AUM was up £1.8bn (+8.2%) over Q1 of FY26, from £21.4bn on 31 Mar 25 to £23.2bn on 30 Jun. Investment returns were the driver, contributing +£2.7bn (+12.5%). This was impressive compared to generic benchmarks such as the MSCI ACWI (GBP), which returned +5.1%. Net flows were -£632m and a return of capital to investors in the Polar Capital Global Financials Trust reduced AUM by -£280m. In our recent note covering Polar’s FY25 results, we detailed our investment case and valuation, with our DCF model producing a fundamental valuation of 550p per share, 13% above the current share price. On page 2 of this note, we also explain why we find it strange that Polar does not trade at a significant premium to peers, given its very strong net flows compared to peers, its niche strategic positioning, strong profit margins, and strong balance sheet (£122m net cash, no debt). Polar’s PER is 13.3, only slightly above the peer group median of 12.9.