GQG Partners funds under management steady at US$149.2 billion as September performance offsets outflows
GQG Partners reported total funds under management (FUM) of US$149.2 billion at 30 September 2026, with September net outflows of US$2.3 billion alongside positive investment performance of US$2.4 billion.
For the quarter ended 30 September 2026 (Q1 FY27), the company recorded net outflows of US$11.1 billion and positive investment performance of US$4.4 billion.
The portfolio is generating positive investment performance, while net flows remain the variable to watch. The figures are unaudited and exclude GQG Private Capital Solutions activity.
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September 2026 FUM by strategy
The table below shows the movement in FUM across each strategy over September 2026. All figures are in US$ billions, rounded to the nearest 0.1 billion.
Month snapshot
| Strategy | Beginning FUM (31 Aug 2026) | Net flows | Investment performance | Ending FUM (30 Sep 2026) |
|---|---|---|---|---|
| International | 68.6 | (0.5) | 0.8 | 69.0 |
| Emerging | 34.1 | (1.0) | 1.1 | 34.2 |
| Global | 34.4 | (0.5) | 0.3 | 34.2 |
| US | 12.1 | (0.3) | 0.2 | 11.9 |
| Total | 149.2 | (2.3) | 2.4 | 149.2 |
The company noted that certain totals may not foot due to rounding conventions used on individual line items.
Key takeaways
- International and Emerging posted the largest performance contributions at US$0.8 billion and US$1.1 billion respectively.
- Emerging recorded the largest September net outflow at US$1.0 billion.
- Every strategy recorded net outflows in the month, offset in total by positive investment performance.
Performance and the investment approach
GQG Partners stated that, following recent portfolio repositioning, its four primary investment strategies delivered positive absolute and relative returns during September and the third quarter of 2026.
For the three-year period ended 30 September 2026, the company said its strategies generated double-digit annualised net returns, consistent with its investment objectives.
GQG Partners
“We continue to review portfolio positioning daily and remain focused on compounding client capital over a full market cycle with disciplined attention to downside risk.”
How FUM-based fees work
Funds under management is the total value of client assets the firm manages or advises. According to the company, fees on the substantial majority of its FUM are calculated as a percentage of assets under management, rather than through performance fees linked to investment performance.
For investors, this means the fee base moves with FUM levels, so both market performance and client flows matter. The company also stated that its management team remains highly aligned with shareholders and clients and the long-term development of the business.
The fee base effect is visible in the company’s 1H26 earnings resilience, where an average fee realisation rate of 48.6 basis points and a 76% operating margin supported profit even as USD 15.1 billion of net outflows pulled closing FUM lower.
Year-to-date picture and what’s next
The table below covers the nine months to 30 September 2026, in US$ billions.
| Strategy | Beginning FUM (31 Dec 2025) | Net flows | Investment performance | Ending FUM (30 Sep 2026) |
|---|---|---|---|---|
| International | 71.4 | (7.3) | 4.8 | 69.0 |
| Emerging | 40.8 | (9.8) | 3.2 | 34.2 |
| Global | 36.8 | (5.2) | 2.5 | 34.2 |
| US | 14.9 | (4.0) | 1.1 | 11.9 |
| Total | 163.9 | (26.2) | 11.6 | 149.2 |
FUM is down from US$163.9 billion at 31 December 2025, with investment performance of US$11.6 billion partly offsetting net outflows of US$26.2 billion over the period.
The company listed the following upcoming FUM announcement dates, which are subject to change:
- 11 November 2026
- 10 December 2026
- 13 January 2027
The next update, due 11 November 2026, will provide the next data point on flows.
The announcement was authorised for release to the ASX by Frederick H. Sherley, Secretary of GQG Partners Inc.
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