Ashmore Group (ASHM) Trading Update summary

Assets under management and flows

• Total assets under management fell by $2.4 billion to $49.5 billion in Q4 2024, a 5% decrease.

• Net outflows totaled $2.0 billion, with negative investment performance contributing $0.4 billion.

• Blended debt saw the largest decline, down 18%, while local currency and external debt themes had net inflows.

• Fixed income assets dropped 5% to $41.3 billion; equities and alternatives remained relatively stable.

Market and performance commentary

• Emerging Markets returns were positive over the past year, with Ashmore outperforming across strategies.

• Investor risk appetite remains subdued, leading to continued institutional reductions in Emerging Markets exposure.

• Market performance was similar to the previous quarter, with positive returns in external debt, corporate debt, and equities.

• Local currency bond returns were dampened by a stronger US dollar.

Strategic outlook

• CEO highlights resilience in Emerging Markets, citing effective policies and superior GDP growth.

• Structural reforms in emerging countries are expected to support further growth.

• Developed markets face headwinds from fiscal expansion and rising government debt costs.

• Anticipates improved investor appetite and capital flows to Emerging Markets, supporting higher risk-adjusted returns medium term.