Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

We help companies communicate with all investors. We help all investors better understand those businesses.

Equity Bottom-Up

<ul><li>Polar’s +25% AUM growth rate over H1-26 was far stronger than all peers and almost five times the sector-median (page 4).</li><li>AUM opened on 1 Apr 25 at £21.4bn, near the trough of the ‘tariff turmoil’ dip.</li><li>It then jumped £5.3bn over H1 to £26.7bn, as markets recovered and Polar’s returns (+29%) beat broad market indexes by some distance (MSCI ACWI GBP: +15%).</li></ul>

Polar’s +25% AUM growth rate over H1-26 was far stronger than all peers and almost five times the sector-median (page 4).AUM opened on 1 Apr 25 at £21.4bn, near the trough of the ‘tariff turmoil’ dip.It then jumped £5.3bn over H1 to £26.7bn, as markets recovered and Polar’s returns (+29%) beat broad market indexes by some distance (MSCI ACWI GBP: +15%).

H1 growth tees Polar up for very strong FY26

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li><li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

The vote to leave the European Union will have both shorter and longer term impacts on the UK economy. There will be a shorter term impact on demand and, separately, on potential supply. The longer term one will depend largely on the policy response. Any decline in demand can in principle be offset by a lower exchange rate or by fiscal or monetary stimulus. A reduction in potential supply can only be offset, after a delay, by increased investment. This is therefore the key challenge and policy success will be determined by the extent to which investment is stimulated and adequate long- term growth thereby assured. In addition, there is also likely to be a reduction in living standards through a deterioration in the terms of trade as a result of weaker sterling, but this was in any event likely as the exchange rate appeared overvalued before the vote.

The vote to leave the European Union will have both shorter and longer term impacts on the UK economy. There will be a shorter term impact on demand and, separately, on potential supply. The longer term one will depend largely on the policy response. Any decline in demand can in principle be offset by a lower exchange rate or by fiscal or monetary stimulus. A reduction in potential supply can only be offset, after a delay, by increased investment. This is therefore the key challenge and policy success will be determined by the extent to which investment is stimulated and adequate long- term growth thereby assured. In addition, there is also likely to be a reduction in living standards through a deterioration in the terms of trade as a result of weaker sterling, but this was in any event likely as the exchange rate appeared overvalued before the vote.  

Chairman, sgtradex

Tan Chin-Hwee

Chairman

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Markets from Here-Uncertainty Is NOT Risk

<ul>
<li>AUM jumped £3.5bn (15.3%) to £26.7bn over Q2 of FY26 (1 Jul 25 – 30 Sep 25).</li>
<li>Investment performance contributed £3.6bn (Q1: +£2.7bn) with net flows marginally negative at -£58m (Q1: -£0.6bn).</li>
<li>The net flow improvement is particularly impressive given that it was a quarter of heavy outflows for equity funds more generally (page 3).</li>
</ul>


AUM jumped £3.5bn (15.3%) to £26.7bn over Q2 of FY26 (1 Jul 25 – 30 Sep 25).
Investment performance contributed £3.6bn (Q1: +£2.7bn) with net flows marginally negative at -£58m (Q1: -£0.6bn).
The net flow improvement is particularly impressive given that it was a quarter of heavy outflows for equity funds more generally (page 3).


Polar Capital Holdings PLC - Bumper Q2-26, AUM +15%; Forecasts & value raised

United Kingdom

Polar Capital is an investment management group that provides specialist, investment-led active fund management services to professional and institutional investors globally. The company manages a range of long-only and alternative products, including mutual funds, hedge funds, and investment trusts, focusing on various geographical and sector investment opportunities. Polar Capital Holdings Plc was founded in 2000 and is headquartered in London, United Kingdom.

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Polar Capital (POLR LN)

H1 growth tees Polar up for very strong FY26

Polar’s +25% AUM growth rate over H1-26 was far stronger than all peers and almost five times the sector-median (page 4). AUM opened on 1 Apr 25...

Equity Development

Monday Delight: 05/05/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

The UK Economy - After Brexit

The vote to leave the European Union will have both shorter and longer term impacts on the UK economy. There will be a shorter term impact on...

Pelham Smithers Associates

Markets from Here-Uncertainty Is NOT Risk

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business...

Tan Chin-Hwee

Polar Capital Holdings PLC - Bumper Q2-26, AUM +15%; Forecasts & value raised

AUM jumped £3.5bn (15.3%) to £26.7bn over Q2 of FY26 (1 Jul 25 – 30 Sep 25). Investment performance contributed £3.6bn (Q1: +£2.7bn) with net...

Equity Development

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