Polar Capital Holdings plc is an AIM-listed fund management group, specialising in active management, with £22.8bn of assets under management (AUM). The group is a notable performer on a multitude of metrics – including investment performance, AUM inflows, revenue generation, operating profits, and dividends – yet its share price trades at a significant discount to our fundamental valuation of 1,305p and its PE ratio of 12.7 is substantially below the sector median of 33.5. We see sound reasons for a significant change in rating.
