GQG Partners has reported its funds under management (FUM) as at the end of 2023 stood at US$120.6 billion, a record high for the firm.
Previously, it reported US$112.6 billion in FUM at the end of November 2023.
Over the quarter, GQG saw net inflows of US$1.8 billion – taking its total for the year to US$9.9 billion.
In an ASX announcement, the global investment boutique said it expected to be among the top firms in net fund inflows for active equity managers, both in Australia and the US, on a full-year basis, as measured by leading industry benchmarking firms.
“We are pleased to have again delivered for our clients and shareholders this year,” GQG stated on Monday.
“We expect continued business momentum in 2024 and begin the year with a promising pipeline for potential new business.
“We believe our strong risk-adjusted returns in 2023 – and over the longer term – in combination with our global, diversified distribution capabilities, position us well in the market.”
Breaking down its FUM, GQG reported increases across all its equity categories. International equity came out on top at US$46.5 billion at the end of December, from US$43.3 billion at the end of November 2023. Meanwhile, global equity grew from US$29.7 billion to US$31.2 billion during the same time period.
Continuing the trend, US equity rose to US$9.3 billion from US$8.8 billion and emerging markets equity from US$30.8 billion to US$33.6 billion.
As in previous periods, the firm’s management fees – i.e. fees that are a percentage of assets managed – continued to make up the bulk of its net revenue compared to performance fees.
“Our management team remains highly aligned with all shareholders, has significant exposure to our investment performance, and is acutely focused on and committed to the future of GQG Partners,” the ASX statement noted.
As part of its half-year results last year, GQG reported an increase in funds under management of more than 20 per cent.
It experienced US$6.2 billion of positive net flows during the first six months of the year and noted that it averaged just over US$1 billion in net flows per month in the first half, which it said was achieved despite “a difficult industry environment”.