Polar Capital Holdings plc ("Polar Capital" or "the Group")

Unaudited interim results for six months ended 30 September 2023

"Strong pipeline of interest in our diversified thematic strategies, improving fund performance and balance sheet strength support a maintained first interim dividend" Gavin Rochussen, CEO

Highlights

·    Assets under Management ("AuM") at 30 September 2023 £19.1bn (31 March 2023: £19.2bn) and at 10 November 2023 £18.9bn.

·    Net outflows of £581m, a material decrease of £264m vs the prior comparable period, aided by inflows into a number of funds.

·    Core operating profit^† £22.5m (30 September 2022: £25.8m)

·    Profit before tax £21.1m (30 September 2022: £23.0m)

·    Basic earnings per share 16.2p (30 September 2022: 17.7p) and adjusted diluted total earnings per share^† 17.2p (30 September 2022: 19.0p)

·    Interim dividend per ordinary share of 14.0p (January 2023: 14.0p) declared to be paid in January 2024. The dividend payment date is 12 January 2024, with an ex-dividend date of 14 December 2023 and a record date of 15 December 2023.

† The non-GAAP alternative performance measures shown here are described and reconciled to IFRS measures on the Alternative Performance Measures (APM) page

   This RNS does not constitute an offer or recommendation to invest in any of the funds referenced within.

Gavin Rochussen, Chief Executive Officer, commented:

"The past six months have been a challenging period for equity markets driven by a volatile macro environment. Like many of our peers, Polar Capital has not been immune from these challenges, but net outflows as a percentage of opening AuM have been relatively modest, and in fact, have materially slowed vs the prior comparable period. This was helped by net inflows into a number of funds, namely our Polar Capital Emerging Market Stars Fund, Polar Capital European ex-UK income Fund, Polar Capital Japan Value Fund and Polar Capital Smart Energy Fund.

"Long-term performance remains positive across the UCITs fund range with all funds bar one in the 1^st or 2^nd quartile of their Lipper peer group since inception. More recently, 77% of Polar Capital's total AuM is in the top two quartiles of the Lipper peer group calendar year-to-date.

"As a result, and helped by a strong year for technology stocks, assets under management ended the reporting period at £19.1bn, representing a modest decrease from the year end.

"As an investment led, specialist boutique, the quality of our product range remains central to our efforts to grow the business and a number of our funds have seen renewed interest of late. For example, the well documented breakthrough in artificial intelligence has seen an increased interest in the Polar Capital Artificial Intelligence Fund. It had its six-year anniversary in October 2023 and is 3^rd percentile against Lipper peers over one year, 5^th percentile over five years and 4^th percentile since inception.

"Similarly, the Polar Capital Global Insurance Fund has seen renewed interest given its defensive characteristics. It recently passed its 25-year anniversary and since launch it has delivered strong and consistent annualised returns to investors of circa 10% pa (Source: Polar Capital, 30 September 2023. R GBP Acc share class with reinvestment of dividends and capital gain distributions, in Pounds Sterling).

"In the six months, the largest beneficiary of net inflows was our Emerging Market Stars fund range, which garnered a combined total of £244m of net inflows, despite the tough backdrop and muted investor demand for the asset class.

The Emerging Markets and Asia Stars team now collectively manage £1.5bn and there has been continued progress in the US with US domiciled fund vehicles surpassing £125m.

"The Smart funds managed by the Sustainable Thematic team have now reached AuM of £280m.

"The Nordic region has continued to grow through additional flows into the Polar Capital Emerging Market Stars Fund and there is emerging interest in the Polar Capital Smart Energy and Smart Mobility funds.

"Pleasingly, Polar Capital won the 2023 European Asset Management Firm of the Year (€20bn-€100bn) award at the Funds Europe 2023 awards, which is testament to the quality of our offering.

"We continue to invest in our digital marketing reach and have intensified our client contact interactions to utilise our significant remaining fund capacity. This, given our differentiated range of sector, thematic and regional fund strategies, gives us confidence that we will perform for our clients and shareholders over the long term."

Assets Under Management

AuM split by type

AuM split by strategy

Ordered according to launch date

* The Melchior European Absolute Return Fund was closed down in May 2023.

Chief Executive's Report

Market Overview

The first half of Polar Capital's financial year ended on a weak note in global bond and equity markets, with a sell-off during the month of September 2023. Up to that point, bonds and equities had been moving in opposite directions, with bonds weakening while equity markets, and the US market in particular, made progress.

Bond markets are experiencing another difficult year. Central banks remain in inflation-fighting mode, which has meant that official rates have remained higher. Longer term US bond yields have also moved up, driven by an increase in real interest rates, and by a deterioration in the supply-demand balance as issuance continues while the pace of central bank bond buying declines.

