GQG Partners

“Petrobras, which we owned in a big way in the last five years, when we bought it was a 35% dividend deal. Today it's a 12% dividend deal, a 75 dollar oil. It's six times earnings.”

“Today, for example, in 12 months now, we have almost nothing in semiconductors. We have almost nothing in tech.”

“The sizing should be based on how a credit analyst would think. You can't have a very large position in monoline business, which operates a very narrow niche. Can't do it. So if you think about how does S&P would give AAA, it would never give AAA to an E&P com…”

“There's a long tail, but if you look at the U.S. Book, it's typically around 30, 35 names. The top 10 would make up just about half of the book. That's true for global and others, too.”

“First of all, we don't have any specialists, even in the traditional analyst pool, which is a classic buy side and the non-traditional, non-traditional journalists basically, and they go wherever.”

“We exited twenty-twenty-one extremely underweight technology. Our view is that industry was overrunning, if you look at semiconductor, et cetera. That turned out to be the right call. We re-entered as we saw the impact of ChatGPT in early days. So in twenty-tw…”

“In last month, we put almost ten billion dollars to work in software.”

“Now we have an equal amount of journalists and traditional analysts. Their job is to take the opposite view by default. Journalists are pretty good at that. I've learned a lot hanging out with journalists. Half the team is journalists who basically criticize e…”

“The reason was because when you have a high hit rate, the problem is you have a high bar on what comes in. So you also miss a lot of multi-baggers for that reason. You actually lower the hit rate because then you have a small position.”

“We try not to hire folks who are dogmatic. One thing is we like folks to say, oh, you know what, this went wrong, and I changed my mind. Year-end review , we always ask, okay, what are the areas where you change your mind?”

“In summer of twenty-twenty-two, we started buying semiconductors, and we had no exposures. I felt like, great job, and we walk on water. In October, this whole thing heated up between US and China, the restrictions, and the stocks went free-fall. They got very…”

“Look at software today. We feel that it's a very intriguing area. These established businesses, but 10, 12 times earnings and folks feel they're completely going out of business. There's no sign of that. Not only that, they're growing 20% in some cases, and yo…”

“Fees, I think what's the biggest problem in hedge funds? They charge too much. There's only so much juice in the game. These are efficient markets. It's not like seventies. Buffett can do whatever sitting, reading Moody's manual and pick up stock two times ear…”

“In the long-only world, and I operate in the long-only world, is to become lazy. This business is fine, long-term, we'll all be okay. Because you can always find facts that support your opinion at that point. If the market is telling you you're wrong, you gott…”

“That's what we don't own in U.S. Banks. If you look at large Wall Street money center banks, they're all trading at some of the highest valuations on a price to book or price to revenue in some 25 years.”

“Which was one of the biggest learning experiences you forget as an analyst is that things have to be in a little more precise manner than simply putting in a model, or you grow at 15% next five years, and we all live happily ever after.”

“The whole notion that we have great track record and people will come, that doesn't work that way. A lot of money managers don't have client servicing aspect in that.”

“Our view is that this is a powerful technology, but the economics are really bad. And time is not a friend. So if you're trading here, different matter. But the economics are not good economics.”

“We don't launch multiple products, four core products, same process, same team.”

“We don't allow any personal trading here. Everybody has significant skin in the game. And I understand people have sometimes different views. I've had almost all of my net worth out value GQG in the products that clients would consume. Same exact vehicles.”

“When we went public, in my first letter as the largest shareholder of the company, I specifically wrote two things. We will never have AEM targets, and we never have margin targets, so that nobody's confused.”