Results Presentation June 2014 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 2014 increased 80% to US$13.2bn from US$7.2bn at March 2013 • Profitability – Pre-tax (pre SBP) profits up over 100% to £34.2m (2013: £16.8m) – Core operating profit excluding performance fees £24.6m (2013: £10.0m) • EPS and Dividend – Adjusted diluted EPS up almost 100% to 29.04p (2013: 14.77p) 1 – Total dividend of 25.0p (2013: 13.0p) • Balance Sheet – Strong balance sheet comprising cash and investments of £90.9m (2013: £62.1m) Source: Polar Capital. 1: Adjustment excludes cost of share based payments and amortisation of intangibles. 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 16 14 $13.2 $13.0 $11.4 12 10 $9.2 Billion (US$) 8 $7.2 $6.0 6 $5.3 $5.1 $5.1 $4.4 $4.2 $3.9 $3.9 $3.5 4 $3.1 $2.6 $2.5 $2.2 $1.9 $1.5 $1.5 2 0 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Source: Polar Capital, 31 March 2014. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 4
AUM Growth Analysis 31 March 2013 31 March 2014 % Increase US$’m US$’m Year on Year Japan 2,388 5,629 136% Long Only (ex Japan) Technology 1,255 1,794 43% Healthcare 616 1,184 92% Financials 669 1,064 59% GEMs 571 831 46% North America 634 1,729 173% Absolute Return Funds 837 934 12% Overall $7.2bn $13.2bn 80% Source: Polar Capital. 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 2013 $7.2bn Gross inflows quarter 1 [long 2,337 hedge 34] $2,371m quarter 2 [long 2,346 hedge 41] $2,387m quarter 3 [long 1,559 hedge 49] $1,608m quarter 4 [long 2,483 hedge 75] $2,558m Gross outflows quarter 1 [long 524 hedge 15] $(539)m quarter 2 [long 918 hedge 52] $(970)m quarter 3 [long 606 hedge 54] $(660)m quarter 4 [long 1,764 hedge 49] $(1,813)m Net flows $4,942m Closure of UK team $(293)m Performance and currency movements $1,392m AUM at 31 March 2014 $13.2 bn Source: Polar Capital. 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 Long Only 55.6% 92.9% UK Alternative 7.1% 39.2% Europe USA 3.1% Other 2.2% AUM split by business unit Investor mix by holdings Bank 39.6% Japan 42.5% Private Wealth Manager 12.1% Technology 13.5% Polar Capital Investment Company 12.1% North American 13.1% Asset Manager 11.5% Healthcare 8.9% Fund Of Funds 10.1% Financials 8.0% Platform 4.1% Emerging Markets 6.3% Family Office 1.9% European 5.7% Insurance Company 1.7% Convertibles 0.8% Pension Fund/Foundation 1.2% Global 0.6% Consultants 1.1% 0.5% European Market Neutral Other 4.4% Source: Polar Capital, 31 March 2014. 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
Is Our Diversification Strategy Working? Not at the moment! March March March March 2011 2012 2013 2014 Technology 36% 29% 17% 14% Japan 27% 30% 33% 43% Europe 15% 12% 10% - North America - - - 13% Total 78% 71% 60% 70% Number of teams 8 10 11 9 Number of teams with assets > 3 3 7 7 $500m Number of teams with assets > 2 2 2 5 $1 bn Source: Polar Capital, 31 March 2014. 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 2014 Capacity Technology $1.8 bn $2bn+ Japan $5.6 bn $6bn+ Europe $0.8 bn $1bn+ Healthcare $1.2 bn $1.5bn+ Financials $1.1 bn $2.5bn+ Convertibles $0.1 bn $1bn+ Emerging Markets $0.8 bn $2bn+ North America $1.7 bn $3bn+ Global Equity $0.1 bn $5bn+ Total $13.2 bn $24bn+ Source: Polar Capital. 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 Technology Technology Technology Technology Technology Technology Japan Japan Japan Japan Japan Japan Europe Europe Europe Europe Europe Europe Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Financials Financials Financials Financials Financials Convertibles Convertibles Convertibles Convertibles Convertibles Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets North American North American North American North American Global Equity Global Equity Global Equity Team 10 Team 11 Team 12 Source: Polar Capital, June 2014. 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 ALVA Global Convertible Healthcare Opportunities Asian Financials Financial Opportunities UCITS Financials Income Global Convertibles – Launched in Q3 2013 Global Insurance Emerging Markets Growth Emerging Markets Income North American Global Alpha Biotechnology – Launched in Q4 2013 Investment trusts Global Technology Global Healthcare Growth and Income Global Financials Managed accounts Japan Emerging Markets Convertibles Source: Polar Capital, June 2014 unless otherwise stated. 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 31 May 2014 6 months 1 year 3 years 5 years Since Inception % 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 8 / 153 1 292 /320 4 267 / 313 4 195 / 296 3 90 / 273 2 (Institutional JPY) 19/10/2001 Japan Alpha 99 / 306 2 302 / 320 4 62 / 313 1 n/a n/a n/a n/a (Retail USD) 31/10/2012 Healthcare Opportunities 2 / 79 1 2 / 103 1 2 / 102 1 1 / 95 1 3 / 87 1 (Retail USD) 3/12/2007 Biotechnology 3 / 32 1 3 / 32 1 n/a n/a n/a n/a n/a n/a (Retail USD) 1/11/2013 Emerging Markets Growth 147 / 436 2 513 / 657 4 423 / 622 3 116 / 473 1 n/a n/a (Retail USD) 1/12/2010 Emerging Markets Income 31 / 446 1 364 / 657 3 495 / 622 4 31 / 473 1 n/a n/a (Institutional USD) 21/1/2011 Asian Financial 2 / 8 1 17 / 78 1 70 / 78 4 53 / 74 3 11 / 70 1 (Institutional USD) 5/12/1996 Financial Opportunities 16 / 74 1 33 / 78 2 54 / 78 3 25 / 74 2 n/a n/a (Retail USD) 3/5/2011 Financials Income 13 / 254 1 67 / 440 1 30 / 435 1 70 / 337 1 n/a n/a (Retail GBP) 15/10/2009 Global Insurance 4 / 15 1 58 / 78 3 38 / 78 2 4 / 74 1 3 / 70 1 (Retail GBP) 19/10/1998 Global Technology 8 / 30 2 30 / 41 3 11 / 41 2 32 / 39 4 7 / 35 1 (Retail USD) 19/10/2001 North American 151 / 644 1 335 / 749 2 285 / 725 2 n/a n/a n/a n/a (Retail USD) 15/11/2011 Global Alpha Fund 441 / 1145 2 999 / 1271 4 738 / 1203 3 n/a n/a n/a n/a (Retail USD) 30/11/2012 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 31 May 2014 Annualised returns 3 years 5 years Inception Strategies Inception date YTD Forager (EUR) 1 August 2003 3.81% 8.88% 10.79% 11.58% Conviction (EUR) 1 April 2006 -0.39% 3.43% 3.60% 5.87% ALVA (USD) 1 November 2010 2.33% 6.16% n/a 7.27% Global Convertibles (Class I USD) 1 2 September 2013 5.96% n/a n/a 23.10% Source: Polar Capital. Basis: Net of fees. Currency as stated. Past performance is not indicative or a guarantee of future results. 1. This Fund is a sub fund of the Polar Capital Funds Plc. For non-US professional investor use only. Please refer to the Important Information at the end of this presentation. 13
Recommend
More recommend