The positive tone in equity markets has surprised many investors this year. Higher interest rates have not yet led to the widely predicted recession, so corporate earnings have in aggregate remained reasonably strong. At the same time, innovation has led to positive outcomes in the technology and healthcare sectors. In technology, the rapid development and commercialisation of machine learning algorithms and large language models has led to strong profit growth and, in turn, high expectations. In healthcare, the positive clinical results and wide-ranging potential of the GLP-1, class of diabetes drugs, have been similarly well received by investors.

In both areas, the gains have accrued to a small number of companies. The side effect of success in these particular areas is that the big have become bigger, and equity market indices have become more top heavy. Over the long term, the market will naturally challenge established oligopolies, and any valuation excesses will be unwound if underlying cash flow growth does not match expectations.

These areas of success also led to outperformance in the first half of 2023 in growth styles versus value, which is atypical in periods of rising interest rates. More recently, this pattern has started to reverse.

Fund Performance

In equity markets, the US market and the tech sector in particular, have been the standout positive performers. At the other end of the spectrum, Emerging Markets currently sit close to a 20-year performance low point relative to the US. Slowing growth in China, and the de-rating of the Chinese equity market, plays a role here.

A further side effect of the success of tech companies which are Artificial Intelligence beneficiaries, and of healthcare stocks which stand to gain from GLP-1 medications, is that larger companies have tended to outperform smaller ones. This has been a headwind for Polar Capital. Many of our investment teams have derived long term success from investing outside the larger, better-known areas of their respective markets, and many clients have supported this approach, as they often own the larger companies directly.

So far this year, the dominance of the largest companies accounts for the underperformance of the Polar Capital Global Technology Fund and the Polar Capital Technology Trust, the Polar Capital Healthcare Opportunities Fund, as well as the underperformance of the Melchior European Opportunities Fund. These strategies have good long term track records, but the recent past has been more challenging.

As the dominance of growth styles has started to wane, we have seen a recovery in the relative performance of the Group's more value-driven strategies such as the Polar Capital European ex-UK Income Fund, which is 277 bps ahead of benchmark in the six months to end September 2023, the Polar Capital Japan Value Fund, which is 171 bps ahead, and the Polar Capital North American Fund, which is 107 bps ahead. The Polar Capital Global Insurance Fund is also ahead of its benchmark over this period.

The Polar Capital Global Insurance Fund has celebrated its 25-year anniversary. Since launch it has delivered strong and consistent annualised returns to investors of circa 10% pa, by investing for the long-term in a concentrated portfolio of best-in-class non-life insurers. Insurance sector performance is typically counter cyclical, offering investors genuine diversification with unique drivers. This Fund is ranked in the 2^nd quartile in the Lipper peer group over three years, 1^st quartile over five years and is ranked at the 4^th percentile since inception.

The last three months have seen falling share prices across the alternative energy sector as political commitments to decarbonization have wavered, and as high interest rates have undermined valuation. Polar Capital's Smart Energy strategies have held their own versus benchmark so far, this financial year. The rotation away from anything connected to the renewable energy or electric vehicle supply chain has, however, been a short-term headwind for Polar Capital's Emerging Market strategies, leading to underperformance in the first six months of the financial year.  With the long-term need for alternative sources of energy as pressing as ever, we believe that this will be an important investment theme in the years to come.

Across the Polar Capital UCITS fund range, performance against the Lipper peer group funds remains strong over all time periods, albeit less strong over three years. The Polar Capital Global Technology Fund had a challenging year in 2021 but has improved relative to peers subsequently. Calendar year-to-date, against the Lipper peer group, the Polar Capital Technology Fund is 14^th percentile and at the 22^nd percentile since inception.

The Polar Capital Artificial Intelligence Fund which had its six-year anniversary in October 2023 is 3^rd percentile against Lipper peers over one year, 5^th percentile over five years and 4^th percentile since inception.

Calendar year-to-date, 77% of Polar Capital's total AuM is in the top two quartiles of the Lipper peer group, 73% over one year, 48% over three years, 84% over five years and 93% since inception of respective funds.

Relative to respective benchmarks, 41% of AuM is on or ahead of benchmark calendar year-to-date and 64% of AuM is on or ahead of benchmark since inception.

AuM and Fund Flows

The latest Broadridge Fund Data indicate that in the period April to August 2023 across Europe and the UK, equity funds have been in outflow and in August bonds were also in outflow. This has been a challenging environment for the industry.

