GQG Partners US Quality Value Fund Investor Shares · NASDAQ:GQHPX
GQG Partners US Quality Value Fund Investor Shares — GQG Partners — FY2025 Earnings Presentation
28 slides from GQG Partners US Quality Value Fund Investor Shares's earnings presentation, February 2026
Slide 1: Full Year Results
Full Year Results GQG Partners For the Full Year Ended 31 December 2025 RAJIV JAIN TIM CARVER CHARLES FALCK STEVE FORD, CAIA Chairman and CIO Chief Executive Officer Chief Financial Officer Managing Director, Global Distribution AS AT 31 DECEMBER 2O25 2025
Slide 2: Financial Highlights
FINANCIAL HIGHLIGHTS For the Full Year Ended 31 December 2025 Funds Under Management (FUM)* Call Agenda — FUM of US$163.9 billion, an increase of 7.1% from 2024 — Investment Environment — Estimated FUM** of approximately $172.4 billion as at 11 February 2026, at or near — Rajiv Jain, Chairman and CI
Slide 3: Investment Environment
Investment Environment RAJIV JAIN Chairman & Chief Investment Officer AS AT 31 DECEMBER 2O25 3
Slide 4: The Great Divergence
THE GREAT DIVERGENCE Defensives at Multi-Decade Lows on Key Relative Measures Relative Valuations of Large-Cap Defensives S&P 500 Defensive Sectors vs. AI Weight 1.20x 50 1.15x 45 1.10x 40 1.05x 35 1.00x Weight (%) 0.95x 30 0.90x 25 0.85x 20 0.80x 15 0.75x 0.70x 10 1990 1995 2000 2005 2010 2015 2020
Slide 5: IGV ETF: Retail Investor Net Flows
IGV ETF: RETAIL INVESTOR NET FLOWS Retail Flows into Software Stocks Hit Record IGV (US Software) Net Flows by Retail Investors $200 $150 Millions $100 $50 $0 -$50 2015 2016 2018 2020 2022 2024 2026 Source: GQG Partners LLC (chart); J.P. Morgan Equity Strategy & Quantitative Research (data). Data fr
Slide 6: Portfolio Adaptability
PORTFOLIO ADAPTABILITY Forward-Looking Quality Changes Over Time GQG International Relative Sector Weight GQG Emerging Markets Relative Sector Weight 30% 30% +/- Benchmark +/- Benchmark 20% 20% 10% 10% 0% 0% -10% -10% -20% -20% -30% Cons Stap Utilities Cons Stap Utilities Cons Disc Energy Cons Disc
Slide 7: Business Overview
Business Overview TIM CARVER Chief Executive Officer AS AT 31 DECEMBER 2O25 7
Slide 8: Performance Overview
PERFORMANCE OVERVIEW Strategy Level Performance as at 31 December 2025 International Equity Emerging Markets Equity 40 33.6 40 32.4 30 Total Return % Total Return % 30 20.8 16.1 17.3 20 15.2 16.4 20 11.6 10.2 9.4 7.9 8.4 10.3 9.1 8.4 6.7 5.6 10 6.6 10 3.5 4.2 0 0 1 year 3 year 5 years 10 years ITD 1
Slide 9: FUM and One-Year Performance by Strategy
FUM AND ONE-YEAR PERFORMANCE BY STRATEGY For the Full Year Ended 31 December 2025 Funds Under Management US$163.9 billion† % - 1Y Performance by Strategy (net of fees) $ - FUM by Strategy 20.78% $71.4 10.23% 0.14% $40.8 $36.8 -4.98% $14.9 International Emerging Markets Global US As at 31 December 20
Slide 10: Inflection Points Matter
INFLECTION POINTS MATTER Performance as at 31 January 2026 International Equity Emerging Markets Equity 50 42.8 50 40 Total Return % 34.9 Total Return % 40 30 30 19.8 16.7 20 15.8 16.6 20 15.1 15.2 8.2 9.1 9.4 10 10 5.5 0 0 3 month 1 year 3 year 3 month 1 year 3 year GQG International Equity Composi
Slide 11: Compounding Capital Over Time
COMPOUNDING CAPITAL OVER TIME Alignment with Our Mission GQG Partners Global Equity Composite Investment Growth Since Inception Seeking quality compounding that exhibits higher growth with less downside and volatility than the benchmark 40 0 % GQG Composite (Net of Fees) 3Q15 4Q18 1Q20 1Q22 – 3Q22 1
Slide 12: Performance Overview: Rolling Performance
PERFORMANCE OVERVIEW Rolling Performance as at 31 December 2025 GQG International Rolling 5Y Return GQG EM Rolling 5Y Return 20 20 GQG 5Y Return % GQG 5Y Return % GQG Outperforms 16 GQG Outperforms 15 12 10 8 4 5 GQG Underperforms 0 GQG Underperforms 0 -4 0 2 4 6 8 10 12 14 16 18 20 -4 -2 0 2 4 6 8
Slide 13: Year-End Financial Results
Year-End Financial Results CHARLES FALCK Chief Financial Officer AS AT 31 DECEMBER 2O25 13
Slide 14: Financial Results Highlights
