Why is so much of the portfolio in a few names?

Concentration is the strategy, not an accident. GQG holds around a hundred positions but lets the top handful carry most of the weight, on the view that a manager's best ideas deserve size.

Does this portfolio change a lot?

Yes, and more than most long-only managers. A large share of the positions is added to, trimmed or exited in any given quarter, so a filing is a snapshot of a book that moves.

Is the whole firm visible here?

No. A 13F covers US-listed long equity only. GQG runs international strategies whose non-US listings never appear on that form, so what you see is the US slice of a larger business.

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Global equity manager

The GQG Partners portfolio

A concentrated book with high turnover, and one of the largest disclosed Petrobras positions of any US filer.

Size$53.8BPositions98Turnover97%Current weights, 12 m+16.8%

Create an account and we will tell you when this investor reports a trade.

The GQG Partners portfolio

Size$53.8B

Current weights, 12 m+16.8%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Philip Morris International Inc.PM15.3%since 2019$191.50+0.3%—$8.2B

Chubb LimitedCB7.9%since 2024$334.84−0.1%—$4.3B

15.3%

Philip Morris International Inc.PM · $191.50+0.3%

7.9%

Chubb LimitedCB · $334.84−0.1%

Petróleo Brasileiro S.A. - PetrobrasPBR5.8%since 2016$20.84−1.4%—$3.1B

Enbridge Inc.ENB5.0%since 2019$47.35−1.0%—$2.7B

Exxon Mobil CorporationXOM4.3%since 2018$162.05+0.5%—$2.3B

Altria Group, Inc.MO3.4%since 2021$68.90−0.1%—$1.8B

Cigna CorporationCI3.0%since 2022$265.50−1.0%—$1.6B

The Progressive CorporationPGR2.9%since 2020$202.17−0.5%—$1.5B

Verizon Communications Inc.VZ2.8%since 2021$47.32+1.7%—$1.5B

British American Tobacco p.l.c.BTI2.8%since 2017$56.02+0.3%—$1.5B

The Coca-Cola CompanyKO2.8%since 2018$88.10+0.0%—$1.5B

American Electric Power Company, Inc.AEP2.6%since 2018$117.57−0.7%—$1.4B

The Allstate CorporationALL2.3%since 2024$227.17+0.7%—$1.2B

AT&T Inc.T2.3%since 2018$25.46+0.7%—$1.2B

American Water Works Company, Inc.AWK2.2%since 2024$131.53−1.1%—$1.2B

TC Energy CorporationTRP2.1%—$59.65−0.9%—$1.1B

Exelon CorporationEXC1.7%—$40.20−1.2%—$923M

ICICI Bank LimitedIBN1.7%—$27.88−0.1%—$897M

Xcel Energy Inc.XEL1.7%—$69.56−1.6%—$892M

Duke Energy CorporationDUK1.5%—$113.23−0.8%—$823M

CVS Health Corp.CVS1.5%—$85.05−0.9%—$823M

The Travelers Companies, Inc.TRV1.5%—$362.39+0.6%—$789M

Chevron CorporationCVX1.3%—$205.58+0.0%—$716M

NextEra Energy, Inc.NEE1.2%—$75.62−1.8%—$651M

Atlassian CorporationTEAM1.1%—$192.61−1.3%—$596M

NVIDIA CorporationNVDA1.1%—$224.58−0.4%—$590M

Ambev S.A.ABEV1.1%—$2.91−0.7%—$581M

BP p.l.c.BP1.0%—$44.41−0.2%—$522M

Unilever PLCUL1.0%—$62.25+0.1%—$521M

The Hershey CompanyHSY0.9%—$166.88−0.9%—$485M

AbbVie Inc.ABBV0.9%—$265.07+0.0%—$484M

Dell Technologies Inc.DELL0.9%—$536.39−2.4%—$479M

Taiwan Semiconductor Manufacturing Company LimitedTSM0.8%—$451.15+1.0%—$414M

Cenovus Energy Inc.CVE0.8%—$31.28+0.6%—$412M

