Fund managers keep the faith in ‘oversold’ GQG despite Adani blowback
Rajiv Jain has become the 'stockpicker's stockpicker' on the ASX. And his supporters are keeping the faith, despite a big setback for a key portflolio holding.
The market may have turned against GQG Partners in the wake of US government bribery charges against its key portfolio holding, Indian conglomerate Adani.
But Australian institutional supporters of the Florida-based, ASX-listed fund manager remain unwavering in their faith in the company and its star stockpicker founder Rajiv Jain, declaring the sell-off in the stock overblown.
Jain, whose investment prowess has arguably made him the premier stockpicker’s stockpicker on the ASX, suffered a rare setback last month after billionaire Gautum Adani was charged over an alleged USD265 million bribery conspiracy.
With a reported 20% investment exposure to Adani’s eponymous companies GQG shares plunged on the news but the belief of some of its most prominent shareholders hasn’t wavered.
