GQG -19.5%: remained under pressure after reporting another US$6.7bn of outflows in October, taking calendar-year outflows to US$32.9bn and reducing FUM from US$149.2bn to US$131.6bn. The more concerning part is that the outflows are now being compounded by weak performance, with GQG’s flagship Global Equity Fund falling 10.1% in October following an ill-timed rotation back into technology earlier this year – the reason we ultimately cut our losses on the stock.
More broadly, several active managers were out with performance numbers for October, and it wasn’t pretty. Regal’s Atlantic Absolute Return Fund reportedly fell 35.7% for the month, its flagship long-short strategy lost 10.4%, while WAM Active was down 22% and Pengana’s High Conviction Fund fell 25.1%. A tough period for some managers.
MM is negative on GQG
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