Updated GQG portfolio holdings are available - significant underweight Tech, page-30

GQG Funds performance summary to close of trade 24 April 2025.

Summary
Recent relative underperformance continued, reflecting GQG funds underweight tech as @lost pointed out.

Table A
1-Day to 5-Years performance reported by Morningstar at the date indicated.



Comments

• Average +0.39% returns on the day.
• However, peer categories added 1.43% on average meaning -1.05% relative performance on the day.
• 1-Year relative returns all now materially negative.
• 3-Year and 5-Year relative returns remain nearly +3% positive on average.

Table B
1-day change in relative performance compared to the day prior.



Comments

• Tough week so far due to strong tech rebound.

Table C
Change in relative performance since the end of last quarter.

Comments

• Negative relative performance for each fund over all periods from YTD to 5-Years.