GQG Partners May-26 Update: Flows not as bad as we assumed, but performance trends remain tough

Research evidence excerpt

GQG Partners May-26 Update: Flows not as bad as we assumed, but performance trends remain tough

J P M O R G A N Asia Pacific Equity Research

10 June 2026

GQG Partners Neutral

GQG.AX, GQG AU

May-26 Update: Flows not as bad as we assumed, but Price (10 Jun 26):A$1.45

performance trends remain tough Price Target (Dec-26):A$1.70

GQG reported May-26 end FUM of $163.3bn, down 2.2% from Apr-26 FUM Insurance and Diversified Financials

ACof $166.9bn, driven by -$1.9bn from net outflows and -$1.7bn of negative Siddharth Parameswaran

investment performance. The May-26 net-outflow annualises to c.$22.8bn, or - (61-2) 9003-8629

13.7% of beginning FUM, which remains elevated but has meaningfully improved siddharth.x.parameswaran@jpmorgan.com

vs the flow trajectory of $11.9bn through May and also better than prior JPMF of J.P. Morgan Securities Australia Limited

$19.7bn for 1H26, while market performance in YTD 1HCY26 of $11.3bn is Rishi S Parihar

broadly in line with JPMF for 1H26 ($11.45bn), leaving reported FUM (91-22) 6157-3775

rishi.parihar@jpmchase.com

of $163.3bn ahead of the prior JPMF of $155.7bn. To reflect the better than J.P. Morgan India Private Limited

forecast flows trajectory, we have upgraded FY26E/FY27E/FY28E EPS

Tharan Jeyathasan

by 4.4%/9.0%/7.4%, primarily reflecting better-than-expected FUM and a more (61-2) 9003-6098

moderate near-term outflow trajectory. However, we remain Neutral with tharan.jeyathasan@jpmorgan.com

our Dec-26 PT unchanged at A$1.70, as we remain cautious on flows going J.P. Morgan Securities Australia Limited

forward as relative performance remains challenged, noting further

underperformance in May-26. We note key takeaways below.

Key Changes (FYE Dec)

• FUM, Flows and Performance: May FUM declined by $3.6bn, with flows Prev Cur Δ