Fund management group Polar Capital (LON:POLR), known for its flagship Technology and Health Care funds, posted record AuM (assets under management) in FY26. Encouragingly, momentum has continued into the current FY with assets rising further still.
For the year to 31 March, Polar’s AuM increased 43% to £30.6 billion while operating profit rose 49% to £76.9 million. Positive fund performance accounted for £8.8 billion or the bulk of the increase in AuM. Net inflows of £902 million accounted for the rest of the increase, marking the second year running of positive fund flows.
AuM by type at 31 March 2026
| £bn FY26 | % FY26 | £bn FY25 | % FY25 | |
| Open-ended funds | 23.4 | 76 | 16 | 75 |
| Investment trusts | 6.6 | 22 | 4.8 | 22 |
| Segregated mandates | 0.6 | 2 | 0.6 | 3 |
| Total | 30.6 | 21.4 |
Source: Polar Capital Holdings
‘Flow momentum improved materially as the year progressed’, explained CEO Iain Evans. ‘After a more challenging 1H, the Group returned to positive net inflows in December and delivered a strong finish, with £1.4 billion of net inflows in Q4. Encouragingly, this momentum has continued into FY27, with AuM of £44.7 billion as at 19 June 2026.’
AuM by strategy at 31 March 2026
| £bn FY26 | % FY26 | £bn FY25 | % FY25 | |
| Technology | 16.8 | 55 | 9 | 42 |
| Health Care | 4.7 | 15 | 3.5 | 16.5 |
| Emerging Markets & Asia | 3.5 | 11 | 3 | 14 |
| Insurance | 2.4 | 8 | 2.6 | 12 |
Source: Polar Capital Holdings
Unsuprisingly, Technology has seen the biggest uplift in AuM due to the outperformance of AI stocks. As the group celebrates its 25th year, the theme now accounts for over half of all assets.
Health Care, another popular strategy, also saw AuM increase, but its share of the total fell relatively speaking. Among the other major strategies, Global Insurance and Emerging Markets & Asia saw a small reduction in AuM and their overall weighting.
Given the increased market volatility and economic uncertainty of the last year, investors could be forgiven for just buying index funds. However, savvy investors who appreciate the benefits of specialist managers like Polar have stuck with them and reaped the rewards.
As we said in our coverage of the Liontrust (LON:LIO) results, active management can deliver outperformance versus passive management. Even in a sector like Technology, which is surely the most ‘crowded’ trade going, Polar has excelled due to superior stock selection.
If anything, today’s results understate the group’s performance because most markets bottomed in late March, right at the end of its FY. The fact AuM have since risen by almost 50% is a more accurate reflection of the success of the group’s active approach.
Read the press release here:
https://www.polarcapital.co.uk
