AUM grew by £4.1bn over Q1 of FY22 (1 Oct 21 – 30 Sep 22), reaching £41.4bn on 31 Dec 21, 11% up over the quarter and 64% up y-o-y (AUM on 31 Dec 20 £25.2bn). Particularly pleasing is the continuation of strong net AUM inflows, which totalled £2.0bn for the quarter. Growth from market movements and investment performance was also very strong, totalling £2.1bn. Impax’s quarterly growth is ahead of our forecasted trajectory for FY22 (average quarterly AUM growth of just under £2bn, with AUM reaching around £45bn by 31 Oct 22). However, we highlight that it is still very early in the financial year, and that asset managers’ AUM can be volatile, particularly as a result of significant market movements. As such, we will not be revising our forecasts at this stage. We also remind readers of the longer-term AUM assumptions which underpin our fundamental valuation of 1,450p per share.