Devon Energy CorporationDVN0.8%—$48.90+1.8%—$403M

Itaú Unibanco Holding S.A.ITUB0.7%—$8.08−1.2%—$393M

Apple Inc.AAPL0.7%—$335.92−0.3%—$372M

CMS Energy CorporationCMS0.7%—$62.77−0.6%—$363M

Novartis AGNVS0.6%—$143.57+0.6%—$337M

Meta Platforms, Inc.META0.6%—$777.59+4.5%—$333M

Microsoft CorporationMSFT0.6%—$497.93−0.5%—$317M

Intuitive Surgical, Inc.ISRG0.6%—$399.52+0.3%—$310M

Infosys LimitedINFY0.5%—$10.50−2.3%—$283M

Cincinnati Financial CorporationCINF0.4%—$162.33−0.1%—$217M

Embraer S.A.EMBJ0.4%—$76.40+1.3%—$203M

Atmos Energy CorporationATO0.4%—$156.42+0.1%—$202M

State Street CorporationSTT0.4%—$181.09+0.6%—$188M

Bank of America CorporationBAC0.3%—$56.03+0.1%—$180M

CenterPoint Energy, Inc.CNP0.3%—$36.82−0.9%—$177M

McDonald's CorporationMCD0.3%—$237.02−0.6%—$163M

NetEase, Inc.NTES0.3%—$117.56+0.5%—$157M

Broadcom Inc.AVGO0.3%—$350.36−1.3%—$141M

Amazon.com, Inc.AMZN0.3%—$249.38+0.0%—$137M

Suncor Energy Inc.SU0.2%—$68.65+1.0%—$123M

Diamondback Energy, Inc.FANG0.2%—$189.01+1.8%—$103M

Anheuser-Busch InBev SA/NVBUD0.1%—$77.42+0.5%—$76M

Old Republic International CorporationORI0.1%—$37.94−0.8%—$72M

JD.com, Inc.JD0.1%—$26.75−1.5%—$59M

PepsiCo, Inc.PEP0.1%—$128.15−1.6%—$30M

Credicorp Ltd.BAP0.1%—$383.01−0.6%—$28M

Eni S.p.A.E0.1%—$55.04+0.4%—$28M

Alphabet Inc.GOOG0.0%—$339.01+1.2%—$23M

Canadian Natural Resources LimitedCNQ0.0%—$47.93+0.6%—$11M

International Business Machines CorporationIBM0.0%—$227.06−2.5%—$9M

AstraZeneca PLCAZN0.0%—$164.56+0.8%—$9M

National Grid plcNGG0.0%—$75.23−0.0%—$8M

Banco Bilbao Vizcaya Argentaria, S.A.BBVA0.0%—$28.47+1.4%—$8M

State Street SPDR S&P 500 ETFSPY0.0%————$11M

SAP SESAP0.0%—$209.11−0.7%—$7M

Valero Energy CorporationVLO0.0%—$382.86+1.9%—$7M

Merck & Co., Inc.MRK0.0%—$148.01−0.1%—$7M

Johnson & JohnsonJNJ0.0%—$270.68+0.6%—$6M

Bristol-Myers Squibb CompanyBMY0.0%—$61.50+0.6%—$6M

American International Group, Inc.AIG0.0%—$74.82−1.0%—$5M

PPL CorporationPPL0.0%—$31.97−0.9%—$5M

The Southern CompanySO0.0%—$82.89−0.7%—$5M

FactSet Research Systems Inc.FDS0.0%—$271.25−2.9%—$5M

The Procter & Gamble CompanyPG0.0%—$145.71−1.1%—$4M

SanofiSNY0.0%—$40.94−1.7%—$4M

HSBC Holdings plcHSBC0.0%—$100.17−0.1%—$4M

Banco Santander, S.A.SAN0.0%—$14.28+0.6%—$4M

Omnicom Group Inc.OMC0.0%—$74.70−1.1%—$3M

Pfizer Inc.PFE0.0%—$28.43+0.9%—$3M

SPDR Gold SharesGLD0.0%————$5M

Lloyds Banking Group plcLYG0.0%—$5.65+0.2%—$2M

The Kroger Co.KR0.0%—$58.92+2.2%—$2M

Workday, Inc.WDAY0.0%—$190.99−0.7%—$2M

ASML Holding N.V.ASML0.0%—$1722.50−1.3%—$1M

AppLovin CorporationAPP0.0%—$312.47−0.9%—$954098

Royal Bank of CanadaRY0.0%—$199.50+0.0%—$633121

Walmart Inc.WMT0.0%—$107.59−2.7%—$610882

Shell plcSHEL0.0%—$95.60+0.2%—$465342

AXIA Energia S.A.AXIAY0.0%—$10.59+0.8%—$321056

The Goldman Sachs Group, Inc.GS0.0%—$923.29−1.4%—$301174

Autodesk, Inc.ADSK0.0%—$211.35−2.7%—$229464

Visa Inc.V0.0%—$367.98+1.8%—$219154

iShares MSCI ACWI ETFACWI0.0%————$2M

iShares Russell 1000 ETFIWB0.0%————$1M

5.8%

Petróleo Brasileiro S.A. - PetrobrasPBR · $20.84−1.4%

5.0%

