Polar Capital Share Discussion Threads

[diviincomesearch] 09/12/2024 18:34

Biotech has big outperformance for the year. Probably £10mn in performance fees alone. Healthcare fund/trust and AI also helping. £20mn plus?

[mister md] 20/11/2024 14:58

For a moment thought it had gone ex-div today, based on the share price move :-(

[martinmc123] 18/11/2024 11:51

4*
Polar Capital Holdings posted a solid set of Interims for the 6 months ended 30 September this morning. Assets under Management (AuM) at 30 September 2024 were up 4% to £22.7bn from 31 March 2024: £21.9bn, and have since edged up further to £23.9bn at 8 November 2024. Net inflows were £472m during the six-month period. Core operating profit was up 21% to £27.3m (30 September 2023: £22.5m). Profit before tax was up 9% to £23.1m...from WealthOracle

wealthoracle.co.uk/detailed-result-full/POLR/985

[martinmc123] 18/11/2024 11:48

4*
Polar Capital Holdings posted a solid set of Interims for the 6 months ended 30 September this morning. Assets under Management (AuM) at 30 September 2024 were up 4% to £22.7bn from 31 March 2024: £21.9bn, and have since edged up further to £23.9bn at 8 November 2024. Net inflows were £472m during the six-month period. Core operating profit was up 21% to £27.3m (30 September 2023: £22.5m). Profit before tax was up 9% to £23.1m...from WealthOracle

wealthoracle.co.uk/detailed-result-full/POLR/985

[mister md] 18/11/2024 11:12

Today's shareprice prediction award goes to you sir ...
'Maybe it’ll pop up to 550p'.

[diviincomesearch] 18/11/2024 08:33

Steady as we go. I never know what the share price is going to do as so much of it should be visible from the outside. Maybe it’ll pop up to 550p today given how beaten down the valuation is.

Eaten a £6mn goodwill impairment from Dalton. Sounds reasonable given the fund has just bled out with European equities floundering.

Only interesting data point is the gross/net flows into funds. Tech fund seeing plenty of turnover.

Divi in comfortable shape. Should hopefully get decent performance fees to top up profit. We shall see!

[eve kay] 18/11/2024 07:40

A reassuring set of interim results, and I pleased that I continued to add at the recent low points. A definite hold for me.

[edmonda] 18/11/2024 07:27

"H1-25 revenue and profits jump on higher AUM" - new research from Equity Development

AUM increased £0.8bn (+4%) in H1-25 to £22.7bn on 30 Sep 24. Net flows added +£472m and investment performance +£323m. This was a highly creditable performance relative to peers, with Polar one of only two London-listed asset managers to record positive net flows (page 3). Furthermore, post-interim-results, AUM has increased another 5% to £23.9bn on 8 Nov 24.

Polar’s prospects remain strong, despite current headwinds for active managers which we believe will abate (page 16), and ongoing market uncertainty. It has a range of specialist investment strategies (which it continues to expand e.g. a new International Small Company Strategy), and an enviable longer- and shorter-term investment track record, all of which should generate ongoing demand.

Our AUM, revenue, and profit forecasts move up with the higher-than-forecast current AUM level (other than FY25 statutory profit forecasts which drop on the Dalton impairment). Our fundamental valuation remains 650p/share, 27% above today’s price. With strong margins, balance sheet, and dividend yield we also think Polar should trade at a higher PER than its current 10.7 (page 19).

Link to report:

[masurenguy] 18/11/2024 07:06

Unaudited Interim Results for the six months ended 30 September 2024

"Continued fund performance and our diversification meant that Polar Capital's Assets under Management grew by 4% over the period, from £21.9bn to £22.7bn and given the positive outlook for the business, the first interim dividend per share was maintained at 14.0p." Gavin Rochussen, CEO

Highlights

• Assets under Management (AuM) at 30 September 2024 up 4% to £22.7bn (31 March 2024: £21.9bn) and at 8 November 2024 £23.9bn

• Net inflows of £472m during the period (six months to 30 September 2023: outflows of £581m)

• Core operating profit† up 21% to £27.3m (30 September 2023: £22.5m)

• Profit before tax up 9% to £23.1m (30 September 2023: £21.1m)

• Basic earnings per share up 7% to 17.3p (30 September 2023: 16.2p) and adjusted diluted total earnings per share† up 42% to 24.5p (30 September 2023: 17.2p)

• Interim dividend per ordinary share of 14.0p (January 2024: 14.0p) declared to be paid in January 2025. The dividend payment date is 10 January 2025, with an ex-dividend date of 12 December 2024 and a record date of 13 December 2024.

