IPO - GQG Partners Inc. - 26 October 2021 #, page-344

Hi @leishd
Thanks for the questions, here are the responses:
- the FUM growth is based on previous growth, what I have been tracking within PAC’s quarterly FUM announcements for a few years now. If you look at the FUM Table in previous post, GQG has grown FUM at an annual CAGR of 68% for the last three years. In the year to the end of September 2021, FUM growth was 38% on an annual basis, so FUM growth is trending down from very high rates. I have assumed it will fall to 30% FUM growth for the year. The math then works out as follows:
> GQG FUM at 30/06/21 was $USD84.735B, converted into $A113.05B
> FUM $USD84.735B + 30% growth = $USD110.1555B (I then rounded down to $USD110B).
- Don’t believe everything you read in the AFR. Did you mean the Eley Griffiths Group article? It demonstrated a good understanding of GQG, but nothing new. We have been seeing high FUM growth in GQG for years.
- In terms of PAC’s holding, they sold 20% of their 5% holding - relative terms to GQG shares on issues is 1% cash and 4% shares go to PAC.

Keep the questions coming if you want to understand more.

Note: FUM growth is actually on trend to grow 38%, but I have used 30% to be more conservative.

Best of Luck
Lost