“We recommend buying GQG Partners, supported by continued strong FUM growth (+10% calendar year 2025 to date) and robust net inflows across all strategies in May (US$1.4 billion),” Raymond said.

“The business is attractively valued at approximately nine times financial year 2025 price earnings, reflecting upside potential if flows and performance improve.

“However, be mindful of short-term risks.

“While current flows remain resilient, recent underperformance across key strategies, particularly over 1 and 3-year periods, poses a near-term risk to sentiment and inflows.”

“The portfolio’s defensive positioning has lagged in the current market environment, which may cap share price upside until performance rebounds.”

“Our conclusion is that while GQG offers value and long-term growth potential, investors should remain aware of the risk of short-term underperformance and potential lag in flows,” Raymond said,

GQG Partners (GQG)