Rajiv Jain led GQG partners' India portfolio value doubles

GQG Partners' India Portfolio value more than doubled in a little over a year. This was not just driven by Adani stocks but Rajiv Jain's winning bets on other Indian stocks too.

According to data compiled by Bloomberg, the value of India investments across six of GQG’s funds jumped to $9.9 billion compared with $4.4 billion a year earlier.

GQG Investment

The investor added stocks across infrastructure, consumer goods and energy sectors in the India equity market which topped the $4 trillion mark last week. GQG's Adani investment alone vaulted to $7 billion. Rajiv Jain bought shares worth $1.9 billion in March after the Hindenburg report and some more later.

Also Read: GQG Partners acquires over 5 crore shares of IDFC First Bank from CEO V Vaidyanathan

Over the past week, the Adani group's market value has increased by about $80 billion since GQG's investment in March. In an interview to Bloomberg in April, Rajiv Jain called the Adani stocks “one of the best infrastructure assets” in India.

Along with Adani stocks, GQG also bought JSW Energy Ltd., Patanjali Foods Ltd., Macrotech Developers Ltd., Max Healthcare Institute Ltd. and IDFC First Bank Ltd. for the first time between April and September this year. It added ITC Ltd. — the fund’s largest bet — and State Bank of India Ltd. among other stocks.

Many of the stocks surged over 50% this year, beating the 15% rise in the benchmark S&P BSE Sensex.

Meanwhile, GQG exited its holdings in Reliance Industries Ltd., Infosys Ltd., Cipla Ltd. and Bajaj Finserv Ltd. All of these have underperformed against the Sensex in 2023.

As per Bloomberg a total of nine GQG funds, that includes mutual funds, collective investments and managed funds, had investments worth $14.5 billion in India as of October end, or about 20% of their total assets under management. The six funds whose portfolio details are available have seen a surge by 125% since last year.