In the six months to 30 September 2023, AuM declined from £19.2bn to £19.1bn, a decrease of less than 1.0% over the period. The £85m decline in AuM comprised net redemptions of £581m, plus outflows from fund closures of £50m, which were offset by an increase of £546m related to market movement and fund performance. 

In the six months, the largest beneficiary of net inflows was our Emerging Market Stars fund range, which garnered a combined total of £244m of net inflows, despite the tough backdrop and muted investor demand for the asset class.

On the back of continued strong fund performance, the Polar Capital European ex-UK Income Fund had net inflows of £95m.

The Polar Capital Smart Energy and Smart Mobility Funds had combined net inflows of £60m. They marked their second anniversary on 30 September 2023 and investor interest in the strategies continues to build.

Within the healthcare suite of funds, the large cap focused, Polar Capital Healthcare Blue Chip Fund benefited from net inflows of £50m. 

The Polar Capital Japan Value Fund saw a return to net inflows, reflecting strong market returns and improving investor sentiment, as did the Artificial Intelligence Fund, as investor interest in this rapidly evolving space ignited.

More broadly during the period, we saw the return of inflation and rapid interest rate rises around the world result in general investor risk aversion, characterised by a flight to fixed income and cash. Consequently, numerous of our funds experienced net outflows during the period under review.

Marked negative investor sentiment towards UK and European equities led to redemptions from the Melchior European Opportunities Fund of £181m and from the Polar Capital UK Value Opportunities Funds of £46m.

While the overall rate of outflows from our technology strategies declined quarter on quarter, net outflows from the open-ended Polar Capital Technology Fund were £181m and share buy backs by the Polar Capital Technology Investment Trust amounted to £65m over the period.

The Polar Capital Global Convertible Bond Fund experienced outflows of £149m, as some income investors sought yield from alternative, lower risk asset classes. The Polar Capital Global Insurance Fund suffered net outflows of £152m, as two long-standing shareholders decided to take profits following the strong performance of the Fund in calendar year 2022.

Other funds experiencing outflows in the period included the Polar Capital North American Fund, the Polar Capital Healthcare Opportunities Fund, and to a lesser extent Polar Capital Global Absolute Return, Biotechnology and Healthcare Discovery Funds.

Notwithstanding net outflows in October amounting to £390m, which can mainly be attributed to redemptions by two clients from Biotechnology and UK Value Opportunities funds, AuM at 10 November was £18.9bn.

Financial Results

Average AuM over the six months to 30 September 2023 increased by 2% from £19.1bn to £19.4bn. However, relative to the comparable six-month period to 30 September 2022 average AuM declined by 3% from £20.0bn to £19.4bn. The decrease in average AuM resulted in net management fees^† decreasing by 4% to £76.5m from £80.0m in the comparable prior six-month period. Management fee yield margin^† declined, as anticipated, by 1bp to 79bps over the period compared to the comparable prior half year period.

Total operating costs were 1% lower at £55.0m compared to the comparable prior half year.

Core operating profit^† was down 13% to £22.5m compared to the comparable prior half year and up 2% from £22.1m in the immediately preceding six-month period to 31 March 2023.

Profit before tax decreased by 8% to £21.1m compared to the comparable prior half year. Basic EPS decreased by 8% compared to the half year period to 30 September 2022.  Adjusted diluted core EPS^† of 17.3p is a 14% decrease over the comparable prior half year period to 30 September 2022.

†                     The non-GAAP alternative performance measures shown here are described and reconciled in the APM section below.

*                     A reconciliation to reported results is given in the APM section below.

The Board has declared an interim dividend of 14.0p to be paid in January 2024 (January 2023: 14.0p).  Maintaining last year's first interim dividend of 14.0p represents a covered dividend that is 81% of first half adjusted diluted core EPS and reflects our confidence in the business and the strength of our balance sheet.

Strategic progress and thanks

We have continued to make steady progress in diversifying the fund range and diversifying distribution both regionally and by channel.

The Smart funds managed by the Sustainable Thematic team have now reached AuM of £280m. The Emerging Markets and Asia Stars team now collectively manage £1.5bn and there has been continued progress in the US with US domiciled fund vehicles surpassing £125m.

Further progress has been made in developing distribution channels in Asia and the Nordic regions and following the opening of offices in Singapore last year, an office was opened in Stockholm during the period. The Nordic region has continued to grow through additional flows into the Polar Capital Emerging Market Stars funds and there is emerging interest in the Polar Capital Smart Energy and Smart Mobility funds.

