Small caps are at an ‘inflection point’: Maple...

Small caps are at an ‘inflection point’: Maple Brown-Abbott
A.F.R.

Which stock in your fund is the most undervalued by the market?
GQG Partners. Since the initial public offering in late 2021, GQG’s price to earnings multiple discount relative to domestic and international fund manager peers has continued to widen despite fund flows remaining strongly positive relative to the industry. Operating momentum in the business is far superior to rivals as evidenced by strong net inflows, notably in the wholesale and sub-advisory channels. Relatively stable fee margins, disciplined expense growth, and strong distribution capability supports my view for continued strong flow performance and new product opportunities. The solid balance sheet also offers potential to fund inorganic opportunities, it has an attractive dividend yield and is leveraged to more favourable equity markets.