Statements of UK Authorised Funds issued by The Investment Association in May 2014, and as amended in June 2017.
As stated in the Statement of the ACD’s responsibilities in relation to the report and the financial statements of the fund on page 132, the ACD continues to adopt the going concern basis in the preparation of the financial statements of the fund.
b) Critical accounting judgements Significant judgment and estimation uncertainty were applied in the valuation of Level 3 assets. Note 1f provides more details on this.
c) Recognition of revenue All dividends on investments marked ex-dividend up to the accounting date are included in revenue inclusive of any tax deducted at source and net of attributable tax credits. Bank and other interest receivable is accrued up to the accounting date, and this forms part of the distribution.
Revenue on debt securities has been accounted for on an effective interest method.
d) Treatment of scrip and special dividends Any stock received in lieu of cash dividends is credited to capital in the first instance, followed by a transfer to revenue of the cash equivalent being offered, and this forms part of the distribution made by the fund.
Special dividends are treated as revenue or capital depending on the facts of each particular case.
e) Treatment of expenses All expenses (excluding overdraft interest) are charged against capital.
f) Basis of valuation of investments The quoted investments of the fund have been valued at the closing bid-market prices excluding any accrued interest in the case of debt securities ruling on the principal markets on which the stocks are quoted on the last business day of the accounting year.
If the Stock Exchange quotation of an investment has been suspended, and in the opinion of the ACD it is unlikely to be reinstated, this has been indicated in the portfolio of investments. Suspended investments are valued based on the latest financial statements of the respective company and agreed with the Depositary.
The Company may use warrants, derivative and structured products in order to generate long or short exposures. Such structured products may include notes, certificates or any other eligible transferable security whose returns are linked to an index, currencies, interest rates, transferable securities, a basket of transferable securities, or a UCI. Where market prices are unavailable, valuation models are applied considering relevant transaction characteristics, observable inputs or unobservable market parameters. The pricing source of these warrants and structured products is in most cases the issuer, however the prices are reviewed and relayed through third party market providers, such as Atlantic House and Fortem Capital, which is a well-known structurer or collector of the issuer prices, and internally controlled by independent pricing vendors such as Markit.
In the event that extraordinary circumstances render such a valuation impracticable or inadequate, the Board of Directors of the Company may, at their discretion, prudently and in good faith follow other methods of valuation to be used if they consider such method of valuation better reflects the value and is in accordance with good accounting practice in order to achieve a fair valuation of the assets of the Company.
Profits or losses arising on the disposal of investments are calculated by reference to the net sales proceeds and the average cost attributable to those investments.
On a quarterly basis Rathbone Asset Management Fair Value Pricing Committee review the daily checks that were performed during the previous quarter to ensure the prices used reflected fair value. Where no price is readily available, valuations are obtained from the issuer of the product.
During the year the fund entered into derivative transactions in the form of forward foreign currency contracts. For forward foreign currency contracts, market value is determined by reference to forward currency exchange rates at the year end.
Page 55
53 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
1 ACCOUNTING POLICIES (continued)
g) Exchange rates The functional currency of the fund is pound sterling. Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting year are translated into sterling at the closing middle exchange rates ruling on that date.
h) Taxation/Deferred Tax i) Corporation tax is provided for at 20% on taxable revenue, after deduction of expenses.
ii) Where overseas tax has been deducted from taxable overseas revenue, that tax can, in some instances, be set off against the corporation tax payable by the fund, by way of double taxation relief.
iii) The charge for deferred tax is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is provided using the liability method on all timing differences, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax assets can be offset. Deferred tax assets and liabilities are not discounted to reflect the time value of money.
i) Cash and bank balances Cash and bank balances includes deposits held with banks. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
2 DISTRIBUTION POLICY
Revenue arising from the fund’s investments accumulates during each accounting period. If, at the end of the accounting period, revenue exceeds expenses, the net revenue of the fund is available to be distributed to shareholders.
For the purpose of calculating the distribution available to shareholders, all expenses are charged to capital, offsetting expenses against capital may constrain future growth in revenue and capital.
For the purpose of calculating the distribution available to shareholders, revenue on debt securities is computed as the higher of the amount determined on an accrual of coupon basis and on an effective yield basis. A reconciliation of the net distribution to the net revenue of the fund as reported total return is shown in note 7.
In order to conduct a controlled dividend flow to shareholders, interim distributions will be made at the ACD’s discretion, up to a maximum of the distributable income available for the year. All remaining revenue is distributed in accordance with the regulations.
Distributions remaining unclaimed after 6 years are paid into the fund as part of the capital property.
There may be instances where marginal tax relief is due to/from revenue for the utilisation of allowable expense.
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
Page 56
54 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
3 NET CAPITAL GAINS
30.06.26 30.06.25 £ £
The net capital gains during the year comprise: Realised (losses)/gains derivative contracts (978,188) 2,433,466 Unrealised (losses)/gains derivative contracts (46,392) 343,566 Realised (losses)/gains non-derivative securities (303,461) 590,925 Unrealised losses non-derivative securities 6,946,614 (263,012) Realised gains currency 15,218 33,348 Unrealised gains currency 6,193 83,139 Capital special dividend — 8,936 Transaction charges (32,657) (7,828)
Net capital gains 5,607,327 3,222,540
4 REVENUE
30.06.26 30.06.25 £ £
Dividends — UK Ordinary 505,985 536,887 — Overseas 1,275,157 1,191,230 Interest on debt securities 2,766,824 3,004,510 Inland Revenue interest received 25 — Bank interest 313,200 758,560
Total revenue 4,861,191 5,491,187
5 EXPENSES
30.06.26 30.06.26 30.06.25 30.06.25 £ £ £ £
Payable to the ACD, associates of the ACD and agents of either of them: ACD’s charge 897,950 844,011 Refund of expenses by the ACD (53,091) — 844,859 844,011
Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fees 27,531 19,934 Safe custody and other bank charges 10,635 16,372
38,166 36,306
Page 57
55 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
5 EXPENSES (continued)
30.06.26 30.06.26 30.06.25 30.06.25 £ £ £ £
Other expenses: Administration fees 48,060 8,879 Audit fee* 9,729 12,300 Legal and professional fees 229 — Printing and publication costs 1,546 1,555 Inland revenue interest paid 196 — Registration fees 39,617 68,630 Listing fees 34 — Bank interest payable — 366
99,411 91,730
Total expenses 982,436 972,047
* Audit fees for 2026 are £10,670 excluding VAT (30.06.25: £10,250 excluding VAT).
6 TAXATION
30.06.26 30.06.25 £ £
a) Analysis of charge in the year Corporate tax 437,428 542,332 Irrecoverable overseas tax 110,715 112,875 Overseas withholding tax charged to capital — 8
Current tax charge (note 6b) 548,143 655,215
Deferred tax — origination and reversal of timing differences (note 6c) (16,408) (10,643)
Total tax charge for the year (note 6b) 531,735 644,572
Page 58
56 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
6 TAXATION (continued)
b) Factors affecting current tax charge for the year The tax assessed for the year is higher/lower than the standard rate of corporation tax in the UK for an Open-Ended Investment Company (20%) (30.06.25: 20%). The differences are explained below.
30.06.26 30.06.25 £ £
Net revenue before taxation 3,878,755 4,519,140
Corporation tax at 20% 775,751 903,828
Effects of: Revenue not subject to taxation (327,518) (327,598) Overseas tax 109,583 112,875 Overseas withholding tax charged to capital — 8 Reclaimable tax written off 1,132 — Interest distribution from Trusts 12,407 — Tax relief on Index Linked Gilts (23,212) (33,898) Double taxation relief (16,408) (10,643)
Corporate tax charge (note 6a) 531,735 644,572
c) Deferred tax At the year end the fund had no surplus management expenses (30.06.25: £nil) and no deferred tax asset has been recognised.
7 DISTRIBUTIONS
The distributions take account of amounts received on the issue of shares and amounts deducted on the cancellation of shares, and comprise:
30.06.26 30.06.25 £ £
First Interim 1,083,687 1,162,648 Second Interim 947,421 1,027,651 Third Interim 846,551 996,815 Final 1,227,336 1,517,088
4,104,995 4,704,202
Add: Amounts deducted on cancellation of shares 112,139 66,312 Deduct: Amounts received on issue of shares (83,212) (126,201)
Net distribution for the year 4,133,922 4,644,313
Page 59
57 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
7 DISTRIBUTIONS (continued)
30.06.26 30.06.25 £ £
Reconciliation of net distribution for the year to net revenue/(expense) after tax: Net distribution for the year 4,133,922 4,644,313 Expenses allocated to Capital: ACD’s charge (844,859) (844,011) All other fees (137,381) (127,670) Capital Taxation 196,449 194,330 Balance brought forward (14,150) (6,544) Balance carried forward 13,039 14,150
Net revenue after taxation 3,347,020 3,874,568
8 DEBTORS
30.06.26 30.06.25 £ £
Amounts receivable for issue of shares 605,017 46,231 Sales awaiting settlement 708,768 59,399 Accrued revenue 648,013 781,033 Taxation recoverable 119,295 83,721
Total debtors 2,081,093 970,384
9 OTHER CREDITORS
30.06.26 30.06.25 £ £
Amounts payable for cancellation of shares 96,211 579,121 Purchases awaiting settlement 3,453,972 — Accrued expenses 33,701 24,946 Accrued ACD’s charge 72,288 75,644 Taxation payable 186,021 231,689
Total other creditors 3,842,193 911,400
10 RECONCILIATION OF SHARES
S-class S-class income accumulation
Opening shares issued at 01.07.25 32,815,598 137,937,479 Share movements 01.07.25 to 30.06.26 Shares issued 9,751,077 14,343,250 Shares cancelled (6,387,699) (25,306,518)
Closing shares at 30.06.26 36,178,976 126,974,211
Page 60
58 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
11 RELATED PARTIES
ACD fees paid to Rathbone Asset Management Limited (the ACD) are disclosed in note 5 and amounts outstanding at the year end in note 9.
