Bgt in here after taking profits at Phoenix Group.Looks good value with fy results and dividend to come in April/ May. No stamp duty helps too. Good investment for ISA and Sipp accounts imho. |
Probably famous last words but looking a bit more resilient yesterday and today, buyers now moving the price up slowly. Will see how it finishes today. |
Spoke too soon, Trump and his damn tariffs |
Doubled up on these this morning, very over sold at this level and great dividend yield to be had.
Could possibly trend down to £4 but looking at chart indicators it should be due a bounce from around this level. |
Been watching for quite a while but took the plunge today at an average of 435.9p. Very oversold on the indicators so hopefully near the bottom now, if not happy to tuck away for income.
GLA |
Bought a few yesterday at 444p but today another step down. Sit and wait time I think. |
Catching a bit of the fall out from Jupiter today, no doubt. The market is always looking for a new excuse to drop the price. |
This never seems to perform when Tech is booming, but drops when Tech retreats ...
Still, will hold as long as the dividend is maintained. |
Looks like most of the big funds saw small inflows in January which isn't bad in this climate. If you add in positive fund performance you should see decent AUM growth in January. Unfortunately, February is looking a bit grim with a fairly big sell off in tech stocks over last week or so. |
Jan pretty underwhelming for net flows. Most flat or negative, pretty much only EM stars pulling in less than £50mn.
Hopefully we can make a bit more progress for the rest of the year and not just be reliant in a market run up in assets.
Think the international smaller co.s fund is up to 13mn in assets, but data may be incorrect. |
Very good news - elevation to the FTSE100 should generate share buying activity from a number of institutional funds who track the that index, which is part of this fund. |
FTSE 100 index for the tech fund nowhttps://www.polarcapitaltechnologytrust.co.uk/News-Views/Post/10455/PCT_Enters_The_FTSE_100_Index/ |
Looks like that was a transfer/gift to his wife Masurenguy. Agree with the yield part. Considering a buy here. |
that's quite a buy |
POLR is still currently yielding 9.3% at todays shareprice and CIO Alexander Black chipped in £56K last week to buy 11,000 shares @512.7p. |
Yes, tech fund, AI fund and tech trust all took a stuffing.
Back to where we were at year end. A small recovery coming at US open seemingly. |
The Polar Capital Technology Trust has been hit much harder - down nearly 8% as at 14.00 today. Polar Capital Holdings is more diversified and was down just under 4% at that time. |
DeepSeek tech selloff is hitting Polar. |
Fully agree that passives have become a huge momentum trade that will unravel at some point. However, not sure I'd want to own a fund manager when that happens as perhaps more than any other sector they'll get dragged down too. |
The tech fund was up over 30% for 2024, and active fund selectors will take profits and look to cheaper areas of the market. So perhaps not a surprise we’ve not seen too much positive momentum there, but certainly much better than the continual 300mn + outflows at the beginning of the year.
Passives bid up the S&P 500 endlessly until they don’t- because of the weight of passives now in markets it becomes almost a momentum strategy, when there’s a sell-off it will become quite violent. |
Not a bad update but was hoping not to see a resumption of outflows. Obviously a difficult market for funds in the UK, but if they can't attract inflows when tech stocks are booming I dread to think what would happen if we saw a sell off. I suspect the truth is that the vast majority of inflows are going into passives, which is likely to be an ongoing headwind for the likes of Polar. |
Strong performance, with Q3 AUM up 4.9% following a 4.0% rise during H1. Excellent yield, currently 9.6% at todays price, but closer to 11% for some longer term holders like myself. Furthermore, after the disposal of EQLS, this is now also my 4th largest holding. |
 "Q3 AUM +5%, forecasts up on performance fee jump" - new research and audio summary here:
AUM grew £1.1bn or 4.9% over Q3 of FY25 (Oct 24 - Dec 24) to £23.8bn. This was on the back of a strong investment performance, contributing +£1.47bn despite a Dec 24 market pullback, and modest outflows of £0.26bn, mostly in Oct 24 when equity funds saw widespread outflows ahead of the UK budget. Net flows were positive over the nine months of FY25-to-date (+£0.21bn), and in calendar-2024, Polar was a standout leader among London-listed peers in attracting and retaining AUM (see page 2). The Forager fund closure reduced AUM by £0.10bn.
Performance fee profits (net of staff allocations) jumped from the previous marked-to-market £0.7m, to £8.3m. As most PF’s crystallise at the end of December, this increase is now secured and not merely a mark-to-market estimate. FY25 forecasts have been upgraded accordingly.
Given market volatility, we maintain our fundamental valuation of 650p/share, and we refer readers to our November 24 note, H1-25 revenue and profits jump on higher AUM, for details. We highlight on page 2 that Polar’s PER of 11.1 is only just above sector median, despite its relative outperformance. |
Yes some of the newer strategies haven't really taken off - they launched a smart energy and smart mobility fund fairly recently but these don't seem to have gathered much in the way of inflows. |
Some of the factsheets up. Albeit not the technology or healthcare funds.
Melchior continues to bleed- another 50mn euros out the door. £280mn the strategy size now, was over £1Bn. Tough times for European strategies.
Fair to say the last three major team hires haven’t gone well- Robeco hasn’t built to scale in horrible market conditions, same with Dalton and Europe, and the US team hire that all ended in tears. Existing strategies have gone well but the bolt-ons in the last few years have not.
Hopefully Dan Boston’s global small co.s team works out better. |
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