REG - Polar Capital Hldgs - Group Audited Results for year ended 31 March 2024
27/06/2024 07:00
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RNS Number : 0508U Polar Capital Holdings PLC 27 June 2024
POLAR CAPITAL HOLDINGS plc
Group Audited Results for the year ended 31 March 2024
"It is pleasing that Polar Capital's Assets under Management grew by 14%
over the year, from £19.2bn to £21.9bn and given the positive outlook of the
business, the total dividend per share was maintained at 46.0p."
Gavin Rochussen, CEO
Highlights
• Assets under Management (AuM) at 31 March 2024 up 14% to £21.9bn
(2023: £19.2bn)
• Average AuM for the year remains flat at £19.6bn (2023: £19.6bn)
• AuM has risen further to £22.8 bn at 14 June 2024 with net
inflows of £197m in the period 1 April to 14 June 2024
• Core operating profit(†) down 6% to £44.8m (2023: £47.9m)
• Profit before tax up 21% to £54.7m (2023: £45.2m)
• Basic earnings per share up 15% to 42.3p (2023: 36.8p) and
adjusted diluted total earnings per share(†) down 1% to 44.0p (2023: 44.3p)
• Second interim dividend of 32.0p per share (2023: 32.0p) bringing
the total dividend for the year to 46.0p per share (2023: 46.0p). The dividend
payment date is 26 July 2024, with an ex-dividend date of 4 July 2024 and a
record date of 5 July 2024.
† The non-GAAP alternative performance measures shown here are described and
reconciled to IFRS measures in the Alternative Performance Measures (APM)
section.
This RNS does not constitute an offer or recommendation to invest in any of
the funds referenced within.
Gavin Rochussen, Chief Executive Officer, commented:
"During the financial year, Polar Capital benefited from its differentiated
funds range of thematic and sector focused strategies, particularly those with
exposure to technology and its related sectors. This gave rise to a 14%
increase in AuM from £19.2bn to £21.9bn over the year.
"Having reported net inflows in the first calendar quarter, net inflow
momentum continued into the second calendar quarter. This combined with
positive absolute fund performance has meant that AuM has risen further to
£22.8bn as at 14 June 2024. This compares favourably with the average AuM for
the financial year to 31 March 2024 of £19.6bn.
"The positive net inflows of £56m as previously reported in the March 2024
quarter have continued in the current quarter with net inflows of £197m in
the period 1 April to 14 June 2024.
"Net inflows during the current quarter, 1 April to 14 June 2024, were
dominated by the Emerging Markets and Asia Stars strategies which had net
inflows of £292m, while the Healthcare strategies received net inflows of
£54m and the Polar Capital Global Insurance Fund benefited from net inflows
of £37m. The Polar Capital UK Value Opportunities Fund reversed a previous
trend of net outflows with net inflows of £28m in the current quarter. In the
calendar year to 14 June 2024, the Technology strategies have had net inflows
of £178m.
"Fund performance has continued to improve and, as at the end of
May 2024, 94% of our UCITS funds' AuM were in the top two quartiles against
the Lipper peer group over one year, 91% in the top two quartiles over three
years with 86% and 100% in the top two quartiles over five years and since
inception respectively. UCITS funds' AuM makes up 71% of total AuM.
"Given the strong balance sheet and positive flow momentum, the total
dividend per share for the year has been maintained at 46.0p.
"Progress has continued under the 'Growth with diversification' strategy,
diversifying and increasing our distribution footprint into new regions.
"The Nordic region has become an important market and to support local
client servicing, we established an office in Stockholm, Sweden during the
year.
"We have also continued to develop our US footprint with experienced business
development capability covering the major regions within the US to support
sustained interest in our Emerging Markets Stars strategy and future fund
launches.
"Later this year, we anticipate launching an International Small Company
strategy led by a manager with a compelling long-term track record. The
strategy will be marketed primarily to our growing US client base.
"The outlook is more constructive for risk assets such as equities with a
continuing reduction in global inflation, interest rates peaking and central
banks poised to ease monetary policy. Polar Capital has active, specialist and
differentiated thematic, sector and regionally focused fund strategies with
compelling long term performance track records and significant remaining
capacity. While there remains geopolitical risk and a significant portion of
the developed world population facing elections this year, our performance-led
culture, strong balance sheet and improving sentiment for equities positions
us well to continue performing for our clients and shareholders."
For further information please contact:
Polar Capital +44 (0)20 7227 2700
Gavin Rochussen (Chief Executive Officer)
Samir Ayub (Chief Financial Officer)
Deutsche Numis - Nomad and Joint Broker +44 (0)20 7260 1000
Giles Rolls
Charles Farquhar
Peel Hunt LLP- Joint Broker +44 (0)20 3597 8680
Andrew Buchanan
John Welch
Sam Milford
Camarco +44 (0)20 3757 4995
Ed Gascoigne-Pees
Jennifer Renwick
Phoebe Pugh
Assets under Management (AuM)
AuM split by type
31 March 2024 31 March 2023
£bn % £bn %
Open ended funds 16.0 73% Open ended funds 14.3 75%
Investment trusts 5.1 23% Investment trusts 3.9 20%
Segregated mandates 0.8 4% Segregated mandates 1.0 5%
Total 21.9 Total 19.2
AuM split by strategy
Ordered according to launch date
31 March 2024 31 March 2023
£bn % £bn %
Technology 9.9 45% Technology 7.2 38%
European Long/Short 0.1 0.5% European Long/Short 0.1 0.5%
Healthcare 3.9 18% Healthcare 3.8 20%
Global Insurance 2.3 10% Global Insurance 2.1 11%
Financials 0.6 3% Financials 0.5 2%
Convertibles 0.4 2% Convertibles 0.7 4%
North America 0.7 3% North America 0.6 3%
Japan Value 0.2 1% Japan Value 0.2 1%
European Income 0.2 1% European Income 0.2 1%
UK Value 0.9 4% UK Value 1.2 6%
Emerging Markets and Asia 1.8 8% Emerging Markets and Asia 1.3 7%
European Opportunities 0.6 3% European Opportunities 1.0 5%
European Absolute Return* - - European Absolute Return* 0.1 0.5%
Sustainable Thematic Equities 0.3 1.5% Sustainable Thematic Equities 0.2 1%
Total 21.9 100% Total 19.2 100%
* The Melchior European Absolute Return Fund was closed in May 2023.
Chair's Statement
Introduction
While the financial year saw the continuation of significant geopolitical and
global economic narratives from the previous year, it proved eventful in its
own right. The emergence of conflict in Gaza and spreading national tensions
in the Middle East added to the sustained war in Ukraine while, at a market
level, guesswork over the trajectory of inflation and interest rate rises gave
way to yet more conjecture as to the pace and magnitude of rate cuts, as we
moved into 2024. Gavin Rochussen discusses the subsequent impact for
shareholders and underlying investors in his Chief Executive Officer ('CEO')
report.
Early in the year under review, the world saw the coronation of Charles III as
King of the United Kingdom and the Commonwealth. While reshuffles and
by-election results reflected diminishing confidence in the current
government, UK investors were given green shoots of market support in the
Chancellor's Autumn Statement measures, partly designed to encourage UK
domestic share ownership. Alleviating wider negativity on the UK economy
somewhat, economic revisions in the latter half of calendar year 2023 placed
the UK back among its European peers, ridding the country of its label as 'the
sick man of Europe'.
More broadly, the main focal point for investors was the path for inflation
and the subsequent turning point for interest rates. While the former
continued to subside, stubborn readings towards the end of the year saw the
Bank of England hold its base rate at 5.25% after 14 consecutive raises
beginning in December 2021.
Against this backdrop it is pleasing to report 79% of our UCITS funds' AuM,
representing 72% of total AuM, were in the top two quartiles against their
Lipper peer group over the year to the end of March 2024, with 92% in the top
two quartiles over three years, and 87% and 100% in the top two quartiles over
five years and since inception respectively.
As we look ahead, we are supported by a strong balance sheet and our
confidence in both a talented executive team as well as, in our view, some of
the best investment managers. While our industry will always brim with
competing external challenges and opportunities, such as the rise of
innovation in artificial intelligence (AI) and the economies it has yet to
create, we are used to navigating our way through uncertain times and the
Board and I are confident the outlook for the business remains positive.
Results
Assets under management (AuM) grew by 14% over the year from £19.2bn to
£21.9bn. This £2.7bn increase was the result of market movements and fund
performance, together contributing £4.3bn, offset by net redemptions of
£1.6bn. Lower average AuM for a large part of the year and higher operating
costs led to lower core operating profit(†) of £44.8m (2023: £47.9m). This
was compensated for by higher performance fee profit(†) of £9.6m (2023:
£1.7m) resulting in profit before tax of £54.7m (2023: £45.2m), basic EPS
of 42.3p (2023: 36.8p) and adjusted diluted total EPS(†) of 44.0p (2023:
44.3p).
Dividend
Given the strength of our balance sheet and our confidence in the long-term
outlook for the Company, the Board recommend maintaining a second interim
dividend per share of 32.0p (2023: 32.0p) to be paid in July 2024. This,
together with the first interim dividend per share of 14.0p paid in January
2024, means that the total dividend per share for the year is maintained at
46.0p (2023: 46.0p).
Board
There have been no changes to the Board in the year under review. The
Directors are encouraged to provide feedback on the workings of the Board, the
operation and leadership of the Company and the fulfilment of their own roles.