Details of shares created and cancelled by the ACD are shown in the Statement of Change in Net Assets Attributable to Shareholders and note 10.
There were no commissions paid to stockbroking of the ACD in respect of dealings in the investments of Rathbone Greenbank Defensive Growth Portfolio during the year (30.06.25: nil).
All other amounts paid to or received from the related parties, together with the outstanding balances are disclosed in the financial statements.
At the year end there were significant unitholders. Allfunds Nominee Limited (Formerly Rathbones Nominees Limited) held a total of 86.13% (30.06.25: 86.88%).
12 SHAREHOLDER FUNDS
The fund has one share class: S-Class. The annual ACD charge on the fund is 0.50%.
The net asset value, the net asset value per share and the number of shares in issue are given in the net asset value per share and comparative tables on pages 39 and 40.
13 CONTINGENT LIABILITIES AND COMMITMENTS
There were no contingent liabilities or outstanding commitments at the balance sheet date (30.06.25: nil).
14 RISK DISCLOSURES ON FINANCIAL INSTRUMENTS
In pursuing the investment objective a number of financial instruments are held which may comprise securities and other investments, cash balances and debtors and creditors that arise directly from operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for liquidations and debtors for accrued revenue.
There is little exposure to credit or cash flow risk. There are no net borrowings and little exposure to liquidity risk because assets can be readily realised to meet redemptions.
Page 61
59 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
14 RISK DISCLOSURES ON FINANCIAL INSTRUMENTS (continued)
The main risks arising from the financial instruments are:
(i) Foreign currency risk , being the risk that the value of assets and liabilities will fluctuate as a result of exchange rate movements. The value of some of the fund’s underlying investments will be affected by movements in exchange rate against sterling, in respect of non-sterling denominated assets.
The table below shows the foreign currency risk profile at the balance sheet date:
30.06.26 30.06.25 £ £
Currency: Australian dollar 2,865,443 235,761 Canadian dollar — 1,955 Danish krone 2,572,331 2,441,936 Euro 6,999,376 5,402,653 Hong Kong dollar 1,491,836 1,532,924 Japanese yen 424,599 — New Zealand dollar 214,286 174,594 Norwegian krone 1,832,045 2,306,808 Singapore dollar 3,598,205 1,936,619 Swedish krona 1,609,725 955,462 Swiss franc 1,741,479 4,437,195 US dollar 44,520,677 39,004,383 Pound sterling 109,076,559 119,089,964
176,946,561 177,520,254
Other net liabilities not categorised as financial instruments (66,725) (147,968)
Net assets 176,879,836 177,372,286
If GBP to foreign currency exchange rates had increased by 10% as at the balance sheet date, the net asset value of the fund would have decreased by £6,170,000 (30.06.25: £5,311,845). If GBP to foreign currency exchange rates had decreased by 10% as at the balance sheet date, the net asset value of the fund would have increased by £7,541,111 (30.06.25: £6,492,255). These calculations assume all other variables remain constant.
Page 62
60 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
14 RISK DISCLOSURES ON FINANCIAL INSTRUMENTS (continued)
(ii) Interest rate risk , being the risk that the value of assets and liabilities will fluctuate as a result of interest rate charges.
The table below shows the interest rate risk profile at the balance sheet date:
30.06.26 30.06.25 £ £
Fixed rate assets: 50,309,288 54,271,293 Floating rate assets: 19,369,204 22,171,433 Assets on which no interest is paid: 111,656,136 102,472,254 Liabilities on which no interest is paid: (4,388,067) (1,394,726)
176,946,561 177,520,254
Other net assets/(liabilities) not categorised as financial instruments (66,725) (147,968)
Net assets 176,879,836 177,372,286
If interest rates had increased by 1% as at the balance sheet date, the net asset value of the fund would have increased by £2,594,495 (30.06.25: £2,742,193). If interest rates had decreased by 1% as at the balance sheet date, the net asset value of the fund would have decreased by £2,594,495 (30.06.25: £2,742,193). These calculations assume all other variables remain constant.
The floating rate financial assets and liabilities comprise bank balances, floating rate securities and index linked bonds that earn or pay interest at rates linked to the UK base rate or its international equivalents.
30.06.26 30.06.25 Value Percentage Value Percentage (note 1e) of total net (note 1e) of total net Bond credit ratings £ assets £ assets
Investment grade 59,404,344 33.15 57,399,580 32.36 Below investment grade — — 6,845,758 3.86
Total bonds 59,404,344 33.15 64,245,338 36.22
There are no material amounts of non-interest bearing financial assets and liabilities, other than equities and collective investment schemes, which do not have maturity dates.
(iii) Market price risk , being the risk that the value of investment holdings will fluctuate as a result of changes in market prices caused by factors other than currency or interest rate movements.
The investment portfolio is exposed to market price fluctuations which are monitored by the ACD in pursuance of the investment objective and policy set out in the Prospectus. Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation and Prospectus and the rules of the FCA’s Collective Investment Scheme Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.
If market prices had increased by 10% as at the balance sheet date the net asset value of the fund would have increased by £16,861,642 (30.06.25: £16,539,157). If market prices had decreased by 10% as at the balance sheet date the net asset value of the fund would have decreased by £16,861,642 (30.06.25: £16,539,157). These calculations assume all other variables remain constant.
Page 63
61 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
14 RISK DISCLOSURES ON FINANCIAL INSTRUMENTS (continued)
(iv) Credit risk/Counterparty risk . Credit risk arises firstly from the issuer of a security not being able to pay interest and principal in a timely manner and also from counterparty risk, where the counterparty will not fulfil its obligations or commitments to deliver the investments for a purchase or the cash for a sale after the fund has fulfilled its responsibilities. In order to manage the risk, the fund will only buy and sell investments through brokers which have been approved as an acceptable counterparty. Brokers are monitored on an on-going basis for suitability and creditworthiness. In addition, the fund is subject to investment limits for issuers of securities and issuer credit ratings are evaluated periodically.
(v) Fair value . There is no material difference between the carrying value and fair value of the financial instruments disclosed in the balance sheet.
(vi) Leverage . There is no significant leverage in the fund which would increase its exposure.
15 CROSS HOLDINGS
The Fund did not hold shares in any of the other Sub-Funds of Rathbones Greenbank Multi-Asset Portfolio at the period end.
16 PORTFOLIO TRANSACTION COST
For the year ended 30 June 2026
Analysis of total purchase costs
Value Commissions Taxes £ £ % £ %
Equity transactions 37,556,353 10,339 0.03 9,704 0.03 Bond transactions 31,758,880 2,225 0.01 — — Total purchases before transaction costs 69,315,233 12,564 9,704
Total purchases including commission and taxes 69,337,501
Page 64
62 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
16 PORTFOLIO TRANSACTION COST (continued)
Analysis of total sales costs
Value Commissions Taxes £ £ % £ %
Equity transactions 32,053,658 11,904 0.04 692 — Bond transactions 23,635,062 1,864 0.01 — — Corporate actions 17,746,966 — — — Total sales including transaction costs 73,435,686 13,768 692
Total sales net of commission and taxes 73,421,226
The fund had paid £nil as commission on purchases and sale derivative transactions for the year ended 30 June 2026.
Commissions and taxes as % of average net assets Commissions 0.02% Taxes 0.00%
For the year ended 30 June 2025
Analysis of total purchase costs
Value Commissions Taxes £ £ % £ %
Equity transactions 31,659,930 9,700 0.03 28,070 0.09 Bond transactions 36,108,272 4,981 0.01 — — Total purchases before transaction costs 67,768,202 14,681 28,070
Total purchases including commission and taxes 67,810,953
Page 65
63 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
16 PORTFOLIO TRANSACTION COST (continued)
Analysis of total sales costs
Value Commissions Taxes £ £ % £ %
Equity transactions 17,745,089 5,558 0.03 486 — Bond transactions 19,895,288 3,386 0.02 — — Corporate actions 10,513,894 — — — Total sales including transaction costs 48,154,271 8,944 486
Total sales net of commission and taxes 48,144,841
The fund had paid £nil as commission on purchases and sale derivative transactions for the year ended 30 June 2025.
Commissions and taxes as % of average net assets Commissions 0.01% Taxes 0.02%
In the case of shares, commissions and taxes are paid by the fund on each transaction. In addition, there is a dealing spread between the buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments, derivatives) have no separately identifiable transaction costs; these costs form part of dealing spread. Dealing spreads vary considerably depending on the transaction value and market sentiment. At the balance sheet date the dealing spread was 0.19% (30.06.25: 0.18%).
17 FAIR VALUE OF INVESTMENTS
The fair value of investments has been determined using the following hierarchy:
Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.
Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.