Polar Capital and its funds continued to be nominated for a number of awards. The Convertible Bond Absolute Return Fund was 'highly commended' in the Absolute Return Category of the Investment Week Awards. Polar Capital Technology Trust won the Best Report & Accounts at the AIC Awards. Polar Capital Technology Trust won the 'Best Technology/Biotech - Active' category in the A J Bell Awards.

Polar Capital won the 2023 European Asset Management Firm of the Year (€20bn-€100bn) award at the Funds Europe 2023 awards and is currently shortlisted for the following awards: ESG Investment Leaders Awards 2023, Most Effective Brand Strategy - Small Company at the Financial Services Forum Awards, Emerging Markets Manager of the Year at the FN Fund Management Awards, ESG Investing Awards 2023 in both the Emerging Markets and Energy Transition categories. The Emerging Markets Stars team is shortlisted for EM Manager of the Year at the Wealth & Asset Management Awards. All three Investment Trusts, Polar Capital Technology Trust, Polar Capital Global Healthcare Trust and Polar Capital Financials Trust, have been shortlisted at the Investment Week Investment Company of the Year Awards.

We are immensely grateful for hard work and commitment from our staff and partners over what has been a challenging period for equity asset managers. We are also grateful for and appreciate the ongoing support from our loyal and supportive clients and shareholders.

Outlook

The last six months has continued to be challenging as the rate of inflation, while peaking in some regions, remains stubbornly high in others. A higher interest rate environment and increased geopolitical tension not only in Ukraine, but also more recently in the Middle East, has meant investors have taken a cautious 'risk off' stance resulting in outflows across all asset classes.

Notwithstanding a challenging investment backdrop, our capacity constrained funds have performed well over the long term. The total capacity across all 13 of our teams is currently £63bn which allows significant headroom for net inflows when market sentiment improves.

We continue to invest in our digital marketing reach and have intensified our client contact interactions to utilise our significant remaining fund capacity. This, given our differentiated range of sector, thematic and regional fund strategies, gives us confidence that we will perform for our clients and shareholders over the long term.

Gavin Rochussen

Chief Executive

17 November 2023

Alternate Performance Measures (APMs)

The Group uses the non-GAAP APMs listed below to provide users of the Interim Report with supplemental financial information that helps explain its results for the current accounting period.

Summary of non-GAAP financial performance and reconciliation of APMs to interim reported results

The summary below reconciles key APMs the Group measures to its interim 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.

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:

Exceptional items

Exceptional items for the period to 30 September 2023 include amortisation of the acquired intangible asset as part of Dalton acquisition (2022: Exceptional items include non-recurring termination and reorganisation costs related to the closure of Phaeacian mutual funds which were closed down in May 2022).

A breakdown of exceptional items is as follows:

Interim Consolidated Statement of Profit or Loss

For the six months to 30 September 2023

Interim Consolidated Statement of Other Comprehensive Income

For the six months to 30 September 2023

All of the items in the above statements are derived from continuing operations.

Interim Consolidated Balance Sheet

As at 30 September 2023

Interim Consolidated Statement of Changes in Equity

For the six months to 30 September 2023

Interim Consolidated Cash Flow Statement

For the six months to 30 September 2023

Notes to the Unaudited Interim Consolidated Financial Statements

For the six months to 30 September 2023

1.    General Information, Basis of Preparation and Accounting Policies

1.1            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.

1.2            Basis of Preparation

The unaudited interim condensed consolidated financial statements to 30 September 2023 have been prepared in accordance with IAS 34: Interim Financial Reporting.

The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 March 2023, which have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006.

The accounting policies adopted and the estimates and judgements used in the preparation of the unaudited interim condensed consolidated financial statements are consistent with the Group's annual financial statements for the year ended 31 March 2023.

1.3            Group information

The Group is required to consolidate seed capital investments where it is deemed to control them. The operating subsidiaries and seed capital investments consolidated at 30 September 2023 are consistent with the annual report at 31 March 2023 except for the Polar Capital Emerging Market ex-China Stars Fund (a sub fund of Polar Capital Fund plc) and Polar Capital Emerging Market ex-China Stars Fund (a US 40-Act mutual fund), which have both been consolidated effective 30 June 2023.

1.4          Going concern

The Directors have made an assessment of going concern taking into account both the Group's current results as well as the impact on 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 interim financial statements and considered the Group budget, longer term financial projections including stress testing scenarios applied as part of the Group's ICARA, cash flow forecasts and an analysis of the Group's forecasted liquid assets and its regulatory capital position.

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 has adequate resources to continue operating for a period of at least 12 months from the date of approval of the interim consolidated financial statements. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing the interim consolidated financial statements.

