Ashmore Group (ASHM) Trading Update summary

Assets under management and flows

• Total AUM declined by $2.6bn to $46.2bn, with $1.3bn positive investment performance and $3.9bn net outflows.

• Net inflows in alternatives, neutral flows in external and corporate debt, and small net outflows in equities and blended debt.

• Large institutional redemptions in local currency strategies drove outflows, not indicative of a broader trend.

Investment performance and market context

• Emerging Markets indices returned +2% to +4% over the quarter, outperforming US Treasuries and US high yield bonds.

• Ashmore's active strategies outperformed in main equity and fixed income areas, with improved five-year performance.

• Economic resilience, positive developments in China, and currency movements supported performance.

Outlook and investor sentiment

• Heightened market volatility post-quarter due to tariffs and global trade changes, but EM assets remain resilient.

• Investor interest in Ashmore's EM fixed income and equity strategies remains strong despite recent outflows.

• Factors such as weaker US dollar and fiscal stimulus in Europe seen as supportive for EM performance.