Rajiv Jain is known for simplifying his bets precisely when markets turn turbulent. In Q1 2026, GQG Partners proved that instinct once again — compressing $46.6B in AUM into just 20 holdings. The direction was unambiguous: sell technology, buy what's in the ground.
Top 5 Holdings — As of Q1 2026
- PM: $8.3B (13.1%)
- ENB: $4.1B (6.5%)
- CB: $4.0B (6.4%)
- PBR: $3.6B (5.7%)
- T: $2.4B (3.7%)
Key Trading Activity This Quarter
PM retained its commanding position at the top of the portfolio with an $8.3B allocation (13.1% weight). ENB, CB, and PBR each followed at roughly $4.0B, while large-cap U.S. telecom names T and VZ also held prominent spots. Notably, CVX saw its weight surge 631%, vaulting the position into a major portfolio holding. PBR was added to by 28%, reaffirming conviction in Brazilian state-owned energy assets.
- Five new energy positions initiated simultaneously — OXY, SU, CNQ, DVN, and CVE added in a combined ~$4.3B concentrated buy
- CVX weight expanded 631% — elevated from a minor holding to a ~$2.1B core position, signaling high conviction in energy
- IT services & consumer staples fully liquidated — CTSH, INFY, ACN, and CL exited entirely, reducing growth equity exposure to near zero
New purchases were concentrated squarely in energy. OXY ($1.2B), SU ($1.1B), CNQ ($850M), DVN ($810M), and CVE ($710M) were all initiated in a single quarter, sweeping in both Canadian and U.S. oil producers at once. Meanwhile, CTSH, CL, INFY, ACN, and GGAL were fully liquidated. This represents a structural rotation — exiting IT services and consumer staples entirely and redeploying capital into hard energy assets.
Outlook: Positioning Real Assets as a Hedge Against Inflation & Geopolitical Risk
GQG's portfolio overhaul reads less like a routine sector rotation and more like a deliberate macro positioning call. A 20-stock portfolio built around energy, telecom, insurance, and infrastructure is engineered to defend cash flows in an environment of sticky interest rates, geopolitical instability, and a weakening dollar. The extreme concentration amplifies single-stock risk, but this is precisely Rajiv Jain's signature style — high conviction, high concentration — and it appears to be fully engaged once again.