[mister md] 18/11/2024 07:05

Superb results !

[riverman77] 09/11/2024 08:26

You're right the vast majority of their funds are global, but most of their clients who buy these funds are from the UK. I suspect outflows will continue across the industry due to the various tax changes announced at the budget, and this will continue to be a headwind even if the underlying markets perform well. That said, POLR a lot better placed than many other fund managers.

[spawny100] 08/11/2024 18:31

I think we're talking at cross purposes div. I meant I've reduced my exposure to UK plc as am sure many others are doing.

[diviincomesearch] 08/11/2024 18:19

700mn in the U.K. fund out of about 23Bn.

Interesting rationale for selling a company whose assets are primarily dollar based! Oh well, keep reading the Telegraph for that balanced view on the U.K.

[riverman77] 08/11/2024 17:53

I guess the concern is that outflows will continue across UK funds, irrespective of what's happening in global equity markets - I'd imagine there plenty looking to sell a chunk of their holdings in the wake of the budget.

[diviincomesearch] 08/11/2024 09:04

Still a disconnect here- Tech funds and trust zooming in the last couple of days, as is the financials trust and healthcare. Yet the share price has moved by about 2%.

AuM should have moved a decent way upwards as a result.

Latest factsheets are out at the end of October- very slightly net outflows for the month- again Melchior Opps getting stuffed. £322mn in the fund now only. U.K. opps suffered in the same way as other U.K. equity funds did.

European equities have been a laggard, and the fund has bled not far off £1Bn since acquisition despite retaining the FMs.

Partly I guess holding the price down, but it’s not suffering the U.K. Equity reliance that other firms are.

[masurenguy] 31/10/2024 07:05

Polar Capital Holdings expects to announce its Interim Results for the six months ended 30 September 2024 on Monday 18 November 2024.

Inheritance tax relief on AIM shares will be cut in 2026 from 100% to 50% in yesterdays budget. The change will be effective from April 2026.

[melloteam] 29/10/2024 13:43

Polar Capital will be at Mello 10 Year Anniversary, the annual flagship in-person investor event in Derby.
To celebrate our 10th anniversary, Mello are returning to Derby on Tuesday 19th November & Wednesday 20th November, back where we first started, at the Derby Conference Centre, on the edge of the Peak District.
The two day investor conference will include 12 top quality keynote speakers such as Gervais Williams; Peter Pereira Gray; Ben Rogoff; Rosemary Banyard; Twin Petes Podcast and many more! The event will also feature over 40 companies and educational workshops and panel sessions.
Get 50% off your ticket with code MMTADVFN50

[diviincomesearch] 29/10/2024 08:44

Hardly. Polar is mostly a Beta play on the markets in the shorter term, factsheets published monthly show changes in performance, in AuM and approximate inflows and outflows. It’s about as transparent and ‘simple’ business going in regards to the long term financial drivers of the business.

Only things that can be shocks are market shocks, fund managers departures and appointments and acquisitions. That’s pretty much it.

Shorter term it’s a sentiment ride. Once inflows come back broadly towards the market outside US tech, then things will move in the right direction.

Otherwise, it’s a case of enjoy the divi, and hope some small team acquisition and tinkering can be done.

[davethehorse] 29/10/2024 08:37

Sure did....he knew....

[mister md] 28/10/2024 11:33

The company's Chief Investment Officer certainly did well, dumping at 602p ...

[davethehorse] 25/10/2024 14:27

Could be heading back to 450p short term imo

[danb45] 24/10/2024 14:21

for better or worse added a few on the drop - was trying not to buy anything until after the budget lol - GLA holders