Results Presentation June 2015 Tim Woolley (CEO) John Mansell (COO) This presentation is for one-on-one use with non-US professional investors only www.polarcapital.co.uk
Contents Section I • Business Review Section II • Financial Review For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 2
Financial Review Highlights • AUM – AUM at 31 March 2015 US$12.3bn from US$13.2bn at March 2014 • Profitability – Pre-tax (pre SBP) profits £33.7m (2014: £34.2m) – Core operating profit excluding performance fees £27.7m (2014: £24.6m) • EPS and Dividend – Adjusted diluted EPS 28.12p (2014: 29.04p) 1 – Total dividend of 25.0p (2014: 25.0p) • Balance Sheet – Strong balance sheet comprising cash and investments of £93.1m (2014: £90.9m) Source: Polar Capital. 1: Adjustment excludes cost of share based payments. Past performance is not indicative or a guarantee of future results. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 3
Polar Capital AUM Significant AUM growth but not linear $bn 16 14 $13.4 $13.2 $12.3 12 $11.4 10 8 $7.2 6 $5.3 $5.1 $3.9 $3.9 4 $3.1 $2.5 $1.9 2 $1.5 0 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Source: Polar Capital, 31 March 2015. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 4
AUM Growth Analysis 31 March 2014 31 March 2015 % Increase US$’m US$’m Year on Year Japan 5,629 3,743 - 33.5% Long Only (ex Japan) Technology 1,794 2,037 13.5% North America 1,729 1,972 14.1% Healthcare 1,184 1,503 26.9% Financials 1,064 1,035 - 2.7% GEMs 831 783 - 5.8% Global Alpha 85 100 18% Absolute Return Funds 934 1,070 15% Overall $13.2bn $12.3bn - 6.8% Source: Polar Capital. Totals may not sum due to rounding. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 5
AUM Flows AUM at 31 March 2014 $13.2bn Gross inflows quarter 1 [long 1,013 hedge 116] $1,129m quarter 2 [long 1,156 hedge 63] $1,219m quarter 3 [long 971 hedge 161] $1,132m quarter 4 [long 849 hedge 135] $984m quarter 1 [long 1,260 hedge 106] Gross outflows $(1,366)m quarter 2 [long 1,333 hedge 23] $(1,356)m quarter 3 [long 1,797 hedge 86] $(1,883)m quarter 4 [long 1,826 hedge 75] $(1,901)m Net flows $(2,042)m Performance and currency movements $1,049m AUM at 31 March 2015 $12.3bn Source: Polar Capital, 31 March 2015. Totals may not sum due to rounding. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 6
AUM Analysis Investor mix by geography AUM split by strategy 59.4% UK Long Only 91.3% Europe 35.6% Alternative 8.7% USA 3.3% Other 1.8% AUM split by business unit Investor mix by holdings Japan 30.5% Bank 32.4% 16.1% North American Private Wealth Manager 17.7% Technology 16.6% Polar Capital Investment Company 14.8% Healthcare Asset Manager 12.3% 10.3% Financials 8.4% Fund of Funds 7.4% Emerging Markets 6.4% Platform 7.4% European 6.1% Family Office 2.1% Convertibles 2.6% Pension Fund 1.6% Global 0.8% Consultants 1.5% 0.1% UK Absolute Return Insurance Company 0.9% 0.1% European Income Other 3.9% Source: Polar Capital, 31 March 2015. Totals may not sum due to rounding. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 7
Product Concentration March March March March 2012 2013 2014 2015 Technology 29% 17% 14% 17% Japan 30% 33% 43% 31% North America - - 13% 16% Europe 12% 10% - - Total of top 3 strategies 71% 60% 70% 64% Number of teams 10 11 9 11 Number of teams with assets > 3 7 7 7 $500m Number of teams with assets > 2 2 5 5 $1 bn Source: Polar Capital, 31 March 2015. Based on the top 3 strategies. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 8
Fund Capacity Strategies AUM 31 March 2015 Capacity Technology $2bn+ $2.0bn Japan $3.7bn $5bn+ Europe $0.7bn $1bn+ Healthcare $1.5bn $5bn+ Financials $2bn+ $1.0bn Convertibles $0.3bn $1bn+ Emerging Markets $0.8bn $2bn+ North America $2.0bn $3bn+ Global Equity $0.1bn $5bn+ UK Equity ARF - $1bn+ European Income $2bn+ - Total $12.3bn $29bn+ Source: Polar Capital. Totals may not sum due to rounding. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 9
