GQG Partners, which invested nearly $1.87 billion in four Adani group shares on Thursday morning, has seen those investments delivering 27.48 per cent return in a matter of three days. In total, the value of Rs 15,446 crore worth shares that the Rajiv Jain-led investment firm bought via block deals has jumped to Rs 19,691 crore, suggesting Rs 4,245 crore in notion gains.
GQG Partners had bought 38,701,168 Adani Enterprises Ltd shares on Thursday for Rs 5,460 crore. At Monday's high of Rs 2,135, those shares were valued at Rs 8,263 crore, suggesting a notional gain of Rs 2,803 crore. The scrip later traded at Rs 2,088.10 a piece, up 11.11 per cent.
GQG Partners purchased 88,600,000 Adani Ports Ltd shares at Rs 596.20 apiece for Rs 5,282 crore. At day's high of Rs 722.80, those Adani Ports shares were valued at Rs 6,404 crore. This stock was later up 3.16 per cent at Rs 706.
In Adani Transmission, it bought 28,400,000 shares at Rs 668.40, totalling Rs 1,898 crore. Those shares were valued at Rs 2,218 crore at Monday’s high of Rs 780.90. The stock was locked at its 5 per cent upper circuit limit.
GQG Partners also bought 55,600,000 shares of Adani Green Energy at Rs 504.60, valuing Rs 2,806 crore. At day's high of Rs 590.10, the shares were valued at Rs 3,281 crore. This stock was also locked at its 5 per cent upper circuit limit.
The US-based GQG is an emerging markets investor, with an asset under management of $92 billion, as on January 31, 2023. Its's chairman and chief investment officer Jain was born and raised in India. He went to the US in 1990 to pursue his MBA at the University of Miami. Jain later joined Vontobel in 1994, rising through the ranks to become the Swiss firm’s CIO in 2002.
"By the time he left the firm to start GQG in March 2016, Vontobel’s emerging market fund returned a total of 70% in 10 years, more than double the MSCI Emerging Markets Index," reported Bloomberg recently.
In the same report, Jain's investment strategy was termed as 'anti-Cathie Wood' for not investing in any companies with futuristic value like the CEO of Ark Invest and instead investing in industries such as oil, tobacco, banking.
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