The Board continue to meet regularly with Gavin and his executive team on
all matters of strategy and the running of the business. The Board and I want
to put on record our thanks and appreciation to Neil Taylor who retired from
his position as Company Secretary at the end of this last financial year, Neil
has been Company Secretary since the inception of the business and has been a
key factor in the success of Polar Capital.
We all wish Neil well in his greatly deserved retirement.
We were also pleased to welcome Tracey Lago as our new Company Secretary on 1
April 2024. Tracey has been with Polar Capital since 2017 and is a familiar
face to the Board. We wish her well in her new role.
Strategy
We have seen improvements in investment performance, as mentioned above, as
well as a pickup in net inflows towards year end, following the broadening of
our distribution footprint and increased interest in our investment offerings.
It was also encouraging to see signs of slowing outflows from some of our more
established strategies, reflecting improving investor sentiment in the second
half of the year. Net flows during March 2024 were pleasing, with six Polar
Capital strategies seeing inflows totalling £228m. During the final quarter,
our open-ended Technology funds saw net inflows of £327m compared to £136m
of net outflows in the previous quarter, with £212m of net inflows over March
2024. This continued recent positive momentum saw total net inflows of £56m
during the final quarter of the financial year, following a number of quarters
of outflows.
Culture
It is testament to the collaborative, supportive and inclusive culture at
Polar Capital that the Company has been able to tackle such a challenging and
ever-moving market environment throughout the year. I am particularly proud of
the commitment our staff continue to make beyond the workplace, specifically
through the mentoring support provided on a voluntary basis, to students at
Westminster City School, a local academy. The broader work support offered by
Polar Capital to the students of the school is a clear demonstration of the
Polar Capital culture in action, making a difference to the immediate society
in which the Company operates.
A team of nine staff and one Board member also mentored students from the
Kingsley Academy who won the 10(th) annual Grocer Academy Award 2024, a
Dragons' Den-style competition aimed at sixth-form students across London.
Their winning idea, which aims to reduce food waste, was for a smartphone app
that can record fridge contents and facilitate shopping for missing
ingredients online or in person. Congratulations to all who took part.
Annual General Meeting
We are planning to hold the Company's forthcoming Annual General Meeting (AGM)
on Wednesday 25 September 2024 at the Company's registered office.
Shareholders are encouraged to submit any questions to our Company Secretary
before the meeting (by using Investorrelations@polarcapital.co.uk, using the
subject title 'PCH AGM') who will arrange for a response to be provided to the
questions. There will not be a presentation at the meeting, but a video of the
CEO and Chief Financial Officer (CFO) presenting the results will be available
on the Company's website ahead of the meeting. The notice of the meeting is
also available on the Company's website.
Thank you
It has been another challenging year for the industry, our Company, fund
managers and staff; we as a Board extend our thanks to Gavin, the executive
team, our fund managers and all staff and others that support the business
both internally and externally. We appreciate the commitment and dedication
shown by all.
David Lamb
Chair
26 June 2024
† The non-GAAP alternative performance measures mentioned here are described
and reconciled in the APM section.
Chief Executive's Report
Markets have a tendency to treat external forces in isolation, willing the end
of one narrative so another can begin. It has perhaps never been clearer than
in recent history, however, that the big picture is never linear, as investors
constantly grapple with multiple influences at varying stages of their
potency. The year in review aptly demonstrates this constant market truism.
The post-Covid rationalisation of inflation and interest rates continued to
dominate the macroeconomic agenda, alongside prolonged and developing
geopolitical tensions, China's debt and deflation struggles, and the
anticipation of a US presidential election, to name just a few factors moving
markets over the year.
As such, the financial year to 31 March 2024 saw a blend of sudden and rapidly
evolving headlines, namely the ongoing war in Ukraine, the onset of conflict
in Gaza and broadening political agitation in the Middle East, and more
medium-term concerns led by stubborn inflation in the US and the subsequent
trajectory for global interest rates. In the first half of the year in
particular, markets saw the continuation of unprecedented monetary tightening
as central banks around the world sought to rein in the excess monetary
support provided during the pandemic. In the US, the Federal Reserve carried
on its steepest tightening cycle in 40 years as rates were raised to heights
last seen during the global financial crisis (GFC). In Europe, the European
Central Bank (ECB) lifted rates by 100 bps over the year, ultimately
maintaining the 4.5% level reached in September 2023. Japan finally ended its
negative interest rate policy eight years after cutting its short-term policy
rate to -0.1% in February 2016, having long battled deflation and subdued
economic growth. Corporate governance reforms in the country are seemingly
bearing fruit, attracting investment and helping propel the Nikkei 225 Index
to new highs, finally surpassing its 1989 peak.
It was a positive period for equities more broadly, as markets reversed weak
performance over the previous year, which delivered the worst annual return
since 2008. Buoyed by the so-called Magnificent Seven(1) US technology stocks
and the continuing demand for AI enablers, the MSCI All-Country World Index
rose by 24% to the end of March 2024(2). The technology-heavy NASDAQ Composite
Index returned 35%, outstripping the 22% achieved by the Dow Jones Industrial
Average (DJIA), with the Morningstar US Growth Index delivering 30% against
21% for the Morningstar US Value Index (all total return, in dollar terms)
(3). The latter proved a notable volte face compared with the previous year,
in which growth markedly underperformed value, highlighting both the weight of
large US technology names in global indices and the strength of the AI theme.
While investors began the year in a generally bearish mood, expecting imminent
recession, the following six months in fact displayed faster-than-expected
economic growth, driving a shift in outperformance from more defensive stocks,
which excelled in 2022, to more cyclical areas of the market. Moving into Q3
2023, investors' concerns shifted towards a potential reacceleration in
inflation and worries over the extent to which central banks would have to
raise interest rates as a result. A move higher in rates followed, leading to
a difficult time for equities, with small and mid-cap stocks hit particularly
hard. However, October 2023 saw the end of the correction, with economic data
suggesting inflation and growth were indeed cooling. Financial conditions
eased and stocks bottomed out, starting what became a significant rally to the
end of Q1 2024. The S&P 500 climbed to new all-time highs in March 2024,
delivering its best calendar Q1 since 2019 (4). The mood was shared by the
DJIA (up 6%) and the NASDAQ (up 9%) during the quarter, as the market remained
sanguine despite stronger-than-expected economic data raising the prospect of
fewer rate cuts in 2024 than previously anticipated.
While the AI theme continued to garner corporate and consumer attention over
the year, the pace of innovation and adoption in the sector began to split
fortunes among the leading technology names. Indeed, performance among the
Magnificent Seven during calendar Q1 2024 sowed the seeds of potential
longer-term divergence, with the bifurcating factor likely the use and
implementation of an AI strategy or lack thereof, ushering in talk of a 'Fab
Four' label as a replacement. NVIDIA and Meta Platforms (Facebook) benefitted
from strong AI tailwinds; Microsoft Copilot is showing early signs of success
and Amazon has been deemed a potential longer-term beneficiary of generative
AI. However, Google, Alphabet's flagship subsidiary, the first company to
publish a paper on the transformer model and the importance of
'self-attenuation' (self-control within AI models) - faces the threat of
losing ground in its core Search business due to the rise of large language
models (LLMs). Apple faces several regulatory headwinds and, along with Tesla,
is seeing increasing competition from China hit demand. There is also a
comparative uncertainty as to both firms' AI strategies weighing on the
companies' share price as they trailed their Magnificent Seven peers into
period end. Given the beginnings of such a divergence, it is not unreasonable
to suggest AI could potentially prove to be the fork in the road, separating
those for whom AI adoption propels growth from those who suffer from a lagging
response or eventual cannibalisation.
Polar Capital was supported by our large exposure to the technology and
related sectors, with AuM growing by 14% over the year, from £19.2bn to
£21.9bn. This £2.7bn increase was the result of market movements and fund
performance, together contributing £4.3bn, offset by net redemptions of
£1.6bn. Net flows during March 2024 were pleasing, with six Polar Capital
strategies seeing inflows totalling £228m. This continued recent positive
momentum, which saw total net inflows of £56m during the final quarter of the
financial year, following a number of quarters of net outflows.
Turning to investment performance, as at the end of March 2024, 79% of our
UCITS funds' AuM, representing 72% of total AuM, were in the top two quartiles
against the Lipper peer group over one year, 92% in the top two quartiles over
three years with 87% and 100% in the top two quartiles over five years and
since inception respectively. Of our UCITS funds' AuM, 91% is in the first
quartile against the Lipper peer group since inception with 85% of AuM
delivering benchmark outperformance since inception. Encouragingly, the final
quarter to the end of March saw 97% of AuM in the top two quartiles compared
with the Lipper peer group.
The growth in AuM and signs of positive momentum regarding flows towards the
end of the financial year compare favourably with sector peers experiencing
persistent outflows. During the final quarter, our open-ended Technology funds
saw net inflows of £327m compared to £136m of net outflows in the previous
quarter, with £212m of net inflows over March 2024.
Financial performance for the year continued to be challenging. Average AuM
over the first half of the year was 3% lower than the comparable six-month
period, however, following improved performance and market movement in the
second half of the year, remained flat overall compared to 2023 at £19.6bn.
