GQG Partners, Inc. · ASX:GQG
GQG Partners — FY2024 Earnings Presentation
36 slides from GQG Partners's earnings presentation, Feb 28, 2025
Slide 1: Full Year Results
For personal use only Full Year Results GQG Partners For the full year ended 31 December 2024 TIM CARVER MELODIE ZAKALUK, CPA BRIAN KERSMANC BECCA TESSIN Chief Executive Officer Chief Financial Officer Portfolio Manager Investor Relations AS AT 31 DECEMBER 2O24 2024
Slide 2: Financial Highlights
FINANCIAL HIGHLIGHTS For the Full Year Ended 31 December 2024 Funds Under Management* Call Agenda — Net flows of US$20.2 billion — Business Overview — Funds Under Management of US$153.0 billion, an increase of 26.9% from For personal use only 2023 full year results — Tim Carver, CEO — Financial Resu
Slide 3: Business Overview Highlights
BUSINESS OVERVIEW Highlights 2024 Full Year Highlights (As at 31 December 2024, unless otherwise specified) Performance For personal use only — All four primary strategies have outperformed their respective benchmarks on a 3-year, 5-year, and 10-year basis — Top quintile 5-year alpha and Sharpe rati
Slide 4: Performance Overview: Strategy Level Performance
PERFORMANCE OVERVIEW Strategy Level Performance as at 31 December 2024 Global Equity International Equity 25 12 20.17 20 17.49 9.31 8.43 Total Return % For personal use only Total Return % 9 15 13.22 12.92 11.15 5.77 5.53 10.06 9.04 6 4.74 4.38 10 4.10 5.44 5 3 0.82 0 0 1 year 3 year 5 years ITD 1-O
Slide 5: Performance Overview: Rolling Performance
PERFORMANCE OVERVIEW Rolling Performance as at 31 December 2024 Global Rolling 5-Year Return (net of fees) International Rolling 5-Year Return (net of fees) 20 20 GQG Partners Global Equity GQG Partners International Equity For personal use only 5-Year Total Return % 5-Year Total Return % 15 - Avera
Slide 6: Performance Overview: Risk-Adjusted Performance
PERFORMANCE OVERVIEW Risk-Adjusted Performance Global Equity Risk-Return % International Equity Risk-Return % Since GQG Inception 1-June-2016 Since GQG Inception 1-June-2016 18 14 16 For personal use only GQG Partners 12 14 Global Equity 10 GQG Partners eVestment ACWI ex USA eVestment Global Large R
Slide 7: Operational Value Add
BUSINESS OVERVIEW Operational Value Add Estimated 2024 Impact of Investment Returns and Net Flows on Ending FUM (US$ Billions) For personal use only Since Inception Impacts on GQG Partners FUM1 2024 2024 Total Value Added 1-June-2016 Starting FUM $120.6 $0.0 $20.7 $20.2 Net Flows +$20.2 +$105.6 Capi
Slide 8: Update on GQG Private Capital Solutions
STRATEGIC INITIATIVES Update on GQG Private Capital Solutions We believe PCS is uniquely positioned within the GP Stakes industry For personal use only A team of Working within a robust Successful launch of PCS Optimistic outlook for 2025 industry pioneers infrastructure, which includes business Pip
Slide 9: Update on Abu Dhabi (ADGM) Office
STRATEGIC INITIATIVES Update on Abu Dhabi (ADGM) Office We believe that having fully licensed and regulated investment and operational capabilities in the region through our affiliate, GQG Partners Ltd, gives us a strategic advantage For personal use only Access to Global Talent Growth Opportunities
Slide 10: Renaming Quality Value Funds
STRATEGIC INITIATIVES Renaming Quality Value Funds We renamed our Quality Dividend Income strategies to Quality Value to more clearly convey the value nature of the strategies For personal use only Driven by client Larger addressable Highly competitive Fee reduction for ultra- feedback market value
Slide 11: Year-End Financial Results
For personal use only Year-End Financial Results AS AT 31 DECEMBER 2O24 11
Slide 12: Financial Results Highlights
