Another surge in AUM, outlook remains positive
AUM reached £30.0bn for the first time on 31 Mar 21 (six months into FY21), up 49% in H1 and 19% in Q2. Net inflows were particularly impressive for the quarter at £4.0bn (average quarterly inflows in FY20 were £0.9bn). This was on top of a solid market movement contribution to AUM (£0.8bn or 3.4% of opening AUM).We see no let up in capital flows towards sustainable investing and maintain a positive outlook for Impax. Moreover, we think the trend can get even stronger, particularly as COP26 approaches (the United Nations Climate Change Conference to be held in Glasgow in Nov ‘21). Pressure to accelerate climate change reduction initiatives is already building in advance of the conference.
Impax is now ahead of the AUM growth trajectory (£50-55bn by 2025) that underpins our fundamental valuation of 925p per share – which is 5% above the 880p closing price on 9 April 21. Our AUM forecasts for FY21 are currently looking conservative (although we point out out that market moves can impact top line AUM to the downside too) and we will be updating our forecasts when interim results are released in June.
Impax Asset Management Group is an investment firm, providing listed and private equity strategies primarily to institutional clients. As of Sep 30 2017, Co. has total assets under management and advice of £7.30 billion.
Polar Capital Holdings is an investment management company providing professional and institutional investors a range of geographical and sector funds. Co. manages 25 funds and four managed accounts across a range of long only and alternative products. Co. has one class of business, being the provision of investment management and advisory services. As of Mar 31 2017, Co. had total assets under management of £9.27 billion.
Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.
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