Ashmore Group (ASHM) Trading Update summary

Assets under management and performance

• Total assets under management rose by $1.4bn to $47.6bn, a 3% increase over the quarter.

• Positive investment performance contributed $2.2bn, offset by net outflows of $0.8bn.

• Equities saw a 10% increase in AUM, while corporate debt grew 6% and external debt 3%.

• Net flows were positive in equities, flat in external debt and alternatives, but negative in blended debt, local currency, and corporate debt.

• Emerging markets indices returned +2% to +12%, outperforming many developed markets.

Market trends and strategic initiatives

• Lower redemptions and consistent subscriptions were observed despite subdued investor risk appetite.

• New equity mandates were funded, an impact debt strategy was launched, and a new office opened in Qatar.

• Outperformance for clients improved across one, three, and five-year periods.

• Investors are beginning to rebalance portfolios towards emerging markets due to US dollar weakness.

• The group is positioned to benefit from a broader reallocation to emerging markets assets.

Additional notes and outlook

• Local currency AUM includes $7.9bn managed in overlay/liquidity strategies.

• GBP:USD exchange rate at 30 June 2025 was 1.3704; average for the year was 1.2970.

• Full-year results for the period ending 30 June 2025 will be announced on 5 September 2025.