Positive investment performance drives GQG FUM
GQG has seen funds under management rise by almost US$4 billion, thanks to net inflows and strong investment performance.
In a statement to the Australian Securities Exchange, the firm said total funds under management (FUM) had risen from US$90.8 billion ($135 billion) to US$94.5 billion, thanks to net flows of US$5 billion.
A year ago, FUM was US$92.9 billion.
The biggest rise was seen in global equities, which rose 6 per cent from US$25 billion to US$26.5 billion.
International equities were US$36.1 billion, representing over a third of the firm’s total FUM, and were up from US$34.8 billion at the end of February.
Emerging market equities rose from US$24 billion to US$24.6 billion, and US equities rose from US$7 billion to US$7.3 billion.
The firm said: “Against the backdrop of continued macro challenges, we believe these flows demonstrate strong business momentum driven by our long-term investment performance and our global distribution footprint.”
However, the fund manager noted the increase in flows was likely to be driven by its strong 2022 investment results and first-quarter seasonality.
It also noted the asset allocation of its fund had changed over the quarter compared to at the end of 2022.
“At the end of the first quarter, positions in many portfolios were significantly different from 31 December 2022, notably as at 31 March 2023, our global and US equity portfolios are now overweight in the information technology sector.”
AUTHOR
Laura Dew
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