Page 66
64 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (continued)
17 FAIR VALUE OF INVESTMENTS (continued)
For the year ended 30 June 2026
Category 1 2 3* Total
Investment assets £ £ £ £
Equities 84,141,121 — — 84,141,121 Bonds 30,847,762 28,556,582 — 59,404,344 Structured Products 5,398,380 — 19,718,971 25,117,351 Derivatives — 130,551 — 130,551
120,387,263 28,687,133 19,718,971 168,793,367
Category 1 2 3 Total
Investment liabilities £ £ £ £
Derivatives — (176,943) — (176,943)
— (176,943) — (176,943)
For the year ended 30 June 2025
Category 1 2 3 Total
Investment assets £ £ £ £
Equities 83,225,240 — — 83,225,240 Bonds 34,785,763 29,459,575 — 64,245,338 Structured Products — — 17,577,421 17,577,421 Derivatives — 467,520 — 467,520
118,011,003 29,927,095 17,577,421 165,515,519
Category 1 2 3 Total
Investment liabilities £ £ £ £
Derivatives — (123,954) — (123,954)
— (123,954) — (123,954)
*See note 1b in Accounting Policies section
Page 67
65 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
DIVIDEND DISTRIBUTION (PENCE PER SHARE)
First Interim Group 1 — Shares purchased prior to 1 July 2025 Group 2 — Shares purchased on or after 1 July 2025 and on or before 30 September 2025
S-class income Paid Paid shares Income Equalisation 28.11.25 29.11.24
Group 1 0.59 — 0.59 0.68 Group 2 0.32 0.27 0.59 0.68
S-class accumulation Accumulated Accumulated shares Income Equalisation 28.11.25 29.11.24
Group 1 0.64 — 0.64 0.72 Group 2 0.24 0.40 0.64 0.72
Second Interim Group 1 — Shares purchased prior to 1 October 2025 Group 2 — Shares purchased on or after 1 October 2025 and on or before 31 December 2025
S-class income Paid Paid shares Income Equalisation 27.02.26 28.02.25
Group 1 0.52 — 0.52 0.58 Group 2 0.22 0.30 0.52 0.58
S-class accumulation Accumulated Accumulated shares Income Equalisation 27.02.26 28.02.25
Group 1 0.57 — 0.57 0.63 Group 2 0.29 0.28 0.57 0.63
Third Interim Group 1 — Shares purchased prior to 1 January 2026 Group 2 — Shares purchased on or after 1 January 2026 and on or before 31 March 2026
S-class income Paid Paid shares Income Equalisation 29.05.26 30.05.25
Group 1 0.47 — 0.47 0.56 Group 2 0.15 0.32 0.47 0.56
S-class accumulation Accumulated Accumulated shares Income Equalisation 29.05.26 30.05.25
Group 1 0.52 — 0.52 0.60 Group 2 0.21 0.31 0.52 0.60
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO DISTRIBUTION TABLES FOR THE YEAR ENDED 30 JUNE 2026
Page 68
66 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
DIVIDEND DISTRIBUTION (PENCE PER SHARE) (continued)
Final Group 1 — Shares purchased prior to 1 April 2026 Group 2 — Shares purchased on or after 1 April 2026 and on or before 30 June 2026
S-class income Payable Paid shares Income Equalisation 31.08.26 29.08.25
Group 1 0.69 — 0.69 0.84 Group 2 0.41 0.28 0.69 0.84
S-class accumulation Allocated Accumulated shares Income Equalisation 31.08.26 29.08.25
Group 1 0.77 — 0.77 0.90 Group 2 0.42 0.35 0.77 0.90
Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued revenue included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.
RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO DISTRIBUTION TABLES FOR THE YEAR ENDED 30 JUNE 2026
(continued)
Page 69
67 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO INVESTMENT OBJECTIVE AND POLICY
INVESTMENT OBJECTIVE
The objective of the fund is to deliver a greater total return than the Consumer Price Index (CPI) measure of inflation + 3%, after fees, over any rolling five-year period. The fund seeks a level of volatility that is two-thirds of the volatility of the FTSE Developed stock market Index (or up to 15% above or below this level).
There is no guarantee that this investment objective will be achieved over five years, or any other time period.
We use the CPI + 3% as a target for our fund’s return because we aim to grow your investment above inflation. We refer to the amount of volatility risk our fund seeks to take because we want our investors to understand the risk they are taking in terms of the global stock market.
NON-FINANCIAL OBJECTIVE
The fund aims to promote positive environmental and/or social outcomes alongside its financial return objectives. The fund invests in and actively engages with a portfolio of assets that either contribute to, or have the potential to contribute to, at least one of the fund’s non-financial goals set out below for a more sustainable world by meeting our sustainability approach below.
The fund’s non-financial goals are set out below. To us, a more sustainable world is one with:
Decent work: a utilised and productive workforce with decent work, paid fairly, where workers of all backgrounds are represented, with safe and secure working environments.
Energy and climate: a reduced level of greenhouse gas emissions that is consistent with the goals of the Paris Agreement on climate change.
Habitats and ecosystems: conserved and sustainable natural systems, where ecosystems and biodiversity are promoted, and negative human impact is mitigated.
Health and wellbeing: improved physical and mental health outcomes, reducing avoidable deaths, injuries and illnesses.
Inclusive economies: an equitable economy in which there is expanded opportunity for shared prosperity.
Innovation and infrastructure: the delivery of physical and/or technological infrastructure that facilitates the delivery of other non-financial goals.
Resilient institutions: well-functioning institutions that protect the rule of law and fundamental rights.
Resource efficiency: a circular economy that supports sustainable levels of consumption, reduces strain on natural resources and reduces GHG emissions, water and energy use.
The portfolio consists of assets whose contribution, or potential contribution, towards the fund’s non financial goals is mixed:
(a) 100% of the assets meet our exclusionary criteria (avoiding negative impacts) and positive criteria (seeking positive impacts).
(b) 50-90% of the assets meet a higher threshold of positive sustainability alignment with at least one, or more, non-financial goals determined using an analytical framework that is based on the work of the Impact Frontiers.
(c) 5-40% of the assets have the potential to meet a higher threshold of positive alignment with non financial goals over time, with our engagement and stewardship activity supporting progress towards this.
(d) While the proportions in (b) and (c) will differ from time to time, at least 70% of the assets meet a combination of these at all times.
Page 70
68 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO INVESTMENT OBJECTIVE AND POLICY (continued)
SUSTAINABILITY CRITERIA
Our sustainability criteria can be found on our website rathbonesam.com or by following this link .
INVESTMENT POLICY
To meet the strategic growth objective, the fund manager will use a strategic asset allocation to invest globally in government and corporate bonds with no restriction on their credit quality, equities, collective investment schemes and structured products.
Up to 10% of the fund can be invested directly in contingent convertible bonds.
In normal market conditions, we expect the fund to hold up to 20% in structured products. Structured products may constitute a greater proportion of the portfolio in times of market irregularities or stress.
Derivatives may be used by the fund for the purpose of efficient portfolio management and hedging.
The fund manager defines restrictions on how much of the fund can be invested in different types of assets based on the LED Framework. The restrictions are set at the discretion of the fund manager and will change over time. The restrictions are reviewed annually and in response to market events. Further details in relation to the current restrictions may be obtained by contacting Rathbones Asset Management.
The fund manager may use all investment powers as permitted by the prospectus, outside the ranges described above, to ensure the fund is managed in the best interest of investors in times of market irregularities or stress.
The fund may invest at the fund manager’s discretion in other transferable securities, money market instruments, warrants, cash and near cash and deposits and units in collective investment schemes. Use may be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted by the FCA rules. Other than investments in collective investment schemes, we do not apply our wider sustainability approach to these investments but we will ensure that they do not conflict with the non ‑ financial objective.
When we invest in collective investment schemes, the underlying long credit or equity exposure must meet the same criteria as any other holding in our funds. Therefore, we will only access collective investment schemes if we can view all of the underlying holdings to ensure that they meet our criteria. In practice this means we are unlikely to have significant exposure to collective investment schemes.
We actively manage our fund which means we can choose what we invest in as long as it is in line with the investment objective and policy. Because of this, the fund’s performance can diverge significantly from its benchmark.
BENCHMARKING
TARGET BENCHMARK
The investment objective refers to the Consumer Prices Index (CPI) +3% which is a target benchmark that the fund seeks to outperform. This helps us to articulate an expected level of return relative to the level of UK inflation.
Page 71
69 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
PERFORMANCE
In the year ended 30 June 2026, the Rathbone Greenbank Strategic Growth Portfolio S-Class gained 6.2%. For the same period the fund’s objective, the UK Consumer Price Index +3%, returned 5.9%. The portfolio’s three-year volatility as a percentage of the FTSE Developed global stock market index was 66%, compared with a target of 67%.
MARKET OVERVIEW
For all the policy and political upheaval of the past 12 months, the year to 30 June 2026 delivered a steady march higher for global stock markets. Government bonds were a bumpier ride, however, with 10-year yields rising by roughly a quarter of a percentage point. Despite that, greater income from higher starting yields offset the price falls for UK government bonds.
A remarkable avalanche of news, threats and deals thundered throughout the year, and we see little reason for it to let up. It can be hard to stay tethered to the real economy when faced with blaring headlines every morning. One habit we try to keep is a daily reminder that the truth tends to fall closer to the mean than angry commentators and touting politicians would have you believe.
As 2025 drew to a close, the recession that half of economists had pencilled in for America simply hadn’t shown up. President Donald Trump’s second term has been at once chaotic and purposeful, and — ultimately — stocks loved it. Whether that’s because of Trump, in spite of him, or a bit of both is hard to unpick. Looking through the noise, his administration made headway on cheaper homegrown energy, deregulation, tax cuts and a flood of AI and chip investment, even if a stubbornly high deficit remains a chink in the armour. The Federal Reserve, for its part, trimmed its benchmark rate from 4.00–4.25% to 3.50–3.75% in the first six months before pausing.
Then geopolitics reasserted itself. The missile and drone war between the US, Israel and Iran has throttled the movement of oil and gas through the Strait of Hormuz since late February. It’s a stark reminder that, for all our progress on renewables, the world still runs on oil and gas. Remarkably,
the oil crisis largely wasn’t. Brent now trades lower than before the fighting began, even with Hormuz barely open. A record 400-million-barrel release of emergency reserves, quiet stockpile draws — not least from China, which cut its crude imports sharply — and genuine demand destruction did the heavy lifting. A more electrified, more diverse energy mix also meant the shock hurt far less than the oil crises of old.
