GQG Partners, page-47

Hi SP007,
I guess your question is regarding GQG (not PAC) vs MFG.

Yes, that's an interesting question.
I think that GQG and MFG are direct competitors as they are selling the same kind of product : international equities strategies (still the main strategy for MFG), long only in both cases (if I am not wrong).
I don't have the figures in front of me, but I suspect that GQG had much better performances on 3 years and 5 years, on comparable products*.

So far, QGQ was mainly distributed in the US, so their direct competition was probably limited to the part of MFG funds sourced in the US (how much ?).
More interesting, recently, GQG has gained several mandates from Australian instos, where I suspect they were competing vs MFG.
Anyway, the total impact was probably limited so far as these mandates were limited to a couple of billion of AUD (need to check that element) and have much lower fees than retail in Australia.

The real risk for MFG will be when GQG is going to target the Australian retail market.
Apparently, it is one of the reasons why GQG wants to list in Australia.

To be honest, I don't think that GQG is going to compete only with MFG in Australia.
If GQG begins to gain ground in Australia, both with instos and retail, it has the potential to affect most of the listed managers of international equities in Australia.
If I am not wrong, most of them (MFG, PTM, Antipodes, VGI...) have not performing well during the last 3 to 5 years (one exception may be Hyperion with its international product).
Another element which may disturb the Australian market, GQG is not only known for the performance of its funds, but also for its competitive management fees, in the US market. So, depending on their pricing strategy, it may also put some pressure on fees in Australia.

* important to compare the performance in the same currency, as GQG reports the fund performances mainly in USD, while MFG is more well known for its performance in AUD.