Investment Teams The original vision still holds true Ten to twelve world class investment teams Pre 2010 2010 2011 2012 2013 2014 2015 Technology Technology Technology Technology Technology Technology Technology Japan Japan Japan Japan Japan Japan Japan Europe Europe Europe Europe Europe Europe Europe Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Financials Financials Financials Financials Financials Financials Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets North American North American North American North American North American Global Equity Global Equity Global Equity Global Equity UK Absolute Return UK Absolute Return European Income European Income Team 12 Source: Polar Capital, March 2015. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 10
Product Overview Alternative Long only Cayman UCITS Global Technology European Forager Japan European Conviction Japan Alpha Healthcare Opportunities ALVA Global Convertible Asian Financials Financial Opportunities UCITS Income Opportunities Global Insurance Global Convertibles Emerging Markets Growth UK Absolute Equity Emerging Markets Income North American Global Alpha Biotechnology Healthcare Blue Chip European Income European (ex UK) Income Fund - June 30 th 2015 Launch Investment trusts Global Technology Global Healthcare Growth and Income Global Financials Managed accounts Japan Emerging Markets Convertibles Source: Polar Capital, March 2015. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 11
Lipper Figures For Long Only Strategies 29 May 2015 3 months 6 months 1 year 3 years 5 years % Growth to % Growth to % Growth to % Growth to % Growth to universe position/ universe position/ universe position/ universe position/ universe position/ Quartile Strategies universe total Quartile universe total Quartile universe total Quartile universe total Quartile universe total Japan 28/323 1 43/320 1 169/313 3 219/288 4 144/270 3 (Retail JPY) Japan Alpha 10/323 1 90/320 2 151/313 2 n/a n/a n/a n/a (Retail JPY) Healthcare Opportunities 6/103 1 12/101 1 12/98 1 3/89 1 5/83 1 (USD) Biotechnology 7/32 1 1/31 1 9/29 2 n/a n/a n/a n/a (Retail USD) Healthcare Blue Chip 76/103 73/101 n/a n/a 3 3 n/a n/a n/a n/a (I USD) Emerging Markets Growth 387/655 3 413/637 3 299/615 2 293/489 3 n/a n/a (Retail USD ) Emerging Markets Income 568/655 4 554/637 4 433/615 3 217/489 2 n/a n/a (Retail USD) Asian Financial 23/72 2 4/72 1 2/72 1 53/69 4 8/64 1 (USD) Financial Opportunities 11/72 1 9/72 1 9/72 1 44/69 3 n/a n/a (Retail USD) Income Opportunities 12/446 27/443 48/436 4/358 1 1 1 1 7/279 1 (Retail GBP) Global Insurance 65/72 4 28/72 2 22/72 2 51/69 3 3/64 1 (Retail GBP) Global Technology 17/48 2 17/48 2 11/48 1 14/45 2 15/44 2 (USD) North American 288/794 2 196/779 2 261/746 2 198/644 2 n/a n/a (Retail USD) Global Alpha 1108/1443 4 676/1400 2 768/1314 3 n/a n/a n/a n/a (Retail USD) European Income 40/96 2 19/94 1 n/a n/a n/a n/a n/a n/a (Retail EUR) Source: Lipper. Basis: Net of fees. Currency as stated. Past performance is not indicative or a guarantee of future results. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 12
Alternative Strategies 29 May 2015 Annualised returns 3 years 5 years Inception Strategies Inception date YTD Forager (AX EUR) 1 August 2003 0.13% 7.38% 7.93% 10.45% Conviction (EUR) 1 April 2006 -2.06% 3.95% 3.72% 5.36% ALVA (A USD) 1 November 2010 2.78% 6.63% n/a 5.85% Global Convertibles (Class I USD Acc) 1 10.11% 2 September 2013 4.32% n/a n/a UK Absolute Equity (Class I GBP Inc) 1 29 September 2014 4.68% n/a n/a 14.10% 2 Source: Polar Capital. Basis: Net of fees. Currency as stated. Past performance is not indicative or a guarantee of future results. 1. These funds are sub funds of the Polar Capital Funds Plc. 2. This figure is cumulative since inception. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 13
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