Here is an article from Forbes that outlines some of GQG’s...

Here is an article from Forbes that outlines some of GQG’s investments in Adani’s businesses already (via TTE), how investment is partly held ($USD480M in International Equity) and that GQG has made 17% already on one of the investments. Here is the link:
https://www.forbes.com/sites/giacomotognini/2023/03/03/meet-rajiv-jain-the-asset-management-billionaire-backing-the-embattled-adani-group/?sh=5779d84f4c0f

Hi @Plague
In terms of other negative items to discuss, I have two.

My main concern with what Rajiv Jain said in the AFR article was he was using the EBITDA to justify the investment in Adani. The industries these businesses are in should be assessed from an NPAT perspective.

The second concern is around the market power generation market in India. It is super competitive and any power generation is low margin. A lot of green energy power generated is at low margin too. What does this mean for the Adani Green Energy business?

Same as you mentioned, I am positive Rajiv Jain has done his homework on these businesses (studying financials for over five years provides a lot of confidence) and actually having an accounting degree (and Masters) from India would give him a better understanding of the businesses accounting than others would. A lot of the fraud claims and businesses out of Mauritius will be largely tax avoidance (why aren’t they shorting Rupert Murdoch’s businesses or the big tech companies on this basis).

There was also a difference between the Industry Averages quoted in the table copied above from the shorters report versus Rajiv Jain’s AFR comparison to similar US companies. Not sure which ones should be used as the benchmark.

Great discussion. Hopefully with the press here it opens some opportunity to invest more. As @saintex mentioned, the investment is approximately two percent of portfolio, current concern in press is a bit overblown.

We also have to remember the Australian FUM is only about $USD7.2B. If some of the institutions here do pull FUM then it will have minimal impact on the GQG business.

Best of Luck
Lost