Polar has posted a strong set of interims, in line with our forecasts. AuM has continued to grow; up 7% since the Q2 update from strong performance tailwinds. Whilst, ordinarily, that would have prompted us to increase our estimates, we note that key benchmarks have retreated since the start of November (-4%). We keep a cautious watch and leave estimates unch noting potential upside to forecasts. With CEO succession now complete and reiteration of strategic priorities, we reiterate our BUY/600p 12m TP. We see medium term value creation in disciplined evolution of the fund range and its distribution. The 8%+ yield is a welcome accompaniment.
