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Nice rise on the S&P 500 yesterday, surely due a bounce here soon and Ex Div on Thursday...
MMs keeping this on a tight leash.....why???
US big tech stock on the rise tonight, should see a decent rise in POLR on Friday, its due another leg up...
These will re rate, question is where could that take the SP, its going to happen through 20024/25 but what's the price target, PE 9 ish currently, yield over 10%, would imagine 700p target could be achievable within 12 months here if the inflows returns to near 2021 levels
I don't think so -- holding off buying again till I see something more positive --- too much risk/reward yet.
Breaking out of its downtrend and ex div on the 14th Dec. Looking good here.
Polar Capital Holdings (AIM: POLR) ran viewers through key details of Interim Results for the period to 30th September, which was a challenging macro environment for equities.
Gavin Rochussen (Chief Executive Officer) and Samir Ayub (Finance Director) highlighted the group's strong balance sheet, the decrease in outflows helped by inflows into a number of funds, and strong performance across their range relative to the Lipper peer groups. Management also answered a range of questions from viewers.
The video has been divided into chapters for ease of viewing, as below:
0:00:03 Overview & Highlights
0:01:43 Market Perspective
0:03:15 Fund Performance and Capacity
0:07:06 AuM and Fund Flows
0:09:36 Financial Review
0:20:36 Strategy & Outlook
0:26:36 Questions & Answers
Link to full video: https://www.equitydevelopment.co.uk/research/polar-capital-holdings-investor-presentation-interim-results-24-november-2023
Don't forget to register and watch the interim investor presentation later ....11.45...
https://www.equitydevelopment.co.uk/news-and-events/polarcapital-investor-presentation-24november2023
Will be interesting to find out what the inflows were into the respective Polar funds during November, by all accounts, especially Tech, its been a cracking month, best since 2021...;-)
Will be interesting to find out what the inflows were into the respective Polar during November, by all accounts, especially Tech, its been a cracking month, best since 2021...;-)
Looks like a break out past resistance at around 450p on the cards here, should be a swift move up to 500p if the markets behave. With interest rate cuts early next year more likely now there could be a decent re rate from here, good luck holders
Have taken a decent position here today, looks great value at these levels, good luck all
Decent performance again in the current macro climate. A minnow in the asset management sphere - it's a pity they don't get a chance to show what they could do with 3x the FUM. So much in the hands of serial non-performers like AVIVA/M&G/STJ and the clearing banks.
AceOfClubs
Link is here: https://www.equitydevelopment.co.uk/research/navigating-tough-markets-better-than-most
AUM was slightly down by -0.4% to £19.1bn over H1-24 (to 30 Sep 23). This was however a relatively strong performance compared to most other asset managers. Amidst widespread sector outflows, only two from an 11-strong London-listed peer group outperformed Polar on AUM movement over H1, with some recording falls of more than 10% (see page 2).
Investment performance was +£546m, net flows -£581m, and fund closures -£50m. Average AUM was up on H2-23 but down y-o-y from £20.0bn in H1-23 to £19.4bn, with the H1-23 average still somewhat elevated as the full impact of Russia’s invasion of Ukraine had not hit markets (page 4).
We believe Polar is well-positioned to return to growth. It has an enviable track record of investment outperformance; its multi-niche strategy should prove attractive to asset owners; history suggests active management bounces back after market falls; and its net-flow position is certainly improving.
Our fundamental valuation is 575p per share, 27% above the share price, and the sharp falls in asset manager valuations look over-done to us, especially in light of recent M&A activity.
Polar Capital Holdings plc, the specialist active asset management group, will be giving an online presentation of its Interim Results for the six months ended 30 September 2023, hosted by Gavin Rochussen (Chief Executive Officer) and Samir Ayub (Finance Director).
This event will take place at 11.45am on Friday 24th November.
The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.
Link to register: https://www.equitydevelopment.co.uk/news-and-events/polarcapital-investor-presentation-24november2023
New note & audio summary here: https://www.equitydevelopment.co.uk/research/solid-h1-amidst-sharp-sector-share-price-falls
AUM was slightly down (-0.4%) to £19.14bn over H1-24 (to 30 Sep 23), with a -2.9% fall in Q2 (Jul-Sep) following the +2.6% gain of Q1 (Apr-Jun). Investment performance was positive at +£546m (-£154m in Q2, and +£700m in Q1), net flows negative at -£581m (Q2: -£380m; Q1: -£201m), while fund closures reduced AUM by £50m.
