Polar Capital Holdings
Website:
Polar Capital Holdings
Index:
AIM
EPIC: POLR
Supersector:
Financial Services
Sector:
Financial Services
Subsector:
Asset Managers
Market Cap:
£503.27M
Payout Frequency: Semi-Annual
Polar Capital Holdings Dividend Analysis and Summary
Dividend Summary
- Dividend: Interim 14.0p per share (unchanged year on year)
- Ex-dividend date: 11/12/2025
- Record date: 12/12/2025
- Payment date: 09/01/2026
- Coverage: payout equals 77% of H1 adjusted diluted core EPS (18.2p) [prior year: 71%]; H1 basic EPS 21.1p
- Recent context: FY25 total dividend paid/declared was 46.0p (14.0p first interim + 32.0p second interim), flat year on year
Financial Support for the Dividend
- Profitability: Statutory PBT up 21% to £27.9m; adjusted diluted total EPS down 8% to 21.9p; core operating profit down 8% to £25.1m; core operating margin 29% (31% LY)
- Balance sheet and cash: Cash and cash equivalents £82.5m; net assets £126.2m; no bank debt disclosed; H1 dividends paid £30.9m; buybacks c. £2.1m
- AuM and flows: AuM up 25% to £26.7bn (7 Nov: £28.4bn) mainly from market gains; H1 net outflows £690m and a one-off £280m return of capital from a trust tender; Q2 outflows moderated (£58m)
- Fee trends: Net management fee yield fell to 75 bps (–3 bps YoY) on mix and Technology Trust fee changes; no performance fee profit in H1
Dividend Sustainability and Growth Outlook
- Sustainability: The 14.0p interim is covered by H1 adjusted core EPS (77% payout) and supported by a strong cash position and low leverage. Coverage has tightened versus last year (71%), reflecting lower core earnings and slight margin compression.
- Growth trajectory: Maintaining the interim suggests a cautious stance. With adjusted earnings down 8% and fee yield under pressure, a flat or only modestly higher FY26 total dividend versus the FY25 baseline of 46.0p appears the most realistic base case.
- Earnings support: Record AuM and improved Q2 flow trends are supportive into H2, but reliance on market performance and mix (technology-heavy) tempers visibility. Absence of performance fees limits upside leverage to distributions.
Structural/Policy Considerations
- Investment trust corporate actions: Global Financials Trust’s tender led to a £280m AuM outflow; Global Healthcare Trust has a proposed tender in early Dec 2025. Such events can reduce trust AuM and fee income, tightening dividend headroom.
- Policy cadence: Polar typically pays two interims (Jan and Aug). The second interim is historically larger (32.0p in FY25), giving flexibility to align total payout with earnings.
- Governance/strategy: CEO transition completed; focus on scaling core strengths, selective diversification, and US distribution. Closure of the Melchior European Opportunities Fund reflects disciplined capital allocation. No M&A, demerger, or share consolidation disclosed; modest buybacks continue.
Key Risks/Flags to Dividend Stability
- Net flows: H1 net outflows of £690m (though Q2 improved); persistent redemptions would pressure fee revenue.
- Fee margin pressure: Net management fee yield at 75 bps and potential further slippage from product mix and trust fee changes.
- Market dependence/concentration: High technology exposure (51% of AuM) and AI-led market concentration heighten cyclicality of earnings and cash flows.
- Investment trust actions: Further tenders/continuation events could shrink trust AuM and reduce fees.
- FX sensitivity: USD weakness reduced fee revenue in H1; currency remains a swing factor.
