Business
Trading Statement
Ashmore Group plc reported a second-quarter increase in assets under management (AuM) to US$52.5 billion as of 31 December 2025, up from US$48.7 billion on 30 September 2025. This growth of US$3.8 billion, or 8%, was driven by net inflows of US$2.6 billion and positive investment performance of US$1.2 billion, with notable contributions from external debt and local currency strategies, as well as new institutional mandates in equities and blended debt, reflecting increased investor interest in outperforming emerging markets. Disclaimer*
About this update from Ashmore Group Plc
Ashmore Group plc 15 January 2026 SECOND QUARTER ASSETS UNDER MANAGEMENT STATEMENT Ashmore Group plc (Ashmore, the Group), the specialist Emerging Markets asset manager, announces the following update to its assets under management (AuM) in respect of the quarter ending 31 December 2025. Assets under management Investment theme Actual 30 September 2025 (US$ billion) Estimated 31 December 2025 (US$ billion) - External debt 7.2 8.4 - Local currency 14.4 15.7 - Corporate debt 5.4 5.3 - Blended debt 12.1 12.5 Fixed income 39.1 41.9 Equities 7.8 8.8 Alternatives 1.8 1.8 Total 48.7 52.5 AuM increased by US$3.8 billion (+8%) over the period, comprising net inflows of US$2.6 billion and positive investment performance of US$1.2 billion. Net inflows were delivered across fixed income and equities, with notable additional allocations in external debt and local currency, and new institutional mandates funding in equities and blended debt. The inflows reflect rising investor interest across the outperforming emerging markets in 2025, with allocators increasingly recognising the superior investment returns available in EM and the inherent risks of maintaining portfolios that have become heavily weighted to the US. Emerging markets indices returned between 1% and 4% over the quarter, driven by continued economic performance, attractive valuations, stronger currencies and spread tightening. Over the 2025 calendar year, EM fixed income indices returned between 9% and 19%, outperforming the 8% return for DM bonds, and EM equity indices increased by between 19% and 35%, comfortably outperforming the S&P500 return of 16%. Against this backdrop, Ashmore's active management continues to deliver alpha for clients across its equity and fixed income strategies. Mark Coombs, Chief Executive Officer, Ashmore Group plc, commented: "Ashmore delivered good AuM growth over the quarter with meaningful net inflows across fixed income and equities investment themes, in both global and local businesses, and continued strong investment performance for clients. It is clear that investors are acting upon the attractive risk/reward opportunities available across emerging markets and are benefiting from the continued outperformance of these markets. "The near-term outlook for emerging countries is underpinned by continued superior economic growth compared with the developed w...