Leader in Sustainable Investment moves into overdrive
AUM on 31 Jan (four months into FY21) reached £26.8bn, already 33% up on FY20 closing AUM of £20.2bn. Q1 21 inflows totalled £2.8bn, compared to average quarterly inflows of £0.87bn in FY20 and £0.35bn in FY19. This step-change makes our previous inflow estimates of around £3bn per year look overly conservative. In addition, it is also almost certain to ratchet up profit margins as operational leverage kicks in.Both London-managed listed equities and Impax North America are performing well. London attracted £2.7bn of inflows in Q1 (16% of starting AUM, compared to 4% of starting AUM in Q4 20), while Impax North America attracted £0.32bn (8% of starting AUM, compared to 4% in Q4 20).
Within the sustainable investing universe, we believe that Impax will continue to outperform. While most sustainable funds are still focused on ‘broad ESG’ offerings (which tend to focus on individual company business practices, not targeted themes), the trend is toward the latter - which is Impax’s strength
We increase our fundamental valuation to 925p per share, based on our projections of Impax reaching £50-55bn AUM by 2025. While market swings will inevitably make AUM progression non-linear, we believe Impax is well placed to achieve this growth.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.