CIK: 0001697233
Total reported value
$63.1B
Reporting period: 2026-03-31 · Number of holdings: 86
GQG Partners LLC disclosed 86 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $63.1B and a quarterly turnover rate of 33.0%.
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GQG Partners LLC's disclosed holdings carry a Herfindahl concentration index of 0.044 — mathematically equivalent to about 23 equally-sized positions, well below its 86 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.60), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add PBR
+27.5% $2.0B
Add CVX
+631.0% $1.9B
Trim HDB
-35.6% -$1.1B
Trim PM
-9.1% -$552.9M
Trim PGR
-12.4% -$564.0M
Trim VALE
-74.6% -$585.0M
GQG Partners executed a decisive capital rotation this quarter, doubling down on PBR and CVX while initiating fresh positions in OXY, SU, CNQ, DVN, and CVE, offset by a trim to HDB. The desk is hunting sector-alpha through a disciplined sweep of traditional energy and consumer staples, leveraging position-sizing rules to capture value reversion.
The flows embed a straight bet on persistent commodity inflation and capital cycle underinvestment, positioning against the recent momentum leadership in technology and AI infrastructure. The opposing thesis argues that sustained higher-for-longer rates will compress multiples across cyclicals, forcing this rotation into a liquidity trap as growth yields continue to rerate higher.
With an HHI near 0.04 and eighty-one holdings, the portfolio masks extreme concentration within its core energy sleeve. High turnover in a range-bound commodity market bleeds alpha through rebalancing drag and spread costs. When pricing action stalls, the lack of idea convergence means position-level variance dilutes conviction trades before they can compound.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Showing top 81 holdings (of 86 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PM | Philip Morris International | Stock-Consumer Staples | 13.13% | -1.43% | -9.06% | |
| 2 | ENB | Enbridge INC | Stock-Energy | 6.55% | +0.21% | -4.89% | |
| 3 | CB | Chubb Limited | Stock-Financials | 6.42% | — | -0.50% | |
| 4 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 5.70% | +3.05% | +27.53% | |
| 5 | T | At&t INC | Stock-Comm Services | 3.74% | +0.22% | -5.41% | |
| 6 | VZ | Verizon Communications INC | Stock-Comm Services | 3.64% | +0.70% | +4.21% | |
| 7 | CVX | Chevron CORP | Stock-Energy | 3.37% | +3.02% | +631.03% | |
| 8 | IBN | Icici Bank Ltd-spon Adr | Stock-Financials | 3.18% | -0.48% | +3.66% | |
| 9 | AEP | American Electric Power | Stock-Utilities | 3.12% | — | -11.10% | |
| 10 | PGR | Progressive CORP | Stock-Financials | 2.87% | -1.04% | -12.40% | |
| 11 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.83% | +0.20% | -5.61% | |
| 12 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 2.57% | — | -1.35% | |
| 13 | KO | Coca-cola Co/the | Stock-Consumer Staples | 2.55% | -0.47% | -19.55% | |
| 14 | CI | THE Cigna Group | Stock-Healthcare | 2.54% | -0.98% | -22.68% | |
| 15 | MO | Altria Group INC | Stock-Consumer Staples | 2.49% | +0.11% | -4.88% | |
| 16 | ALL | Allstate CORP | Stock-Financials | 1.89% | +0.01% | +4.97% | |
| 17 | OXY | Occidental Petroleum CORP | Stock-Energy | 1.89% | +1.89% | NEW | |
| 18 | SU | Suncor Energy INC | Stock-Energy | 1.80% | +1.80% | NEW | |
| 19 | XOM | Exxon Mobil CORP | Stock-Energy | 1.79% | +0.06% | -23.55% | |
