GQG Partners experienced significant investor outflows at the end of last year, with investors withdrawing $US2.1 billion ($3.1 billion). This occurred as chief investment officer Rajiv Jain’s decision to avoid technology stocks continued to negatively impact the fund manager’s performance. Jain has been a vocal critic of the tech rally and the artificial intelligence boom, describing it as “Dotcom on Steroids”. GQG Partners is a global investment firm managing investments for institutions, advisors and individuals worldwide. The company seeks to provide long-term value through a combination of fundamental research and proprietary insights.
The shift away from big tech stocks and Chinese equities resulted in all four of GQG’s funds underperforming their benchmarks in 2025. This underperformance led to total outflows of $US3.9 billion from the Fort Lauderdale-based manager over the year. According to a statement released to the ASX, GQG maintained its defensive positioning to protect client assets from extended valuations and macroeconomic uncertainty.
The increased outflows caused GQG shares to fall 7 per cent to $1.67 on Tuesday, extending the stock’s decline over the past six months to more than 20 per cent. While GQG has not publicly released its December performance figures, its November results indicate the extent of the underperformance. The Global Equity Fund underperformed its benchmark by 23.6 per cent in the 12 months to November, and the Emerging Markets Fund trailed its benchmark by nearly 20 per cent.
Rajiv Jain addressed shareholders in August to explain the disappointing performance, stating that tech valuations were not justified by economic conditions. He also expressed doubts about the growth potential of companies like Amazon and Nvidia and questioned the return on investment from spending on AI technologies. GQG reported that funds under management fell to $US163.9 billion by the end of 2025, down from $US166.1 billion at the start of December. The firm began the year with $US153 billion in assets.
