After an update at the Finals only last week (£22.6bn), performance has pushed AUM up still to £23.2bn (+8% qoq). Flow dynamics remain unchanged, with continued redemptions persisting in larger funds and net inflows in the emerging cohort. Performance is the key driver bouncing from Liberation Day lows, none moreso than in Tech. We update forecasts for the better-than-expected AuM outturn and fee margin guidance; a ~20% upgrade to core EPS. We increase our 12m TP to 500p (from 370p) and remain at BUY. We are fans of the strategy long term, although acknowledge the shares are not optically cheap on short term multiples (13x core EPS).