In an ASX update on Monday, GQG Partners reported net inflows of US$0.9 billion for the December quarter and US$8.0 billion for the full year.
“On a full-year basis, we expect to be amongst the top firms in net fund inflows for active equity managers both in Australia and the US as measured by the leading industry benchmarking firms,” said GQG in the update.
The firm’s funds under management (FUM) fell US$1.2 billion over 2022, down from US$91.2 billion at year-end 2021 to US$88.0 billion.
“Given global equity market returns, combined with overall industry net outflows in 2022, we are pleased that we have been able to withstand these pressures and continue to deliver for our clients and shareholders this year,” the firm added.
The December quarter results represent a rebound from the September quarter, which saw the firm wounded by the UK pension fund crunch with UK-domiciled clients liquidating roughly US$1.5 billion.
Of the US$88 billion in total FUM, US$33.1 billion was in international equity (up from US$29 billion at the end of September), US$25.2 billion was in global equity (up from US$22.8 billion), US$22.8 billion was in emerging market equity (up from US$21.7 billion) and US$6.9 billion was in US equity (up from US$5.7 billion).
The fund manager added that it saw a “solid pipeline for potential new business in 2023”.
“We believe our strong investment performance in 2022, combined with our global, diversified distribution capabilities position us well in the market. As in prior periods, we note that our management fees (fees that are a percentage of assets managed), as opposed to performance fees (fees linked to investment performance), continue to comprise the vast majority of our net revenue,” GQG said.
“Our management team remains highly aligned with shareholders, and acutely focused on and committed to GQG’s future.”