AI, meanwhile, proved to be both the market’s great engine and its great disruptor — a snake eating its own tail. The capital-light software companies that dominated for a generation were rattled as AI turned their economics on their head, and the software industry suffered one of its worst-ever falls against the broader market. Yet the picks-and-shovels of the build-out went the other way: the world’s semiconductor giants added some $2 trillion of market value in the second quarter of 2026 alone, amid a genuine, physical shortage of chips.
Fixed income had a wild year, yet held up better than the headlines implied. Higher energy prices stoked inflation fears and sent government bond yields lurching — the UK and Europe more than the US — before ceasefire hopes pulled them back. Crucially, with yields starting near 4% rather than the 1% of 2022, bondholders had a far thicker cushion this time, and income did much of the offsetting. Investment-grade bonds did very well as their spreads tightened noticeably. Private debt was the exception, as too much money chasing too few assets finally began to turn as investors worried about heavily indebted software businesses defaulting.
The final twist came from the US Federal Reserve’s (Fed) new chair, Kevin Warsh. Having spent a year urging rate cuts, he opened his tenure sounding distinctly hawkish, nudging up the rate outlook and railing against forward guidance and quantitative easing. We suspect this is more about the moment than the man, and that a quieter, less-vocal Fed may yet prove more dovish than first impressions suggest.
Through it all, our approach stays constant: look through the noise, stay diversified, and keep one eye firmly on the real economy.
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
Page 72
70 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
PORTFOLIO ACTIVITY
Our fund invests directly in stocks and bonds, yet our largest single trades are often structured products. This is because, unlike stocks, structured products aren’t perpetual instruments — i.e. they have a finite life. Structured products regularly roll over, usually between one and three years. Not only that, they tend to be less volatile than equities, so they are often larger than our individual stock holdings. For these reasons, they often appear in our largest trades. We report here on the five largest buys and sells, which can make it appear like our portfolio is dominated by structured products, when in fact they tend to only make up between 5%-15% of our funds.
Over the past year or so, we’ve bought different structured products to boost our diversification. These products are contract-based investments with banks that pay specified returns if certain events happen or market measures hit certain targets. But if the opposite happens, we lose the return and sometimes a portion of our capital. It all depends on the product.
We rolled over a structured product that’s linked to US interest rates. The Societe Generale VRR Index Structured Product, which makes money if the volatility of US Treasury yields increases. So if yields rise rapidly because of an inflation scare or if they slump because of GDP growth concerns we make a return. Any increase in the size or frequency of moves in US treasury yields is good for this investment. However, if yields just amble along with little movement, we will lose money. And we would actually prefer the latter: if yields shoot up or down stocks are likely to be falling because of the fears driving the move. Whereas benign yields should be great for our stocks. Long story short, we view this product as an insurance policy for wobbly markets.
Another structured product was the JP Morgan 4.5% Dispersion Note 2026. This one pays us a quarterly coupon amounting to 4.5% each year, as well as a return based on the ‘dispersion’, or volatility of a basket of stocks relative to the volatility of the S&P 500 stock market index. By volatility, we mean that the prices of underlying stocks within the index move up and down more than the price of the index itself. This structured product repays our capital and then some if the difference in volatility between
the basket and the index widens between when we bought it and its maturity. If the volatility difference decreases over the period, we will lose money. This was rolled into the JP Morgan EIB Backed Orbital Dispersion product during the period. This is a similar investment, with the slight difference that it pays a total return (no coupon) and has a more dynamic approach to how it balances hedging between the index and the basket.
We rolled over our investment in the Citi Commodity Curve Seasonally Adjusted Note, reinvesting the proceeds into a new version that matures in June 2031. This makes money from changes between today’s spot prices for commodities and the prices for delivering them in the future (‘futures’). More erratic weather and greater geopolitical instability are causing shortages and embargoes that flow through to changes in the commodity markets. This investment gives us some protection from these risks and offers returns that are uncorrelated with stock and bond markets.
The price of gold has soared in recent years, and it accelerated in 2025 and early 2026. Over the year ended 30 June 2026, gold rose 26% in sterling (at one point it was up 66%). In August we set up a way to get exposure to the gold price to capture its diversification benefits, but with some downside protection. We bought the Goldman Sachs 15% Callable Responsibly Sourced Gold 2030 structured product. This is a contract with an investment bank that gives us the return of gold but with complete capital protection if gold falls over its five-year life. The trade-off is that the issuer can redeem it at any point and pay us a 15% coupon for each year that has elapsed. Effectively, this caps our potential annual return at 15%. We included this trade-off of capital protection for capped upside because we were aware that the price was very high compared with its history.
We took advantage of swings in the yield of UK government bonds, buying the UK Government 4% 2031 when the yield rose (and the bond price fell) and selling the Index-Linked 2034 and the very long-dated 1.5% 2053 when the yield dropped back (and prices rose). We also bought the UK T-Bill November 2025 as part of our cash holding.
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
(continued)
Page 73
71 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
In January, we sold our Portuguese Government 1.65% 2032 bonds, which had done us well since we bought them back in late 2024. The risk of political backsliding that could undo the good work on fiscal retrenchment had risen. Our return had been boosted as we were paid handsomely to hedge the euro; however, it had become less attractive to lock in that exchange rate ahead of time, reducing our potential return. We felt we had better opportunities elsewhere.
INVESTMENT OUTLOOK
It’s been a remarkable year. And we’re only halfway through.
Markets and the global economy have adapted remarkably well to the energy shock sparked by the Iran war. The resilience and flexibility of the global economy helped contain what could have been a nightmare scenario. Thankfully the fighting appears to have now cooled, and the parties are working on a long-term solution to bury the hatchet.
We’re confident that final terms will be agreed under the Islamabad Memorandum and a new normal will be reached that unequivocally reopens the Strait of Hormuz. If that comes to pass, we think it would make inflation recede once again, opening the door to US rate cuts in 2027.
The US economy is slowing slightly, but it still looks very strong indeed. Contrast that with the other side of the Atlantic, where the story is almost inverted. The European Central Bank raised its interest rate by 0.25 of a percentage point to 2.25% in mid June — its first hike since 2023. The ECB lifted its 2026 inflation forecast to 3.0%, while cutting its expectation of eurozone growth from 0.9% to just 0.8%.
Germany, which was supposed to be the engine of the recovery, has instead stalled: the BDI, a German industrial trade body, cut its 2026 growth forecast to 0.4%, from 1% in January, and the government has halved its own projection to 0.5%. Chancellor Friedrich Merz’s €500 billion “investment booster” was meant to be the tailwind Europe needed, but by the end of last year only €24 billion had actually been invested — bureaucracy, it turns out, is harder to reform than a spreadsheet.
While the US continues to forge ahead, we think the global economy is on a strong footing. We are optimistic about the rest of the year. There are risks, sure, but there are always risks. There are also opportunities. A massively powerful technology is being rolled out around the world, offering countless ways for people and businesses to experiment and find better ways of doing what they need to do. The modern world can be overwhelming and it’s often framed as a place where all roads lead to doom. But there’s a lot going for it too.
Are we investors because we’re optimists? Or optimists because we’re investors? It’s hard to know how the causality runs, but it’s a requirement of the job: You can’t invest in the future unless you think it can get better.
David Coombs and Will McIntosh-Whyte Fund Managers
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO INVESTMENT REPORT FOR THE YEAR ENDED 30 JUNE 2026
(continued)
Page 74
72 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES
S-CLASS INCOME SHARES
30.06.26 pence per share
30.06.25 pence per share
30.06.24 pence per share
Change in net assets per share
Opening net asset value per share 99.08p 97.09p 93.84p
Return before operating charges* 6.72p 4.98p 6.09p Operating charges (0.58p) (0.57p) (0.62p)
Return after operating charges* 6.14p 4.41p 5.47p
Distributions on income shares (2.08p) (2.42p) (2.22p)
Closing net asset value per share 103.14p 99.08p 97.09p
*after direct transaction costs 1 of: 0.03p 0.04p 0.05p
1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.
PERFORMANCE
Return after charges 6.20% 4.54% 5.83%
OTHER INFORMATION
Closing net asset value £54,878,303 £49,826,942 £42,349,431 Closing number of shares 53,206,336 50,287,318 43,618,734 Operating charges** 0.60% 0.57% 0.65% Direct transaction costs 0.03% 0.04% 0.06%
PRICES***
Highest share price 105.07p 101.76p 99.15p Lowest share price 98.79p 91.41p 87.94p
** The Operating charges are represented by the Ongoing Charges Figure (OCF) which is calculated in line with the IA SORP.
*** These prices may have been calculated on a different basis to the opening/closing net asset value per share shown in the comparative table, this may result in the opening/closing net asset value per share being higher or lower than the published highest or lowest prices for the period.
Page 75
73 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES
(continued)
S-CLASS ACCUMULATION SHARES
30.06.26 pence per share
30.06.25 pence per share
30.06.24 pence per share
Change in net assets per share
Opening net asset value per share 107.62p 102.91p 97.19p
Return before operating charges* 7.35p 5.32p 6.37p Operating charges (0.63p) (0.61p) (0.65p)
Return after operating charges* 6.72p 4.71p 5.72p
Distributions on accumulation shares (2.27p) (2.59p) (2.31p) Retained distributions on accumulation shares 2.27p 2.59p 2.31p
Closing net asset value per share 114.34p 107.62p 102.91p
*after direct transaction costs 1 of: 0.03p 0.04p 0.05p
1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.
