- Increased performance fee profit
- Assets under management up year on year
Polar Capital’s (POLR) preliminary statement was well received by the market, as the fund management group profited from a tech weighting that enabled it to generate higher investment returns than many industry peers. The tech sector accounts for 45 per cent of assets under management (AUM), and includes exposure to specialist chipmaker Nvidia (US:NVDA) and Facebook parent Meta Platforms (US:META), both of which have benefited from the clamour for artificial intelligence.
The group’s chief executive Gavin Rochussen pointed out that “fund performance has continued to improve and, as at the end of May 2024, 94 per cent of [Polar’s] assets under management were in the top two quartiles against the Lipper peer group over one year”.