AuM Update

Polar Capital Holdings PLC

16 January 2026

 

16 January 2026                                                Polar Capital Holdings plc

AuM Update

Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist active asset management group, today provides an update in respect of the three months to 31 December 2025.

Group AuM (unaudited)

Polar Capital reports that as at 31 December 2025 its AuM was £28.4bn compared to £26.7bn at the end of September 2025, an increase of 6% over the quarter. In the quarter, AuM increased by fund performance and market movements of £1.7bn, net inflows of £149m, offset by fund closures of £62m and a £116m return of capital following a third and final investment trust corporate action for the year.

AuM movement in three months to 31 December 2025
	Open ended Funds (£m)	Investment Trusts (£m)	Segregated mandates (£m)	Total (£m)
AuM at 1 Oct 2025	19,905	6,294	501	26,700
Net flows	233	(115)	31	149
Corporate action1	-	(116)	-	(116)
Fund closures2	(62)	-	-	(62)
Market movement and performance	1,290	419	7	1,716
Total AuM at 31 December 2025	21,366	6,482	539	28,387

AuM movement in nine months to 31 December 2025
	Open ended Funds (£m)	Investment Trusts (£m)	Segregated mandates (£m)	Total (£m)
AuM at 1 April 2025	15,994	4,846	569	21,409
Net flows	(153)	(232)	(156)	(541)
Corporate action1	-	(396)	-	(396)
Fund closures2	(62)	-	-	(62)
Market movement and performance	5,587	2,264	126	7,977
Total AuM at 31 December 2025	21,366	6,482	539	28,387

¹ Return of capital to investors in June 2025 as the Polar Capital Global Financials Trust underwent a 100% tender offer following which 44% of issued capital was tendered and in November 2025 when Polar Capital Global Healthcare Trust underwent a 100% tender offer following which 22% of issued capital was tendered.

² Return of funds to investors upon the closure of Polar Capital Melchior European Opportunities Fund in November 2025.

Net performance fee profits (unaudited)

The table below sets out the position relating to net performance fee profits (after the deduction of staff interests) earned in the first nine months of the Group's financial year.

Performance fees net of staff allocations (All figures in £m)	12 months to 31 Mar 25 (year-end)	Nine months to 31 Dec 25
Total net performance fee profits	7.9	16.0*

*The figures exclude £1.6m of net performance fee distributions (staff allocations) that are deferred into future periods for accounting purposes, and which should be deducted from the total performance fee profit figure for the purposes of calculating adjusted total earnings per share.

Iain Evans, Chief Executive, commented:

"It was a positive end to 2025 for the firm. We delivered net inflows during the quarter and performance fees crystallised above the level accrued at the end of September 2025 and the prior year. The elevated performance fee profits have supported the Board's decision to announce a £15m share buyback programme, signalling confidence in the business and reflecting our disciplined approach to capital allocation, as well as our focus on delivering long-term value for shareholders.

"Details of the share buyback programme can be found in a separate announcement released today.

"Assets under management rose by 6% over the quarter to £28.4bn, up from £26.7bn at the end of September (£21.4bn at the end of March 2025). The increase was driven by £1.7bn of fund performance and market movements and £149m of net inflows, partly offset by £62m relating to the closure of the Polar Capital Melchior European Opportunities Fund and a £116m one-off return of capital following the Polar Capital Global Healthcare Trust corporate action.

"Net outflows, excluding the impact of fund closures, in October (£9m) and November (£138m) were followed by a sharp reversal in December, when 10 investment teams recorded net inflows totalling £296m across all strategies. Overall, the quarter compares favourably with the comparable period in the prior year, when net outflows were £260m.

"Performance fee profits (net of staff allocations), crystallised at the end of December 2025, amounted to £16m. This compares with accruals of £15m at the end of September 2025 and £7.9m crystallised in the prior year. The profits were generated predominantly by the Biotech, Healthcare Opportunities and the two Convertible Bond funds, with smaller contributions from the Artificial Intelligence, Healthcare Blue Chip and Japan Value funds.

Outlook

"2025 remained a challenging backdrop for active equity managers, with investor outflows continuing at elevated levels.

"Although higher rates, volatility and broader dispersion would typically favour high-conviction active strategies, market leadership remained unusually concentrated for much of the year, making consistent outperformance difficult for many diversified approaches. Independent data indicates that, in aggregate, fewer than a third of active managers globally outperformed in 2025*.

"Against that backdrop, Polar Capital performed well on a relative basis. Two-thirds of our strategies (UCITS and investment trusts) outperformed their respective benchmarks, with standout results in Convertible Bonds, Technology, Healthcare and Biotech, Japan Value, and Smart Energy. We also completed three successful investment trust corporate actions - an exceptional outcome that reflects the strength of our brand, our investment capability and our client relationships, and above all the efforts of colleagues across the business.

"Encouragingly, client engagement has improved, and the new business pipeline is strengthening. While visibility on the timing and scale of inflows is limited, our priority for 2026 is to convert gross demand into durable net inflows through consistent investment performance, excellent client service and disciplined commercial execution.

"Looking ahead, while the external environment is likely to remain uncertain in the near term, I am confident that specialist firms like ours are well placed and that we will continue to adapt, develop and grow."

*Source: Baird, Bloomberg, December 2025

For further information please contact:

Polar Capital Iain Evans (Chief Executive) Samir Ayub (Chief Financial Officer)	[phone]
Deutsche Numis - Nomad and Joint Broker Giles Rolls Charles Farquhar	[phone]
Peel Hunt LLP - Joint Broker Andrew Buchanan Thomas Philpott	[phone]
Camarco - PR Ed Gascoigne-Pees Jennifer Renwick Phoebe Pugh	[phone]

 

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