reports
- Paul Bryant
Impax AM - stabilising after tough FY25, with huge opportunities
FY25 was disappointing as AUM fell 30% to £26.1bn, heavily impacted by the loss of £6.2bn of St James’s Place mandates. Yet, Impax’s current share price seems to price in further decline. The PER is just 10.9, nearly the lowest in the sector, despite net cash of £68m (31% of market cap), no debt, and the group generating £20m PAT in a rare bad year. The AUM fall was responsible for a y-o-y decline in key financial metrics. Revenue fell 17% to £142m; adjusted operating profit 36% to £34m (adjust...
- Robin Savage
Tatton Asset Management (TAM LN) - Focus on five points of detail - Co...
Following our upgraded forecasts for March 2026 and 2027, we highlight five key themes and set a November 2026 valuation of 877p. This implies 26%+ potential capital upside and a dividend yield of over 3% — twice the yield on the 12p interim dividend. Tatton goes ex-dividend on 27 November.
- Paul Bryant
Tatton AM delivers again: profit +20%, div +26%, strong outlook
After its Oct 25 trading update, we knew Tatton had maintained its exceptional growth momentum; Assets-Under-Management/ Influence (AUI) were up 18% over H1-26, and net flows remained strong at £281m/ month, above Tatton’s guidance for FY26 of £200-£250m/ month. In the post-results period, AUI growth has continued, up another 5% to £27.1bn on 14 Nov 25. YTD net flows have increased from £1.68bn over H1 to £2.07bn. With more recent peer data becoming available, we now also know H1 growth and flo...
- Robin Savage
Tatton Asset Management (TAM LN) - Upgrade on interims - Corporate
Tatton’s interims confirm it generated £1,684m net inflows in H1 FY(Mar)26E (i.e. £281m a month) and benefited from £2,058m market and investment performance. The interims reveal continued strong investment performance and inflows, increased profitability and a 26% increase in interim dividend.
- Paul Bryant
H1 growth tees Polar up for very strong FY26
Polar’s +25% AUM growth rate over H1-26 was far stronger than all peers and almost five times the sector-median (page 4). AUM opened on 1 Apr 25 at £21.4bn, near the trough of the ‘tariff turmoil’ dip. It then jumped £5.3bn over H1 to £26.7bn, as markets recovered and Polar’s returns (+29%) beat broad market indexes by some distance (MSCI ACWI GBP: +15%). AUM has jumped another 6% between 30 Sep 25 and 7 Nov 25, and we raise our forecasts (page 15). While average AUM of H1-26 was only 4% high...
- Robin Savage
Tatton Asset Management (TAM LN) - Upgrade ahead of interims - Corpora...
Tatton generated £1,684m net inflows in H1 FY(Mar)26E (i.e. £281m a month) and benefited from £2,058m market and investment performance. Updating Zeus forecasts, and assuming no further market appreciation or inflows to Evolved MPS, we raise our current year forecast revenue, profit and EPS 4% and following years by 8%. With higher revenue and prospective revenue growth, we set a 878p target price (22% upside to last night’s closing price of 720p).
- Paul Bryant
Exceptional momentum, AUM +18% over H1-26
Tatton AM’s momentum shows no sign of abating. Assets Under Management/Influence (AUI) jumped 18% in H1 to a record £25.8bn; ahead of our forecast growth and well on track to meet Tatton’s medium-term target of £30bn by end-FY29 (page 3). Net flows were again very strong, adding £1.7bn to AUM (£281m/ month), with the net inflow rate far higher than peers (page 2) and above Tatton’s guidance for FY26 (£200-£250m/ month). Investment returns added £2.1bn (+9.9% over 6 months). Assuming flat market...
- Paul Bryant
Bumper Q2-26, AUM +15%; Forecasts & value raised
AUM jumped £3.5bn (15.3%) to £26.7bn over Q2 of FY26 (1 Jul 25 – 30 Sep 25). Investment performance contributed £3.6bn (Q1: +£2.7bn) with net flows marginally negative at -£58m (Q1: -£0.6bn). The net flow improvement is particularly impressive given that it was a quarter of heavy outflows for equity funds more generally (page 3). Mark to market performance fee profits, net of staff allocations, were £15.0m on 30 Sep 25 (most PFs crystallise in December). The pace of AUM growth has seen end-H1 A...
- Paul Bryant
AUM flat in Q4, ‘solid evidence flows are stabilising’
AUM closed FY25 (1 Oct 24 - 30 Sep 25) on £26.1bn, above our previous forecast of £25.0bn. In Q4 (Jul – Sep), investment performance contributed +£1.4bn (+5.3%), offset by net outflows of -£1.4bn, in a quarter of heavy outflows for equity funds more generally (page 3). Impax’s outflows were slightly up on the previous quarter (-£1.3bn), but were a marked improvement over H1, which saw £10.2bn of net outflows, dominated by the loss of £6.2bn of St James’s Place mandates. We make very minor tweak...