FINANCIAL RESULTS Highlights Full Year Results of 2025 vs. 2024 (US$ Billions) FY25 FY24 (US$ Millions) FY25 FY24 Closing FUM† 163.9 153.0 Distributable earnings 477.7 447.9 Average FUM† 164.3 148.2 Dividends paid* 439.3 370.2 (US$ Millions) (US$) Net revenue 808.3 760.4 Dividend per share – declare
Slide 15: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS For the years ended 31 December 2025 and 2024 USD$M FY25 FY24 $ Variance % Variance Commentary Management fees 794.5 735.8 58.7 8.0 – Net revenue increased primarily driven by an increase in management fees from growth Performance fees 13.8 24.6 (10.8) (44.0) in
Slide 16: Consolidated Statements of Financial Condition
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION As at 31 December 2025 and 2024 USD$M Dec-31-2025 Dec-31-2024 Assets Commentary Cash 133.4 94.4 – GQG continues to have a strong balance sheet, with total assets as of 31 December 2025 of Restricted cash 1.5 1.7 US$493.4 million. Advisory fee receivable
Slide 17: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended 31 December 2025 and 2024 USD$M FY25 FY24 Net income before noncontrolling interests 461.8 431.3 Commentary Depreciation and amortization 1.1 0.4 Net (gain) loss on investments in funds 0.1 (5.0) – The primary use of GQG’s cash continues to b
Slide 18: Distribution Update
Distribution Update STEVE FORD, CAIA Managing Director, Global Distribution AS AT 31 DECEMBER 2O25 18
Slide 19: Forward-Looking Quality
FORWARD-LOOKING QUALITY Alignment with Our Mission 3-Year Returns as at 31 December 2025 GQG Composites (net of fees) vs Benchmarks Forward-Looking Quality 25 Total Return % 20 23.0 20.7 — High-single-digit to low-double-digit 15 16.1 17.3 16.4 15.2 compounding 10 13.0 13.0 5 — Avoids style-box conf
Slide 20: Performance Overview: Risk-Adjusted Performance
PERFORMANCE OVERVIEW Risk-Adjusted Performance International Equity Risk-Return (net of fees) % Emerging Markets Equity Risk-Return (net of fees) % Since GQG Inception 1-June-2016 Since GQG Inception 1-June-2016 14 12 GQG Partners eVestment Emerging 12 eVestment ACWI ex USA 10 GQG Partners Emerging
Slide 21: Distribution Overview
DISTRIBUTION OVERVIEW Funds Under Management† 71.4 FUM by Strategy (US$ Billions) FUM by Channel & Region (US$ Billions) 15.6 3.0 40.8 67.2 53.1 8.1 36.8 14.9 137.2 43.6 Institutional Wholesale Sub-Advisory Americas Australia EMEA Other APAC International Emerging Global US Equity Markets 2025 Net F
Slide 22: Distribution Overview: Rollforward of FUM
DISTRIBUTION OVERVIEW Funds Under Management† Rollforward of FUM (US$ Billions) BY YEAR 2019 2020 2021 2022 2023 2024 2025 Beginning FUM 17.6 30.7 67.0 91.2 88.0 120.6 153.0 Net Flows 7.6 25.3 17.1 8.0 10.2 20.2 (3.9) Performance 5.5 11.0 7.1 (11.2) 22.4 12.2 14.8 Ending FUM 30.7 67.0 91.2 88.0 120.
Slide 23: Distribution Overview: Wholesale Distribution
DISTRIBUTION OVERVIEW Wholesale Distribution Mutual Funds — Discretionary model allocations remained in place — Research recommendations persisted across flagship funds Separately Managed Accounts (SMA) — Added strategies to 7 new US SMA platforms in 2025 UCITS — Added 32 new wealth management whole
Slide 24: Distribution Overview: eVestment Views
DISTRIBUTION OVERVIEW eVestment Views: Leading Indicator EVESTMENT VIEW COUNT AND DISTRIBUTION GQG PARTNERS GQG PARTNERS GQG PARTNERS GQG PARTNERS SCORE GLOBAL EQUITY INTERNATIONAL EQUITY EM EQUITY US EQUITY eVestment 1-Year View Count 3,475 1,561 2,035 1,140 eVestment 1-Year View Peer Rank 1% (1 of
Slide 25: Our Values
OUR VALUES We are passionate about investing 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 through many market cycle
Slide 26: Questions
QUESTIONS Management Team RAJIV JAIN TIM CARVER CHARLES FALCK STEVE FORD, CAIA Chairman and CIO Chief Executive Officer Chief Financial Officer Managing Director, Global Distribution AS AT 31 DECEMBER 2O25 26
Slide 27: 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 28: Important Information
IMPORTANT INFORMATION MSCI All Country World (Net) Index (MSCI ACWI) MSCI ACWI captures large and mid cap representation across Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set. Further information may be found at MS