Polar Capital’s key funds see inflows amid ‘challenging period’ for equities
Polar Capital, the specialist fund manager, reported assets under management of (AUM) of £19.1bn as of the 30th September 2023, compared to £19.2bn at the end of March as “inflows into a number of funds” offset outflows across the rest of the group.
The company reported net outflows for the period of £581m a “material decrease” of £264m compared to the previous six months.
Inflows into the Polar Capital Emerging Market Stars Fund, Polar Capital European ex-UK income Fund, Polar Capital Japan Value Fund and Polar Capital Smart Energy Fund, offset outflows from other funds, while “a strong year for technology stocks”, saw assets Polar Capital’s flagship technology funds grow from £7.2bn to £7.5bn.
Despite AUM remaining relatively stable over the six-month period to the end of September, Polar reported a decline in profit before tax over the year to the end of September. Profit before tax fell to £21.1m compared to £23m for the prior year period.
The group maintained its interim dividend at 14p per share.
“As an investment-led, specialist boutique, the quality of our product range remains central to our efforts to grow the business and a number of our funds have seen renewed interest of late,” Gavin Rochussen chief executive said.
“Long-term performance remains positive across the UCITs fund range with all funds bar one in the 1st or 2nd quartile of their Lipper peer group since inception… This, given our differentiated range of sector, thematic and regional fund strategies, gives us confidence that we will perform for our clients and shareholders over the long term,” he added.