GQG Partners LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 37 quarters, returned +1.9% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 48.6% of quarters (excess t = 0.51, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 102 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| PM | $8.2B | | TRIM −9% |
| CB | $4.3B | | HOLD |
| PBR | $3.1B | | ADD +11% |
| ENB | $2.7B | | TRIM −36% |
| XONA.DE | $2.3B | | ADD ×2.5 |
| MO | $1.8B | | ADD +5% |
| CI | $1.6B | | HOLD |
| PGR | $1.5B | | TRIM −23% |
| VZ | $1.5B | | TRIM −22% |
| BTI | $1.5B | | TRIM −11% |
| KO | $1.5B | | TRIM −13% |
| AEP | $1.4B | | TRIM −32% |
| ALL | $1.2B | | TRIM −9% |
| T | $1.2B | | TRIM −27% |
| AWK | $1.2B | | ADD +38% |
| TRP | $1.1B | | HOLD |
| EXC | $923M | | TRIM −11% |
| IBN | $897M | | TRIM −60% |
| XEL | $892M | | HOLD |
| DUK | $823M | | TRIM −17% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry is the first trading session after the actual SEC filing deadline plus a 2-day buffer. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.