A sector growth-leader with an 8.5% yield
FY24 saw a 14% rise in AUM to £21.9bn on 31 Mar 24. This was the second highest AUM increase among a London-listed peer group. Post year-end, Polar has recorded a further 4% increase in AUM to £22.8bn on 14 Jun 24.Investment performance was the AUM booster in FY24, adding +£4.3bn or +23%, making Polar a runaway leader compared to other asset managers when it comes to investment returns. While its net flows were negative for the full year at -£1.6bn, this was around the median outflow rate of the peer group. And encouragingly, a return to positive, albeit modest, net flows was recorded in Q4 of FY24 (+£56m), with further positive net flows of +£197m in Q1-25 to date.
Polar started FY25 with an AUM level significantly higher than the average level of FY24, with further positive momentum in Q1-25. Absent any severe AUM pullbacks, this should translate to a solid increase in investment fees and core profitability in FY25.
We also think Polar’s track record will attract significant inflows over the longer term. It has been clear for some time that many investors’ decisions to keep reducing technology (and other equity) exposures after the valuation falls of 2022 have proved costly and resulted in them missing out on exceptional returns. Our fundamental value remains at 650p per share.
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.