The lower average AUM for the majority of the year resulted in a 1% decrease
in management fees from 2023 though performance fee profit(†) was higher at
£9.6m than the prior year £1.7m, offsetting this decrease. Operating costs
increased, primarily as a result of additional rental charges and inflationary
related increases. As a result, profit before tax and basic EPS increased by
21% and 15% respectively. Adjusted diluted total EPS(†) declined by 1% from
44.3p to 44.0p. Total dividend per share for the year has been maintained at
46.0p (2023: 46.0p).
Polar Capital's regulatory environment remains abundant with changes in the
UK, US, Switzerland and the EU. The
implementation process for Consumer Duty was completed during the year and it
remains an area of focus for the Group as we continue to make improvements in
line with evolving good practice. The FCA Sustainability Disclosure
Requirements and Anti-Greenwashing rules, and Task Force on Climate-Related
Financial Disclosures have challenged firms to ensure their products'
environmental claims are accurate, transparent and mitigate greenwashing risk
by providing clear information to investors about the environmental impact of
their investments.
Progress has continued under the 'Growth with diversification' strategy,
diversifying our distribution footprint into new regions. The Nordic region
has become a significant market and to support our existing operations and add
to our local presence, we filled a new role of Regional Sales Executive for
the Nordics internally and opened an office in Stockholm, Sweden, in September
2023. In the following March, we were awarded Fund Company of the Year at the
Söderberg & Partners Award Ceremony in March 2024. We have continued to
develop our US footprint with experienced business development capability
covering the major regions within the US. This has resulted in sustained
interest in our Emerging Markets Stars fund strategies.
Later this year, we anticipate launching an International Small Company
strategy led by a manager with a compelling long-term track record. The
strategy will be marketed primarily to our growing US client base.
Sustainability is important to our business at both a corporate and investment
level and we remain committed to integrating sustainable practices across the
Group. Our Diversity and Inclusion Committee has continued to be a forum for
positive action, establishing important initiatives within the business and
externally. Our staff have continued to participate in industry initiatives
such as the Diversity Project and Investment 20/20, and we are pleased with
progress in our ongoing partnership and bursary programme with a local academy
adjacent to our London offices.
ESG and sustainability-related regulation continues to drive change in our
industry and the UK's Sustainability Disclosure Requirements (SDR) will push
the UK ahead with disclosure and reporting standards. Similarly, over the year
we have further developed and implemented the recommendations of the Taskforce
on Climate-related Financial Disclosures (TCFD) across our business strategy,
governance structure and risk management process. We will publish our first
full TCFD report in June 2024. The transition to a net-zero economy is an
important consideration for our business and we remain focused on developing
our climate strategy, analysis capabilities and stewardship practices.
The outlook is more constructive for risk assets such as equities with a
continuing reduction in global inflation, interest rates peaking and central
banks poised to ease monetary policy. Polar Capital has active, specialist and
differentiated thematic, sector and regionally focused fund strategies with
compelling long term performance track records and significant remaining
capacity.
While there remains geopolitical risk and a significant portion of the
developed world population facing elections this year, our performance-led
culture, strong balance sheet and improving sentiment for equities positions
us well to continue performing for our clients and shareholders.
Gavin Rochussen
Chief Executive Officer
26 June 2024
1 Alphabet, Amazon, Apple, Meta Platforms (Facebook), Microsoft, NVIDIA and
Tesla
2 MSCI ACWI Index
3 Bloomberg, April 2024
4 April 2024 Stock Market Outlook - Forbes Advisor
† The non-GAAP alternative performance measures mentioned here are described
and reconciled in the APM section.
Business Review
AuM and Fund Flows
The past two years have been a challenging period for the asset management
industry.
Following a difficult calendar year in 2022, the rebound hoped for in 2023
failed to materialise. A staunchly risk-off
stance proved the dominant narrative, with investor sentiment deteriorating
month-on-month. As a result, the European funds industry suffered a second
consecutive year of net outflows.
Polar Capital was not immune from these headwinds and, in line with the wider
industry, also experienced a second consecutive year of negative fund flows.
However, a combination of net outflows and a fund closure were offset by
market and fund performance, resulting in our AuM at the end of the financial
year increasing by 14% to £21.9bn from £19.2bn at the end of March 2023. The
average AuM for the year was £19.6bn in line with £19.6bn the previous year.
Overall, despite gross inflows of over £4.4bn, we saw total net outflows for
the year of £1.6bn. While we experienced selling pressure across several of
our strategies, including areas that were out of favour with investors, such
as UK and European equities, we saw interest and net new inflows into several
of our funds, including Polar Capital Emerging Market Stars Fund (£280m),
Polar Capital Asian Stars Fund (£94m), Polar Capital Artificial Intelligence
Fund (£192m), Polar Capital Smart Energy Fund (£84m), Polar Capital European
ex-UK Income Fund (£81m) and Polar Capital Healthcare Bluechip Fund (£32m).
Encouragingly, we saw a marked improvement in the final quarter of the
financial year, as outflows slowed in January and February 2024 and turned to
positive net flows in March 2024 where six of our strategies benefitted from
net inflows, with an overall total of £228m during the final month, resulting
in an overall net positive quarter of £56m, the first quarter in eight.
Communicating with our clients
The way in which our clients are engaging with us continues to evolve. For
many of them that engagement, at least
initially, is increasingly digital and there is a requirement for
accessibility, transparency and detailed, technical content and
communications.
To meet the fast-changing needs and expectations of our existing and
prospective clients, we continue to invest in our digital marketing and client
service capabilities, aiming to further configure and tailor our offering to
specific client segments and geographies.
Client-oriented thinking and appealing specialist investment strategies are
key attributes sought by professional fund buyers, both of which provide
points of differentiation for Polar Capital and an opportunity to take market
share.
Growth with diversification
Under our 'Growth with diversification' strategy, we continue to focus on
building scale from clients based outside our home market of the UK.
Our approach to international expansion remains both targeted and measured. We
see the greatest potential for future growth in the US, in south-east Asia and
in seven core markets in Continental Europe where we continue to focus.
In the US, we have made two senior sales appointments this year. We continue
to broaden and deepen our presence there and these appointments reflect its
importance and our commitment to providing our existing and prospective US
clients with exceptional service and support.
Good progress continues to be made in Continental Europe, which now accounts
for around one-third of our AuM. This has recently been recognised by Polar
Capital winning 'European Asset Management Firm Of The Year' in the
€20bn-€100bn category of the Funds Europe 2023 Awards.
We have also made significant progress in Scandinavia, where AuM has reached
close to £700m. We recently established a distribution office in Stockholm to
support our clients in the region, where support for our investment strategies
and funds continues to grow. Pleasingly, and testament to our approach,
Swedish Wealth Manager Söderberg & Partners recently announced Polar
Capital as winner of their 'Mutual Fund Company of the Year' award.
Outlook
While the outlook for 2024 is uncertain, and global financial markets remain
exposed to several headwinds, investor sentiment can change quickly. The
potential of interest rates peaking and central banks beginning to consider
the possibility of rate cuts, bodes well for equities in general and investors
will, we believe, continue to seek additional exposure to the asset class.
Now that the easy money era of 2009-21 is over, beta is less likely to be the
primary driver of returns going forward; alpha generation will become even
more critical and a stronger tilt to active strategies may help investors
navigate performance dispersion. This should play to Polar Capital's
strengths, and we have the capacity to meet investor demand for our active,
specialist and differentiated investment strategies.
Fund performance and oversight
Calendar year 2023 confounded most investment strategists' expectations,
delivering better economic growth, rising equity markets and, until the very
end of the year, falling bond markets. The prevailing bearishness at the
beginning of the year proved to be a fertile foundation for strong equity
market returns.
The second major characteristic in calendar 2023 was the underperformance of
small and mid-cap (SMID-cap) stocks versus broader indices. SMID-cap stocks
have been a reliable outperformer, particularly in Europe, for much of the
period since 2000, with the exception of short periods during recessions and
market dislocations, but in the period since Covid, SMID-cap stocks have
reversed a number of years of outperformance.
Part of this phenomenon is explained by the strong share price returns from
the largest US technology stocks. New drug discoveries in the pharmaceuticals
sector have also contributed. The largest companies have not only proven to be
innovative, but are also perceived as being resilient in a period of higher
financing costs. New listings have been few and far between, and exciting,
high growth companies have chosen to remain private for longer.
Polar Capital's strategies are reasonably evenly distributed in terms of
directional sensitivity (i.e. whether they outperform on up days or down days
in the market), and there is also representation in both value and growth
styles, although a greater percentage of Polar AuM is in growth styles. Many
Polar Capital strategies generate outperformance on days when smaller and
mid-sized companies outperform larger ones.
This is expected, given the bottom-up research orientation of Polar Capital's
investment teams, and the likelihood therefore of finding the most attractive
opportunities in the less well researched areas of the market. It is also in
part a response to passive competition; clients want us to do something other
than own the largest names in the investment universe. They often do that
themselves.
As the US Federal Reserve began to signal a possible end to the cycle of
interest rate rises, SMID-cap stocks returned to favour in the closing weeks
of 2023. This provided a tailwind for relative performance across almost all
Polar Capital strategies, as did the broadening of share price performance
across the US market in the first few months of calendar year 2024. These
factors in combination contributed to a good period for investment performance
in the second half of Polar Capital's financial year ending in March 2024.
