GQG Partners (GQG) $1.805

GQG -5.5%: Released February FUM numbers today which showed net outflows of $US3.2bn, however total FUM was up $US7.3bn to $US172.9bn – implying strong performance. The market clearly focussed on continuing outflows which we think is the wrong way to look at it. Performance feed’s flows, and overall FUM was up nicely with their defensive positioning starting to bear fruit, delivering good outperformance for the month.

Some MM observations from today’s update (estimates only and we have not confirmed these – actual performance figures have not yet been released).

• US and Global strategies were the strongest performers on a percentage basis (~8% and ~7.5% respectively), against the S&P 500 which was down ~0.9%.
• International delivered the largest absolute dollar gain ($4.8B), which makes sense given it’s the largest strategy by FUM.
• Emerging Markets lagged the other strategies at ~4.1%, which is typical when the USD is relatively strong or EM risk sentiment is subdued.
• The total portfolio gained roughly 6.3% on beginning FUM of $165.7B, a very strong single month — though net outflows of $3.2B partially offset this, resulting in ending FUM of $172.9B.

Note these are approximate percentage figures derived by dividing investment performance by beginning FUM for each strategy.