AUM reached £24.3bn on 31 Dec 21, nine months into the financial year, up £3.4bn or 17% over the period (1 Apr 21: £20.9bn), and 28% y-o-y (31 Dec 20: £19.0bn). Polar once again delivered a strong investment performance - its main differentiator and competitive advantage - which accounted for £2.6bn of the AUM increase. Net inflows were solid at £0.8bn. This growth is largely in line with the trajectory required to meet our FY22 year-end forecast of £25.5bn.
Performance fee profits (net of staff allocations) for the period were £4.3m (most performance fees crystallise at the end of December), up from the 30 Sep 21 mark-to-market figure of £2.0m. This reflects a strong performance from Polar’s investment teams over the quarter.
Our fundamental value remains 1,400p per share, which after the recent share price fall to 700p (closing price on 12 Jan 22), is now double the current share price.
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