Updated GQG portfolio holdings are available - significant underweight Tech, page-29

GQG Funds performance summary to close of trade 23 April 2025.

Table A. Performance across1-Day to 5-Years by GQG Fund and on average (rows 14-16) reported by Morningstar at the date indicated.



Comments:
Alll GQG funds had positive returns on the day (average 96bps) However, peer categories outperformed by 64bps on average1-Year relative returns all negative. Significant -10.21% on EM Equity (GQGIX); -2.37% on International Equity (GSIMX). Not good.3-Year and 5-Year relative returns all +1% positive. Excellent.
Table B. 1-day change in relative performance compared to relative performance reported for the day prior.



Comments:
The moves appear too large for a single day, having regard to 1-day performance (acknowledging 1-day dropped off each reporting period). So I am not putting weight on this read. Results may be more meaningful over 3 weeks since end of the quarter - see Table C .
Table C. Latest relative performance compared to relative performance reported at end of last quarter.



Comments:

• Stable YTD performance over the last 3 weeks for each fund.
• Notable offsetting performance across 1-month and 3-months for GSIMX and GQEIX.
• EM GQGIX adding to underperformance across all periods, especially 1-Year where GQG is under most pressure.
• GSIMX 1-Year relative performance -1.92% in the last 3 weeks.
• All funds underperfomed over 3-Years and 5-Years since 31 March 2025. (Note postive relative performance over 3-Years and 5-Years in Table A is after booking this underperformance).