FINANCIAL RESULTS Highlights Full Year Results of 2024 vs. 2023 (Dollars in US$ millions, except per share data) FY24 FY23 FY24 FY23 For personal use only Closing FUM† (US$ billions) 153.0 120.6 Distributable earnings (US$ millions) 447.9 297.9 Average FUM† (US$ billions) 148.2 101.9 Dividends paid
Slide 13: Consolidated Statements of Operations
FINANCIAL RESULTS Consolidated Statements of Operations Consolidated Statements of Operations Commentary Year over Year Comparison – The PCS Master Fund was deconsolidated effective 19 December 2024. The Consolidated Statement of Operations for the year ended 31 December 2024 includes PCS Master Fun
Slide 14: Deconsolidation of PCS Master Fund Financials
FINANCIAL RESULTS Deconsolidation of PCS Master Fund Financials GQG Group Consolidating Statements of Operations Commentary For the year ended 31 December 2024 – The PCS Master Fund was consolidated with GQG Inc. for the period from 17 May 2024 to 19 December 2024, in accordance with US Generally Ac
Slide 15: Consolidated Statements of Financial Condition
FINANCIAL RESULTS Consolidated Statements of Financial Condition Consolidated Statements of Financial Condition Commentary as at 31 December 2024 and 2023 – GQG continues to have a strong balance sheet, with total assets as of 31 December 2024 of $463.9 million. US$M 31-Dec-24 31-Dec-23 Balance Shee
Slide 16: Consolidated Statements of Cash Flows
FINANCIAL RESULTS Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows Commentary For the years ended 31 December 2024 and 2023 – The primary use of GQG’s cash continues to be working capital and dividends. Dividends are based US$M FY24 FY23 upon distributable earnings calcula
Slide 17: Distribution Update
For personal use only Distribution Update AS AT 31 DECEMBER 2O24 17
Slide 18: GQG Strategies Stand Apart Versus Peers on Key Metrics
PERFORMANCE OVERVIEW GQG Strategies Stand Apart Versus Peers on Key Metrics Compared to their stated benchmarks, only GQG strategies meet the following criteria: For personal use only eVestment Screening Criteria Strategies Meeting Cumulative Criteria Equity, Long-Only, Actively Managed 6,641 strate
Slide 19: Distribution Overview: Funds Under Management
DISTRIBUTION OVERVIEW Funds Under Management† FUM by Strategy (US$ Billions) FUM by Channel & Region 57.2 (US$ Billions) 15.4 3.2 For personal use only 56.2 38.8 40.3 53.6 8.5 16.7 125.9 43.2 Institutional Wholesale Sub-Advisory Americas Australia EMEA Other APAC International Global Emerging Market
Slide 20: Funds Under Management Rollforward
DISTRIBUTION OVERVIEW Funds Under Management† Rollforward of FUM (US$ Billions) BY YEAR 2019 2020 2021 2022 2023 2024 For personal use only Beginning FUM 17.6 30.7 67.0 91.2 88.0 120.6 Net Flows 7.6 25.3 17.1 8.0 10.2 20.2 Performance 5.5 11.0 7.1 -11.2 22.4 12.2 Anticipated Drivers of Fund Flows En
Slide 21: Net Flows By Strategy
13-MONTH NORTH AMERICA NET FLOWS Net Flows By Strategy $3,000 $2,497 For personal use only $2,500 $2,311 $2,054 $2,021 $1,811 $1,886 $2,000 $1,729 $1,716 $1,402 $1,335 $1,500 USD Millions $1,000 $733 -$383 $500 $238 US Equity International Equity $0 Global Equity -$500 Emerging Markets -$1,000 Total
Slide 22: Wholesale Distribution
DISTRIBUTION OVERVIEW Wholesale Distribution US/Canada Mutual Funds Wholesale Channel Net Flows By Vehicle (US$ Billions) — Record year for US Mutual Funds with US$6.8 billion net flows, a 79% increase from 2023 net flows 12.4 — Retail SMA provided new growth with over US$5 billion FUM, a 292% incre
Slide 23: Australian Distribution Success
AUSTRALIAN DISTRIBUTION SUCCESS For personal use only 3Y Net 3Y Net Flows Total FUM Global Equity Fund (Australia) Net Flows (A$ millions) Global Equity Funds (Australia) Flows % of (A$ Millions) (A$ Millions) Total FUM $1,500 $1,348 1 GQG Partners Global Equity Fund $2,655 $4,781 56% 2 JANA High Al
Slide 24: Morningstar Ratings
