We had already anticipated more challenging trading conditions during Q4 so the £22.6bn AuM outturn is in line with our estimate (SCMe £21.7bn). In the first week of Q1’26, volatility has further impacted AuM but this changes materially day-by-day. Liontrust continues to make operational improvements and has now mostly completed its target operating model, including realisation of £6m annualised cost synergies. We leave our forecasts unchanged at this stage. The valuation continues to overestima ....