Ninety One reported period-end AuM for FY26 marginally below consensus expectations, which we believe to be a credible performance given the prevailing macro uncertainties and market volatility. Although the rate of allocations to Emerging Markets appear to be slowing relative to recent quarters, we believe Ninety One remains extremely well place to benefit from any shift in sentiment. In our view the current valuation is undemanding, especially considering the upside potential from the new part ....