Polar Capital (POLR) Trading update summary

Assets under management

• AuM £43.7bn at 30 Sep 2026; net inflows £1.2bn in Q2 and £3.6bn in H1 FY27.

• Quarterly net flows +£1.16bn, led by open-ended funds +£1.102bn and segregated mandates +£60m; investment trusts -£2m.

• Adverse market movement and performance of £2.448bn in Q2; AuM ~3% below £45.0bn at 30 Jun.

• H1 net flows £3.620bn and positive market movement and performance of £9.452bn; AuM ~43% higher than £30.6bn at FY start.

Performance fee profits

• Net performance fee profits £8.8m for the six months to 30 Sep 2026, including accrued fees.

• Accrued fees reflect underlying funds’ performance fees three months before crystallisation; fees are volatile and may not be sustained over the next quarter.

Flows and outlook

• Strongest demand was for specialist strategies led by Global Technology and Artificial Intelligence; Healthcare, including Biotechnology, Smart Energy and other strategies also contributed to inflows.

• Client engagement remained high, particularly in Europe and Asia, while the geographic mix of new business broadened.

• Strong investment performance across several principal growth franchises supported demand; market volatility, geopolitical developments and changing risk appetite shaped an uncertain backdrop.

• Interim results for the half year ended 30 Sep 2026 are scheduled for 24 Nov 2026.