Record Company Research (REC)

Record reported steady progress in its Q126 trading update. Assets under management (AUM) grew by $7bn in the quarter to $107.9bn, primarily driven by fx movements of $7.6bn, offset by a modest asset loss of $0.6bn. Crystallised Q1 performance fees of £0.4m were down year-on-year but in line with our end-FY26 estimate of £3m. The bulk of the AUM fx growth was caused by the weakness of the dollar versus the swiss franc over the quarter. Given that Record’s revenues are primarily in pounds sterling, this movement will not have had a material impact on numbers. Therefore, we are not changing our estimates at this stage.