Polar Capital Holdings PLC AuM Update (3134Z)
January 11 2024 - 2:00AM
UK Regulatory
TIDMPOLR
RNS Number : 3134Z
Polar Capital Holdings PLC
11 January 2024
11 January 2024 Polar Capital Holdings plc
AuM Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the
specialist active asset management group, today provides its
regular quarterly update of its unaudited statement of its Assets
under Management ("AUM") and performance fees earned for the
financial year to 31 March 2024.
Group AUM (unaudited)
Polar Capital reports that as at 31 December 2023, AuM were
GBP19.6bn compared to GBP19.2bn at the end of March 2023, an
increase of 2% over the period. During the nine-month period the
GBP400m increase in AuM resulted from a GBP2.1bn increase relating
to market movement and fund performance offset by net redemptions
of GBP1.7bn.
AuM movement in nine months to 31 December 2023
Open ended Investment Segregated Total
funds Trusts mandates
------------ ----------- ----------- ------------
AuM at 1 April 2023 GBP14,281m GBP3,910m GBP1,029m GBP19,220m
------------ ----------- ----------- ------------
Net flows GBP(1,375)m GBP(113)m GBP(181)m GBP(1,669)m
------------ ----------- ----------- ------------
Fund closures(1) GBP(7)m - GBP(43)m GBP(50)m
------------ ----------- ----------- ------------
Market movement GBP1,336m GBP705m GBP18m GBP2,059m
and performance
------------ ----------- ----------- ------------
Total AuM at GBP14,235m GBP4,502m GBP823m GBP19,560
31 December 2023 m
------------ ----------- ----------- ------------
(1) Return of funds to investors on closure of the Melchior
European Absolute Return fund (Q1) and related segregated mandate
(Q2).
Net performance fees (unaudited)
The table below sets out the position relating to net
performance fee profits (after the deduction of staff interests)
earned in the first nine months of the Group's financial year.
Performance fee profit Nine months Year to Nine months
to to
net of staff allocations 31 Dec 22 31 Mar 23 31 Dec 23*
(year-end)
Net performance fee profit GBP1.9m GBP1.7m GBP9.6m*
------------- ------------- --------------
*The figures to December 2023 are enhanced by what is expected
to be approximately GBP0.6m of net deferment adjustments.
Gavin Rochussen, Chief Executive, commented:
"A strong rally in all major indices in the final calendar
quarter of 2023, meant that our AuM at the end of the nine-month
period were GBP19.6bn compared to GBP19.1bn at the end of the
previous quarter and GBP19.2bn at the end of March 2023, despite
net outflows over the period.
"In the quarter we benefited from continued net inflows of
GBP45m into the Emerging Markets and Asian Stars funds and GBP28m
into the Smart Energy Fund.
"Despite global equity markets rallying in the final quarter,
the 'risk-off' stance by investors resulted in net outflows in the
quarter of GBP1.1bn as clients reduced their weighting to active
equities, taking profits in many cases following a strong period of
performance. Net outflows for the nine months amounted to
GBP1.7bn.
"In the quarter several clients continued to reduce their
exposure to equities generally, directly impacting several Polar
Capital funds including the Biotechnology Fund (GBP311m) and UK
Value Fund (GBP238m) despite impressive absolute fund performance
and strong performance relative to benchmark. Investors also
continued to reduce weightings in our Technology funds and the
European Opportunities Fund with net outflows of GBP136m and
GBP230m in these strategies respectively. Overall, redemptions were
concentrated in terms of number of clients, as opposed to
representative of a wider trend.
"With peak interest rates in sight and declining inflation
rates, investors will, we believe, begin to seek additional
exposure to equities. We have a strong pipeline of client interest
and have capacity to meet investor demand for our specialist active
fund strategies. At the end of the quarter, we launched a Financial
Credit Fund, managed by our Financials team, to further add to our
offering.
"Performance fee profits, net of staff allocations, amounted to
GBP9.6m compared to GBP1.7m in the prior year. While four funds
earned a performance fee, most of the amount related to one
fund.
"Long term performance remains strong with 81% of AuM
outperforming respective benchmarks since inception.
"We remain confident that with our diverse range of
differentiated, active specialist fund strategies we are
well-positioned to perform for our clients and shareholders over
the long term."
For further information please contact:
Polar Capital
Gavin Rochussen (Chief Executive)
Samir Ayub (Finance Director) +44 (0)20 7227 2700
Numis Securities Limited - Nomad
and Joint Broker
Giles Rolls
Charles Farquhar
Stephen Westgate +44 (0)20 7260 1000
Peel Hunt LLP - Joint Broker
Andrew Buchanan
John Welch
Sam Milford +44 (0)20 3597 8680
Camarco
Ed Gascoigne-Pees
Jennifer Renwick
Phoebe Pugh +44 (0)20 3757 4995
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