GQG Partners Global Equity aims to seek long-term capital appreciation by investing directly or indirectly in equity securities and equity-linked securities anywhere in the world that GQG Partners believes can sustain long-term earnings growth and are available at a reasonable price. The objective of the Fund is to provide a rate of return (after fees and expenses and before taxes) which exceeds the return of the MSCI ACWI ex Tobacco (AUD).
The Fund returned 5.41% versus the MSCI ACWI ex Tobacco (Net) 4.01% over the 402022 period.
What is GQG Partners Global Equity GQG Partners Global Equity is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Large Growth Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The GQG Partners Global Equity has Assets Under Management of 531.38 M with a management fee of 0.75%, a performance fee of 0.00% and a buy/sell spread fee of 0.4%.
How has the investment product performed recently? The recent investment performance of the investment product shows that the GQG Partners Global Equity has returned 2.03% in the last month. The previous three years have returned 15.17% annualised and 10.15% each year since inception, which is when the GQG Partners Global Equity first started.
How is risk measured in this investment product? There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since GQG Partners Global Equity first started, the Sharpe ratio is 1.23 with an annualised volatility of 10.15%. The maximum drawdown of the investment product in the last 12 months is -2.83% and -8.28% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product? Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The GQG Partners Global Equity has a 12-month excess return when compared to the Foreign Equity - Large Growth Index of -3.44% and 2.38% since inception.
Does the investment product produce Alpha over its Peers? Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. GQG Partners Global Equity has produced Alpha over the Foreign Equity - Large Growth Index of 0.94% in the last 12 months and 0.56% since inception.
What are similar investment products? For a full list of investment products in the Foreign Equity - Large Growth Index category, you can click here for the Peer Investment Report.
What level of diversification will GQG Partners Global Equity provide? GQG Partners Global Equity has a correlation coefficient of 0.68 and a beta of 0.23 when compared to the Foreign Equity - Large Growth Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers? For a full quantitative report on GQG Partners Global Equity and its peer investments, you can click here for the Peer Investment Report.
How do I compare the GQG Partners Global Equity with the Developed -World Index? For a full quantitative report on GQG Partners Global Equity compared to the Developed -World Index, you can click here.
Can I sort and compare the GQG Partners Global Equity to do my own analysis? To sort and compare the GQG Partners Global Equity financial metrics, please refer to the table above.
Has the GQG Partners Global Equity been independently verified by SMSF Mate? This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
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Comments from SMSF Mates SMSF Mate does not receive commissions or kickbacks from the GQG Partners Global Equity. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - September 30, 2022 The Fund returned % ve -3.15 MSCI ACW rsus the I ex Tobacco -0.31 (Net) % over the 3Q2022 period.
Performance Commentary - June 30, 2022 The Fund returned % ve -7.71 MSCI ACW rsus the I Index (Net) -15.66% over the period 2Q2022.
Performance Commentary - December 31, 2020 Cyclical. That’s probably the right word to describe not only knowledge, but the fourth quarter of 2020 specifically and 2020 more generally. And much like human behavior, this year’s market certainly had its cycles. In fact, 2020 felt like a complete market cycle compressed into 12 months. The year started with a strong rally that was suddenly followed by one of the fastest and most significant market declines in history as the Covid-19 pandemic led to deteriorating economic data and lack of clarity on future earnings. Fast forward a few months and we saw a strong rebound, then broad-based strength for the rest of the year post-US election and on the back of better than expected vaccine news.
Adaptability and humility were crucial in navigating these cycles, as always. That means there were times we acted swiftly and aggressively in the midst of tremendous uncertainty, and other times when we felt we needed to be patient and wait for new data points before making additional changes to our portfolios. It’s what we call driving based on the road conditions. Having said that, our strong commitment to striving to protect our investors’ assets during these inflection points often means we underperform our benchmarks on a relative basis during the early stages of a rebound.
Generally speaking, if deep cyclicals rise, which they typically do in early stages of an upturn, we expect to underperform on a relative basis. During the fourth quarter, and this was most pronounced in November, we saw the areas of the market that were most negatively impacted by the pandemic suddenly jump in price on the news of strong data on the efficacy of the vaccines as well as US elections results. Maybe the most dramatic example of this was Carnival Cruise Lines (CCL), which jumped nearly 40 per cent on Monday, November 9, 2020. As you can imagine, our exposure to this part of the market — perhaps the most negatively impacted by the pandemic — was nil, because we feel we have very little visibility on the earnings potential of these companies over the next three to five years. Many energy companies would fit in this speculative bucket as well. In November, two of the top five best-performing asset classes were Brent Crude and WTI.
Looking at the patterns of the market, what actually surprised us during this period was that several of the most expensive companies, whether on a price-to-earnings basis or more egregiously on a price-to-sales basis, also appreciated (more on that in a moment). Quality growth at sensible prices — what we call motherhood and apple pie investing — underperformed and basically didn’t participate in the rally. As you’ll see below, we believe we are positioned for where we think markets are going, but always with downside protection front of mind. Our philosophy is that investing isn’t about being proven right or wrong; it’s about surviving. That could be the answer to why most managers don’t have a very long-term record.
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