AUM increased by £1.7bn (+6%) over Q3 of FY26 (Oct 25 - Dec 25) to £28.4bn. Investment performance was the driver, contributing +£1.7bn (+6.4% of AUM). This was impressive, with several larger strategies outperforming benchmarks, most notably Technology (c. 51% of AUM) which has outperformed the benchmark Dow Jones Global Technology index by some distance over the last quarter, one year, three years, and since fund inception. FY26 forecasts have been adjusted upwards slightly in line with the higher performance fee profits. Other than that adjustment, we leave our FY26 forecasts (and fundamental valuation of 675p per share) unchanged for now which, probably conservatively, assumes flat AUM for the quarter to 31 Mar 26. We will update our forecasts in early April when we know the closing AUM number for FY26. Our conservatism at this stage is driven by general geopolitical and market uncertainty, but we highlight Polar’s growing confidence in its net flow outlook: “Encouragingly, client engagement has improved, and the new business pipeline is strengthening. While visibility on the timing and scale of inflows is limited, our priority for 2026 is to convert gross demand into durable net inflows ...”.