AuM declined qoq as institutional investors continued to reposition but, under the surface, wholesale flows continued to improve. The pipeline remains encouraging as a number of parties look to differentiate away from a more passive approach should the status quo be disturbed as rates level out (alongside other factors). We are pleased to note that Impax has won its maiden Fixed Income mandate post recent acquisitions. We reduce our estimates by ~5% having been at the top end of the range, although guidance remains unch at this early stage in FY26e. We continue to see value, with the funds well positioned for a rotation to quality, especially trading at only 8x FY26e PER with a ~9% dividend yield.