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good results again today.
Good results for polr
This seems to have legs everything you want from a small cap tide is rising
Tim Woolley, Chief Executive Officer, commented: "In markets which continue to be turbulent it is encouraging to report continued strong inflows over the period. In particular, we saw good inflows into our Emerging Markets Income fund, our North American fund and our Healthcare fund. On the hedge side it was pleasing to see a return to net inflows over the period, albeit at a more modest level than the long only side. All these trends continue to enhance the Group's diversification. Our financial position remains robust. This combined with our continued good performance, the investment we have made in teams and the support functions over the last few years positions us well for further growth in the year ahead barring a sell-off in markets."
Corporate Highlights · Two new funds launched; the Global Alpha Fund following the appointment of the Global Equities team in the Summer and the Japan Alpha Fund, by our award-winning specialist Japanese team. · Awarded Specialist Group of the Year at the S&P Capital IQ 2012 UK Fund Awards. Current AUM · AUM as at 30 November 2012 up over 4.5% from 30 September 2012 to US$5.55bn
POLAR CAPITAL HOLDINGS plc ("Polar Capital" or "the Company") Interim results for the six months ended 30 September 2012 Financial Highlights · Net inflows in the six month period ended 30 September 2012 of US$405m despite turbulent markets and Assets under Management ("AUM") at 30 September 2012 up to US$5.30bn (31 March 2012:US$5.08bn) · Core operating profit excluding performance fees up 20% to £4.2m (30 September 2011:£3.5m) · Profit before share-based payments and amortisation of intangibles of £4.6m (30 September 2011:£4.8m) · Pre-tax profit of £3.8m (30 September 2011:£3.9m) · Basic earnings per share 3.64p (30 September 2011:3.91p) and adjusted* diluted earnings per share 4.14p (30 September 2011:4.25p) · Interim dividend per ordinary share of 2.0p declared (2011:1.5p) to be paid in January 2013 · Shareholders' funds of £44.1m (31 March 2012:£46.6m) including cash and investments of £42.8m (31 March 2012:£49.0m)
"As long as we continue to deliver the levels of performance we have historically achieved I believe we have the opportunity for substantial further growth in the years to come," he added.
"We also continue to deliver on our strategy of diversifying our offering with the addition of three new teams and strategies, bringing us up to eleven teams in total, and expanding our distribution capability further. "Assuming market conditions do not deteriorate further, we are well positioned for further significant growth in the year ahead." Woolley's boss, Tim Bartlam, seemed to be hinting, however, that a deterioration in market conditions could be on the cards. "It is difficult to envisage anything other than another turbulent year ahead. With the exception of Germany most of the other major European economies are seeing weakness which is only serving to make the debt crisis worse," he noted.
Core operating profit excluding performance fees in the year virtually doubled to £7.1m from £3.6m the year before. Pre-tax profit climbed £0.4m to £9.6m, short of analyst expectations of £11m. Basic earnings per share were up 10% to 9.48p (2011:8.64p). Revenue was stable at £39.9m (2011: £39.1m). The dividend was increased from 7.5p per share to 9p, a rise of 20%. Tim Woolley, Chief Executive, said: "The group has continued to make good progress in the face of challenging market conditions and encouragingly we saw net inflows of over $1.0bn during the year. Investment performance has been strong with seven out of eight long only funds in the top quartile for the year and four out of our six hedge Funds ending the year in positive territory.
Specialist investment management firm Polar Capital Holdings saw net inflows of funds in every quarter in its last financial year, despite turbulent market conditions. Assets under management (AUM) at the end of March stood at $5.08bn, 31% higher than AUM of $3.87bn a year earlier, despite, as Polar's Chairman Tim Bartlam put it, "the markets providing little in the way of help this year." The growth in assets was largely due to continued strong inflows across a number of Polar's products, especially the Japan and Global Insurance funds. The only disappointment was on the UK Funds which finished in negative territory for the year, leading to further outflows from these products. Net performance fees of £4.1m were down on last year's figure of £5.7m although the firm seemed proud of its achievement of eleven successive year of generating such fees.
Hey folks, Please take a look at my latest writeup on (alternative) asset managers, including another look at Polar, here: http://wexboy.wordpress.com/2012/05/23/asset-managers-cash-hogs-whats-hot-whats-not/ Cheers, Wexboy
Polar's on an ex-cash 3.8% of AUM - see how that stacks up vs. other alternative asset managers, and in terms of absolute value: http://wexboy.wordpress.com/2012/05/14/asset-managers-a-first-look-at-the-alternatives/ Cheers, Wexboy
Polar Capital Holdings (POLR), an AIM-listed specialist investment management company, has a 'strong buy' signal from three brokers who follow its fortunes. Polar runs 16 different investment funds with assets under management totalling about £3.5 billion. The emphasis has always been on technology, but expansion into other specialist areas is under way with a rapid increase in funds under management. In the two years to March 2010, profits fell from £14.5 million to £3.13 million, reflecting the market turmoil in 2008/09. But profits for the year just ended are expected to rise to £8.6 million. Brokers forecast further rises this year and next. By 2013 they expect the dividend to have doubled to 9p a share, putting the shares at 136p on a prospective yield of 6.6%. Shares to buy, hold and sell Fri, 20/05/2011 - 17:00 | Jim Levi
AUM Update Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist asset management group, today provides its regular quarterly update of its unaudited statement of its Assets Under Management ("AUM"). Comment The Group has come to the end of an encouraging year. On the back of good performance and solid inflows Polar Capital has ended the year stronger and better placed than at the end of the previous twelve month period. We are pleased to report an increase of 53% in our AUM to over $3.87bn in the twelve month period to March 2011. This increase in AUM was achieved despite the closure of the Polar Capital Discovery Fund which accounted for a significant proportion of outflows in our hedge fund franchise over the reported periods. The Group continues to be confident that its strategy of growing its established funds to capacity and expanding its product range through both hiring and acquiring new teams will drive future AUM growth.
http://www.investegate.co.uk/Article.aspx?id=201104190700131390F
Canaccord Genuity maintained its "buy" rating for Polar Capital Holdings (POLR) with a decreased target price of 177p, down from 185p. Although the share price performance has been relatively lacklustre this year, the broker said the latest Assets Under Management (AUM) update demonstrates the improved strength of the group's distribution and potential for organic growth to continue. Wider equity markets permitting, Canaccord added, fund flows and performance fees should provide useful catalysts for the share price during calendar 2011. The shares were unmoved at 143.5p.