The year to the end of March 2024 saw particularly strong gains relative to
benchmark for Polar Capital's Healthcare and Biotechnology strategies. The
Polar Capital Biotechnology Fund ended the year over 15% ahead of its
benchmark, and rose by 24% in absolute terms, while the sizeable Polar Capital
Healthcare Opportunities Fund was more than 9% ahead of its reference index.
The other standout performer was Polar Capital's Artificial Intelligence Fund,
which outperformed its global equity
benchmark by more than 13%, rising by 36% in the year. This strategy is
focussed on identifying beneficiaries of AI applications across global equity
markets, not just in the technology sector. With AI offering growth and
productivity-enhancing innovations in a wide range of industries, the scope of
opportunity is very large.
Polar Capital's well known Global Technology Fund, and its closed-ended sister
strategy, the Polar Capital Technology Trust plc, also performed well in
absolute and relative terms, appreciating by more than 40% in the year to the
end of March 2024 as the cycle of innovation and investment in technology, and
in AI in particular, led to significant share price gains.
Among Polar Capital's newer strategies, the Polar Capital Smart Energy and
Smart Mobility funds, which offer clients a way to benefit from
decarbonisation, electrification, and evolution in vehicles and transport,
delivered returns in excess of their reference benchmarks.
The Polar Capital North America Fund recovered strongly during the year to the
end of March 2024, outperforming by nearly 5%. The Fund more than made up for
the negative impact on relative performance of not owning some of the large
technology names which led the market.
With investment returns for much of the year under review dominated by a small
number of larger companies in the technology and healthcare sectors, and hence
by growth as a style, some of Polar Capital's value-oriented strategies
performed less well.
Polar Capital's European ex-UK Income (a large cap, income seeking approach)
and Japan Value funds (a small-cap value style) underperformed their
benchmarks.
Polar Capital Global Insurance Fund was also a modest underperformer, as the
shares of many P&C (Property & Casualty) companies were marked down in
Q4 2023 as interest rate expectations began to fall. In the short term, this
affects their investment income. Since inception, this strategy has delivered
a compound annual return of 10%, driven by the impact on net asset value of
the best insurance companies' underwriting results.
The Polar Capital Global Financials Trust plc was also a modest
underperformer, in part due to the size effects noted above, and that its
income-generating bond holdings performed less well than the Trust's equity
reference benchmark.
As at 31 March 2024, 79% of our UCITS funds' AuM, representing 72% of total
AuM, were in the top two quartiles against the Lipper peer group over one
year, 92% in the top two quartiles over three years with 87% and 100% in the
top two quartiles over five years and since inception respectively.
Of our 22 funds listed within the Dublin UCITS umbrella 60% were in the top
two quartiles over one year, and 77%, 71% and 91% in the top two quartiles
over three years, five years and since inception respectively.
Financial Review
AuM
AuM movement in twelve months to 31 March 2024 (£bn) Open ended funds Investment Trusts Segregated mandates
Total
AuM at 1 April 2023 14.3 3.9 1.0 19.2
Net redemptions (1.2) (0.15) (0.2) (1.6)
Fund closures - - (0.05) (0.05)
Market movement and performance 2.9 1.3 0.1 4.3
Total AuM at 31 March 2024 16.0 5.1 0.8 21.9
During the financial year the £2.7bn increase in AuM resulted from market
movement and fund performance of £4.3bn, offset by net redemptions of
£1.6bn.
The mix of AuM between open ended funds, investment trusts and segregated
mandates remained similar to the prior year.
Average AuM over the first half of the year was 3% lower than the comparable
six month period and the market movement and performance led increase over the
second half of the year meant the year on year comparison remained flat at
£19.6bn.
Revenue
31 March 2024 31 March 2023
Management fees £'m £'m
Management and research fees 176.4 176.2
Commissions and fees payable (22.7) (21.4)
Net management fees(†) 153.7 154.8
The lower average AuM over the majority of the year and lower yield translated
into the Group's net management fees(†) decreasing by 1% from £154.8m in
2023 to £153.7m this year.
Net management fee yield 31 March 2024 31 March 2023
Average AuM (£bn) 19.6 19.6
Net management fees(†) (£m) 153.7 154.8
Net management fee yield(†) (bps) 78 79
Net management fee yield(†) over the year measured 78bps (2023: 79bps). The
decrease was in line with our stated expectations of an annual decrease of at
least 1-2bps as net outflows from the higher margin Technology and Healthcare
strategies are replaced by inflows into more recently launched strategies at
lower margin.
31 March 2024 31 March 2023
Performance fees £'m £'m
Performance fees 18.7 6.7
The strong performance posted by certain underlying funds resulted in
performance fees earned for the financial year to 31 March 2024 increasing to
£18.7m (2023: £6.7m).
Operating and finance costs 31 March 2024 31 March 2023
£'m £'m
Salaries, bonuses and other staff costs(1) 35.0 36.1
Core distributions(2)(†) 42.8 44.0
Share-based payments(3) 3.2 2.7
Performance fee interests(†) 9.1 5.0
Total staff compensation 90.1 87.8
Other operating costs 28.7 24.7
Exceptional items 1.2 6.2
Total operating costs 120.0 118.7
Finance costs 0.2 0.2
Operating and finance costs 120.2 118.9
1. Including share awards under deferment plan of £0.7m (2023:
£0.8m).
2. Including share awards under deferment plan of £1.2m (2023:
£0.9m).
3. Share-based payments on preference shares of £0.7m (2023:
£0.3m), LTIPs of £1.9m (2023: £1.8m) and equity incentive plan of £0.6m
(2023: £0.6m). Refer to note 5 below.
† The non-GAAP alternative performance measures mentioned
here are described and reconciled in the APM section.
Total operating and finance costs increased 1% to £120.2m (2023: £118.9m).
Core distributions, which are variable compensation amounts payable to
investment teams from management fee revenue, decreased as a direct
consequence of the lower average AuM over most of the year and the resulting
lower management fee revenues and core profits.
Performance fee interests, which are variable compensation amounts payable to
staff from performance fee revenue, increased due to the higher amount of such
fees generated this year.
Other operating, non-staff compensation related, costs increased to £28.7m
(2023: £24.7m) through a combination of higher rental, marketing and travel
costs as well as inflationary increases.
Exceptional items 31 March 2024 31 March 2023
£'m £'m
Recorded in operating costs
Termination and reorganisation costs(4) - 5.0
Amortisation of intangibles 1.2 1.2
Total exceptional items recorded in the consolidated statement of profit or 1.2 6.2
loss
4. The 2023 amounts include the cost of the out of court
settlement of the Group's legal action against First Pacific Advisors (FPA),
the vendor of the funds in the Phaeacian transaction, and FPA's counterclaim.
Exceptional items for both 2024 and 2023 comprised of either significant items
of income or expenditure related to acquisitions, or their unwinding, and were
therefore expected to be non-recurring, as well as the amortisation of
acquired intangible assets. The items are presented separately to allow a
supplemental understanding of the Group's results.
Profit before tax 31 March 2024 31 March 2023
£'m £'m
Core operating profit(†) 44.8 47.9
Performance fee profit(†) 9.6 1.7
Other income(^) 2.2 2.1
Share-based payments on preference shares (0.7) (0.3)
Exceptional items (1.2) (6.2)
Profit before tax 54.7 45.2
Core operating profit margin(† 5) 29% 31%
† The non-GAAP alternative performance measures mentioned
here are described and reconciled on the APM page.
^ A reconciliation to reported results is given in the APM
section.
5. This measure is calculated as core operating profit divided
by net management fee.
The headline profit before tax for the year has increased by 21% to £54.7m
(2023: £45.2m) mainly driven by higher performance fee.
The analysis of the three key components of profits shows that:
• Core operating profit
Decreased by 6% to £44.8m (2023: £47.9m) reflecting lower average AuM over a
large part of the year and higher operating costs. Over time, we expect to
grow core profit as a proportion of the Group's total earnings, and thereby
reduce the volatility of total earnings due to performance fees.
• Performance fee profit
Performance fee profit increased because of the stronger investment
performance on certain specific strategies during the current year.
• Other income
The increase in other income is due mainly to interest income on the Group's
cash balances.
Earnings per share
Basic EPS increased by 15% to 42.3p during the year (2023: 36.8p) and diluted
EPS increased by 16% to 41.8p (2023: 36.1p) with adjusted diluted total EPS
remaining broadly flat year on year at 44.0p (2023: 44.3p). The effect of the
adjustments made in arriving at the adjusted diluted total EPS and adjusted
diluted core EPS figures of the Group is as follows:
(Pence) 31 March 2024 31 March 2023
Diluted earnings per share 41.8 36.1
Impact of share-based payments on preference shares 0.7 0.3
Impact of deferment, where staff compensation costs are deferred into future 0.3 1.7
periods
Impact of exceptional items 1.2 6.2
Adjusted diluted total EPS(†) 44.0 44.3
Of which: Performance fee profit and other income 9.0 4.6
Adjusted diluted core EPS(†) 35.0 39.7
† The non-GAAP alternative performance measures mentioned
here are described and reconciled on the APM page.
Preference shares
A separate class of preference share has historically been issued by Polar
Capital Partners Limited for purchase by each new team of fund managers on
their arrival at the Group.
These shares provide each manager with an economic interest in the funds that
they run and ultimately enable the manager to convert their interest in the
revenues generated from their funds into equity in Polar Capital Holdings plc.
