It’s been a fairly pleasant day for the ASX share market and the All Ordinaries Index (ASX: XAO) so far this Thursday. At present, the All Ords is up 0.24% to just over 8,000 points. But let’s talk about one ASX All Ords stock that had some big news to tell investors this morning.
GQG Partners Inc (ASX: GQG) is a US-based asset management company that has made quite a splash since its 2021 stock market debut. GQG shares have risen by almost 70% since November alone, but are still offering a trailing dividend yield of over 6% at current prices, as my Fool colleague documented last month.
Today, this ASX All Ords stock has had a wonderful time on the markets. The GQG share price is currently up a decent 1.83% at $2.22, but rose as high as $2.33 at market open this morning. That was a gain worth 6.88% at the time.
Today’s moves follow some big ASX news this All Ords stock shared with investors this morning before market open.
Why did this ASX All Ords stock jump 7% this morning?
That big ASX news was the latest funds under management (FUM) update for GQG Partners. And it was an impressive document to go through.
GQG revealed that its FUM grew by $10.5 billion over just the month of January 2024. Yep, GQG reported a total FUM of US$127 billion as of 31 January. But as of 29 February, the company had US$137.5 billion under its belt.
That’s a growth rate of 8.27% for just one month alone. This figure includes both net inflows and gains from the markets themselves.
The All Ords stock also stated that over the first two months of 2024, the company enjoyed net inflows of US$3 billion.
Every one of GQG’s divisions â International Equity, Global Equity, Emerging Markets Equity and U.S. Equity â grew by at least US$2 billion over the month.
However, it was GQG’s largest division in International Equity that had the highest inflows at US$3.7 billion.
It seems ASX All Ords investors loved what GQG had to say today. Let’s see what the company reports in its next monthly FUM update.
The post Up 7%: This All Ords stock reported some big ASX news today appeared first on The Motley Fool Australia.
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More reading
- Cash kings: 2 top ASX dividend shares that pay quarterly
- With a P/E ratio of 15, is this ASX All Ords share price too low to ignore?
- Seeking retirement income from ASX bank shares at 52-week highs? What I’d buy instead
- This ASX All Ords stock is predicted to pay a 9% dividend yield in 2025!
- Up 21% in a month: Can GQG shares climb even higher?
Motley Fool contributor Sebastian Bowen 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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