IPO - GQG Partners Inc. - 26 October 2021 #, page-371

Hi @dannyb54

Believe looking forward in 3 months there will be a better perspective and the half year financial report will be released to market. While FUM is growing at a rapid rate still, it is hard for Australian Investors to get their heads around a Fund Manager that has the potential to grow at large rates with large FUM.

The reasons for better days are:
> GQG has forecast $US92.5B in FUM for June 2022 and a 73c AUD/USD exchange rate. Given NVIDIA performance and other semiconductors across GQG's portfolios, we will see FUM increase by 5% or $USD4.5B. This will mean FUM gets close to $US95B in the November report (converted at current AUD/USD of $0.72069 into AUD is almost $AUD132B - this is up from $AUD120.357B at the end of October or 9.67% for the month in AUD terms). This is what GQG typically grows in a quarter so happy for someone to correct me if they believe I have overstated somewhere - and substantiate why.
> The holdings and portfolio mix of GQG lean toward a growing and recovering world economy and are also in selective Emerging Markets that are growing at a rapid rate (India and Brazil). The probability of continued FUM growth is high.
> When half year financials are released this will show a correlation between FUM growth and higher returns. GQG has a low cost base and is committed to keeping costs low for its customers too. Any FUM that grows above forecast will contribute to higher earnings.
> When markets turn and start to fall (as they do a number of times a year now), GQG's investments typically perform better, see comparison to Magellan in USD terms with a portfolio that advertises it has downside protection:


Note: For above points, it does not necessarily mean the share price will go up or down. Just has a higher probability of increasing over time compared to others.

Best of Luck
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