GQG records further outflows despite positive returns

GQG Partners recorded net outflows of $3.3 billion (US$2.3bn) in September, extending a difficult year for the ASX-listed fund manager despite positive investment performance across its four primary strategies.

The manager's latest funds under management (FUM) update showed total asset remained at $213.45 billion (US$149.2bn) on 30 September, unchanged from the end of August as investment gains offset withdrawals.

Investment performance contributed $3.43 billion (US$2.4bn) during September, while net flows were negative across all four strategies: international, emerging markets, global and US.

Emerging markets experienced the largest outflows at $1.43 billion (US$1bn), followed by international and global strategies, each recording $715.3 million (US$500m) in net withdrawals. The US strategy recorded outflows of $429.2 million (US$300m).

The figures follow a challenging period for GQG, which reported $6.15 billion (US$4.3bn) in net outflows during August amid weaker relative performance. Earlier in the year, the manager also disclosed $21.6 billion (US$15.1bn) in net withdrawals during the first half of 2026, with investment performance partly offsetting the pressure.

Year to date, GQG has recorded $37.48 billion (US$26.2bn) in net outflows, while positive investment performance contributed $16.6 billion (US$11.6bn). FUM has fallen from $234.48 billion (US$163.9bn) at the end of December 2025 to $213.45 billion (US$149.2bn).

Despite the withdrawals, GQG said its four primary strategies delivered positive absolute and relative returns during September and the third quarter.

Over the three years to 30 September 2026, the strategies generated double-digit annualised net returns, consistent with the firms investment objectives, the update said.

The manager added it continues to review portfolio positioning daily, with a focus on compounding client capital over a full market cycle while maintaining disciplined attention to downside risk.

GQG's latest figures come after its removal from the S&P/ASX 200 following the index's September quarterly review, adding to the challenges facing the investment manager as it seeks to stabilise flows and rebuild investor confidence.