We reduce our FY24 & FY25 forecasts due to AUM and marked-to-market performance fees being lower than prior forecast: end-FY24 AUM forecast is now £19.4bn (prev. £20.7bn), FY24 revenue £169.2m (£178.4m), and core operating profit £40.7m (£44.1m). We reduce our fundamental valuation from 625p per share to 575p, although this is still 31% above the current share price.
Additionally, on page 2 of the report we elaborate on why the recent sharp falls in asset management valuations look over-done to us, especially in light of recent M&A activity in the sector.
Hi AllAtSea. Hope doing well, Uk focused stocks seem to be be recovering last few weeks , hope not a false summit with something always around the corner the last few years. Trading too stressful for me as seem to buy at top and sell on bottom too often. Bought some well run midcap companies on cheap valuations this year and been adding on positive TU's and other news, that's worked so far. Attempting to get more international exposure with labour government strong posssibilty next year, POLR fits the bill with fees mostly dependent on fund investments in international tech and healthcare stocks.
This year I have been trading POLR and made profits by being patient. Same goes for other value stocks. It's not easy to make money on the FTSE these days!
Recommended in the Investors Chronicle that says buy at 477p. For the PE of under 10 if strip out money on hand, AUM outflows reducing and the high dividends, which is suistainable from cash flow and with analysts expecting earning forecasts to be met.
Also in article. One downside might be increasing move away from active fund management to cheaper tracker ones.
The shares have been a disappointment. I've sold today after owning for a couple of years or so. Out with a tiny profit. In reality the shares have been a dog. If you had invested 3 years ago and had the divs reininvested you'd still be down over 4%. If you were lucky to invest a year ago, you're up 10%. They may have further to go but I've lost patience. Better value elsewhere.
New report from Equity Development here: https://www.equitydevelopment.co.uk/research/investment-returns-mean-that-fy24-starts-well
AUM was up 3% over Q1 of FY24, from £19.2bn on 31 Mar 23 to £19.7bn on 30 Jun 23. Investment returns were strong over the quarter, contributing +£700m (+4%) to AUM growth. Net flows were negative at -£201m, but the trend continues to improve from the technology sector driven outflows of calendar year 2022 (we remind readers that over FY23 to 31 Mar 23, technology strategies accounted for £1.2bn of the £1.6bn total net outflows). The closure of the Melchior European Absolute Return fund also decreased AUM by £7m.
Polar reported continued demand and inflows into its Sustainable Emerging Market Stars, European ex-UK Income, Healthcare Blue Chip, Biotechnology, and Smart Energy Funds with combined net inflows of £313m. Importantly, with 38% of AUM in technology strategies, the rate of net outflows from open-ended technology funds continued to decline, with just £103m of net outflows in Q1.
The Q1 AUM level is ahead of the trajectory required to meet our FY24 AUM forecast, but being so early in the financial year, we believe it would be premature to revise forecasts at this stage. Our fundamental valuation remains at 625p per share, 32% above the share price, and we maintain our position that there is strong potential for both a company and sector re-rating.
More or less fully invested as well AllATSea. See it as leverage to growth stocks and when inflation does come down, cost will look like a bargain, picking up the generous yeild until then. Hoping anyway.
I am fully invested. Payment 28 July. Other things being equal (unlikely) the sp will drop to 488p.
Ex dividend coming soon 6% 32p
Polar Capital Holdings plc (AIM: POLR), the specialist active asset management group, conducted an investor presentation covering its FY results for the period to 31st March 2023.
Gavin Rochussen (Chief Executive Officer) and Samir Ayub (Finance Director) discussed how Polar has demonstrated resilience and improving investment performance in a difficult period for markets, their plans to improve inflows with new strategies, and how their digital marketing plans are augmenting their growth strategy. Management provided a financial review and gave their market perspective, also running viewers through the AuM and Fund Flow picture at Polar, as well as their fund performance and capacity details.
There was also a wide ranging Q&A session which you can see in full in the video, divided into chapters as below:
0:00:15 Overview & Highlights
0:02:19 Market Perspective
0:04:00 Fund Performance & Capacity
0:08:23 AuM & Fund Flows
0:13:14 Financial Review
0:23:15 Strategy & Outlook
0:34:07 Questions & Answers
Link to full video: https://www.equitydevelopment.co.uk/research/fy-results-investor-presentation-28june2023