The equity is awarded in return for the forfeiture of their current core
economic interest and vests over three years with the full quantum of the
dilution being reflected in the diluted share count (and so diluted EPS) from
the point of conversion.
The event has been designed to be, at both the actual and the diluted levels,
earnings enhancing to shareholders.
In the year to 31 March 2024 there were no conversions of preference shares
into Polar Capital Holdings plc equity (2023: no conversions).
As at 31 March 2024 five sets of preference shares (2023: five sets) have the
ability to call for a conversion.
The call must be made on or before 30 November 2024 if any conversion is to
take place with effect from 31 March 2024.
As indicated last year, no further preference shares are expected to be issued
and any new teams arriving are expected to be on a revenue sharing model with
deferment into equity in Polar Capital Holdings plc as the new long-term
incentivisation plan for investment teams. This revised model is not expected
to change core distributions when measured in percentage terms against net
management fee revenue but is expected to be simpler to administer compared to
the preference shares arrangement.
Balance sheet and cash
At the year end, the Group's cash and cash equivalents were £98.9m (2023:
£107.0m). Additionally, the Group held £6.7m (2023: nil) as long-term
deposits maturing over a period of 6-12 months resulting in a total amount of
cash and deposits held of £105.6m (2023: £107.0m). In line with the Group
treasury policy, cash and cash equivalents are held across several UK banking
counterparties on maturity terms ranging from 30 to 90 days. At the balance
sheet date the Group also held £35.8m of investments in its funds (2023:
£44.1m).
Capital management
The Group believes in retaining a strong balance sheet. The capital that is
retained in the business is used to seed new investment products, as a buffer
for times of uncertainty, pay dividends and fund the EBT to buy Company shares
to reduce the dilutive effects of Group share awards. Depending on the market
outlook, and as the Group grows in size, the allocation of overall capital
amongst these four categories may vary over time as we seek to balance returns
to shareholders with the need to re-invest in the business for future growth.
As at 31 March 2024 £35.8m (2023: £44.1m) of the Group's balance sheet was
invested to seed fledgling funds and during the year the Group advanced loans
to the EBT of £7.5m (2023: £6.0m) to buy shares in the Company.
The Group's dividend policy is to pay an annual dividend within a range of 55%
and 85% of adjusted total earnings, dependent on the scale of performance fees
in the relevant year and the anticipated trading conditions for the following
year.
As at 31 March 2024 the Group had surplus capital of £52.1m (2023: £57.7m)
above its regulatory capital requirement of £26m (2023: £26m) and July
dividend commitment of £30.9m (2023: £30.9m).
Going concern
The Financial Reporting Council has determined that all companies should carry
out a rigorous assessment of all the factors affecting the business in
deciding to adopt a going concern basis for the preparation of the accounts.
The Directors have reviewed and examined the financial and other processes
embedded in the business, in particular the annual budget process and the
financial stress testing inherent in the Internal Capital Adequacy and Risk
Assessment (ICARA) process.
Based on this review and the significant liquid assets underpinning the
balance sheet relative to the Group's predictable operating cost profile, the
Directors consider that the adoption of a going concern basis, covering a
period of at least 12 months from the date of this report, is appropriate.
Samir Ayub
Chief Financial Officer
26 June 2024
Alternative Performance Measures (APMs)
The Group uses the non-GAAP APMs listed below to provide users of the Annual
Report with supplemental financial information that helps explain its results
for the current accounting period.
APM Definition Reconciliation Reason for use
Core operating profit Profit before performance fee profits, other income and tax. APM reconciliation To present a measure of the Group's profitability excluding performance fee
profits and other components which may be volatile, non-recurring or non-cash
in nature.
Performance fee profit Gross performance fee revenue less performance fee interests due to staff. APM reconciliation To present a clear view of the net amount of performance fee earned by the
Group after accounting for staff remuneration payable that is directly
attributable to performance fee revenues generated.
Core distributions Variable compensation payable to investment teams from management fee revenue. APM reconciliation To present additional information thereby assisting users of the Annual Report
in understanding key components of variable costs paid out of management fee
revenue.
Performance Variable compensation payable to investment teams from performance fee APM reconciliation To present additional information thereby assisting users of the Annual Report
revenue. in understanding key components of variable costs paid out of performance fee
fee interests revenue.
Adjusted diluted total EPS Profit after tax but excluding (a) cost of share-based payments on preference Finance review The Group believes that (a) as the preference share awards have been designed
shares, (b) the net cost of deferred staff remuneration and (c) exceptional to be earnings enhancing to adjusting for this non-cash item provides a useful
items which may either be non-recurring or non-cash in nature, and in the case supplemental understanding of the financial performance of the Group, (b)
of adjusted diluted earnings per share, divided by the weighted average number comparing staff remuneration and profits generated in the same time period
of ordinary shares. (rather than deferring remuneration over a longer vesting period) allows users
of the Annual Report to gain a useful supplemental understanding of the
Group's results and their comparability year on year and (c) removing
acquisition related transition and termination costs as well as the non-cash
amortisation, and any impairment, of intangible assets and goodwill provides a
useful supplemental understanding of the Group's results.
Adjusted diluted core EPS Core operating profit after tax excluding the net cost of deferred core Finance review To present additional information that allows users of the Annual Report to
distributions divided by the weighted average number of ordinary shares. measure the Group's earnings excluding those from performance fees and other
components which may be volatile, non-recurring or non-cash in nature.
Core operating profit margin Core operating profit divided by Finance review To present additional information that allows users of the Annual Report to
net management fees revenue. measure the core profitability of the Group before performance fee profits,
and other components, which can be volatile and non-recurring.
Net management fee Gross management fees less commissions and fees payable. Finance review To present a clear view of the net amount of management fees earned by the
Group after accounting for commissions and fees payable.
Net management fee yield Net management fees divided by average AuM. Finance review To present a clear view of the net amount of management fees earned by the
Group after accounting for commissions and fees payable.
Summary of non-GAAP financial performance and reconciliation of APMs to
reported results
The summary below reconciles key APMs the Group measures to its reported
results for the current year and also reclassifies the line-by-line impact on
consolidation of seed investments to provide a clearer understanding of the
Group's core business operation of fund management.
Any seed investments in newly launched or nascent funds, where the Group is
determined to have control, are consolidated. As a consequence, the statement
of profit or loss of the fund is consolidated into that of the Group on a
line-by-line basis. Any seed investments that are not consolidated are fair
valued through a single line item (other income) on the Group consolidated
statement of profit or loss.
Reclassification 2024 2023
2024 on consolidation Non-GAAP Non-GAAP
Reported of seed Reclassification results results
Results investments of costs £'m £'m
£'m £'m £'m APMs
Investment management and research fees 176.4 - - 176.4 176.2
Commissions and fees payable (22.7) - - (22.7) (21.4)
153.7 - - 153.7 154.8 Net management fees
Operating costs (120.0) 0.3 53.8 (65.9) (62.7)
Finance costs (0.2) - - (0.2) (0.2)
- - (42.8) (42.8) (44.0) Core distributions
33.5 0.3 11.0 44.8 47.9 Core operating profit
Performance fees 18.7 - - 18.7 6.7
- - (9.1) (9.1) (5.0) Performance fee interests
18.7 - (9.1) 9.6 1.7 Performance fee profit
Other income 2.5 (0.3) - 2.2 2.1
Exceptional items - - (1.2) (1.2) (6.2)
Share-based payments - - (0.7) (0.7) (0.3)
on preference shares
Profit for the year before tax
54.7 - - 54.7 45.2
Consolidated Statement of Profit or Loss
For the year ended 31 March 2024
31 March 2024 31 March 2023
£'000 £'000
Revenue 195,065 182,877
Other income 2,521 2,579
Gross income 197,586 185,456
Commissions and fees payable (22,658) (21,383)
Net income 174,928 164,073
Operating costs (120,027) (118,694)
Finance costs (211) (175)
Profit before tax 54,690 45,204
Taxation (13,897) (9,592)
Profit for the year attributable to ordinary shareholders 40,793 35,612
Earnings per share
Basic 42.3p 36.8p
Diluted 41.8p 36.1p
Adjusted basic (Non-GAAP measure) 44.6p 45.2p
Adjusted diluted (Non-GAAP measure) 44.0p 44.3p
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2024
31 March 2024 31 March 2023
£'000 £'000
Profit for the year attributable to ordinary shareholders 40,793 35,612
Other comprehensive (expense)/income - items that will be reclassified to
profit or loss statement in subsequent periods
Exchange differences on translation of foreign operations (505) 430
Other comprehensive (expense)/income for the year (505) 430
Total comprehensive income for the year, net of tax, attributable to ordinary 40,288 36,042
shareholders
All of the items in the above statements are derived from continuing
operations.
