Strong start to FY25 with AUM up 7% in Q1
AUM was up £1.6bn (+7%) over Q1 of FY25, from £21.9bn on 31 Mar 24 to £23.5bn on 30 Jun. Investment returns were strong over the quarter, contributing +£978m (+4.5%). Pleasingly, net flows continued to gain momentum, contributing +£644m, the second successive quarter of positive net flows (Q4 24: £+56m) - a marked turnaround from the net outflows which characterised calendar 2022 and 2023, when many investors rotated out of equities.Our fundamental valuation remains 650p, with potential to tick up if AUM remains at or increases from current levels over the next quarter. Given its superior growth rate, niche strategic positioning, strong profit margins and strong balance sheet, we think Polar should trade at a substantial premium PER to most peers, but it does not and so we see potential for a re-rating.
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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