Performance allocation

The company is disclosing the drivers of returns for Q4 2023 on its website.

During that period, the international portfolio has increased by 12.2 % vs + 9.7 % for the index.
Looking at the performance attribution by stock and by sector, it is quite obvious that GQG did a limited number of mistakes :
- the worse performing stocks were Schlumberger and Aon PLC which had a negative contribution of around - 20 bp each,
- in terms of sectors, the main mistake was the large overweight on energy.
The main surprise for me was that the performance was not coming from the sector allocation, but was fully explained by the stock selection in the different sectors.

Also, interesting to look at their performance by country looking at their global portfolio :
- during Q4 23, their performance was mainly coming from India (stock selection) and China (0 exposure),
- during the same period, they had a significant negative contribution from several developed countries (UK, US, France).
Almost completely explained by a poor stock selection in these 3 countries.

This is a good reminder that their performance is not coming from 1 specific element, but from several sources, which gives some confidence about their ability to outperform in the future.