Polar Capital’s assets have jumped by more than a third, boosted by positive market movements, fund outperformance and strong inflows into its technology funds.
Half year results, published today (November 19), showed its assets had increased from £12.2bn to £16.4bn over the six months to September — a jump of 34 per cent.
Polar put the £4.2bn increase down to narrowed net outflows — helped by £1.3bn net inflows into its suite of technology funds — and £3.6bn of positive market movements and fund performance.
Investors pumped some £1.2bn into Polar’s Global Technology fund and £55m into the Automation and Artificial Intelligence portfolio, while the Technology Investment trust saw £66m of subscriptions through new share issuances.
From March to September, Polar’s technology weighting jumped from 43 per cent of assets to 55 per cent.
Overall, Polar’s net inflows were £600m across the six months to September, compared with outflows of £1.1bn in the previous 12 months.
Chief executive Gavin Rochussen said: “Over the period under review, leadership across equity markets remained constant, with technology and consumer discretionary outperforming energy, financials and utilities.
“This profile was visible in the continued outperformance of growth and quality versus value.”
Today’s results also showed Polar’s core operating profit had increased from £20.3m in March to £22m in September, while its profit before tax was up from £26m to £27m.
Mr Rochussen said: “Polar has demonstrated operational resilience since the initial lockdown in March 2020 and all aspects of the firm have operated effectively.
"Given the market backdrop, the Polar fund strategies with a clear growth/quality style profile have performed well. Our diverse and differentiated range of sector and regional fund strategies, and our performance led culture, gives us confidence in our ability to withstand market turbulence in these uncertain times.
"There remains significant capacity in our strategies and we are well positioned to continue delivering above average returns for our clients and shareholders over the long term."
imogen.tew@ft.com
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