GQG is a rare active manager that is attracting capital predicated on strong investment returns in recent years. Their main global focussed fund returned 20.71% in CY23 which underpins the managers strong organic growth prospects, a far better alternative than overpaying for FUM in the M&A arena as many have done. Strong net inflows are expected to continue in 2024 if they can maintain strong performance. As is often the case in this sector, risks remain around key people, but on an Est PE of ~13x and an expected yield of 6.8%, this manager looks solid value when we consider the positive momentum in the business.
- We like GQG, with a test of new highs a strong possibility.
MM is neutral to cautiously bullish GQG under $2
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