Flat qoq Q1 AuM comes as no surprise having been well trailed at the Finals two weeks ago. Net outflows (£1.1bn) reduced vs recent quarters and was the second best in the last two years. There was a single larger redemption that is not expected to persist. Positive performance offset redemptions. There is building interest in active strategies from institutional allocators. We forecast further, reducing redemptions through the remainder of FY26e. Trading on only 8x PER, the shares are still priced for downside and overlook margin protection. BUY/620p TP.
