GQG Partners Reports Resilient 2025 Results

Asset manager highlights diversified strategy set despite some flagship funds lagging benchmarks

Published on Feb. 12, 2026

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GQG Partners (ASX:GQG) executives emphasized the firm's resilient business model and diversified strategy set during the company's 2025 full-year earnings call, even as some flagship strategies trailed broader equity benchmarks in a market environment dominated by cyclical and AI-related leadership.

Why it matters

GQG Partners is a prominent global asset manager, and its performance and outlook provide insights into broader industry trends and investor sentiment. The company's ability to navigate challenging market conditions and maintain strong financial results is closely watched by analysts and the investment community.

The details

CEO Tim Carver said the firm ended 2025 with about $164 billion in funds under management (FUM), up just over 7% from the prior year. Chairman and CIO Rajiv Jain described 2025 as a 'fascinating year' in markets and geopolitics, noting a shift toward cyclicals and AI-driven themes that GQG had reduced exposure to in late 2024 and early 2025. Jain said the firm is now meaningfully overweight consumer staples, utilities, and healthcare, and underweight technology. CFO Charles Falck reported 2025 net revenues of $808.3 million, up from over $760 million in the prior year, with net income of $463.3 million (up 7.3%).

  • GQG Partners ended 2025 with about $164 billion in funds under management.
  • Based on internal unaudited figures through the close of U.S. markets the prior day, FUM was around $172 billion, near the record level reached in June 2025.

The players

Tim Carver

CEO of GQG Partners.

Rajiv Jain

Chairman and Chief Investment Officer of GQG Partners.

Charles Falck

Chief Financial Officer of GQG Partners.

Steve Ford

Global Head of Distribution at GQG Partners.

GQG Partners

A boutique asset management company that manages equity portfolios for investors worldwide.

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What they’re saying

“2025 was a 'fascinating year' in markets and geopolitics and the past two years saw a clear shift toward cyclicals and AI-driven themes.”

— Rajiv Jain, Chairman and Chief Investment Officer (themarketsdaily.com)

“The 'underpinnings' of the AI theme had worsened and there are late-cycle behavior and vulnerabilities, including what he described as double and triple ordering in memory markets.”

— Rajiv Jain, Chairman and Chief Investment Officer (themarketsdaily.com)

“We have long told clients and consultants not to expect GQG to 'participate in runaway markets,' and that the objective is to outperform over a full market cycle with lower volatility and better downside protection.”

— Tim Carver, CEO (themarketsdaily.com)

The takeaway

GQG Partners' resilient performance and diversified strategy set during a challenging market environment demonstrate the firm's ability to navigate volatility and deliver consistent results for its clients over the long term, even if it means underperforming in certain 'runaway' market conditions.