Small AUM decline in Q2, inflows in non-tech funds
AUM fell 1.0% over Q2 of FY23 (to 30 Sep 22) to £18.77bn (-15.1% over H1). Net flows totalled -£529m during the quarter (-£845m over H1), with market movements and investment performance contributing +£342m to AUM (-£2,051 over H1). The closure of Phaeacian mutual funds in Q1 resulted in a -£459 impact on AUM.Given continuing market uncertainty and outflows, our end-FY23 AUM forecast reduces to £18.3bn (previously £19.0bn). We do however highlight that because of market volatility we have not upgraded our performance fee forecast (currently £2.0m, net of staff allocations) even though ‘marked to market’ performance fees have increased to £4.8m. We shall review this again in Jan ‘23, when most performance fees will have crystallised.
Our fundamental valuation reduces to 600p per share, 50% above the current share price, and we flag that Polar’s PER is 8.0, far below a peer group median of 12.3.
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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