Deutsche Bank Research reiterated a Buy on Polar Capital and raised its price target to 1,050p from 900p after the manager reported an exceptionally strong April that pushed AUM up 21% versus March.
Deutsche Bank's analyst David McCann estimated the April increase comprised about £1.1bn of net inflows, roughly +4%, and c.£5.3bn of positive fund performance, equivalent to +17%.
"Polar had an exceptionally positive month in April," David McCann, Deutsche Bank Research.
McCann said the majority of the strength was driven by the firm's Tech/AI funds, with the Global Tech fund alone delivering roughly +30% investment performance, and noted further AUM growth of c.3% so far in May.