PERFORMANCE
Return after charges 6.24% 4.58% 5.89%
OTHER INFORMATION
Closing net asset value £209,045,568 £206,698,759 £172,613,248 Closing number of shares 182,828,433 192,068,383 167,737,838 Operating charges** 0.60% 0.57% 0.65% Direct transaction costs 0.03% 0.04% 0.06%
PRICES***
Highest share price 115.22p 109.06p 104.22p Lowest share price 107.62p 98.48p 91.55p
** The Operating charges are represented by the Ongoing Charges Figure (OCF) which is calculated in line with the IA SORP.
*** These prices may have been calculated on a different basis to the opening/closing net asset value per share shown in the comparative table, this may result in the opening/closing net asset value per share being higher or lower than the published highest or lowest prices for the period.
Page 76
74 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO RISK AND REWARD PROFILE
RISK AND REWARD PROFILE AS PUBLISHED IN THE FUND’S MOST RECENT KEY INVESTOR INFORMATION DOCUMENT
1 2 3 4 5 6 7
Lower potential risk/reward (Not risk-free)
Higher potential risk/reward
This indicator is a measure of the fund’s past volatility (the extent and rapidity of up-and-down movements of the value of an investment). It may not be a reliable indication of the fund’s future risk. The risk category shown is not a target or a guarantee and may change over time.
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO DISCRETE ANNUAL PERFORMANCE
QUARTER ENDING 30 JUNE 2026
2026 2025 2024 2023 2022
S-class shares 6.16% 4.39% 6.43% 2.53% -8.42%
UK Consumer Price Index +3% 6.08% 6.45% 5.05% 11.95% 12.30%
Source performance data Morningstar, mid to mid, net income reinvested, with the exception of CPI data.
Past performance should not be seen as an indication of future performance.
The value of investments and the income from them may go down as well as up and you may not get back your original investment.
Page 77
75 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO PERFORMANCE OVER 5 YEARS
2026 2025 2024 2023 2022
Rathbone Greenbank Multi-Asset Strategic Growth Portfolio S Acc*
10.75% — — — —
Rathbone Greenbank Multi-Asset Strategic Growth Portfolio S Inc*
10.78% — — — —
UK Consumer Price Index +3% 48.91% 47.85% 43.74% 43.79% 35.52%
Rathbone Greenbank Multi-Asset Strategic Growth Portfolio S Acc Volatility as % of FTSE Developed (£) [Target 66.67%] †
73.42% — — — —
Rathbone Greenbank Multi-Asset Strategic Growth Portfolio S Inc Volatility as % of FTSE Developed (£) [Target 66.67%] †
73.48% — — — —
UK Consumer Price Inflation figures quoted with a 1 month lag. Volatility as a percentage of FTSE Developed (£) is calculated using monthly data. † or up to 15% above or below this level.
Source: Morningstar with exception of CPI Data.
*Launch date: 29/03/2021
Page 78
76 RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026
United Kingdom (30.06.25: 24.39%) 19,668 AstraZeneca 2,773,188 1.05 £1,200,000 BUPA Finance 5% 08/12/26* 1,200,866 0.46 109,331 Compass 2,660,683 1.01 £250,000 Coventry Building Society 8.75% VRN Perp* 262,985 0.10 84,302 GSK 1,669,601 0.63 45,135 Halma 1,775,611 0.67 1,210,159 HICL Infrastructure 1,597,410 0.61 £1,200,000 Just Group 6.875% 30/03/35* 1,223,314 0.46 755,680 Legal and General 2,161,245 0.82 276,761 National Grid 3,453,977 1.31 £700,000 Nationwide Building Society 6.178% VRN 07/12/27* 704,790 0.27 £200,000 Nationwide Building Society 7.875% VRN Perp* 208,790 0.08 £700,000 NatWest 5.125% VRN Perp* 696,920 0.26 £1,500,000 NatWest 2.105% VRN 28/11/31* 1,493,722 0.57 £800,000 Pension Insurance 6.875% 15/11/34* 821,661 0.31 87,268 RELX 2,064,761 0.78 £918,000 Schroders 6.346% VRN 18/07/34* 944,855 0.36 104,898 SSE 2,554,266 0.97 £10,125,700 UK Treasury 0.875% 31/07/33* 7,903,008 2.99 £1,350,000 UK Treasury 1.625% 22/10/28* 1,277,141 0.48 £3,800,000 UK Treasury 4% 22/10/31* 3,738,478 1.42 36,239 Unilever 1,640,539 0.62 Total United Kingdom 42,827,811 16.23
Australia (30.06.25: 1.64%) AUD3,000,000 Australia (Government) 2.75% 21/06/35* 1,344,927 0.51 AUD10,920,000 New South Wales Treasury 2.5% 22/11/32* 4,949,285
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "5ca07c43-65b3-47c6-bb85-c2e2f431bd5b",
"date_created": "2026-10-23T22:50:13.473000Z",
"date_modified": "2026-10-23T22:50:20.750000Z",
"file_hash": "0e7bf1e9b54ca4b53c6f0776e0f17a6f4e1a6a6849b6e129dfb56a611173329e",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 144,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 12,
"width": 688,
"x": 155,
"y": 930
},
"id": "bedbcf9f-5f54-4b30-a61b-16daff3a6b43",
"page_number": 1,
"text": "ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026"
},
{
"block_type": "box",
"box": {
"height": 29,
"width": 759,
"x": 122,
"y": 400
},
"id": "2a9111b5-814b-4a96-8e23-7caa38755212",
"page_number": 1,
"text": "RATHBONE GREENBANK"
},
{
"block_type": "box",
"box": {
"height": 30,
"width": 805,
"x": 99,
"y": 446
},
"id": "9d33e55d-3abb-43a9-819f-455729c59856",
"page_number": 1,
"text": "MULTI-ASSET PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 16,
"width": 597,
"x": 202,
"y": 510
},
"id": "221c768b-5a53-4242-aa5e-b78430b8213e",
"page_number": 1,
"text": "Rathbone Greenbank Total Return Portfolio"
},
{
"block_type": "box",
"box": {
"height": 16,
"width": 675,
"x": 163,
"y": 545
},
"id": "b7a5c011-80d6-4372-84a5-0c40c3ec162a",
"page_number": 1,
"text": "Rathbone Greenbank Defensive Growth Portfolio"
},
{
"block_type": "box",
"box": {
"height": 20,
"width": 665,
"x": 168,
"y": 580
},
"id": "2f293646-a8db-434c-b490-494dfea7b5e6",
"page_number": 1,
"text": "Rathbone Greenbank Strategic Growth Portfolio"
},
{
"block_type": "box",
"box": {
"height": 19,
"width": 662,
"x": 169,
"y": 616
},
"id": "7d799aa2-f2fa-41ca-847b-7a81a10d2ae0",
"page_number": 1,
"text": "Rathbone Greenbank Dynamic Growth Portfolio"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 146,
"x": 55,
"y": 37
},
"id": "dace2642-1dec-4eea-8eac-e5b2db2b1b37",
"page_number": 2,
"text": "CONTENTS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 113,
"x": 56,
"y": 119
},
"id": "dd88e7ea-0216-4ca4-a10d-9a6e644ce8c0",
"page_number": 2,
"text": "DIRECTORY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 11,
"x": 704,
"y": 119
},
"id": "0ea0b1a5-57b5-452d-a482-e89c2c45f405",
"page_number": 2,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 487,
"x": 56,
"y": 166
},
"id": "34da24ed-d984-4720-94f5-6a48a0c58f9b",
"page_number": 2,
"text": "RATHBONE GREENBANK TOTAL RETURN PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 375,
"x": 56,
"y": 189
},
"id": "7cfd958f-51bc-481f-81e2-2d0ba3cd8451",
"page_number": 2,
"text": "INVESTMENT OBJECTIVE AND POLICY"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 11,
"x": 704,
"y": 190
},
"id": "7094045e-75dc-4c63-9a41-0f7a55de76e4",
"page_number": 2,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 215,
"x": 56,
"y": 213
},
"id": "16673a3c-1377-461d-8dd3-7c69b39d4b6e",
"page_number": 2,
"text": "INVESTMENT REPORT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 11,
"x": 704,
"y": 213
},
"id": "5d59fb5f-029a-4b69-9902-1478b4b5f9b2",
"page_number": 2,
"text": "5"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 572,
"x": 56,
"y": 236
},
"id": "6efc4db2-c2c4-45ce-b1d8-21e47e0bee1c",
"page_number": 2,
"text": "NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 11,
"x": 704,
"y": 236
},
"id": "5377d473-e254-4821-85bb-211b682e3947",
"page_number": 2,
"text": "8"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 277,
"x": 56,
"y": 260
},
"id": "72df2f5e-a7e7-41a9-9ac1-7df7276a2673",
"page_number": 2,
"text": "RISK AND REWARD PROFILE"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 21,
"x": 694,
"y": 260
},
"id": "c5314d4f-db30-4ec3-aa24-a202a7a81d09",
"page_number": 2,
"text": "10"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 345,
"x": 56,
"y": 283
},
"id": "37dc5434-196f-44a7-8d0b-fad764554711",
"page_number": 2,
"text": "DISCRETE ANNUAL PERFORMANCE"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 14,
"x": 700,
"y": 284
},
"id": "4e80dcf0-e556-45be-8d62-f12da15ddb30",
"page_number": 2,
"text": "11"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 363,
"x": 56,
"y": 307
},
"id": "affa405d-2dbd-42d8-bb91-d76824ab0b69",
"page_number": 2,
"text": "PORTFOLIO AND NET OTHER ASSETS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 20,
"x": 695,
"y": 307
},
"id": "1b3fc3fb-f15f-4652-93a6-5ffef054f88f",
"page_number": 2,
"text": "12"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 408,
"x": 54,
"y": 331
},
"id": "6bc4a624-8d49-4e85-9943-473502fde27d",
"page_number": 2,
"text": "SUMMARY OF PORTFOLIO INVESTMENTS"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 19,
"x": 697,
"y": 331
},
"id": "0f9c05d7-e704-4f46-a609-e954093ccd6b",
"page_number": 2,
"text": "17"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 243,