Polar Capital Holdings: 1 director
A director at Polar Capital Holdings sold 12,000 shares at 477p and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
- Paul Bryant
Strong start to FY26, AUM +8.2% in Q1
AUM was up £1.8bn (+8.2%) over Q1 of FY26, from £21.4bn on 31 Mar 25 to £23.2bn on 30 Jun. Investment returns were the driver, contributing +£2.7bn (+12.5%). This was impressive compared to generic benchmarks such as the MSCI ACWI (GBP), which returned +5.1%. Net flows were -£632m and a return of capital to investors in the Polar Capital Global Financials Trust reduced AUM by -£280m. In our recent note covering Polar’s FY25 results, we detailed our investment case and valuation, with our DCF m...
- Paul Bryant
AUM +3% in Q3 on strong markets and acquisition
AUM increased 3% over Q3 of FY25 (year-end 30 Sep 25) to £26.1bn on 30 Jun 25. Investment performance boosted AUM by +£1.0bn, or 4% of opening AUM. The Sky Harbor acquisition in the fixed income space closed on 1 Apr 25, adding £1.1bn. Net flows were negative at -£1.3bn, but positive in the month of June - a material improvement on recent quarters. Impax said the improving net flow situation “reflected strong institutional client commitments and fresh momentum in our wholesale channels in Europ...
- Paul Bryant
Core profits exceed forecast, AUM +6% in Q1’26
The period of Polar’s FY25 (1 Apr 24 – 31 Mar 25) was horrific for many asset managers – but not for Polar. It was one of only two in our peer group to record net inflows (page 4), with heavy outflows commonplace. Polar’s AUM fell 2% over the year, with a sharp decline in Q4 on falling markets. Investment performance was -£495m, net flows +£123m, and fund closures -£111m. Post year-end, AUM has bounced back, up 6% since 31 Mar to £22.6bn (page 3). Gross income increased 14% y-o-y to £226.1m, ...
- Paul Bryant
Strong growth drives profit +24%, dividend +19%
FY25 (to 31 Mar 25) was an exceptionally strong year which exceeded our previous forecasts. Revenue grew 23% to £45.3m (previous forecast £44.3m), adjusted operating profit 24% to £22.9m (£22.1m) and PBT 29% to £21.6m (£21.3m). Net cash was £32.1m at year-end with no debt. A final dividend of 9.5p is proposed. Full year dividend is 19.0p (yield 3.2%), +19% YOY. Underpinning performance was sector-leading AUM growth, up 26% to £20.9bn (FY24: £16.6bn). This was in turn mostly a result of record o...
- Robin Savage
Tatton Asset Management (TAM LN) - Full year results beat expectations...
Tatton’s full year results beat our revenue and operating cashflow forecasts. Net inflows continued being strong with £0.6bn in the first 10 weeks of the current year. Using cautious assumptions and guidance, we nudge up our revenue and profit forecasts.
- Paul Bryant
Tough H1, but shares detached from fundamentals
Given previous updates, the impact of challenges faced in H1 is no surprise. AUM fell 32% to £25.3bn, with half of the fall due to two cancelled (low margin) St James’s Place (SJP) mandates. Revenue fell 11% y-o-y to £76.5m, adjusted operating profit dropped 21% to £20.5m, and investors can expect a fall in full-year dividend. However, Impax is hardly the disaster implied by its share price decline: down 31% over six months and by 68% over 12 months – leaving its shares on a forward PE of just ...
- Paul Bryant
Record inflows (again), so impressive given markets
This time last year, we wrote: “our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers.” That view has only been reinforced with Tatton’s most recent trading update covering FY25 (Apr 24 – Mar 25). It recorded another year of record net inflows, as it did in FY24 (£3.7bn in FY25; £2.3bn in FY24) – a hugely impressive achievement given market weakness and investo...
- Robin Savage
Tatton Asset Management (TAM LN) - Net inflows rise to £307m/month - C...
Tatton’s Assets under Management and Influence “AUM/I” beat Zeus forecast, as “record net inflows of £3.7bn increase AUM/I, up 24% to £21.8bn”. In H2, average net inflows/month were £309m: 1% higher than H1; 33% higher than H2 last year). With higher average AUM and a resilient performance from its IFA support services business, the Board is confident results will be in line with market expectations.
- Paul Bryant
Markets hit AUM in Q4 of FY25, but net flows hold up
AUM fell by £2.4bn (10%) in Q4 of FY25 (to 31 Mar 25), from £23.8bn to £21.4bn. Market movements, investment performance and currency fluctuations accounted for nearly all of the decline (£2.3bn). This was unsurprising considering the heavy falls in technology sector stocks (Dow Jones Global Technology Index: -11%), and Polar’s reporting currency, GBP, strengthening 3% over the US$, depressing the £-value of US$-denominated assets. Pleasingly though, net flows were only marginally negative in Q...
- Paul Bryant
Outlook hit by markets, but price fall looks extreme
AUM fell to £25.3bn on 31 March ‘25 (Q2, FY25), down 25.7% from £34.1bn on 31 Dec ‘24, with £7.8bn of net outflows and £0.99bn negative investment performance. We knew net outflows would be significant in the quarter due to the previously announced termination of a £5.1bn St James’s Place mandate being reflected in Q2, and some other smaller mandate losses. Investment performance was strong relative to broader market indices at -3.3% of average AUM. US markets experienced particularly heavy de...
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