Consolidated Balance Sheet
As at 31 March 2024
31 March 2024
£'000 31 March 2023
£'000
Non-current assets
Goodwill and intangible assets 14,774 15,937
Property and equipment 8,307 10,534
Deferred tax assets 1,938 106
25,019 26,577
Current assets
Assets at fair value through profit or loss 62,433 83,048
Trade and other receivables 21,070 19,523
Other financial assets 3,393 5,237
Assets at amortised cost 6,698 -
Cash and cash equivalents 98,880 106,976
Current tax assets 127 319
192,601 215,103
Total assets 217,620 241,680
Non-current liabilities
Provisions and other liabilities 7,537 8,900
Liabilities at fair value through profit or loss 249 462
Deferred tax liabilities - 518
7,786 9,880
Current liabilities
Liabilities at fair value through profit or loss 5,425 16,369
Trade and other payables 64,128 68,651
Provisions 247 3,203
Other financial liabilities 9 10
Current tax liabilities 4,127 712
73,936 88,945
Total liabilities 81,722 98,825
Net assets 135,898 142,855
Capital and reserves
Issued share capital 2,530 2,520
Share premium 19,364 19,364
Investment in own shares (34,652) (31,623)
Capital and other reserves 12,019 12,299
Retained earnings 136,637 140,295
Total equity - attributable to ordinary shareholders 135,898 142,855
Consolidated Statement of Changes in Equity
For the year ended 31 March 2024
Issued share capital £'000 Investment in own shares
Share premium £'000 Capital reserves Other reserves Retained earnings
£'000 £'000 £'000 £'000 Total equity
£'000
As at 1 April 2022 2,506 19,364 (24,915) 695 11,722 146,875 156,247
Profit for the year - - - - - 35,612 35,612
Other comprehensive income - - - - 430 - 430
Total comprehensive income - - - - 430 35,612 36,042
Dividends paid to shareholders - - - - - (44,481) (44,481)
Issue of shares 14 - - - - (14) -
Own shares acquired - - (10,922) - - - (10,922)
Release of own shares - - 4,214 - - (2,083) 2,131
Share-based payment - - - - - 4,386 4,386
Current tax in respect of employee share options - - - - 31 - 31
Deferred tax in respect of employee share options - - - - (579) - (579)
As at 1 April 2023 2,520 19,364 (31,623) 695 11,604 140,295 142,855
Profit for the year - - - - - 40,793 40,793
Other comprehensive expense - - - - (505) - (505)
Total comprehensive income - - - - (505) 40,793 40,288
Dividends paid to shareholders - - - - - (44,329) (44,329)
Issue of shares 10 - - - - (10) -
Own shares acquired - - (9,858) - - - (9,858)
Release of own shares - - 6,829 - - (5,195) 1,634
Share-based payment - - - - - 5,083 5,083
Current tax in respect of employee share options - - - - 18 - 18
Deferred tax in respect of employee share options - - - - 207 - 207
As at 31 March 2024 2,530 19,364 (34,652) 695 11,324 136,637 135,898
Consolidated Cash Flow Statement
For the year ended 31 March 2024
31 March 2024 31 March 2023
£'000 £'000
Cash flows generated from operating activities
Cash generated from operations 51,978 51,975
Tax paid (12,419) (7,738)
Interest received 2,348 888
Net cash inflow generated from operating activities 41,907 45,125
Cash flows generated from investing activities
Investment income 430 421
Sale of assets/liabilities at fair value through profit or loss 56,105 55,277
Purchase of assets at fair value through profit or loss (36,415) (62,765)
Purchase of assets at amortised cost (6,698) -
Purchase of property and equipment (243) (486)
Payments in respect of asset acquisition (70) (226)
Net cashflow from deconsolidation of seed investment - (11,710)
Net cash inflow/(outflow) from investing activities 13,109 (19,489)
Cash flows generated from financing activities
Dividends paid to shareholders (44,329) (44,481)
Lease payments (1,734) (1,425)
Interest on lease (211) (175)
Purchase of own shares (8,222) (10,660)
Third-party subscriptions into consolidated funds 4,987 20,673
Third-party redemptions from consolidated funds (13,415) (3,869)
Net cash outflow from financing activities (62,924) (39,937)
Net decrease in cash and cash equivalents (7,908) (14,301)
Cash and cash equivalents at start of the year 106,976 121,128
Effect of exchange rate changes on cash and cash equivalents (188) 149
Cash and cash equivalents at end of the year 98,880 106,976
Selected notes to the Consolidated Financial Statements for the year ended 31
March 2024
1. General information, Basis of Preparation and Accounting policies
Corporate information
Polar Capital Holdings plc (the 'Company') is a public limited company
incorporated and domiciled in England and Wales whose shares are traded on the
Alternative Investment Market (AIM) of the London Stock Exchange.
Group information
Details of operating subsidiaries, seed capital investments and indirectly
held entities consolidated into the Group are disclosed in Note 8 below.
Basis of preparation
The consolidated Group financial statements have been prepared on a going
concern basis in accordance with UK-adopted international accounting standards
and in conformity with the requirements of the Companies Act 2006. The
accounting policies used in the preparation of these financial statements have
been consistently applied, except when otherwise stated.
The consolidated financial statements have been prepared under the historical
cost convention, modified by the measurement at fair value of certain
financial assets and liabilities and derivative financial instruments. The
consolidated financial statements are presented in Sterling and all values are
rounded to the nearest thousand (£'000), except when otherwise stated.
Going concern
The Directors have made an assessment of going concern taking into account
both the Group's results as well as the impact of the Group's outlook. As part
of this assessment the Directors have used a range of information available to
the date of issue of these financial statements and considered the Group
budget, longer term financial projections, cash flow forecasts and an analysis
of the Group's liquid assets and its regulatory capital position and
forecasts. The stress testing scenarios applied as part of the Group's ICARA
have also been revisited to ensure they remain appropriate.
The Group continues to maintain a robust financial resources position, access
to cashflow from ongoing investment management contracts and the Directors
believe that the Group is well placed to manage its business risks. The
Directors also have a reasonable expectation that the Group and the Company
have adequate resources to continue operating for a period of at least 12
months from the date of signing the financial statements. Therefore, the
Directors continue to adopt the going concern basis of accounting in preparing
the consolidated financial statements.
Basis of consolidation
The consolidated financial statements of the Group comprise the financial
statements of the Company and its subsidiaries for the year ended 31 March
2024. Subsidiaries are those entities over which the Group has control. The
Group controls an investee if, and only if, the Group has:
• Power over the investee;
• Exposure, or rights, to variable returns from its involvement with
the investee; and
• The ability to use its power over the investee to affect returns.
The Group considers all relevant facts and circumstances in assessing whether
it has power over an investee, including the purpose and design of an
investee, relevant activities, substantive and protective rights, voting
rights and potential voting rights.
The financial statements of subsidiaries are either prepared for the same
reporting period as the parent company or where necessary, adjustments are
made to the financial statements of subsidiaries to bring their reporting
period and results in line with those of the Group. All intra-group
transactions, balances, income and expenses are eliminated on consolidation.
When the Group loses control over a subsidiary, it derecognises the related
assets, liabilities, third-party interest and other components of equity,
while any resultant gain or loss is recognised in profit or loss. Any
investment retained is recognised at fair value.
Seed capital investments in funds that the Group manages are accounted for as
subsidiaries, associates or financial assets at fair value through profit or
loss (FVTPL) depending on the holdings of the Group, on the level of influence
and control that the Group is judged to have and whether the Group assesses it
is acting as an agent or principal for its holdings in the seed capital
investments. There is no fixed minimum percentage at which the Group
consolidates, and each exposure is reviewed individually.
Where the Group concludes it is acting as a principal the entity is
consolidated. This assessment is based on the Group's total exposure. This
incorporates direct holdings, income earned from management and performance
fees and the assessed strength of third-party kick-out rights. The funds
consolidated at 31 March 2024 are disclosed in Note 8.
The Group concludes that it acts as an agent when the power it has over an
entity is deemed to be exercised for the benefit of third-party investors.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control. Subsidiaries are fully consolidated from the date on
which the Group obtains control and continue to be consolidated until the date
when such control ceases.
Where external investors hold redeemable shares in funds controlled by the
Group, the portion of profit or loss and net assets held by these third-party
interests is included within other income in the consolidated statement of
profit or loss and as financial liabilities at FVTPL in the consolidated
balance sheet respectively.
Net cashflows on initial consolidation or deconsolidation are presented as
investing activities within the consolidated cashflow statement. Cashflows
from third-party interests into consolidated funds are presented as financing
activities.
Investment in associates
An associate is an entity over which the Group has significant influence.
Significant influence is the power to participate in the financial and
operating policy decisions of the investee but is not control or joint control
over those policies. Generally, it is presumed that the Group has significant
influence where it has voting rights of 20% or more, but not control of an
investee.
Seed capital investments over which the Group has significant influence, but
not control, are carried on the balance sheet as assets at FVTPL as permitted
by IAS 28: Investment in Associates, with changes in fair value recognised in
the consolidated statement of profit or loss. The fair value of investments in
associates is determined by reference to the quoted price at the close of
business on the balance sheet date. The Group has no other investments in
associates and, therefore, no associates are currently accounted for using the
equity method.
Goodwill and intangible assets
Goodwill arising on the acquisition of a business is the excess of the
consideration paid over the net identifiable assets acquired and liabilities
assumed. Goodwill is measured at cost less any accumulated impairment losses.
Impairment testing is based on the expected future benefits of the relevant
cash-generating unit (CGU) as a whole.
Intangible assets such as investment management contracts acquired separately
are measured on initial recognition at cost which is their fair value as at
acquisition date. Following initial recognition, intangible assets are carried
at cost less any accumulated amortisation and accumulated impairment losses,
with the related expenditure or charge recognised in the consolidated
statement of profit or loss. Intangible assets are amortised on a
straight-line basis over their useful economic lives. Intangible assets are
derecognised upon disposal or when no future economic benefits are expected
from their use or disposal. Any gain or loss on derecognition is included in
the consolidated statement of profit or loss.
