A step-change in scale for Polar Capital...
...in just 3 months. AUM grows from £31bn to £45bn in Q2 of 2026. No acquisition. Just investment performance and net flows. Polar is flying into FY27.
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Polar Capital has released its results from FY26 (to 31 March 2026) and provided an update on Q1 of FY27. Sometimes a chart really does say it all.
AUM: FY26 and (most of) Q1-FY27
My full Equity Development research note covering these latest results, with updated forecasts and valuation is now freely available: Read the full research note here.
Here’s a summary:
With Polar Capital’s April AUM update, we knew it had delivered exceptional AUM growth in FY26 (to 31 Mar 26). AUM was up £9.2bn y-o-y to £30.6bn (+43%) and average AUM up 14%. So impressive financial results are no surprise. FY26 revenue was up 19% to £264m, with core operating profit +11% to £62.8m. Performance fee profits rose 99% to £16.1m, with PBT +49% to £76.9m. The FY dividend is 46p (yield 5%). Net cash stands at £151m with no borrowings.
But today’s announcement also highlights that AUM has jumped again in Q1 of FY27, reaching £44.7bn on 19 Jun 26, +46% in under three months. With such a big AUM move so early in FY27, and assuming no major market pullback, Polar Capital looks set to deliver another strong year in FY27. Forecasts are upgraded substantially
Recent AUM moves are not just market-driven. Polar’s investment teams are anything but index huggers. For example, its largest fund, the Global Technology Fund, returned +152% in the 12m to 31 May 26, compared to +64% for its benchmark Dow Jones Global Technology Index. Its largest Healthcare fund, the Biotechnology Fund, returned +67% versus +48% of the NASDAQ Biotechnology Net Total Return Index.
These are also not ‘flash-in-the-pan’ gains. Polar’s largest funds and broader portfolio have an outstanding track record over multiple time horizons compared to benchmarks and compared to peers.
Read the full research note here.
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Disclosure: At the time of writing, Paul Bryant was a shareholder of Polar Capital and covers Polar as an analyst on behalf of Equity Development Limited. Read Equity Development’s research on Polar here. And please read this link for the terms and conditions of reading Equity Development’s research.