UK&I Daily Focus: Thursday, 25th June 2026

Research evidence excerpt

UK&I Daily Focus: Thursday, 25th June 2026

Deutsche Bank

Research

Europe Strategy Date

25 June 2026

UK&I Daily Focus Periodical

Thursday, 25th June 2026

Jonathan Jayarajan

LEADING STORIES Associate Director Equity Research - EMEA

MAN GROUP (EMG.L) - Now up with events, downgrading to Hold Products

David McCann: Buy to Hold, Tgt 295p to 310p. Last Close 296.60p. Following a +44-20-754-76037

volatile, but ultimately positive total shareholder return in 2025 (+16%, of which H1 Andy Chu, FCA

-17% / H2 +39%, vs. FTSE Allshare +24%), which has strongly continued in 2026 Deputy Head of EMEA Equity Research

(+34% YTD vs. FTSE Allshare +7%), we think the shares are now up with events and +44-20-754-11360

fairly price in the current positioning and outlook. This follows a recovery in fund

performance in most of the flagship funds in H225, which continued at the start of

2026 and has largely held ground since then. This brings the prospect of a

potentially healthier (albeit still fragile and volatile) flow outlook and an improved

performance fee outlook.

Figure 1: Table of Contents

LIONTRUST (LIO.L) - FY26: Better institutional momentum, but retail is the key

issue Leading Stories Page 01

Target Price Change Page 03

Jonas Dohlen: Tgt 190p to 205p. Last Close 331p, Sell. Total revenues of £123.0m Sector Updates Page 03

were down 22% year-on-year, while adjusted PBT of £30.5m was in line with our Source : Deutsche Bank

estimate. The more important debate, in our view, is not the FY26 results, but

whether the recent improvement in headline flow momentum represents a genuine

inflection in the business. We think it is too early to make that argument. Figure 2: Recommendation Change

Institutional momentum has improved, with QTD net outflows slowing to £276m, Company Old New Ticker