Financial assets
The Group's financial assets include seed capital investments, investment
securities, trade and other receivables, cash and cash equivalents, term
deposits with a maturity greater than three months and derivative financial
instruments. The classification adopted by the Group depends on the purpose
for which the financial assets were acquired and is determined at initial
recognition.
Financial assets are initially recognised at fair value, being the
consideration given, plus, any directly attributable transaction costs, except
in the case of financial assets recorded at fair value through profit or loss
where transaction costs are immediately recognised in the consolidated
statement of profit or loss.
Purchases and sales of financial assets are recognised at trade date, being
the date when the Group commits to purchase or sell the asset.
Financial assets at fair value through profit or loss (FVTPL)
Financial assets at FVTPL include the Group's investments in the funds that it
manages, but does not control, including those which are held by the Group
against bonus awards deferred into fund units. Such assets are subsequently
carried at fair value, with any gains or losses arising from changes in fair
value being recognised in the consolidated statement of profit or loss.
Financial assets at amortised cost
Financial assets at amortised cost include term deposits with a maturity
greater than three months. These assets are held for collection of contractual
cash flows representing solely payments of principal and interest and are
subsequently carried at amortised cost over the term of the deposit with
interest income recognised in the consolidated statement of profit or loss in
accordance with the effective interest method.
Investment securities
Investment securities represent securities both long and short positions,
other than derivatives, held by consolidated funds. These securities are
classified as FVTPL and are measured at fair value with gains and losses
recognised through the consolidated statement of profit or loss.
Financial liabilities
The Group's financial liabilities include trade and other payables, derivative
financial instruments and third-party interests in funds that have been
consolidated as subsidiaries.
Financial liabilities at fair value through profit or loss
Financial liabilities at FVTPL are carried at fair value, with gains and
losses recognised in the consolidated statement of profit or loss within other
income in the period in which they arise. Financial liabilities at FVTPL
include third-party interests in consolidated funds which are classified as at
FVTPL.
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation. The expense relating to a provision is presented in the statement
of profit or loss net of any reimbursement.
Contingent liabilities
Contingent liabilities are potential obligations that may arise due to
uncertain future events that are not wholly within the control of the Group.
Such liabilities are disclosed when the chance of such events occurring is no
longer remote.
Revenue from contracts with customers
Revenue from contracts with customers represents fees receivable, excluding
value added tax, for discretionary investment management services and research
fees during the year.
Management fees are based on a percentage of assets under management either
per day or calendar month and payable monthly or quarterly as set out in the
relevant investment management agreements (IMA). Management fees relate
specifically to the Group's provision of investment management services for
each relevant time period and therefore such services are satisfied over time
because either the customer simultaneously receives and consumes the benefits
provided by the fund manager as the service is provided or, the fund manager's
performance enhances the assets that the fund controls. Management fees are
recognised as the service is provided and it is probable that the fee will be
collected.
Research fee income relates to research provided in respect of funds managed
in accordance with the relevant IMA and is recognised as the service is
provided and it is probable that the fee will be collected.
Performance fees are variable consideration based on a percentage of
investment performance achieved relative to
predefined benchmarks as set out in the relevant IMA. Performance fees by
their nature are highly susceptible to volatility until they are crystallised
and are no longer subject to claw back. This is usually at the end of the
performance period of a fund when the performance fee calculation can be
confirmed with certainty. Therefore, performance fees are recognised at the
point when they are crystallised.
Commissions and fees payable
Commissions and fees payable to third parties are in respect of rebates on
investment management fees, distribution and research fees, and are recognised
over the period for which the service is provided.
Standards and amendments not yet effective
There are no new or amended standards and interpretations that are issued, but
not yet effective, up to the date of issuance of the Group's consolidated
financial statements that would be expected to have a material impact on the
Group when they become effective.
Changes in accounting policies and disclosures
No standards or amendments have been issued during the year that have had or
are expected to have an impact on the Group's consolidated financial
statements.
2. Revenue
31 March 2024 31 March 2023
£'000 £'000
Investment management and research fees 176,400 176,219
Investment performance fees 18,665 6,658
195,065 182,877
Geographical analysis of revenue (based on the residency of source) is as
follows:
31 March 2024 31 March 2023
£'000 £'000
United Kingdom 32,599 29,293
Ireland 152,419 140,319
Rest of Europe 7,093 10,180
Cayman Islands 1,215 1,308
United States of America 341 609
Rest of the world 1,398 1,168
195,065 182,877
3. Operating costs
a) Operating costs include the following expenses:
31 March 2024 31 March 2023
£'000 £'000
Staff costs including partnership profit allocations 90,110 88,308
Depreciation 2,470 2,166
Amortisation and impairment of intangible assets 1,163 1,163
Auditors' remuneration 615 432
Included within operating costs for the year ended 31 March 2023 is an amount
of £5.0m in relation to costs treated as exceptional items including
termination costs of £0.5m. No exceptional items relating to termination and
reorganisational costs arose in the current year.
b) Auditors' remuneration:
31 March 2024 31 March 2023
£'000
£'000
Audit of Group and Company financial statements 177 106
Statutory audits of subsidiaries 258 199
Audit-related assurance services 38 7
Other assurance services - internal controls report 142 120
615 432
4. Dividends paid and proposed
Dividends on ordinary shares declared and paid during the year:
31 March 2024 31 March 2023
£'000 £'000
First interim dividend for 2024: 14.0p per share (2023: 14.0p per share) 13,464 13,570
Second interim dividend for 2023: 32.0p per share (2022: 32.0p per share) 30,865 30,911
Total dividend paid and charged to equity 44,329 44,481
The Board has declared a second interim dividend per share of 32.0p (2023:
32.0p) to be paid in July 2024.
Together with the first interim dividend per share of 14.0p paid in January
2024 the total dividend per share for the year amounts to 46.0p (2023: 46.0p).
5. Share-based payments
A summary of the charge to the consolidated statement of profit or loss for
each share-based payment arrangement is as follows:
31 March 2024 31 March 2023
£'000 £'000
Preference shares 715 316
LTIP awards 1,867 1,737
Equity incentive plan 616 603
Deferred remuneration plan 1,885 1,730
5,083 4,386
Certain employees of the Group and partners of Polar Capital LLP hold Manager
Preference Shares or Manager Team Member Preference Shares (together
'Preference Shares') in Polar Capital Partners Limited, a group company.
The preference shares are designed to incentivise and retain the Group's fund
management teams. These shares provide each manager with an economic interest
in the funds that they run and ultimately enable the manager, at their option
and at a future date, to convert their interest in the revenues generated from
their funds to a value that may (at the discretion of the parent undertaking,
Polar Capital Holdings plc) be satisfied by the issue of ordinary shares in
Polar Capital Holdings plc. Such conversion takes place according to a
pre-defined conversion formula that considers the relative contribution of the
manager to the Group as a whole. The equity is awarded in return for the
forfeiture of a manager's current core economic interest and is issued over
three years from the date of conversion.
The issue of the Preference Shares constitutes a share-based payment under
IFRS 2 and the cost is the estimated fair value, at the date of issue of the
preference shares, of the effective entitlement to the ordinary shares. At
each reporting date the estimated number of ordinary shares to be ultimately
issued upon conversion will vary and the holder, initially, and the Group,
ultimately, determines the start of the three-year period ('Crystallisation')
over which the ordinary shares are awarded following conversion. The start of
this period will always be at least three years after the end of the financial
accounting period in which the preference shares are issued.
The expected life of the Preference Shares is 6 years (2023: 6 years). In the
year to 31 March 2024, no conversions of preference shares into Polar Capital
Holdings plc equity were made (2023: no conversion).
At 31 March 2024 five sets of preference shares (2023: five sets) have the
right to call for conversion.
The following table illustrates the number of, and movements in, the estimated
number of ordinary shares to be issued.
Estimated number of ordinary shares to be issued against preference shares
with a right to call for conversion:
31 March 2024 31 March 2023
Number of shares Number of shares
At 1 April 2,367,680 2,740,604
Conversion/crystallisation - -
Movement in the year (132,692) (372,924)
At 31 March 2,234,988 2,367,680
Number of ordinary shares to be issued against converted preference shares:
31 March 2024 31 March 2023
Number of shares Number of shares
Outstanding at 1 April 810,310 1,352,128
Conversion/crystallisation - -
Adjustment on re-calculation (52,101) -
Issued in the year (405,154) (541,818)
Outstanding at 31 March 353,055 810,310
6. Earnings per Share
A reconciliation of the figures used in calculating the basic, diluted,
adjusted basic and adjusted diluted total earnings per share (EPS) is as
follows:
31 March 2024 31 March 2023
£'000 £'000
Earnings
Profit after tax for purpose of basic and diluted EPS 40,793 35,612
Adjustments (post tax):
Add exceptional items - amortisation of intangible assets 1,163 1,163
Add exceptional items - termination and reorganisation costs - 4,959
Add back cost of share-based payments on preference shares 715 316
Add net amount of deferred staff remuneration 344 1,663
Profit after tax for purpose of adjusted basic and adjusted diluted total EPS 43,015 43,713
The adjusted EPS figure includes an adjustment for deferred remuneration
costs. The Group believes that aligning staff remuneration and profits
generated in the same period will allow users of the financial statements a
useful supplemental understanding of the Group's results and their
comparability year on year.