| 20 | EXC | Exelon CORP | Stock-Utilities | 1.73% | — | -10.81% | |
| 21 | TRP | Tc Energy CORP | Stock-Energy | 1.68% | +0.21% | +4.90% | |
| 22 | DUK | Duke Energy CORP | Stock-Utilities | 1.62% | -0.22% | -18.24% | |
| 23 | KR | Kroger Co | Stock-Consumer Staples | 1.46% | +0.08% | -4.93% | |
| 24 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.44% | -0.21% | -5.06% | |
| 25 | XEL | Xcel Energy INC | Stock-Utilities | 1.41% | — | -9.25% | |
| 26 | AWK | American Water Works Co INC | Stock-Utilities | 1.39% | — | -0.96% | |
| 27 | NEE | Nextera Energy INC | Stock-Utilities | 1.36% | +0.06% | -6.14% | |
| 28 | CNQ | Canadian Natural Resources | Stock-Energy | 1.35% | +1.35% | NEW | |
| 29 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 1.34% | -1.85% | -35.62% | |
| 30 | DVN | Devon Energy CORP | Stock-Energy | 1.29% | +1.29% | NEW | |
| 31 | AIG | American International Group | Stock-Financials | 1.26% | -0.92% | -31.66% | |
| 32 | CME | Cme Group INC | Stock-Financials | 1.23% | -0.66% | -37.61% | |
| 33 | CVE | Cenovus Energy INC | Stock-Energy | 1.12% | +1.12% | NEW | |
| 34 | ITUB | Itau Unibanco H-spon Prf Adr | Stock-Financials | 1.08% | — | -15.79% | |
| 35 | ABEV | Ambev Sa-adr | Stock-Consumer Staples | 0.87% | +0.17% | +8.13% | |
| 36 | UL | Unilever Plc-sponsored Adr | Stock-Consumer Staples | 0.85% | -0.12% | +4.24% | |
| 37 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.59% | -0.13% | -22.51% | |
| 38 | EMBJ | Embraer Sa-spon Adr | Stock-Industrials | 0.57% | -0.28% | -24.12% | |
| 39 | CMS | Cms Energy CORP | Stock-Utilities | 0.54% | — | -2.38% | |
| 40 | FNV | Franco-nevada CORP | Stock-Materials | 0.46% | -0.14% | -33.17% | |
| 41 | VALE | Vale Sa-sp Adr | Stock-Materials | 0.42% | -0.98% | -74.55% | |
| 42 | BP | Bp Plc-spons Adr | Stock-Energy | 0.41% | +0.41% | NEW | |
| 43 | CINF | Cincinnati Financial CORP | Stock-Financials | 0.38% | -0.08% | -10.29% | |
| 44 | CNP | Centerpoint Energy INC | Stock-Utilities | 0.32% | — | -16.55% | |
| 45 | PEP | Pepsico INC | Stock-Consumer Staples | 0.26% | +0.26% | NEW | |
| 46 | ATO | Atmos Energy CORP | Stock-Utilities | 0.26% | +0.07% | +26.10% | |
| 47 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 0.25% | — | -2.81% | |
| 48 | RNR | RenaissanceRe Holdings Ltd. | Stock-Financials | 0.24% | +0.06% | +29.85% | |
| 49 | ORI | Old Republic Intl CORP | Stock-Financials | 0.22% | — | +3.37% | |
| 50 | ASR | Grupo Aeroportuario Sur-adr | Stock-Other | 0.20% | +0.18% | +1016.69% |
Performance for Q3 2026
-0.2%
Performance Last 4 Quarters
+9.2%
Based on 65% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 86 | $63.1B | 33 | |
| 2025-12-31 | 90 | $60.7B | 31 | |
| 2025-09-30 | 95 | $65.1B | 48 | |
| 2025-06-30 | 95 | $70.3B | 0 | |
| 2025-03-31 | 88 | $62.8B | 100 | |
| 2024-12-31 | 94 | $67.4B | 0 | |
| 2024-09-30 | 80 | $63.8B | 0 | |
| 2024-06-30 | 82 | $66.0B | 0 | |
| 2024-03-31 | 87 | $62.2B | 0 | |
| 2023-12-31 | 76 | $47.2B | 0 | |
| 2023-09-30 | 76 | $43.2B | 0 | |
| 2023-06-30 | 70 | $43.5B | 0 | |
| 2023-03-31 | 78 | $38.2B | 0 | |
| 2022-12-31 | 88 | $37.0B | 0 | |
| 2022-09-30 | 83 | $34.6B | 0 | |
| 2022-06-30 | 74 | $40.7B | 0 | |
| 2022-03-31 | 72 | $43.1B | 0 | |
| 2021-12-31 | 77 | $40.3B | 0 | |
| 2021-09-30 | 84 | $36.5B | 0 | |
| 2021-06-30 | 81 | $34.0B | 100 | |
| 2021-03-31 | 67 | $27.4B | 63 | |
| 2020-12-31 | 59 | $29.2B | 64 | |
| 2020-09-30 | 68 | $29.2B | 41 | |
| 2020-06-30 | 63 | $22.8B | 66 | |
