Key Takeaways
- • GQG Partners' $US11.9 billion ($17 billion) US equity fund fell 10 per cent last month, according to the Australian Financial Review, after a pivot by chief investment officer Rajiv Jain from AI sceptic to technology stock buyer.
- • Jain, CIO of the $213 billion ASX-listed asset manager, is publicly defending the move and says he has "nothing to regret" despite the AI-stock sell-off.
- • Jain previously branded the AI rally "the dot-com boom on steroids," a stance that he acknowledges cost the firm performance and triggered billions of dollars in outflows.
Summary
Rajiv Jain, chief investment officer of GQG Partners, is standing by his decision to move into technology stocks, according to the Australian Financial Review, despite a sharp reversal in artificial intelligence shares that hit the firm's performance last month. GQG's $US11.9 billion ($17 billion) US equity fund fell 10 per cent during the month, a result the article attributes to the timing of the pivot from AI bear to AI bull.
GQG Partners manages $213 billion and is listed on the ASX. Jain had been an outspoken critic of the rally in AI-related stocks, describing it as "the dot-com boom on steroids." That scepticism, the article reports, cost the firm performance and triggered billions of dollars in outflows from its funds before the change in stance.
Jain's defence of the pivot is the central focus of the report. The article's headline characterises him as having "nothing to regret" following what it describes as a horror month for the fund. The available text of the article is limited, and further detail on the scale of outflows, the specific holdings involved and the firm's forward positioning is not included in the source material.
GQG Partners manages $213 billion and is listed on the ASX. Jain had been an outspoken critic of the rally in AI-related stocks, describing it as "the dot-com boom on steroids." That scepticism, the article reports, cost the firm performance and triggered billions of dollars in outflows from its funds before the change in stance.
Jain's defence of the pivot is the central focus of the report. The article's headline characterises him as having "nothing to regret" following what it describes as a horror month for the fund. The available text of the article is limited, and further detail on the scale of outflows, the specific holdings involved and the firm's forward positioning is not included in the source material.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.