2.    Revenue

3.    Components of other income and other comprehensive income

(a)  Components of other income

(b)  Components of other comprehensive income

4.    Operating costs

a) Operating costs include the following items:

b) Auditors' remuneration:

5.    Dividends

On 28 July 2023, the Group paid a second interim dividend for 2023 of 32p (2022: 32p) per ordinary share.

6.    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:

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.

No conversion of preference shares into Polar Capital Holdings plc equity has taken place during the period to 30 September 2023 (2022: No conversion).

At 30 September 2023, five sets of preference shares (2022: 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:

Number of ordinary shares to be issued against converted preference shares:

7.    Earnings Per Share

A reconciliation of the figures used in calculating the basic, diluted and adjusted earnings per share (EPS) figures is as follows:

8.    Goodwill and intangible assets

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.

Intangible assets at 30 September 2023 relate to investment management contracts acquired as part of the business combination with Dalton.

Amortisation and impairment of intangible assets are treated as exceptional items.

Goodwill is tested for impairment at least on an annual basis or more frequently when there are indications that goodwill may be impaired.

The table below shows the carrying amount assigned to each component of the intangible asset and the remaining amortisation period.

The Group has reviewed the investment management contracts related intangible assets as at 30 September 2023 and has concluded that there are no indicators of impairment.

9.    Property and equipment

10.  Leases

A maturity analysis of the Group's lease liabilities is as follows:

The lease liabilities relate to the two leases in respect of the Group's premises at 16 Palace Street in London, both expiring in January 2028, and the Group's premises in Zurich, expiring in November 2026. The movement in lease balances during the period was £0.7m, of which £0.8m were lease payments and £0.1m was the interest expense (31 March 2023: The movement in lease was £6.1m, of which £1.6m were lease payments, £0.2m was the interest expense, £3.5m related to initial recognition of new leases and £4.0m related to lease modification of the existing lease).

The consolidated statement of profit or loss includes the following amounts relating to leases recorded within operating costs:

There are no lease expenses incurred in relation to low-value assets or short-term leases.

11.  Issued Share Capital

During the period, Polar Capital Holdings plc has issued 405,154 shares in connection with previously crystallised  manager preference shares.

12.  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.

During the period there were no transfers between levels in fair value measurements.

Movement in liabilities at FVTPL categorised as Level 3 during the year were:

13.  Contingent liability

In the normal course of the Group's business, it may be subject to legal and regulatory proceedings arising out of current and past operations, which in some cases may result in contingent liabilities.

There are no contingent liabilities to disclose at 30 September 2023 (31 March 2023: nil)

14.  Notes to the Cash Flow Statement

Reconciliation of profit before taxation to cash generated from operations

1.     Movement includes those arising from acquiring and/or losing control of consolidated seed funds.

2.   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. All related party transactions during the period are consistent with those disclosed in the Group's annual financial statements for the year ended 31 March 2023 and have taken place on an arm's length basis.

3.   The Publication of Non-Statutory Accounts

The financial information contained in this unaudited interim report for the period to 30 September 2023 does not constitute statutory accounts as defined in s434 of the Companies Act 2006. The financial information for the six months ended 30 September 2023 and 2022 has not been audited. The information for the year ended 31 March 2023 has been extracted from the latest published audited accounts, which have been filed with the Registrar of Companies. The audited accounts filed with the Registrar of Companies contain a report of the independent auditor dated 23 June 2023. The report of the independent auditor on those financial statements contained no qualification or statement under s498 of the Companies Act 2006.

Shareholder Information

Directors

David Lamb                                        Non-executive Chairman

Gavin Rochussen                             Chief Executive Officer

Samir Ayub                                         Finance Director

Alexa Coates                                     Non-executive Director, Chair of Audit and Risk Committee

Win Robbins                                      Non-executive Director, Chair of Remuneration Committee

Andrew Ross                                     Non-executive Director

Laura Ahto                                          Non-executive Director

Anand Aithal                                     Non-executive Director

Company No.

Registered in England and Wales

4235369

Registered Office

16 Palace Street

London, SW1E 5JD

Tel: 020 7227 2700

Group Company Secretary

Neil Taylor

Dividend

A first interim dividend of 14.0p per share has been declared for the year to 31 March 2024. This will be paid on 12 January 2024 to shareholders on the register on 15 December 2023. The shares will trade ex-dividend from 14 December 2023.

Remuneration Code

Disclosure of the Group's Remuneration Code is made alongside its MIFIDPRU public disclosure document and is available on the Company's website.

Half Year Report 

Copies of this announcement and of the Half Year report will be available from the Secretary at the Registered Office, 16 Palace Street, London SW1E 5JD and from the Company's website at www.polarcapital.co.uk

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.

ENDS