"x": 56,
"y": 354
},
"id": "4c5c46a8-36b1-462c-8703-e964cf738135",
"page_number": 2,
"text": "FINANCIAL STATEMENTS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 26,
"x": 689,
"y": 354
},
"id": "f8a8ec37-74da-4303-bc7b-f92636172115",
"page_number": 2,
"text": "20"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 541,
"x": 56,
"y": 401
},
"id": "2ef0156d-7fc7-4bd8-bb54-b4960acebdfa",
"page_number": 2,
"text": "RATHBONE GREENBANK DEFENSIVE GROWTH PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 375,
"x": 56,
"y": 425
},
"id": "d38106ab-fc51-47a7-8359-c02edd0c78e7",
"page_number": 2,
"text": "INVESTMENT OBJECTIVE AND POLICY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 25,
"x": 690,
"y": 425
},
"id": "81999900-f5d9-471a-b5f8-67c4e30a7691",
"page_number": 2,
"text": "34"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 215,
"x": 56,
"y": 448
},
"id": "45251d0f-d294-4582-8ae5-63ad403db1cc",
"page_number": 2,
"text": "INVESTMENT REPORT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 24,
"x": 691,
"y": 448
},
"id": "8ba087c2-b2ce-4e3b-add2-7e94212f1104",
"page_number": 2,
"text": "38"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 572,
"x": 56,
"y": 472
},
"id": "987835ad-922d-4f66-8154-08e449ebb466",
"page_number": 2,
"text": "NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 24,
"x": 691,
"y": 472
},
"id": "b0d7697b-b26b-415e-b2df-db136a2710c9",
"page_number": 2,
"text": "39"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 277,
"x": 56,
"y": 495
},
"id": "1f748729-aca3-43bf-91b0-a18509f04baa",
"page_number": 2,
"text": "RISK AND REWARD PROFILE"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 19,
"x": 695,
"y": 495
},
"id": "a28156c8-1a10-432d-bc5a-c153f2bea7a1",
"page_number": 2,
"text": "41"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 345,
"x": 56,
"y": 519
},
"id": "f352e97b-96eb-4571-9838-0109d447a8ec",
"page_number": 2,
"text": "DISCRETE ANNUAL PERFORMANCE"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 690,
"y": 519
},
"id": "dd420144-e5a6-4ddf-b0bd-4c0d5c4e0df5",
"page_number": 2,
"text": "42"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 363,
"x": 56,
"y": 542
},
"id": "9e33023a-f2ee-4b6b-8664-d2c33b20de7a",
"page_number": 2,
"text": "PORTFOLIO AND NET OTHER ASSETS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 25,
"x": 690,
"y": 542
},
"id": "29f65558-f3b3-494f-a6e7-e2741cd97e61",
"page_number": 2,
"text": "43"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 408,
"x": 54,
"y": 566
},
"id": "5ac794e8-f266-4b37-a759-4408e0f9c494",
"page_number": 2,
"text": "SUMMARY OF PORTFOLIO INVESTMENTS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 25,
"x": 690,
"y": 566
},
"id": "66fd5ad6-9c25-4aa8-96ac-35f8ce8733a2",
"page_number": 2,
"text": "49"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 243,
"x": 56,
"y": 589
},
"id": "57813a9a-a965-49ab-b90e-f5d51fc9af2e",
"page_number": 2,
"text": "FINANCIAL STATEMENTS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 24,
"x": 691,
"y": 589
},
"id": "ff6aff60-b397-418e-96ff-3d749a652bc0",
"page_number": 2,
"text": "52"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 542,
"x": 56,
"y": 636
},
"id": "8e29fd20-82ec-46ae-ab42-315f7dbdd357",
"page_number": 2,
"text": "RATHBONE GREENBANK STRATEGIC GROWTH PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 375,
"x": 56,
"y": 660
},
"id": "8e756110-5aff-4235-bf1a-bf1b81376496",
"page_number": 2,
"text": "INVESTMENT OBJECTIVE AND POLICY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 24,
"x": 692,
"y": 660
},
"id": "a6c640ec-f762-409f-81b3-a9b700b0aef3",
"page_number": 2,
"text": "67"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 215,
"x": 56,
"y": 683
},
"id": "59e6005c-cb22-45ae-a536-dcbd58088c41",
"page_number": 2,
"text": "INVESTMENT REPORT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 25,
"x": 690,
"y": 683
},
"id": "ca221d57-6e0a-4016-b262-8a21b737e37f",
"page_number": 2,
"text": "69"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 572,
"x": 56,
"y": 707
},
"id": "aaa33e1e-f88f-4278-9bae-7960a1f2eb66",
"page_number": 2,
"text": "NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 24,
"x": 691,
"y": 707
},
"id": "b52816eb-a3eb-439b-a471-e4a243033e8b",
"page_number": 2,
"text": "72"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 277,
"x": 56,
"y": 730
},
"id": "2958edd3-bac4-4853-8e27-8f4dd09274c2",
"page_number": 2,
"text": "RISK AND REWARD PROFILE"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 23,
"x": 692,
"y": 731
},
"id": "e1a15962-f4ea-4746-957a-16c295b0f5c7",
"page_number": 2,
"text": "74"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 345,
"x": 56,
"y": 754
},
"id": "f7bec22c-74fd-45a7-8445-34cebf2f0c7c",
"page_number": 2,
"text": "DISCRETE ANNUAL PERFORMANCE"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 23,
"x": 692,
"y": 754
},
"id": "f2527c77-d4f6-45ee-9df7-8f7e28f5896b",
"page_number": 2,
"text": "75"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 363,
"x": 56,
"y": 777
},
"id": "dc064c1e-64c4-4cef-bf1f-5f615da70198",
"page_number": 2,
"text": "PORTFOLIO AND NET OTHER ASSETS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 23,
"x": 692,
"y": 777
},
"id": "9fd98935-5aa7-430c-85b1-08519cc71200",
"page_number": 2,
"text": "76"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 408,
"x": 54,
"y": 801
},
"id": "dba7cc5b-218e-40f7-b98f-51e0982ac724",
"page_number": 2,
"text": "SUMMARY OF PORTFOLIO INVESTMENTS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 19,
"x": 695,
"y": 801
},
"id": "1d0b3d7d-82e7-436b-8432-e47649cea417",
"page_number": 2,
"text": "81"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 243,
"x": 56,
"y": 824
},
"id": "e95fd019-b399-4550-acfa-89bd9a4f43f6",
"page_number": 2,
"text": "FINANCIAL STATEMENTS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 26,
"x": 689,
"y": 824
},
"id": "a67742f8-8e41-41d9-aefb-e4dce0fb2563",
"page_number": 2,
"text": "84"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 648,
"x": 55,
"y": 962
},
"id": "f6c72162-7b59-4664-acbe-08c301dc1ec4",
"page_number": 2,
"text": "RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 156,
"x": 55,
"y": 37
},
"id": "5b05406c-52a8-4eec-a32c-6c75ab1e8b77",
"page_number": 3,
"text": "CONTENTS"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 112,
"x": 212,
"y": 39
},
"id": "689d0802-6a62-4b53-a895-4523c5159492",
"page_number": 3,
"text": "(continued)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 530,
"x": 56,
"y": 119
},
"id": "655a901c-ee2a-4d14-9177-f3838304a4a3",
"page_number": 3,
"text": "RATHBONE GREENBANK DYNAMIC GROWTH PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 375,
"x": 56,
"y": 142
},
"id": "c9ec95a8-29fe-42dc-88c7-578e91a80c70",
"page_number": 3,
"text": "INVESTMENT OBJECTIVE AND POLICY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 25,
"x": 690,
"y": 142
},
"id": "17bbf7b2-0fee-47a6-b9c6-69116a736bbe",
"page_number": 3,
"text": "99"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 215,
"x": 56,
"y": 166
},
"id": "7bda478f-1309-4c7a-8db9-24c99d006f6f",
"page_number": 3,
"text": "INVESTMENT REPORT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 29,
"x": 685,
"y": 166
},
"id": "b3c278df-0895-4d18-9f57-6d1419da7bba",
"page_number": 3,
"text": "101"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 572,
"x": 56,
"y": 189
},
"id": "87ad200b-5032-41e7-a483-cbc0b46d429f",
"page_number": 3,
"text": "NET ASSET VALUE PER SHARE AND COMPARATIVE TABLES"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 36,
"x": 679,
"y": 189
},
"id": "54d6f648-553b-4a97-85fd-36d45da0ddb3",
"page_number": 3,
"text": "104"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 277,
"x": 56,
"y": 213
},
"id": "820a49d2-6973-42bd-b14a-27eaf8b66d6f",
"page_number": 3,
"text": "RISK AND REWARD PROFILE"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 35,
"x": 680,
"y": 213
},
"id": "46079432-4039-405d-b77b-b1bd4f0276ca",
"page_number": 3,
"text": "106"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 345,
"x": 56,
"y": 236
},
"id": "313c30e4-be48-4000-b931-b8867a586303",
"page_number": 3,
"text": "DISCRETE ANNUAL PERFORMANCE"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 35,
"x": 680,
"y": 236
},
"id": "01e407d4-e31d-411f-8395-4723d877d4a8",
"page_number": 3,
"text": "106"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 363,
"x": 56,
"y": 260
},
"id": "dc192235-9595-45af-a916-44b4b60799e2",
"page_number": 3,
"text": "PORTFOLIO AND NET OTHER ASSETS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 35,
"x": 680,
"y": 260
},
"id": "4dbf74e4-8130-4a59-96d4-238404362a58",
"page_number": 3,
"text": "108"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 408,
"x": 54,
"y": 283
},
