An upward movement in the share price on results day should tell you the market was pleasantly surprised by half-year figures from investment manager Ashmore (ASHM). True, the shares have found renewed momentum thanks to a widespread recovery in global emerging markets (EMs), but higher than expected performance fees and lower costs helped give the shares an extra boost. On a cash profit basis – which excludes seed capital and any movement in foreign exchange rates – a result of £91.2m beat consensus expectations of £82.7m, reflecting a £5m outperformance from fees and a £2m reduction in overheads.
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