Jupiter has delivered strong net flows in the first quarter of this year, which largely offset negative market returns and other effects that were driven by elevated volatility levels towards the end of the quarter. We update our model to reflect the Group’s trading update and see c1% AuM upgrades, leading to c3% earnings upgrades in the outer years, whereas we reduce our FY26E adj. EPS forecasts by c3% as a result of the first quarter impact on average AuM for the year. We note shares have fall ....
