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

Tatton Asset Management / Equity Bottom-Up

Tatton Asset Management provides on-platform discretionary fund management, regulatory, compliance, and business consulting services. The company also offers whole-market mortgage provision to directly authorized financial advisers across the United Kingdom. Headquartered in Wilmslow, UK, the company was founded in 2007.

<ul><li>Assets Under Management / Influence (AUM/I) rose 15% over H1 to a record £28.0bn at 30 September 2026, well ahead of the trajectory required to meet the medium term target of £30bn by end FY29.</li><li>Investment performance added £2.4bn and net flows added £1.0bn.</li><li> Tatton Investment Management returned 8.8% versus 8.6% for the Morningstar PIMFA Private Investor Balanced Index, while the IFA base grew by 77 to 1,295.</li></ul>

Assets Under Management / Influence (AUM/I) rose 15% over H1 to a record £28.0bn at 30 September 2026, well ahead of the trajectory required to meet the medium term target of £30bn by end FY29.Investment performance added £2.4bn and net flows added £1.0bn. Tatton Investment Management returned 8.8% versus 8.6% for the Morningstar PIMFA Private Investor Balanced Index, while the IFA base grew by 77 to 1,295.

Tatton Asset Management: AUM/I +15% over H1, forecasts & valuation upgraded

Impax Asset Management / Equity Bottom-Up

Impax Asset Management is a specialist asset manager focused on the transition to a more sustainable global economy, investing in companies and assets that benefit from sustainability challenges. The firm manages environmentally focused equity investments across various funds and segregated accounts for institutional and private investors. It was founded in London in 1998.

<ul><li>AUM closed FY26 (1 Oct 25 - 30 Sep 26) on £20.0bn, below our previous forecast of £22.8bn.</li><li>Q4 saw relatively heavy outflows of £2.4bn with markets responsible for a £0.9bn decline in AUM.</li><li> Impax has, however, stressed that since the start of 2026, some environmental themes have performed more positively versus benchmarks and peers.</li></ul>

AUM closed FY26 (1 Oct 25 - 30 Sep 26) on £20.0bn, below our previous forecast of £22.8bn.Q4 saw relatively heavy outflows of £2.4bn with markets responsible for a £0.9bn decline in AUM. Impax has, however, stressed that since the start of 2026, some environmental themes have performed more positively versus benchmarks and peers.

Impax AM - weak flows in Q4’26 but positive outlook for FY27

Victorian Plumbing Group Plc is an online retailer offering a wide range of bathroom products and accessories to both business-to-consumer (B2C) and trade customers in the United Kingdom. The company provides a one-stop-shop solution for bathrooms, featuring over 36,000 products from more than 150 brands, including over 25 of its own exclusive brands. Victorian Plumbing was founded in 2000 and is headquartered in Leyland, United Kingdom.

<ul><li>FY26 revenue rose 11% to c.£344m, c.4% ahead of our and consensus estimates, with growth of c.11.4% in H2 following 10.5% in H1.</li><li>A 13% increase in orders offset a 5% decline in AOV, and the group won market share across bathrooms, tiles and flooring.</li><li> The relaunch of MFI in homewares has gone well, with revenues of £3m against our £1.5m estimate and c.8,000 products now available.</li></ul>

FY26 revenue rose 11% to c.£344m, c.4% ahead of our and consensus estimates, with growth of c.11.4% in H2 following 10.5% in H1.A 13% increase in orders offset a 5% decline in AOV, and the group won market share across bathrooms, tiles and flooring. The relaunch of MFI in homewares has gone well, with revenues of £3m against our £1.5m estimate and c.8,000 products now available.

Victorian Plumbing - multi-category growth ahead of expectations

Vp is a specialist equipment rental business that provides equipment and associated services. The company offers a diverse range of products, including telescopic handlers, tools, specialist products, excavation support systems, portable roadways, and test and measurement equipment. Vp is headquartered in Harrogate, United Kingdom, and was founded in 1954.

<ul><li>Vp’s H1 trading update confirms the Group is on track to meet full year market expectations and to deliver a year of profit recovery, supported by last year’s Brandon Hire Station restructuring.</li><li> Whilst end market commentary is, for the most part, consistent with previous updates, there has been a notable recent improvement in the important water sector with encouraging momentum in AMP8 activity in the second quarter.</li><li> Vp continues to progress its strategic priorities under new CEO Alice Woodwark with a focus on operational excellence and customer service, supported by ongoing investment in digital transformation and the strengthening of the leadership team.</li></ul>

Vp’s H1 trading update confirms the Group is on track to meet full year market expectations and to deliver a year of profit recovery, supported by last year’s Brandon Hire Station restructuring. Whilst end market commentary is, for the most part, consistent with previous updates, there has been a notable recent improvement in the important water sector with encouraging momentum in AMP8 activity in the second quarter. Vp continues to progress its strategic priorities under new CEO Alice Woodwark with a focus on operational excellence and customer service, supported by ongoing investment in digital transformation and the strengthening of the leadership team.

Vp plc - Improving momentum underpins confident outlook

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.

<ul><li>AUM grew 43% over H1 to £43.7bn and has doubled over 18 months.</li><li>Q2 net flows were +£1.2bn, compared with +£2.4bn in Q1 and +£1.4bn in Q4 FY26, in an environment where most UK active equity funds have suffered heavy outflows.</li><li>Investment performance was negative £2.4bn in Q2, mostly driven by a fall in technology valuations in July.</li></ul>

AUM grew 43% over H1 to £43.7bn and has doubled over 18 months.Q2 net flows were +£1.2bn, compared with +£2.4bn in Q1 and +£1.4bn in Q4 FY26, in an environment where most UK active equity funds have suffered heavy outflows.Investment performance was negative £2.4bn in Q2, mostly driven by a fall in technology valuations in July.

Polar Capital Holdings: Net flow momentum maintained, up £1.2bn in Q2’27

We help companies communicate with all investors by providing research and access to management. Equity Development makes Investor Relations genuinely inclusive.