Rajiv Jain, chairman and CIO of GQG Partners, has shifted his firm's strategy to an overweight position in technology and semiconductors. This marks a reversal from 2025, when the firm sold off shares in Nvidia, Alphabet, Amazon, and Microsoft.
The change in strategy follows a period of significant capital outflows. In the first half of 2026, GQG Partners saw $15,1 billion in outflows, causing total assets under management to decline from $172,4 billion to $156 billion.
Jain attributed the pivot to two primary factors: the compression of valuations and a revised outlook on compute demand. Notably, the earnings multiple for Nvidia dropped from approximately 35x in 2025 to 16-17x by mid-2026.
To fund the increased investment in the tech sector, the firm reduced its holdings in utilities and healthcare. Despite the shift, GQG Partners maintains an underweight position in technology within its emerging market funds due to index composition differences.
