Q226 Mark to Market and Sector Update

Research evidence excerpt

Q226 Mark to Market and Sector Update

3 July 2026

Asset Managers

DivFin

Companies featured

(other than valuation) for buying many stocks in the sector arguably unattractive,

it also highlights the risks of being explicitly short. We do not have any strong, Aberdeen Group (ABDN.L),GBP248.60 Buy

conviction recommendations in this sub-sector, and note the majority of our AJ Bell (AJBA.L),GBP628.00 Buy

recommendations are Hold or Sell. Allfunds (ALLFG.AS),EUR8.45 Buy

Ashmore (ASHM.L),GBP210.20 Sell

Private Asset Managers Bridgepoint Group (BPTB.L),GBP274.00 Buy

We think the UK listed private market asset managers (ICG, Bridgepoint, Man Group (EMG.L),GBP300.40 Hold

Foresight) are all generally inexpensive vs. European/Global listed peers, and Foresight Group (FSGF.L),GBP440.00 Buy

indeed are trading more in line with the more structurally challenged UK traditional ICG (ICGIN.L),GBP1,713.00 Buy

asset managers, despite what we would argue are better medium to long term IG Group (IGG.L),GBP1,835.00 Buy

growth prospects. However, we note that all lack any obvious shorter term catalysts IntegraFin (IHPI.L),GBP367.50 Buy

that might help close that gap. We also note that whilst the private markets industry Jupiter (JUP.L),GBP169.80 Hold

as a whole remains under the spotlight short term for industry concerns on private

Liontrust (LIO.L),GBP351.00 Sell

credit underwriting, retail fund liquidity (although noting that none of these names

NinetyOne (N91.L),GBP211.60 Hold

has any material exposure to that), exposure to sectors with potential AI disruption

Polar Capital (POLR.L),GBP929.00 Buy

and deal activity (a key industry flywheel to the realization/fund-raising cycle)

Quilter (QLT.L),GBP195.80 Hold

remaining below longer term trend, this is likely to constrain market appetite /