GQG share price slips despite FUM boost

A woman sits at her computer with her hands clutched her the bottom of her face as though she may be biting her fingermails with a worried expression in her eyes and frown lines visible.A woman sits at her computer with her hands clutched her the bottom of her face as though she may be biting her fingermails with a worried expression in her eyes and frown lines visible.

The GQG Partners Inc (ASX: GQG) share price is backtracking today following the company’s funds under management (FUM) update.

At the time of writing, the global asset management firm’s shares are swapping hands at $1.63, down 0.91%.

For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red, trading at 7,149.1 points, down 0.79%.

GQG delivers FUM update

The GQG share price is edging lower as investors digest the company’s latest FUM report.

In its release, GQG reported that total FUM lifted by US$4.2 billion between 30 April and 31 May.

The biggest rise came from the international equity portfolio which improved by US1.8 billion to US$33.7 billion.

In addition, emerging markets equity jumped by US$1 billion to US$24.7 billion, and global equity swelled by US$0.8 billion to US$29.7 billion.

Lastly, the United States equity division grew by US$0.6 billion to US$6.5 billion.

Across the board, total FUM stood at US$94.6 billion at the end of May.

This is in sharp contrast to when GQG reported a fall of FUM to US$90.4 in the prior month.

GQG share price snapshot

The GQG share price has fallen 26% over the past 12 months. When looking at the year to date, it’s down roughly 7%.

It’s worth noting that the company’s shares reached a 52-week low of $1.123 in early March. This came off the back of GQG’s February FUM update which disappointed investors.

However, GQG shares have since bounced back and are up 12% over the past month.

GQG has a price-to-earnings (P/E) ratio of 11.47 and commands a market capitalisation of around $4.86 billion.

The post GQG share price slips despite FUM boost appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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