Ashmore Group (ASHM) Trading update summary

Assets under management update

• Total AuM rose to $52.5 billion as of 31 December 2025, an increase of $3.8 billion (+8%) from the previous quarter.

• Net inflows contributed $2.6 billion, with positive investment performance adding $1.2 billion.

• Notable inflows were seen in external debt, local currency, equities, and blended debt, reflecting increased investor interest in emerging markets.

• Emerging markets indices returned 1–4% for the quarter, supported by strong economic performance and currency strength.

• EM fixed income and equity indices outperformed developed markets for the year, with equity indices rising 19–35%.

Market outlook and strategy

• Near-term outlook for emerging markets is positive, driven by superior economic growth, lower inflation, and rate cuts.

• Market-friendly election outcomes and a weaker US dollar are expected to further support EM asset classes.

• Increasingly complex geopolitics highlight the need for active management to achieve outperformance.

• Investors are reallocating from overweight US positions to emerging markets for better risk/reward opportunities.

Additional notes

• $8.5 billion of local currency AuM is managed in overlay/liquidity strategies.

• $0.1 billion was reclassified from blended debt to external debt due to guideline changes.

• Interim results for the six months ending 31 December 2025 will be announced on 12 February 2026.