Enbridge Inc.ENB · $47.35−1.0%

4.3%

Exxon Mobil CorporationXOM · $162.05+0.5%

3.4%

Altria Group, Inc.MO · $68.90−0.1%

3.0%

Cigna CorporationCI · $265.50−1.0%

2.9%

The Progressive CorporationPGR · $202.17−0.5%

2.8%

Verizon Communications Inc.VZ · $47.32+1.7%

2.8%

British American Tobacco p.l.c.BTI · $56.02+0.3%

2.8%

The Coca-Cola CompanyKO · $88.10+0.0%

2.6%

American Electric Power Company, Inc.AEP · $117.57−0.7%

2.3%

The Allstate CorporationALL · $227.17+0.7%

2.3%

AT&T Inc.T · $25.46+0.7%

2.2%

American Water Works Company, Inc.AWK · $131.53−1.1%

2.1%

TC Energy CorporationTRP · $59.65−0.9%

1.7%

Exelon CorporationEXC · $40.20−1.2%

1.7%

ICICI Bank LimitedIBN · $27.88−0.1%

1.7%

Xcel Energy Inc.XEL · $69.56−1.6%

1.5%

Duke Energy CorporationDUK · $113.23−0.8%

1.5%

CVS Health Corp.CVS · $85.05−0.9%

1.5%

The Travelers Companies, Inc.TRV · $362.39+0.6%

1.3%

Chevron CorporationCVX · $205.58+0.0%

1.2%

NextEra Energy, Inc.NEE · $75.62−1.8%

1.1%

Atlassian CorporationTEAM · $192.61−1.3%

1.1%

NVIDIA CorporationNVDA · $224.58−0.4%

1.1%

Ambev S.A.ABEV · $2.91−0.7%

1.0%

BP p.l.c.BP · $44.41−0.2%

1.0%

Unilever PLCUL · $62.25+0.1%

0.9%

The Hershey CompanyHSY · $166.88−0.9%

0.9%

AbbVie Inc.ABBV · $265.07+0.0%

0.9%

Dell Technologies Inc.DELL · $536.39−2.4%

0.8%

Taiwan Semiconductor Manufacturing Company LimitedTSM · $451.15+1.0%

0.8%

Cenovus Energy Inc.CVE · $31.28+0.6%

0.8%

Devon Energy CorporationDVN · $48.90+1.8%

0.7%

Itaú Unibanco Holding S.A.ITUB · $8.08−1.2%

0.7%

Apple Inc.AAPL · $335.92−0.3%

0.7%

CMS Energy CorporationCMS · $62.77−0.6%

0.6%

Novartis AGNVS · $143.57+0.6%

0.6%

Meta Platforms, Inc.META · $777.59+4.5%

0.6%

Microsoft CorporationMSFT · $497.93−0.5%

0.6%

Intuitive Surgical, Inc.ISRG · $399.52+0.3%

0.5%

Infosys LimitedINFY · $10.50−2.3%

0.4%

Cincinnati Financial CorporationCINF · $162.33−0.1%

0.4%

Embraer S.A.EMBJ · $76.40+1.3%

0.4%

Atmos Energy CorporationATO · $156.42+0.1%

0.4%

State Street CorporationSTT · $181.09+0.6%

0.3%

Bank of America CorporationBAC · $56.03+0.1%

0.3%

CenterPoint Energy, Inc.CNP · $36.82−0.9%

0.3%

McDonald's CorporationMCD · $237.02−0.6%

0.3%

NetEase, Inc.NTES · $117.56+0.5%

0.3%

Broadcom Inc.AVGO · $350.36−1.3%

0.3%

Amazon.com, Inc.AMZN · $249.38+0.0%

0.2%

Suncor Energy Inc.SU · $68.65+1.0%

0.2%

Diamondback Energy, Inc.FANG · $189.01+1.8%

0.1%

Anheuser-Busch InBev SA/NVBUD · $77.42+0.5%

0.1%

Old Republic International CorporationORI · $37.94−0.8%

0.1%

JD.com, Inc.JD · $26.75−1.5%

0.1%

PepsiCo, Inc.PEP · $128.15−1.6%

0.1%

Credicorp Ltd.BAP · $383.01−0.6%

0.1%

Eni S.p.A.E · $55.04+0.4%

0.0%

Alphabet Inc.GOOG · $339.01+1.2%

0.0%

Canadian Natural Resources LimitedCNQ · $47.93+0.6%

0.0%

International Business Machines CorporationIBM · $227.06−2.5%

0.0%

AstraZeneca PLCAZN · $164.56+0.8%

0.0%

National Grid plcNGG · $75.23−0.0%

0.0%

Banco Bilbao Vizcaya Argentaria, S.A.BBVA · $28.47+1.4%

0.0%

State Street SPDR S&P 500 ETFSPY

0.0%

SAP SESAP · $209.11−0.7%

