Q1 FY27 highlights: ownership-adjusted AUM climbs 8.9% to USD36.6 billion
In its Q1 FY27 quarterly AUM update for the three months ended 30 September 2026, Navigator Global Investments (ASX: NGI) reported ownership-adjusted assets under management (AUM) of USD36.6 billion (AUD53 billion), up 8.9% in the quarter and 26% over 12 months.
Growth in the quarter was driven by the NGI Stable Growth Portfolio, whose acquisition closed on 2 July 2026. Excluding that portfolio, ownership-adjusted AUM was up 19.1% over the last 12 months.
Firm-level AUM rose 24.7% to USD129.9 billion, up 60.8% over 12 months, across 29 Partner Firms. Firm-level AUM is the aggregate AUM of all Partner Firms, without adjusting for NGI’s level of ownership in each firm.
The key figures from the quarter were:
- Ownership-adjusted AUM: USD36.6 billion, up 8.9% in the quarter
- NGI Strategic AUM: USD16.3 billion, up 22.6%
- Lighthouse Partners AUM: USD20.3 billion, up 0.2%
- Firm-level AUM: USD129.9 billion, up 24.7%
The company said the quarter concluded with heightened market volatility, as rising oil prices and interest rates, persistent inflationary pressures and geopolitical uncertainty weighed on risk sentiment. Conditions were broadly challenging for many hedge funds, although macro and systematic approaches benefited from trends in currencies, commodities and fixed income. NGI added that allocator sentiment toward hedge funds remains constructive.
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NGI Strategic delivers 22.6% AUM growth to USD16.3 billion
Ownership-adjusted AUM from NGI Strategic Partner Firms rose 22.6% in Q1 to USD16.3 billion, and was up 35.8% over the last 12 months.
NGI Stable Growth Portfolio contributes USD2 billion
Ownership-adjusted AUM in the NGI Stable Growth Portfolio is now USD2 billion. That is up 6% since the transaction was announced on 4 May 2026 and broadly unchanged from 30 June 2026.
NGI said the portfolio has generated strong risk-adjusted performance in 2026 and is performing in line with expectations. The company continues to expect a material increase in annual distributions compared with those generated by the portfolio in CY2025.
The US$195 million acquisition of Net Revenue Share interests in 17 alternative asset managers was funded through an underwritten entitlement offer and scrip consideration, and it is the transaction behind the Stable Growth Portfolio AUM now being reported.
Strategic Portfolio and Private Markets
The NGI Strategic Portfolio recorded AUM growth of 9.2% to USD10.7 billion, up 16.3% over 12 months. Select absolute return strategies experienced continued inflows during the quarter.
NGI Strategic Private Markets AUM increased 2.9% to USD3.6 billion, up 28.6% over 12 months. A number of those managers are actively fundraising at present.
The Invictus Partners transaction announced on 29 September 2026 does not impact 30 September 2026 AUM.
| Segment (USD billions) | 30 Sep 2025 | 30 Sep 2026 | 12-month growth | Quarterly growth |
|---|---|---|---|---|
| NGI Strategic Portfolio | 9.2 | 10.7 | 16.3% | 9.2% |
| NGI Strategic Private Markets | 2.8 | 3.6 | 28.6% | 2.9% |
| NGI Stable Growth Portfolio | n/a | 2.0 | n/a | n/a |
| Total NGI Strategic | 12.0 | 16.3 | 35.8% | 22.6% |
Lighthouse Partners: USD280 million net inflows lift AUM to USD20.3 billion
Lighthouse Partners (LHP) increased AUM by 0.2% in Q1 to USD20.3 billion, up 19% over the last 12 months. Growth was driven by USD280 million of net inflows, and most of those flows went into the lower-fee-yielding managed account services business, which NGI said continues to attract meaningful interest.
AUM across LHP’s higher-fee-yielding direct Hedge Funds decreased 0.2% in the quarter, with positive inflows offsetting performance. AUM in that segment is up 24% over the last 12 months.
NGI said performance across LHP’s strategies was challenged along with the market, reflecting more difficult conditions for alpha generation. Calendar year performance remains broadly in line with expectations and peer performance, as shown on slide 6 of the accompanying presentation.
| September quarter (USD billions) | 1 July 2026 | Net flows | Performance | 30 Sep 2026 |
|---|---|---|---|---|
| Hedge Funds | 5.80 | +0.09 | -0.10 | 5.79 |
| Commingled Funds | 1.87 | -0.02 | -0.05 | 1.80 |
| Customised Solutions | 4.77 | +0.00 | -0.07 | 4.70 |
| Managed Account Services | 7.82 | +0.21 | -0.02 | 8.01 |
| Total Lighthouse | 20.26 | +0.28 | -0.24 | 20.30 |
Quarterly performance was negative across all four product groups except where noted, with Managed Account Services showing the smallest decline. Over the 12 months to 30 September 2026, Lighthouse recorded:
- Net flows of +USD1.97 billion
- Investment performance of +USD1.29 billion
What is AUM and why it matters to NGI investors
Assets under management (AUM) is the total value of client assets that an investment manager oversees. For a company like NGI, which holds interests in alternative asset managers, AUM is a core measure of the scale of the underlying businesses.
NGI reports two versions. Firm-level AUM adds up the AUM of all Partner Firms without adjusting for NGI’s level of ownership in each firm. Ownership-adjusted AUM reflects NGI’s level of ownership, which makes it the closer indicator of NGI’s own exposure to those assets.
The mix of AUM also matters. NGI described Lighthouse’s direct Hedge Funds as higher-fee-yielding and its managed account services business as lower-fee-yielding, so inflows into one do not carry the same fee profile as inflows into the other.
AUM changes through three drivers:
- Net inflows, meaning client money added less money withdrawn
- Investment performance, meaning gains or losses on the assets held
- Acquisitions and divestments, meaning businesses added to or removed from the portfolio
Diversified platform and trend in AUM
NGI has 29 Partner Firms, of which 17 form the NGI Stable Growth Portfolio. All are established alternative asset managers operating businesses diversified across investment style, product type and client base.
Ownership-adjusted AUM grew from USD29.0 billion at 30 September 2025 to USD36.6 billion at 30 September 2026. The company said its Partner Firms remain focused on disciplined growth and delivering attractive risk-adjusted returns.
The only forward-looking item in the update was the expected material increase in annual distributions from the NGI Stable Growth Portfolio compared with CY2025.
NGI’s FY26 annual results showed Adjusted EBITDA down 10% as NGI Strategic distributions normalised after two exceptionally strong years, which frames why the expected step-up in Stable Growth Portfolio distributions matters for earnings.
Some figures carry caveats. NGI said 30 September 2026 AUM for the NGI Strategic Portfolio and the NGI Stable Growth Portfolio is a combination of estimates across Partner Firms covering varying dates, and Lighthouse AUM is based on performance estimates that may be subject to revision upon final audit.
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