AUM grew £1.1bn or 4.9% over Q3 of FY25 (Oct 24 - Dec 24) to £23.8bn. This was on the back of a strong investment performance, contributing +£1.47bn despite a Dec 24 market pullback, and modest outflows of £0.26bn, mostly in Oct 24 when equity funds saw widespread outflows ahead of the UK budget. Net flows were positive over the nine months of FY25-to-date (+£0.21bn), and in calendar-2024, Polar was a standout leader among London-listed peers in attracting and retaining AUM (see page 2). The Forager fund closure reduced AUM by £0.10bn. Performance fee profits (net of staff allocations) jumped from the previous marked-to-market £0.7m, to £8.3m. As most PF’s crystallise at the end of December, this increase is now secured and not merely a mark-to-market estimate. FY25 forecasts have been upgraded accordingly. Given market volatility, we maintain our fundamental valuation of 650p/share, and we refer readers to our November 2024 note ("H1-25 revenue and profits jump on higher AUM"), for details. We highlight on page 2 that Polar’s PER of 11.1 is only just above sector median, despite its relative outperformance.