"id": "99c5c07e-c67a-403c-a1f4-15e38365a827",
"page_number": 3,
"text": "SUMMARY OF PORTFOLIO INVESTMENTS"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 28,
"x": 687,
"y": 284
},
"id": "ff1f6914-6f62-466b-91bd-f0da49af3271",
"page_number": 3,
"text": "113"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 243,
"x": 56,
"y": 307
},
"id": "750e8a61-9160-470b-aa31-dc2b5b11bece",
"page_number": 3,
"text": "FINANCIAL STATEMENTS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 28,
"x": 687,
"y": 307
},
"id": "3a8daacd-3690-4675-b0d7-b6e8ee093a30",
"page_number": 3,
"text": "116"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 240,
"x": 56,
"y": 354
},
"id": "15bf9ac7-1009-42cd-912a-425c2fcc58c1",
"page_number": 3,
"text": "DIRECTORS\u2019 STATEMENT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 27,
"x": 687,
"y": 354
},
"id": "3bf82960-dfe1-4df8-bffc-0eff88164f8f",
"page_number": 3,
"text": "131"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 448,
"x": 54,
"y": 378
},
"id": "72bbb800-8251-4508-ada7-0fae69bfca13",
"page_number": 3,
"text": "STATEMENT OF THE ACD\u2019S RESPONSIBILITIES"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 33,
"x": 682,
"y": 378
},
"id": "cd2cb900-baac-4327-b2fc-ec802567d63d",
"page_number": 3,
"text": "132"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 532,
"x": 54,
"y": 401
},
"id": "7f8fff5b-dd89-48c0-a3f9-3de3364189f6",
"page_number": 3,
"text": "STATEMENT OF THE DEPOSITARY\u2019S RESPONSIBILITIES"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 32,
"x": 683,
"y": 401
},
"id": "2a355fd5-0c8d-4e27-9702-fa11f308ab45",
"page_number": 3,
"text": "133"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 341,
"x": 56,
"y": 425
},
"id": "56bca61a-a6f3-4079-a7bd-808ded70369f",
"page_number": 3,
"text": "INDEPENDENT AUDITOR\u2019S REPORT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 33,
"x": 682,
"y": 425
},
"id": "f7959e4d-cf57-4c8b-8d4b-aef4a1388a62",
"page_number": 3,
"text": "134"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 245,
"x": 54,
"y": 448
},
"id": "fa89c4c0-1d59-4a9e-8ab3-c2de71a032e2",
"page_number": 3,
"text": "GENERAL INFORMATION"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 32,
"x": 684,
"y": 448
},
"id": "8bab61e3-344e-4b31-9a8a-6ef5f596483c",
"page_number": 3,
"text": "137"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 648,
"x": 55,
"y": 962
},
"id": "f6a3d514-b313-40b2-9d93-24082d6553d3",
"page_number": 3,
"text": "RATHBONE GREENBANK MULTI-ASSET PORTFOLIO ANNUAL REPORT 2026"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 9,
"x": 55,
"y": 962
},
"id": "b96d44a9-eced-4b6e-ad2e-5d0a870c4d59",
"page_number": 4,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 439,
"x": 93,
"y": 962
},
"id": "149694d6-7eef-4c6c-8c2a-44dc0ec43b48",
"page_number": 4,
"text": "RATHBONE GREENBANK MULTI-ASSET PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 203,
"x": 742,
"y": 962
},
"id": "f2dfec1a-66cc-4a0a-b1bc-9f1b51ddb1a3",
"page_number": 4,
"text": "ANNUAL REPORT 2026"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 690,
"x": 56,
"y": 37
},
"id": "a26f5d3d-86cf-4b4e-aca0-5b3e8a8480fb",
"page_number": 4,
"text": "RATHBONE GREENBANK MULTI-ASSET PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 439,
"x": 54,
"y": 119
},
"id": "343ee5db-00e6-472b-b557-e09617e12cd9",
"page_number": 4,
"text": "AUTHORISED CORPORATE DIRECTOR (ACD)"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 320,
"x": 54,
"y": 145
},
"id": "13a8cfe5-7d3b-4551-9660-5f51bf247a33",
"page_number": 4,
"text": "Rathbones Asset Management Limited"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 153,
"x": 55,
"y": 161
},
"id": "72e8a179-d7d8-46c3-98b8-2d90fa365f24",
"page_number": 4,
"text": "30 Gresham Street"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 158,
"x": 54,
"y": 177
},
"id": "eca0f2e7-3753-4b11-bf84-10fa484969c5",
"page_number": 4,
"text": "London EC2V 7QN"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 225,
"x": 54,
"y": 193
},
"id": "3ea5f287-78d6-48c6-95cb-5d564c4a17ab",
"page_number": 4,
"text": "Telephone 020 7399 0399"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 293,
"x": 54,
"y": 208
},
"id": "9c86b41f-5cb5-49f5-88eb-69cc00839728",
"page_number": 4,
"text": "A member of the Rathbones Group"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 271,
"x": 54,
"y": 224
},
"id": "0aa313ec-1bcf-4c01-92b5-9ff1db45cb47",
"page_number": 4,
"text": "Authorised and regulated by the"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 353,
"x": 54,
"y": 240
},
"id": "5acfee80-a6c5-4f5d-88bd-982f62ad9a57",
"page_number": 4,
"text": "Financial\u00a0Conduct Authority and member"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 258,
"x": 54,
"y": 256
},
"id": "71d18f01-92ec-47ee-9f7f-dd89a84d25e3",
"page_number": 4,
"text": "of The Investment Association"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 158,
"x": 54,
"y": 304
},
"id": "2823b1c9-b3a0-42db-bd24-e0acd5b4df2c",
"page_number": 4,
"text": "THE COMPANY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 350,
"x": 54,
"y": 330
},
"id": "c5e952c6-cb60-41c7-880e-3e9a81766000",
"page_number": 4,
"text": "Rathbone Greenbank Multi-Asset Portfolio"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 153,
"x": 55,
"y": 346
},
"id": "7f01142a-9938-4d69-9737-f88cdb3e1e63",
"page_number": 4,
"text": "30 Gresham Street"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 158,
"x": 54,
"y": 362
},
"id": "99fe5a24-8785-49e1-a5d3-4d1e5f6c8f39",
"page_number": 4,
"text": "London EC2V 7QN"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 176,
"x": 56,
"y": 410
},
"id": "078ce5a6-bf1c-430b-a982-9b534c6b8670",
"page_number": 4,
"text": "DEALING OFFICE"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 332,
"x": 55,
"y": 435
},
"id": "5133dc3c-e2c8-4cc3-aaee-b49efb25c4fd",
"page_number": 4,
"text": "SS\u0026C Financial Services Europe Limited"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 101,
"x": 55,
"y": 452
},
"id": "638af71d-f0ad-4d54-9305-6b1eff8caa32",
"page_number": 4,
"text": "SS\u0026C House"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 136,
"x": 55,
"y": 467
},
"id": "f644533e-18b1-4854-b4c2-e2cd2fc05091",
"page_number": 4,
"text": "St Nicholas Lane"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 72,
"x": 54,
"y": 483
},
"id": "89651dfe-04b4-4432-b838-eb11228c97b1",
"page_number": 4,
"text": "Basildon"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 130,
"x": 54,
"y": 500
},
"id": "d8a0f044-ba34-4ee0-ac1f-181c26a6f862",
"page_number": 4,
"text": "Essex SS15 5FS"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 225,
"x": 54,
"y": 515
},
"id": "53cdb5e6-d76a-40ea-a871-30ea1a940949",
"page_number": 4,
"text": "Telephone 0330 123 3810"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 215,
"x": 54,
"y": 531
},
"id": "18ae8708-8e7b-41aa-a118-f5f55480b40f",
"page_number": 4,
"text": "Facsimile 0330 123 3812"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 253,
"x": 56,
"y": 579
},
"id": "71408c5f-3cb8-463a-8cc7-a5d90bcd09bb",
"page_number": 4,
"text": "INDEPENDENT AUDITOR"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 101,
"x": 54,
"y": 605
},
"id": "e3703cbc-e3a4-42ea-860d-5728185ffccd",
"page_number": 4,
"text": "Deloitte LLP"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 144,
"x": 55,
"y": 621
},
"id": "8b953510-dced-43ab-af87-e17c0c5dd7e1",
"page_number": 4,
"text": "Statutory Auditor"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 144,
"x": 56,
"y": 637
},
"id": "82fccefe-ed60-4579-8c80-06f7c6c7bab1",
"page_number": 4,
"text": "110 Queen Street"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 138,
"x": 54,
"y": 652
},
"id": "c6911fa6-60a3-4fc7-9ee7-64301b646920",
"page_number": 4,
"text": "Glasgow G1 3BX"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 251,
"x": 512,
"y": 119
},
"id": "0bd1cbb9-49ff-42dc-b499-3958889cb177",
"page_number": 4,
"text": "DIRECTORS OF THE ACD"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 72,
"x": 510,
"y": 145
},
"id": "3cbd206b-5ce3-414d-bfac-4fcea9c2ee74",
"page_number": 4,
"text": "T Carroll"
},
{
"block_type": "box",
"box": {
"height": 0,
"width": 11,
"x": 587,
"y": 151
},
"id": "688473b7-fb3c-44c1-9710-60a28080b51f",
"page_number": 4,
"text": "\u2014"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 237,
"x": 604,
"y": 145
},
"id": "e48c2d19-4f7d-4f97-abe3-230fc50afccd",
"page_number": 4,
"text": "Chief Investment Officer and"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 189,
"x": 510,
"y": 161
},
"id": "cb48a4f7-efcf-4a5a-a197-9d3bcb5e3f46",
"page_number": 4,
"text": "Chief Executive Officer"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 81,
"x": 510,
"y": 177
},
"id": "d1c50684-27b5-4b31-bbda-6c17f92fc7fb",
"page_number": 4,