DISTRIBUTION OVERVIEW Morningstar Ratings GQG Partners Open End Fund Ratings as at 31 December 2024 MUTUAL FUNDS - MORNINGSTAR MORNINGSTAR RATING MORNINGSTAR RANK % MORNINGSTAR MEDAL For personal use only GQG Partners Global Quality Equity Fund ★★★★★ 1 Gold GQG Partners Emerging Markets Equity Fund
Slide 25: Quality Value Funds
For personal use only Quality Value Funds AS AT 31 DECEMBER 2O24 25
Slide 26: Quality is a Primary Feature of GQG Strategies
INVESTING OVERVIEW Quality is a Primary Feature of GQG Strategies The “cheapest” companies within our Quality universe, as measured by traditional valuation multiples (P/E, P/B, Dividend Yield), have consistently fallen within the value style of investing. For personal use only Compared to the tradi
Slide 27: Total Addressable Market: Value vs Dividend Strategies
TOTAL ADDRESSABLE MARKET eVestment Active, Long-Only, Equity Universe: Value vs Dividend Strategies For personal use only FUM FUM (US$ Billions) Style/Region # Strategies (US$ Billions) $5,000 Value 1,648 $4,636 $4,636 - Value Global 332 $820 $4,000 - Value Intl 194 $553 - Value US 1,040 $3,142 $3,0
Slide 28: Total Addressable Market: Value vs Growth Strategies
TOTAL ADDRESSABLE MARKET eVestment Active, Long-Only, Equity Universe: Value vs Growth Strategies For personal use only FUM FUM (US$ Billions) Style/Region # Strategies (US$ Billions) $7,000 Value 1,648 $4,636 $6,000 - Value Global 332 $820 $5,948 $5,000 - Value Intl 194 $553 - Value US 1,040 $3,142
Slide 29: Global Value: Top Peers by L3Y Net Flows
QUALITY VALUE PEER REVIEW Global Value: Top 10 Peers by L3Y Net Flows For personal use only 3Y Net Flows 3Y 3Y Risk-Return % Global Value (US$ Millions) Return Std Dev 9 GQG Global Quality Value $33 6.3 12.9 8 MSCI ACWI Value - 4.6 15.2 7 Global Value Peer $6,873 5.1 19.9 GQG Global Value Peer $6,01
Slide 30: International Value: Top Peers by L3Y Net Flows
QUALITY VALUE PEER REVIEW International Value: Top 10 Peers by L3Y Net Flows For personal use only 3Y Net Flows 3Y 3Y Risk-Return % International Value (US$ Millions) Return Std Dev 8 GQG Intl Quality Value $322 4.6 13.1 MSCI ACWI ex USA Value - 4.4 15.4 7 International Value Peer $1,527 6.4 15.8 6
Slide 31: US Value: Top Peers by L3Y Net Flows
QUALITY VALUE PEER REVIEW US Value: Top 10 Peers by L3Y Net Flows For personal use only 3Y Net Flows 3Y 3Y Risk-Return % US Value (US$ Millions) Return Std Dev 12 GQG US Quality Value $84 7.5 13.7 MSCI USA Value - 4.6 16.1 10 US Value Peer $23,381 3.3 14.4 US Value Peer $22,251 10.3 15.8 8 GQG 3-Yea
Slide 32: Investment Environment
For personal use only Investment Environment AS AT 31 DECEMBER 2O24 32
Slide 33: Conclusion
CONCLUSION We are passionate about investing For personal use only We will always endeavour to grow, learn, adapt, and attain a competitive advantage in our markets We are the caretakers of peoples’ futures We strive to deliver sustainable high-performance outcomes with lower absolute volatility thr
Slide 34: Questions
QUESTIONS Management Team For personal use only TIM CARVER MELODIE ZAKALUK, CPA BRIAN KERSMANC Chief Executive Officer Chief Financial Officer Portfolio Manager AS AT 31 DECEMBER 2O24 34
Slide 35: Important Information
IMPORTANT INFORMATION The information provided in this document does not constitute investment advice and no investment decision should be made based on it. Neither the information contained in this document or in any accompanying oral presentation is a recommendation to follow any strategy or alloc
Slide 36: Important Information: Index Definitions
IMPORTANT INFORMATION MSCI All Country World (Net) Index (MSCI ACWI) MSCI All Country World ex-USA (Net) Index (MSCI ACWI ex USA) The MSCI All Country World (Net) Index (MSCI ACWI) captures large and mid-cap representation across 23 developed and 24 emerging markets countries. Developed countries Au