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. Our forecasts and valuation of 550p per share are unchanged.
Polar Capital Holdings: Equity Development
Jul 10, 2025Disclaimer & Declaration of Interest
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