Q3 aum statement 2025-26

16 April 2026

Ashmore Group plc (Ashmore, the Group), the specialist Emerging Markets asset manager, announces the following update to its assets under management (AuM) in respect of the quarter ending 31 March 2026.

AuM decreased by US$1.8 billion (-3%) over the period, comprising negative investment performance of US$0.9 billion and net outflows of US$0.9 billion. Positive momentum from 2025, supported by macro fundamentals and an ongoing capital rotation into emerging markets, continued into the period but was interrupted by the broadening of the conflict in the Middle East at the end of February. This resulted in heightened global market volatility and a "wait and see" approach being adopted by some investors.

Subscription activity remained healthy relative to recent period averages, delivering a net inflow in both local currency and equities. However, an institutional redemption from the blended debt theme meant there was a net outflow from blended debt as well as a small net outflow from external debt.

Emerging markets indices were flat to down 3% over the quarter, with strong performance in January and February followed by weaker global markets in March. Active investment management is critical to navigating such periods of market volatility and Ashmore continues to deliver

outperformance for clients across its equity and fixed income strategies. Compared with 31

December, the proportion of Group AuM outperforming benchmark indices is consistent in the near to mid-term and has improved over the longer term.

"Geopolitical events interrupted some of the macro tailwinds supporting emerging markets, but the reaction across most asset classes has so far been manageable and with limited price dislocations. In the near term, investors globally are taking a more measured stance until there is greater clarity

in the outlook for the duration of the conflict and its implications for factors such as commodity prices, inflation, interest rates and currency trends.

"As ever, it is paramount to understand the rich diversity of emerging markets and therefore to manage portfolios actively to deliver investment performance. Ashmore's specialist approach and long history of investing in emerging markets, across different cycles and complex geopolitical and macro events, means it is well positioned to navigate the current environment.

"At the end of the period, Ashmore was delighted to announce the establishment of a strategic partnership with Japan Post Insurance Co., Ltd. This new strategic partnership builds on a strong existing relationship in order to capitalise on the growth opportunity across a broad range of

attractive emerging market asset classes."

Local currency AuM includes US$8.9 billion of AuM managed in overlay/liquidity strategies (31 December 2025: US$8.5 billion).

Paul Measday +44 (0)20 3077 6278

Jordan Griffin +44 (0)20 3077 6385 ir@ashmoregroup.com

Tom Allison +44 (0)7789 998020

Will Baldwin-Charles +44 (0)7834 524833

ashmore@cardewgroup.com