DI25010 Polar Capital Holdings V01 181125

 Big Tech helps Polar pocket a cool 25% asset increase

Helen Cahill

A major listed Silicon Valley investor has recorded a sharp rise in assets as a result of the surge in stock prices linked to artificial intelligence.

Polar Capital Holdings, which counts the companies Nvidia, Microsoft and Meta among its largest investments, reported a 25 per cent increase in assets under management to £26.7 billion over the six months to September 30.

It delivered a 21 per cent increase in profit before tax to £27.9 million over its half-year. However, there were net outflows of £690 million compared with inflows of £472 million over the same period in 2024. The outflows were partly driven by a one-off return of £280 million to investors in the Polar Capital Global Financials Trust, which underwent a tender offer.

Shares in Polar Capital fell by 20p, or 3.7 per cent, to close at 528p.In a statement to investors, Polar Capital said the first half of its financial year “ended on a positive note for equity markets” as AI enthusiasm “continued to propel major indices to new highs”. The Nasdaq 100 rose 28 per cent over the six-month period, and the broader S&P 500 was up 19 per cent.

Polar Capital said other trends had also driven market gains. “Emerging markets outperformed developed markets, aided by policy support in China, an easing of trade tensions and a weaker US dollar,” it said. “Japanese equities reached all-time highs, driven by shareholder-friendly reforms and improving growth. In September 2025, an interest rate cut by the Federal Reserve provided an additional boost.”

Stuart Duncan, an analyst at Peel Hunt, said the group was “well-positioned” and its underlying valuation of Polar Capital “remains attractive”.

Analysts at RBC Europe agreed.They said: “[Polar Capital’s] new chief executive Iain Evans believes [it] is wellpositioned to scale through differentiation and deliver long-term value for clients and shareholders. As investor interest in active management returns, engagement is rising and the pipeline for potential inflows is strengthening.”

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