On 30 Jun 23 (end-Q3 FY23), AUM totalled £39.7bn, 1% (£0.4bn) down over the quarter (31 Mar 23: £40.1bn) but 11% up over the first 9 months of FY23 (30 Sep 22: £35.7bn). Encouragingly, AUM increased 2.2% over the last month of the quarter (31 May 23: £38.9bn).
Net flows dipped into negative territory at -£315m. However, this is only the second net quarterly outflow since 2015. The other (small) outflow was in the calender-Q2-22 quarter, a period of sharp market falls and extreme investor uncertainty. We would highlight how strong Impax’s net flows have been relative to other asset managers in good markets and bad.
Although this quarter has been slow, there was positive momentum in June and we haven’t changed our FY23 (to 30 Sep 23) forecasts. Our fundamental valuation / share remains at 900p, now 70% above the current share price.
We also flag that Impax’s PER has fallen back to peer-group median levels, which looks strange considering its relative performance and its strong growth prospects.