Read more
Polar Capital Holdings Annual Dividend Yield - 8.86%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 12/12/2024 |
10/01/2025 |
1st Interim |
14.00p |
GBX |
| 10/07/2025 |
07/08/2025 |
2nd Interim |
32.00p |
GBX |
Total (Annual Dividends Per Share):
46.00p
Dividend Yield =
Annual Dividends Per Share (46.00p)
÷ Share Price (519p)
= 8.86%
Polar Capital Holdings Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 11/12/2025 |
09/01/2026 |
1st Interim |
14.0000p |
GBX |
| 10/07/2025 |
07/08/2025 |
2nd Interim |
32.00p |
GBX |
| 12/12/2024 |
10/01/2025 |
1st Interim |
14.00p |
GBX |
| 04/07/2024 |
02/08/2024 |
2nd Interim |
32.00p |
GBX |
| 14/12/2023 |
12/01/2024 |
1st Interim |
14.00p |
GBX |
| 06/07/2023 |
28/07/2023 |
2nd Interim |
32.00p |
GBX |
| 22/12/2022 |
13/01/2023 |
1st Interim |
14.00p |
GBX |
| 07/07/2022 |
29/07/2022 |
2nd Interim |
32.00p |
GBX |
| 23/12/2021 |
14/01/2022 |
1st Interim |
14.00p |
GBX |
| 08/07/2021 |
30/07/2021 |
2nd Interim |
31.00p |
GBX |
| 17/12/2020 |
08/01/2021 |
1st Interim |
9.00p |
GBX |
| 02/07/2020 |
31/07/2020 |
2nd Interim |
25.00p |
GBX |
| 19/12/2019 |
10/01/2020 |
Interim |
8.00p |
GBX |
| 19/12/2019 |
10/01/2020 |
1st Interim |
8.00p |
GBX |
| 04/07/2019 |
26/07/2019 |
2nd Interim |
25.00p |
GBX |
| 20/12/2018 |
11/01/2019 |
Interim |
8.00p |
GBX |
| 05/07/2018 |
27/07/2018 |
2nd Interim |
22.00p |
GBX |
| 28/12/2017 |
12/01/2018 |
Interim |
6.00p |
GBX |
| 06/07/2017 |
21/07/2017 |
2nd Interim |
19.50p |
GBX |
| 29/12/2016 |
13/01/2017 |
Interim |
5.50p |
GBX |
| 07/07/2016 |
15/07/2016 |
2nd Interim |
19.50p |
GBX |
| 24/12/2015 |
15/01/2016 |
1st Interim |
5.50p |
GBX |
| 02/07/2015 |
17/07/2015 |
2nd Interim |
19.50p |
GBX |
| 29/12/2014 |
16/01/2015 |
1st Interim |
5.50p |
GBX |
| 02/07/2014 |
18/07/2014 |
2nd Interim |
21.00p |
GBX |
| 31/12/2013 |
17/01/2014 |
1st Interim |
4.00p |
GBX |
| Year |
Interim |
Currency |
Total |
Change |
| 2024 |
|
GBX |
46.000 |
0.000 |
| 2023 |
|
GBX |
46.000 |
0.000 |
| 2022 |
|
GBX |
46.000 |
2.220 |
| 2021 |
|
GBX |
45.000 |
32.350 |
| 2020 |
|
GBX |
34.000 |
-17.070 |
| 2019 |
8.000 |
GBX |
41.000 |
36.660 |
| 2018 |
8.000 |
GBX |
30.000 |
17.640 |
| 2017 |
6.000 |
GBX |
25.500 |
2.000 |
| 2016 |
5.500 |
GBX |
25.000 |
0.000 |
| 2015 |
|
GBX |
25.000 |
-5.660 |
| 2014 |
|
GBX |
26.500 |
562.500 |
| 2013 |
|
GBX |
4.000 |
|
Polar Capital Holdings Dividend Calculator
Polar Capital Holdings Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
6.23%
|
| Years of Growth |
–
|
| Payout Ratio |
113.74%
|
| Buyback Yield |
-0.19%
|
| Shareholder Yield |
8.57%
|
| P/E Ratio (TTM) | 13.05 |
|---|
| Forward P/E | 9.02 |
|---|
| P/FCF | 10.41 |
|---|
| Earnings Yield | 7.77% |
|---|
| FCF Yield | 9.61% |
|---|
| ROE | 31.19% |
|---|
| ROCE | 38.9% |
|---|
| Profit Margin | 17.09% |
|---|
| Operating Margin | 22.19% |
|---|
| Gross Margin | 87.11% |
|---|