Rajiv Jain says GQG are disrupting the fund management industry, have done so in the US and will continue over the next few years too. Here are a few points: 1> Before an investment is made, Investment Analysts take opposing sides to determine good and bad qualities of all investments. Investment Analysts are from diverse backgrounds, journalism, traditional investment analysts, amongst other industries. Opposing arguments are built into the culture and it is okay not to invest money. See here for more: https://gqgpartners.com/insights/ 2> They have a broad circle of competence and tend to have a stronger bias to change when markets change. Look at Alibaba as an example, initial holding post IPO, then GQG exited most of its holding leading up until Feb 2021 and then reinvested in Latin American, Russian and Indian Banks to take advantage of the market post-COVID opening (Meb Faber podcast in previous post). 3> Look at US Fund Management disruption perspective article here from early 2020: https://citywireselector.com/news/pale-male-and-stale-rajiv-jain-has-no-time-for-your-disruption-love-in/a1326358 4> The addressable market is different to ASX listed Fund Managers. US market Fund Managers peak growth appears to be around the $1T mark, they slow down after this. If GQG adds Australian and US fund management market together, there is a lot of growth still. As an example, Blackstone FUM grew 21% annually in 2021 and it has $US600B+ in FUM. Over the last three years its CAGR has been 55%, growing from $US439.4B to $US682B. All the way with the USA.
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