Australian Insurance & Div Fins Weekly: Insights Insured - Issue #52 (Birthday Edition)

研报英文原文证据摘录

Australian Insurance & Div Fins Weekly: Insights Insured - Issue #52 (Birthday Edition)

Global Research

12 July 2026ab

Australian Insurance & Div Fins Weekly Equities

AustraliaInsights Insured - Issue #52 (Birthday Edition)

Diversified Financial

Kieren Chidgey

Focus item: GQG - "When the party's on, you've got to dance..." Analyst

In May (Issue #42) we noticed GQG tip-toeing back into Tech via some beaten up SaaS kieren.chidgey@ubs.com

names. Despite its bearish tilt on AI stocks ("Dotcom on Steroids: Part V"), we observe a +61-2-9324 2820

surprising pivot in its Tech exposure in recent weeks. The US Equity ETF sees a rapid Shreyas Patel, FIAA

reintroduction of mega-cap tech. While still underweight, total IT exposure now sits Analyst

~19.5% vs nil ~3 months ago. Notable new exposures include Nvidia ~4.9%, Alphabet shreyas-k.patel@ubs.com

~4.5%, Apple ~4.1%, Amazon, Microsoft, and Meta. The positions appear funded by a +61-2-9324 2821

reduction in Energy (now skewed to Exxon its single largest exposure), Utilities, and Fraser Noye

Communication Services. The pivot is unusually disconnected from the bearish rhetoric, Analyst

though we note an interesting comment made in late Jun-26 - "When the party's on, fraser.noye@ubs.com

you've got to dance. Our view is you better stay close to the door or leave early". +61-2-9324 3353

Underperformance may have reached a point where it is less tolerable going forward, Zoey Chen

warranting a more moderate level of defensive positioning. Nevertheless, the flow story Associate Analyst

appears to be deteriorating with Jun-26 looking like the weakest month this year, and zoey.chen@ubs.com

July off to an even weaker start. +61-2-9324 3496

Figure 1: GQG - trackable flows by month Figure 2: GQG US Equity ETF - change in sector exposure^

h