GQG Partners’ funds under management fell to US$131.6 billion in October, with client outflows and negative investment performance both weighing heavily. Year-to-date net outflows have now reached US$32.9 billion, while the figures exclude its private capital business.
- Total FUM fell 11.8% to US$131.6 billion in October
- US$6.7 billion of net outflows and US$11.0 billion of negative investment performance
- Every reported strategy recorded net outflows and negative investment performance
- Year-to-date net outflows reached US$32.9 billion
- FUM figures are unaudited and exclude GQG Private Capital Solutions
October FUM falls by US$17.6 billion
GQG Partners Inc. (ASX:GQG) lost US$17.6 billion in funds under management during October, ending the month at US$131.6 billion compared with US$149.2 billion at 30 September. That represents a fall of roughly 11.8% in a single month, based on the company’s figures rounded to the nearest US$0.1 billion.
The decline had two distinct components: net outflows of US$6.7 billion and negative investment performance of US$11.0 billion. Both factors affected every reported strategy, with International recording the largest monthly investment performance decline at US$4.2 billion, followed by Global at US$3.0 billion and Emerging at US$2.8 billion.
Outflows remain the persistent pressure
Client withdrawals were spread across the portfolio. Emerging strategies recorded October net outflows of US$3.2 billion, International lost US$2.2 billion, Global US$0.9 billion and US strategies US$0.5 billion. GQG’s earlier July FUM update also showed outflows despite investment gains, but October’s result was compounded by a negative investment contribution.
On a year-to-date basis, net outflows have reached US$32.9 billion. Investment performance has added a modest US$0.6 billion overall, leaving FUM at US$131.6 billion versus US$163.9 billion at the end of 2025. International accounts for US$9.4 billion of the year’s outflows, Emerging US$13.0 billion, Global US$6.0 billion and US US$4.5 billion.
Strategy mix and reporting limits
International remains GQG’s largest reported strategy at US$62.6 billion, followed by Emerging at US$28.2 billion, Global at US$30.3 billion and US at US$10.4 billion. However, the monthly update does not include activity from GQG Private Capital Solutions, so the reported total is not a complete measure of every business line.
The figures are unaudited and may include estimates, while investment performance also incorporates foreign exchange translation, non-reinvested distributions and other factors. For shareholders, the next monthly data point will be important less for the one-month decline alone than for whether redemptions continue at the same pace and whether investment performance begins to offset them again.
Bottom Line?
The immediate question is whether October marks a particularly weak month or another step in a sustained erosion of the asset base; the December update should provide the next meaningful test.
Questions in the middle?
- Will monthly net outflows moderate after reaching US$32.9 billion year to date?
- Can investment performance recover after reducing October FUM by US$11.0 billion?
- How much additional scale sits outside the reported total through GQG Private Capital Solutions?