Ninety One has published a brief 4Q26 AuM update this morning, with total AuM up 8% q/q to £171.8bn. Although we will need to wait until results on 3 June for details on the movements in AuM, the movement in markets and results from its peers point to the group delivering small positive net flows in the period. With indications that the increasing allocation to EM will likely continue, we see the current valuation as undemanding, especially considering the upside potential from the new partnersh ....
