Ashmore Group Shares in Focus as Q4 AuM Beats on Stronger-Than-Expected Inflows

Ashmore Group (LON: ASHM) is under the spotlight on Tuesday after the specialist emerging markets asset manager reported fourth-quarter assets under management (AuM) that topped market expectations on the flows side, even as investment performance came in slightly softer than forecast.

The group revealed that AuM rose 7% over the three months to 30 June to $54.0 billion, up from $50.7 billion at the end of March. The increase comprised $2.0 billion of positive investment performance and $1.3 billion of net inflows, as investors “looked through” the uncertainty triggered by the closure of the Strait of Hormuz and the resulting oil price spike to focus on emerging market value.

Net inflows were broad-based, spanning local currency, equities, blended and corporate debt, while outflows eased sharply compared with the prior quarter. External debt remained the exception, registering a modest net outflow due to a handful of institutional redemptions.

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Chief Executive Mark Coombs struck a cautiously upbeat tone, highlighting the resilience of emerging markets amid the volatility and pointing to a reduced risk of a global inflation shock, provided hydrocarbon exports through the Strait continue.

He said markets were beginning to reprice a “Goldilocks” scenario, underpinned by capital spending on AI, energy security, defence and supply-chain reorientation.

Analysts at Cavendish, led by Rahim Karim, noted that total AuM was in line with consensus at $54.0 billion, but flows significantly outperformed expectations – $1.3 billion against forecasts of $0.7 billion – while investment performance lagged slightly, at $2.0 billion versus a $2.6 billion estimate.

Cavendish maintained its Sell rating on the stock, saying it would review forecasts following the update.

Ashmore will report full-year results on 7 September 2026.