Jupiter Fund Management PLC

First-pass take

Traditional asset manager with no AI strategy. Strong cost discipline (costs down 2% despite 18% revenue growth; 4 consecutive years headcount reduction) and operating leverage potential (targeting 70% cost:income ratio). Cyclical business facing fee compression, but positive flows (first calendar year positive since 2017) and strong net cash (£318.7m) provide downside cushion. Valuation data missing.