"text": "JA Rogers"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 11,
"x": 596,
"y": 182
},
"id": "7834125d-c547-4ab8-92fe-0d465609c2ee",
"page_number": 4,
"text": "\u2014"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 242,
"x": 613,
"y": 177
},
"id": "f9f40ac8-b204-465a-bba9-58822d3a2e77",
"page_number": 4,
"text": "Chief Distribution Officer and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 357,
"x": 510,
"y": 193
},
"id": "033e6c2b-73d6-419a-bcdc-78b81b9435f1",
"page_number": 4,
"text": "Chair of the Board (resigned 30 June 2025)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 58,
"x": 510,
"y": 209
},
"id": "5479aecb-4b6c-4c94-ab70-39f97f3fcfc0",
"page_number": 4,
"text": "J Lowe"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 11,
"x": 573,
"y": 214
},
"id": "efd7f415-70a3-4e00-8e3a-7606922a807a",
"page_number": 4,
"text": "\u2014"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 194,
"x": 589,
"y": 209
},
"id": "615fce8f-9a66-42bd-a570-9658ba182acd",
"page_number": 4,
"text": "Non-Executive Director"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 38,
"x": 510,
"y": 224
},
"id": "1a94b3ad-879e-4a5d-a024-148d8f4e6f0a",
"page_number": 4,
"text": "J Ide"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 11,
"x": 554,
"y": 230
},
"id": "ebd43176-dfcb-470f-aaff-0b2c65cdc901",
"page_number": 4,
"text": "\u2014"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 194,
"x": 570,
"y": 225
},
"id": "1961b529-e275-4cc0-8682-47e9ad18eeca",
"page_number": 4,
"text": "Non-Executive Director"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 178,
"x": 510,
"y": 272
},
"id": "9b329ee8-514d-4686-9819-8a930811d058",
"page_number": 4,
"text": "ADMINISTRATOR"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 207,
"x": 510,
"y": 298
},
"id": "7b52f11c-9836-4302-8c64-2fc783b69244",
"page_number": 4,
"text": "HSBC Securities Services"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 146,
"x": 512,
"y": 314
},
"id": "26492a66-ced7-45db-b25d-dd1613f908bc",
"page_number": 4,
"text": "1-2 Lochside Way"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 129,
"x": 510,
"y": 330
},
"id": "d6b23d72-d2d6-4493-ba2b-11fd48e7a93b",
"page_number": 4,
"text": "Edinburgh Park"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 180,
"x": 510,
"y": 346
},
"id": "0067d5d5-ad66-41f0-a7d6-2ef578714a54",
"page_number": 4,
"text": "Edinburgh EH12 9DT"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 272,
"x": 510,
"y": 362
},
"id": "109477f8-4719-476b-9147-c1550176a37e",
"page_number": 4,
"text": "Authorised and regulated by the"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 241,
"x": 510,
"y": 378
},
"id": "ab98314b-e991-476a-ab23-cd2ee4331db8",
"page_number": 4,
"text": "Financial Conduct Authority"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 117,
"x": 512,
"y": 426
},
"id": "ba920a72-6ccc-4fac-bb7c-33ab36679650",
"page_number": 4,
"text": "REGISTRAR"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 380,
"x": 511,
"y": 451
},
"id": "bd0f72c2-aac4-4690-83ff-1be258264fd1",
"page_number": 4,
"text": "SS\u0026C Financial Services International Limited"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 101,
"x": 511,
"y": 468
},
"id": "e9bd67bd-9aab-4c26-b1ab-c0a9472613cc",
"page_number": 4,
"text": "SS\u0026C House"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 136,
"x": 511,
"y": 483
},
"id": "7f4acea8-231f-483d-944a-334104118306",
"page_number": 4,
"text": "St Nicholas Lane"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 72,
"x": 510,
"y": 499
},
"id": "68d34041-e945-4d23-b482-d578c5800a1a",
"page_number": 4,
"text": "Basildon"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 130,
"x": 510,
"y": 516
},
"id": "1e82ab6a-f3e9-4b43-a074-13779245418f",
"page_number": 4,
"text": "Essex SS15 5FS"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 225,
"x": 510,
"y": 531
},
"id": "f9899ad7-26cb-4240-b23b-9fb3ed11c5dd",
"page_number": 4,
"text": "Telephone 0330 123 3810"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 215,
"x": 510,
"y": 547
},
"id": "bd253859-4f71-4424-a5f2-8a48a9e3ffaf",
"page_number": 4,
"text": "Facsimile 0330 123 3812"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 272,
"x": 510,
"y": 563
},
"id": "8f29c7eb-d244-425a-86a5-2cab6a046c03",
"page_number": 4,
"text": "Authorised and regulated by the"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 241,
"x": 510,
"y": 579
},
"id": "d4d80968-00d5-45d1-ae7d-d26db922c35d",
"page_number": 4,
"text": "Financial Conduct Authority"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 131,
"x": 512,
"y": 627
},
"id": "bf89164e-f2a1-4b91-9d79-318ad142d68a",
"page_number": 4,
"text": "DEPOSITARY"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 411,
"x": 510,
"y": 652
},
"id": "e4e94484-2879-46e9-93f6-3b90d964a9b2",
"page_number": 4,
"text": "NatWest Trustee and Depositary Services Limited"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 137,
"x": 511,
"y": 668
},
"id": "4edfbe72-a391-4693-997d-93147b24f15e",
"page_number": 4,
"text": "250 Bishopsgate"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 161,
"x": 510,
"y": 684
},
"id": "b3494894-b993-4556-9d2e-251ae1c5592b",
"page_number": 4,
"text": "London EC2M 4AA"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 272,
"x": 510,
"y": 700
},
"id": "d1a2d6f7-bcd3-4f4a-866e-0f8942cf0dea",
"page_number": 4,
"text": "Authorised and regulated by the"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 241,
"x": 510,
"y": 716
},
"id": "512476df-b814-42d6-8355-1007bf7348b8",
"page_number": 4,
"text": "Financial Conduct Authority"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 10,
"x": 54,
"y": 962
},
"id": "6bc6ba00-16ac-4ca6-80fc-04c2a5969a29",
"page_number": 5,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 439,
"x": 93,
"y": 962
},
"id": "efc88f8f-bf0b-4ece-a15e-00f3e3e6faa6",
"page_number": 5,
"text": "RATHBONE GREENBANK MULTI-ASSET PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 203,
"x": 742,
"y": 962
},
"id": "7dceda02-38ce-4c63-a14a-eaf4f4568d96",
"page_number": 5,
"text": "ANNUAL REPORT 2026"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 456,
"x": 56,
"y": 37
},
"id": "d1dcdaaa-d362-453d-8d22-6709c7d25241",
"page_number": 5,
"text": "RATHBONE GREENBANK TOTAL RETURN PORTFOLIO"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 516,
"x": 56,
"y": 55
},
"id": "47d3d3f2-0edd-47bf-a77e-fe11259b8e5f",
"page_number": 5,
"text": "INVESTMENT OBJECTIVE AND POLICY"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 258,
"x": 56,
"y": 119
},
"id": "a2a5f906-60d5-4686-8c73-115f6b784595",
"page_number": 5,
"text": "INVESTMENT OBJECTIVE"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 425,
"x": 54,
"y": 145
},
"id": "133c685f-8d35-4d39-a717-250b6694d7cf",
"page_number": 5,
"text": "The objective of the fund is to deliver a greater total"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 412,
"x": 54,
"y": 161
},
"id": "a912356e-9e3f-451f-96d3-120976f18de1",
"page_number": 5,
"text": "return than the Bank of England\u2019s Base Rate + 2%,"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 435,
"x": 54,
"y": 177
},
"id": "54d078dd-7189-4140-959c-995ce06816fc",
"page_number": 5,
"text": "after fees, over any three-year period. The fund seeks"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 417,
"x": 54,
"y": 193
},
"id": "ba1fb7cd-4a8f-4e54-830c-bc05653462b9",
"page_number": 5,
"text": "a level of volatility that is one-third of the volatility"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 427,
"x": 54,
"y": 208
},
"id": "d2a2fc9d-8788-4a70-a2d4-c7b2640af456",
"page_number": 5,
"text": "of the FTSE Developed stock market Index\u00a0(or up to"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 256,
"x": 55,
"y": 224
},
"id": "87a24ee1-cdec-4e9c-aafe-391c13633aa0",
"page_number": 5,
"text": "20% above or below this level)."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 429,
"x": 54,
"y": 249
},
"id": "9d04ba33-367e-42a9-980f-cf49d3968c84",
"page_number": 5,
"text": "There is no guarantee that this investment objective"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 421,
"x": 54,
"y": 265
},
"id": "aadfa23b-076d-433d-924b-9d982389e23f",
"page_number": 5,
"text": "will be achieved over three years, or any other time"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 235,
"x": 54,
"y": 281
},
"id": "65a559b7-030f-4dd6-9fee-d55611cc6760",
"page_number": 5,
"text": "period. Your capital is at risk."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 380,
"x": 54,
"y": 305
},
"id": "6dc75ffe-a148-43ed-8533-50fb5a872c04",
"page_number": 5,
"text": "We aim to deliver this return with one-third of"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 410,
"x": 54,
"y": 321
},
"id":...