FYI - looking at the fundamentals of the GQG business, increasing FUM, GQG is still going very well at+18% for last year and almost +6% for the last two quarters. Have tracked GQG for some time (as you can probably tell from the below chart).
The other comparable period to now is when GQG moved into energy and consumable stocks in late-2021/early-2022. This move resulted in the lowest growth period in GQG's history.
During this period, the S&P500 down -22%, Dow Jones down -9% and Nasdaq down -33%.
While GQG growth has slowed, we can't ignore the performance history of the fund managers at the helm of the GQG business. Rajiv Jain has a history of large changes in portfolio to flex to market conditions. It hasn't just been this year or late 21/2022, it was March 2020 and prior years at Vontabel Assete Management (1997).
I suspect they will be light tech for the rest of this year and while GQG funds will lag indexes for a period of time, we may see the company benefit through stable FUM.
Question is, what are they seeing that the rest of us are not?
Best of Luck Lost
GQG Price at posting:
$2.15 Sentiment: Buy Disclosure: Held
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