9 October 2025                                 Polar Capital Holdings plc

AuM Update

Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist active asset management group, today provides an update in respect of the three months to 30 September 2025.

Group AuM (unaudited)

Polar Capital reports that as at 30 September 2025 its AuM was £26.7bn compared to £23.2bn at the end of June 2025, an increase of 15% over the quarter. In the quarter, AuM increased by fund performance and market movements of £3.6bn, offset by net outflows of £58m.

¹ Return of capital to investors in June 2025 as the Polar Capital Global Financials Trust underwent a 100% tender offer following which 44% of issued capital was tendered.

Net performance fee profits (unaudited)

The table below sets out the position relating to net performance fee profits due to the Group (after the deduction of staff interests) as a product of accrued performance fees in funds managed by the Group three months before the strike point of such performance fee receipts. There is no certainty that the fees will be sustained over the next quarter, as performance fees can be volatile.

\* The figures exclude £1.5m of net performance fee distributions (staff allocations) that are deferred into future periods for accounting purposes, and which should be deducted from the total performance fee profit figure for the purposes of calculating adjusted total earnings per share.

Iain Evans, Chief Executive, commented:

"I am pleased to report that assets under management rose by 15% over the quarter to a new all-time high of £26.7bn, up from £23.2bn at the end of June. This £3.5bn increase reflected £3.6bn of positive fund performance and market movements and net outflows of £58m. 

"Equity markets have delivered robust returns so far this year, with enthusiasm around artificial intelligence continuing to drive major indices. Our meaningful exposure to technology has enabled us to benefit from this favourable backdrop.

"It is encouraging that the pace of redemptions has slowed significantly, with total net outflows of only £58m compared with net outflows of £632m in the prior quarter. Demand for our funds was broad-based, particularly across our higher-growth strategies. Those in net inflow included the Artificial Intelligence, Global Technology, Asian Stars, Emerging Market Stars, Biotechnology, Japan Value, Financial Credit, Global Absolute Return, Smart Energy, and International Small Company funds, which together generated £350m of net inflows during the quarter.

"Our European and UK strategies remained out of favour, with combined net outflows of £175m. The open-ended Global Technology Fund recorded net inflows of £226m compared to net outflows of £162m in the last quarter, having delivered a return 18% ahead of its benchmark calendar year to date. Elsewhere, the closure of an Emerging Market managed account was largely offset by the establishment of a new Biotechnology managed account, which was funded with an initial £93m by a U.S. endowment.

"At the Polar Capital Technology Trust AGM on 10 September 2025, shareholders voted overwhelmingly in favour of the Company's continuation, with approximately 99% of votes cast supporting the resolution.

"As I begin my tenure as CEO, I am proud to lead a firm that continues to demonstrate resilience and a clear sense of purpose. With signs emerging of a more supportive environment for active managers, Polar Capital is in a strong position as a specialist boutique. While macroeconomic uncertainty and investor caution persist, our focus remains on delivering long-term results for our clients and shareholders. Supported by significant fund capacity, improving performance across our active strategies, and the dedication of our talented teams, I am confident Polar Capital is well positioned for the years ahead."

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