Ashmore Group Plc (AJMPF) Q4 2026 Earnings Call Transcript

Ashmore Group Plc ( AJMPF ) Q4 2026 Earnings Call September 6, 2026 8:00 PM EDT

Mark Coombs CEO & Executive Director Ashmore Group, Tom Shippey, Group Finance Director. Some of you know us -- hopefully, most of you know us. Thank you for coming. We're going to update you on our results for the financial year ended 30th of June 2026. This is an overview, high-level. I'm sure many of you have already got through this. Market has been pretty good for us in the year. We've delivered outperformance much as we usually do. Emerging markets itself, the equity indices were up nearly 50%, 44%, and fixed income anywhere between 7% and 12%. So a nice backdrop for an investor. Our outperformance stayed pretty good. One year is up to 77%, and we're 68% and 67% over 3 and 5. Performance is fine. There are strategies we'd like to have been doing better, but performance is fine. Subs have, basically, started to increase. We've come through the cycle since the '22 panic, oh dear, the Russians are revolting. We kind of got through that. And people now are starting to think about where they should put their money given they've got an awful lot in the U.S. Our subs are up, basically, nearly 100%, so -- which is good. Lower redemptions as well. The redemption number down -- has dropped by 20% year-on-year. So we -- in the assets under management space, bottoming and increasing. So up 13% overall, the $54 billion assets under management. So exactly what we'd expect to see this time in the cycle after a big redemption cycle, subscriptions start outweigh, redemptions drop, and you go back into growth. Net inflows of $2.7 billion, half of