Q3 AUM +6%, performance fees up, share buyback
AUM increased by £1.7bn (+6%) over Q3 of FY26 (Oct 25 - Dec 25) to £28.4bn. Investment performance was the driver, contributing +£1.7bn (+6.4% of AUM). This was impressive, with several larger strategies outperforming benchmarks, most notably Technology (c. 51% of AUM) which has outperformed the benchmark Dow Jones Global Technology index by some distance over the last quarter, one year, three years, and since fund inception.FY26 forecasts have been adjusted upwards slightly in line with the higher performance fee profits. Other than that adjustment, we leave our FY26 forecasts (and fundamental valuation of 675p per share) unchanged for now which, probably conservatively, assumes flat AUM for the quarter to 31 Mar 26. We will update our forecasts in early April when we know the closing AUM number for FY26.
Our conservatism at this stage is driven by general geopolitical and market uncertainty, but we highlight Polar’s growing confidence in its net flow outlook: “Encouragingly, client engagement has improved, and the new business pipeline is strengthening. While visibility on the timing and scale of inflows is limited, our priority for 2026 is to convert gross demand into durable net inflows ...”.
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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