Exceptional items were also excluded from the adjusted EPS calculations as
they included costs such as non-recurring termination and reorganisation costs
and the amortisation of acquired intangible assets.
31 March 2024 31 March 2023
Number of shares Number of shares
'000 '000
Weighted average number of shares
Weighted average number of ordinary shares, excluding own shares, for the 96,376 96,778
purpose of basic and adjusted basic EPS
Effect of dilutive potential shares - LTIPs, share options and preference 1,317 1,870
shares crystallised but not yet issued
Weighted average number of ordinary shares, for purpose of diluted and 97,693 98,648
adjusted diluted total EPS
31 March 2024 31 March 2023
Pence Pence
Earnings per share
Basic 42.3 36.8
Diluted 41.8 36.1
Adjusted basic 44.6 45.2
Adjusted diluted 44.0 44.3
7. Goodwill and intangible assets
Investment management
contracts
Goodwill £'000 Total
£'000 £'000
Cost
As at 1 April 2023 6,732 18,647 25,379
As at 31 March 2024 6,732 18,647 25,379
Accumulated amortisation and impairment
As at 1 April 2023 - 9,442 9,442
Amortisation for the year - 1,163 1,163
As at 31 March 2024 - 10,605 10,605
Net book value as at 31 March 2024 6,732 8,042 14,774
Cost
As at 1 April 2022 6,732 18,647 25,379
As at 31 March 2023 6,732 18,647 25,379
Accumulated amortisation and impairment
As at 1 April 2022 - 8,279 8,279
Amortisation for the year - 1,163 1,163
As at 31 March 2023 - 9,442 9,442
Net book value as at 31 March 2023 6,732 9,205 15,937
Amortisation and impairment of intangible assets are treated as exceptional
items.
(a) Goodwill
Goodwill relates to the acquisition of Dalton Capital (Holdings) Limited, the
parent company of Dalton Strategic Partnership LLP, a UK based boutique asset
manager acquired on 26 February 2021. The goodwill is attributable to a single
CGU.
(b) Intangible assets
The table below shows the carrying amount assigned to each component of the
intangible asset and the remaining
amortisation period.
31 March 2024 31 March 2023
Remaining amortisation Remaining
Carrying value period Carrying value amortisation
£'000 £'000 period
Investment management contracts acquired from Dalton Capital (Holdings) 8,042 6.9 years 9,205 7.9 years
Limited
8,042 9,205
8. Subsidiary undertakings
The consolidated financial statements of the Group include the operating
subsidiaries listed below. At 31 March 2024 and 2023 all operating
subsidiaries, other than Polar Capital Partners Limited and Polar Capital US
Holdings Limited, were indirectly held. All operating subsidiaries are wholly
owned, except for: Polar Capital LLP in which Polar Capital Partners Limited
has contributed 63% (2023: 54%) of the capital. The Company is deemed to be
the controlling party of Polar Capital LLP.
Name Country of incorporation Registered Principal
office activities
Polar Capital Partners Limited UK 16 Palace Street, London, UK Services company
Polar Capital US Holdings Limited UK 16 Palace Street, London, UK Investment holding company
Polar Capital LLP UK 16 Palace Street, London, UK Investment management
Polar Capital Secretarial Services Limited UK 16 Palace Street, London, UK Corporate secretary
Polar Capital Partners (Jersey) Limited Jersey 12 Castle Street, St Helier, Jersey Dormant
Polar Capital (America) Corporation USA 2711 Centreville Road, Wilmington, Delaware, USA Investment advisory
Polar Capital (Europe) SAS France 18 Rue de Londres, Paris, France Investment management
Polar Capital (Shanghai) Consulting Co Limited China Bund Finance Centre S2, No.600 Zhongshan East 2 Road, Shanghai Services company
Polar Capital Holdings LLC USA 1209 Orange Street, Wilmington, Delaware, USA Investment holding company
Dalton Capital (Holdings) Limited* UK 16 Palace Street, London, UK Dormant
Dalton Strategic Partnership LLP* UK 16 Palace Street, London, UK Dormant
Polar Capital (Switzerland) AG Switzerland Klausstrasse 4, Zurich, Switzerland Investment management
Polar Capital (Singapore) Private Limited Singapore 77 Robinson Road, #13-00, Robinson 77, Singapore (068896) Services company
*Dalton Capital (Holdings) Limited and Dalton Strategic Partnership LLP were
dissolved on 30 April 2024 and 7 May 2024, respectively.
The consolidated financial statements of the Group also include the following
seed capital investments and indirectly held entities which were judged to
require consolidation into the Group as at 31 March 2024:
Name Country of Registered office Principal activities Percentage
incorporation of ordinary
shares held
Polar Capital China Stars Fund Ireland 4 Georges Court, 54-62 Townsend Street, Dublin, Ireland UCITS sub-fund 80%
Polar Capital Smart Mobility Fund Ireland 4 Georges Court, 54-62 Townsend Street, Dublin, Ireland UCITS sub-fund 49%
Polar Capital Emerging ex-China Stars Fund Ireland 4 Georges Court, 54-62 Townsend Street, Dublin, Ireland UCITS sub-fund 91%
Polar Capital Emerging ex-China Stars Fund USA 50 S.LaSallee Street, Chicago, USA Mutual fund 100%
Phaeacian Partners Holdings LP USA 1209 Orange Street, Wilmington, Delaware, USA Dormant 55%
Phaeacian Partners LLC USA 1209 Orange Street, Wilmington, Delaware, USA Dormant 55%
9. Financial Instruments
The fair value of financial instruments that are traded in active markets at
each reporting date is determined by reference to quoted market prices or
dealer price quotation (bid price for long positions and ask price for short
positions), without any deduction for transaction costs. For financial
instruments not traded in an active market, such as forward exchange
contracts, the fair value is determined using appropriate valuation techniques
that take into account the terms and conditions of the contracts and utilise
observable market data, such as spot and forward rates, as inputs.
The Group uses the following hierarchy for determining and disclosing the fair
value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or
liabilities.
Level 2: other techniques for which all inputs which have a significant effect
on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs which have a significant effect on the
recorded fair value that are not based on observable market data.
At the end of both the current year as well as the comparative period, all
financial instruments at fair value through profit or loss held by the Group
were Level 1 except for:
• forward foreign exchange contracts classified as Level 2. These
were fair valued using valuation techniques that incorporate foreign exchange
spot and forward rates.
• other financial liability classified as Level 3. These were fair
valued using a discounted cash flow models that incorporate unobservable
inputs.
The fair value hierarchy of financial assets and liabilities which are carried
at fair value at the year-end is as follows:
31 March 2024 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Financial assets
Assets at FVTPL 62,433 - - 62,433 83,048 - - 83,048
Other financial assets 3,393 - - 3,393 5,237 - - 5,237
65,826 - - 65,826 88,285 - - 88,285
Financial liabilities
Liabilities at FVTPL 5,380 - 294 5,674 16,285 - 546 16,831
Other financial liabilities - 9 - 9 - 10 - 10
5,380 9 294 5,683 16,285 10 546 16,841
Movement in liabilities at FVTPL categorised as Level 3 during the year were:
31 March 2024 31 March 2023
£'000 £'000
At 1 April 546 855
Repayment (70) (226)
Net gain recognised in the statement of profit or loss (182) (83)
At 31 March 294 546
The fair value of financial instruments not held at fair value approximates to
their carrying value as at reporting date. During the reporting year there
were no transfers between levels in fair value measurements.
10. Cash flows generated from operations
A reconciliation of profit before tax to cash generated from operations is as
follows:
31 March 2024 31 March 2023
£'000 £'000
Profit before tax 54,690 45,204
Interest receivable and similar income (2,348) (745)
Investment income (430) (564)
Interest on lease 211 175
Depreciation of non-current property and equipment 2,470 2,166
Amortisation and impairment of intangible assets 1,163 1,163
Decrease/(increase) in assets at FVTPL 2,934 (4,152)
Increase/(decrease) in other financial assets and liabilities 213 (504)
(Increase)/decrease in receivables (1,546) 5,906
Decrease in trade and other payables including other provisions (7,094) (8,678)
Share-based payment 5,083 4,386
(Decrease)/increase in liabilities at FVTPL(1) (2,158) 262
Release of fund units held against deferred remuneration (1,210) 7,356
Cash flows generated from operations 51,978 51,975
1. Movement includes those arising from acquiring and/or losing control of
consolidated seed funds.
11. Contingent liabilities
There are no contingent liabilities to disclose at 31 March 2024 (2023: nil).
12. Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties of the Company, have been eliminated on consolidation and are not
included in this Note.
13. Status of results announcement
The Board of Directors approved this results announcement on 26 June 2024.
Whilst the financial information included in this announcement has been
prepared in accordance with UK-adopted international accounting standards,
this announcement does not itself contain sufficient information to comply
with all the disclosure requirements of UK-adopted international accounting
standards and does not constitute statutory accounts of the Group for the
years ended 31 March 2024 or 31 March 2023.
Neither the contents of the Company's website nor the contents of any website
accessible from the hyperlinks on the Company's website (or any other website)
is incorporated into or forms part of this announcement.
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