Polar Capital Share Discussion Threads

[grahamburn] 22/10/2024 14:37

It is true that some experts (eg Investors Champion) say that Polar Capital may only be partially exempt under IHT rules as it falls partially within the definition of an "Investment Company, though they don't say "how partially".

However, others (including the Company itself), believes that it is fully exempt. They maintain that they are not an Investment Company (as defined by the legislation), as they are managers of money and do not deal as principal, nor is the business predicated upon taking principal positions in investments.

Ultimately,it's HMRC which will determine this.......after you're dead!!

[diviincomesearch] 22/10/2024 06:27

Yes, I spoke to an AIM bod about this, and thought that actually Polar may qualify, as firms like Brooks Macdonald are held in a lot of AIM portfolios despite principally being a DFM.

Possibly because the business relief is lost when firms hold too much in the way of cash and investments directly.

Wouldn’t bet on it occurring (can’t see any AIM providers have Polar shares) but thought it was interesting.

[jasperlachat] 22/10/2024 00:38

You can't claim Business Relief if the company:
mainly deals with securities, stocks or shares, land or buildings, or in making or holding investments.

[diviincomesearch] 21/10/2024 18:55

Need sentiment to shift on smaller U.K. firms.

Polar is on AIM and probably qualifies for BR relief as it stands.

Possibly a rally if the government doesn’t dispense with it. Considering the U.K. government would like to grab headlines for stimulating growth, tanking the small cap market wouldn’t be a good start.

[jasperlachat] 21/10/2024 10:20

Looks a bargain imo. Inflows into markets likely with interest rate reductions. Exposure to growth sectors. Nice drop to buy into. I’m in.

[davethehorse] 21/10/2024 10:09

Good yield but it doesnt seem to matter, in fact a lower yield than others in this sector

[jasperlachat] 21/10/2024 09:28

8.93% yield, what am I missing here!!??

[c3479z] 10/10/2024 15:32

big divi yield at the price now?
?worry over BR driving the price of this and others down...

[davethehorse] 10/10/2024 15:01

Going sub 500p again imo....

[masurenguy] 10/10/2024 07:08

With the overall H1 increase in AUM, the existing dividend should be secure with 14p at the interims and 32p at the fiscal year end. That yields 8.7% at this mornings open !

[edmonda] 10/10/2024 06:33

"H1 AUM +4% from quality manager with 8.6% yield"

New research here:

AUM increased 4% over H1-25 (1 Apr 24 – 30 Sep 24) to £22.7bn from £21.9bn on 31 Mar 24. It was a half-year of two quarters with Q1 AUM up by 7.4% (net inflows: +£644m, investment performance: +£978m), while a more challenging and volatile market environment saw Q2 AUM down 3.5% (net outflows: -£172m, investment performance: -£655m).

The marginally negative net flows of Q2 (0.7% of AUM) were not a surprise for a period of investor nervousness, with UK investors withdrawing from equity funds in the latter part of the quarter (see page 2). And the negative investment performance of Q2 occurred in a period which saw an equity sell-off and a significant currency headwind on those assets held in US$. Polar’s reporting currency, GBP, strengthened by 6% over the US$ in Q2 from 1.26 to 1.34.

Other than adjusting performance fees, forecasts are unchanged. We note our end-FY25 (31 Mar 25) AUM forecast is £23.5bn, only 3.5% above that of 30 Sep 24. Our fundamental valuation remains 650p, 22% above the share price. With its strong profit margins, balance sheet, and a dividend yield of 8.6%, we think Polar Capital should trade at a substantial premium to its PER of 12.6.

[masurenguy] 10/10/2024 06:21

Polar Capital reports that as at 30 September 2024 its AuM was £22.7bn compared to £21.9bn at the end of March 2024, an increase of 4%. During the six-month period, AuM increased by net inflows of £0.5bn and a £0.3bn increase related to market movement and fund performance.

[mister md] 26/9/2024 13:53

Creeping up nicely ...

[davethehorse] 15/8/2024 11:04

There is likely to be a bit of resistance at this level, need some decent volume to push it through it, once through a nice steady climb back to 600p plus on the cards here ;-)

[davethehorse] 15/8/2024 10:45

Agreed.... POLR well oversold and this looks a decent opportunity to buy back or add....

[masurenguy] 15/8/2024 09:51

Tech retrace in the US should push the price back up again. VIX now @16.4

[sbb1x] 07/8/2024 09:20

Catching a bid here...

[clarea] 06/8/2024 18:00

or sheer luck

[masurenguy] 06/8/2024 13:56

Impecable timing by Alexander Black with his 10K share sale @602p last week !

[davethehorse] 06/8/2024 13:26

Happy to stay out of this one for now and see where it ends up finding support

[tonytyke2] 06/8/2024 11:59

Yep, added more today

[riverman77] 06/8/2024 11:17

Yes the tech funds will have taken a hit from their peak, although other sectors where they have a lot of exposure have been quite resilient, such as healthcare and global insurance. On balance feels like it could be time to add a few, although mindful this could stay under pressure until tech markets recover.

[diviincomesearch] 06/8/2024 11:08

There’s been a hit to AuM for sure. Tech trust is down 16% from peak, that all hits the bottom line if sustained.

Polar Cap should be a high beta play, but in the run up of markets and tech this year, the share price barely moved which was bizarre.

The fall in markets should be amplified in the share price. If we get a quick bounce back then we’re in a good place, and it is a benefit that we’re returning to net inflows.

[riverman77] 06/8/2024 09:23

Deutsche stating the bleeding obvious - everyone knows Polar have a lot of tech exposure. The market is acting as if they've uncovered some new information that no-one was aware of.