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 31 December 2025.

Group AuM (unaudited)

Polar Capital reports that as at 31 December 2025 its AuM was £28.4bn compared to £26.7bn at the end of September 2025, an increase of 6% over the quarter. In the quarter, AuM increased by fund performance and market movements of £1.7bn, net inflows of £149m, offset by fund closures of £62m and a £116m return of capital following a third and final investment trust corporate action for the year.

AuM movement in three months to 31 December 2025

	Open ended Funds (£m)	Investment Trusts (£m)	Segregated mandates (£m)	Total (£m)
AuM at 1 October 2025	19,905	6,294	501	26,700
Net flows	233	(115)	31	149
Corporate action¹	-	(116)	-	(116)
Fund closures²	(62)	-	-	(62)
Market movement and fund performance	1,290	419	7	1,716
Total AuM at 31 December 2025	21,366	6,482	539	28,387

AuM movement in nine months to 31 December 2025

	Open ended Funds (£m)	Investment Trusts (£m)	Segregated mandates (£m)	Total (£m)
AuM at 1 April 2025	15,994	4,846	569	21,409
Net flows	(153)	(232)	(156)	(541)
Corporate action¹	-	(396)	-	(396)
Fund closures²	(62)	-	-	(62)
Market movement and fund performance	5,587	2,264	126	7,977
Total AuM at 31 December 2025	21,366	6,482	539	28,387

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 tenderedand in November 2025 when Polar Capital Global Healthcare Trust underwent a 100% tender offer following which 22% of issued capital was tendered.

2 Return of funds to investors upon the closure of Polar Capital Melchior European Opportunities Fund in November 2025.

Net performance fee profits (unaudited)

The table below sets out the position relating to net performance fee profits (after the deduction of staff interests) earned in the first nine months of the Group’s financial year.

Performance feesnet of staff allocations (All figures in £m)

	12 months to31 Mar 25(year-end)	Nine months to31 Dec 25
Total net performance fee profits	7.9	16.0*

*Thefigures exclude £1.6m 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.

*Source: Baird, Bloomberg, December 2025.

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