0.0%

Valero Energy CorporationVLO · $382.86+1.9%

0.0%

Merck & Co., Inc.MRK · $148.01−0.1%

0.0%

Johnson & JohnsonJNJ · $270.68+0.6%

0.0%

Bristol-Myers Squibb CompanyBMY · $61.50+0.6%

0.0%

American International Group, Inc.AIG · $74.82−1.0%

0.0%

PPL CorporationPPL · $31.97−0.9%

0.0%

The Southern CompanySO · $82.89−0.7%

0.0%

FactSet Research Systems Inc.FDS · $271.25−2.9%

0.0%

The Procter & Gamble CompanyPG · $145.71−1.1%

0.0%

SanofiSNY · $40.94−1.7%

0.0%

HSBC Holdings plcHSBC · $100.17−0.1%

0.0%

Banco Santander, S.A.SAN · $14.28+0.6%

0.0%

Omnicom Group Inc.OMC · $74.70−1.1%

0.0%

Pfizer Inc.PFE · $28.43+0.9%

0.0%

SPDR Gold SharesGLD

0.0%

Lloyds Banking Group plcLYG · $5.65+0.2%

0.0%

The Kroger Co.KR · $58.92+2.2%

0.0%

Workday, Inc.WDAY · $190.99−0.7%

0.0%

ASML Holding N.V.ASML · $1722.50−1.3%

0.0%

AppLovin CorporationAPP · $312.47−0.9%

0.0%

Royal Bank of CanadaRY · $199.50+0.0%

0.0%

Walmart Inc.WMT · $107.59−2.7%

0.0%

Shell plcSHEL · $95.60+0.2%

0.0%

AXIA Energia S.A.AXIAY · $10.59+0.8%

0.0%

The Goldman Sachs Group, Inc.GS · $923.29−1.4%

0.0%

Autodesk, Inc.ADSK · $211.35−2.7%

0.0%

Visa Inc.V · $367.98+1.8%

0.0%

iShares MSCI ACWI ETFACWI

0.0%

iShares Russell 1000 ETFIWB

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +16.8% above is the 12-month change these weights would have produced. It is not GQG Partners's return.

Why people follow this portfolio

GQG Partners was founded in 2016 and runs global and emerging-market equity strategies from Florida. These are the listed positions from its latest filing.

GQG was built by Rajiv Jain after twenty years running international equities at another firm. What defines it is concentration: a handful of names carry almost the whole portfolio, and the top position has at times been worth more than the entire bottom half combined. It is deliberate. The view is that a manager should hold its best ideas in size, rather than spread the risk until it disappears.

The second trait is turnover. GQG drops an idea the moment it stops believing in it, with unusual ease. Its quarter-to-quarter changes are enormous for a manager that only buys shares. A buy-and-hold investor is judged on patience. This firm is judged on how quickly it stops being wrong. Both approaches work, but they fail in different ways.

For a Latin American reader the interesting part is not the emerging markets label, but what sits behind it. GQG has held one of the largest disclosed positions in Petrobras among US managers, alongside energy and consumer companies a growth fund would normally avoid. It is a reminder that the region enters institutional portfolios as specific companies, not as a bloc.

Where this data comes from

Positions come from the 13F form the firm files with the SEC each quarter. It covers only long positions in US-listed stocks: the firm's holdings on other exchanges, and anything held outside the reporting entity, do not appear on that form.

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