| 2020-03-31 | 58 | $14.5B | 60 | |
| 2019-12-31 | 57 | $14.5B | 76 | |
| 2019-09-30 | 43 | $9.8B | 39 | |
| 2019-06-30 | 44 | $9.3B | 38 | |
| 2019-03-31 | 40 | $8.1B | 41 | |
| 2018-12-31 | 49 | $6.5B | 66 | |
| 2018-09-30 | 48 | $6.1B | 67 | |
| 2018-06-30 | 44 | $4.2B | 67 | |
| 2018-03-31 | 51 | $3.9B | 52 | |
| 2017-12-31 | 53 | $3.2B | 33 | |
| 2017-09-30 | 56 | $2.8B | 77 | |
| 2017-06-30 | 50 | $1.4B | 100 | |
| 2017-03-31 | 46 | $444.6M | 100 | |
| 2016-12-31 | 43 | $143.9M | — |
GQG Partners LLC's most significant position changes for 2026-03-31: New buy: Occidental Petroleum CORP (OXY); New buy: Suncor Energy INC (SU); New buy: Canadian Natural Resources (CNQ); New buy: Devon Energy CORP (DVN); New buy: Cenovus Energy INC (CVE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PBR | Petroleo Brasileiro-spon Adr | +3.1% | +27.53% | Add |
| 2 | CVX | Chevron CORP | +3% | +631.03% | Add |
| 3 | VZ | Verizon Communications INC | +0.7% | +4.21% | Add |
| 4 | T | At&t INC | +0.2% | -5.41% | Trim |
| 5 | ENB | Enbridge INC | +0.2% | -4.89% | Trim |
| 6 | TRP | Tc Energy CORP | +0.2% | +4.90% | Add |
| 7 | JNJ | Johnson & Johnson | +0.2% | -5.61% | Trim |
| 8 | ASR | Grupo Aeroportuario Sur-adr | +0.2% | +1016.69% | Add |
| 9 | ABEV | Ambev Sa-adr | +0.2% | +8.13% | Add |
| 10 | MO | Altria Group INC | +0.1% | -4.88% | Trim |
| 11 | KR | Kroger Co | +0.1% | -4.93% | Trim |
| 12 | ATO | Atmos Energy CORP | +0.1% | +26.10% | Add |
| 13 | XOM | Exxon Mobil CORP | +0.1% | -23.55% | Trim |
| 14 | NEE | Nextera Energy INC | +0.1% | -6.14% | Trim |
| 15 | RNR | RenaissanceRe Holdings Ltd. | +0.1% | +29.85% | Add |
| 16 | ALL | Allstate CORP | 0% | +4.97% | Add |
| 17 | CB | Chubb Limited | — | -0.50% | Trim |
| 18 | CINF | Cincinnati Financial CORP | -0.1% | -10.29% | Trim |
| 19 | UL | Unilever Plc-sponsored Adr | -0.1% | +4.24% | Add |
| 20 | NVS | Novartis Ag-sponsored Adr | -0.1% | -22.51% | Trim |
| 21 | FNV | Franco-nevada CORP | -0.1% | -33.17% | Trim |
| 22 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -5.06% | Trim |
| 23 | DUK | Duke Energy CORP | -0.2% | -18.24% | Trim |
| 24 | BUD | Anheuser-busch Inbev-spn Adr | -0.3% | -99.71% | Trim |
| 25 | PPL | Ppl CORP | -0.3% | -92.54% | Trim |
| 26 | EMBJ | Embraer Sa-spon Adr | -0.3% | -24.12% | Trim |
| 27 | BAP | Credicorp Ltd. | -0.4% | -92.31% | Trim |
| 28 | KO | Coca-cola Co/the | -0.5% | -19.55% | Trim |
| 29 | IBN | Icici Bank Ltd-spon Adr | -0.5% | +3.66% | Add |
| 30 | CME | Cme Group INC | -0.7% | -37.61% | Trim |
| 31 | PG | Procter & Gamble Co/the | -0.7% | -97.01% | Trim |
| 32 | TSM | Taiwan Semiconductor-sp Adr | -0.8% | -90.35% | Trim |
| 33 | AIG | American International Group | -0.9% | -31.66% | Trim |
| 34 | VALE | Vale Sa-sp Adr | -1% | -74.55% | Trim |
| 35 | CI | THE Cigna Group | -1% | -22.68% | Trim |
| 36 | PGR | Progressive CORP | -1% | -12.40% | Trim |
| 37 | PM | Philip Morris International | -1.4% | -9.06% | Trim |
| 38 | HDB | Hdfc Bank Ltd-adr | -1.9% | -35.62% | Trim |
| 39 | OXY | Occidental Petroleum CORP | — | NEW | New buy |
| 40 | SU | Suncor Energy INC | — | NEW | New buy |
| 41 | CNQ | Canadian Natural Resources | — | NEW | New buy |
| 42 | DVN | Devon Energy CORP | — | NEW | New buy |
| 43 | CVE | Cenovus Energy INC | — | NEW | New buy |
| 44 | CTSH | Cognizant Tech Solutions-a | — | EXIT | Sold out |
| 45 | CL | Colgate-palmolive Co | — | EXIT | Sold out |
| 46 | INFY | Infosys Ltd-sp Adr | — | EXIT | Sold out |
| 47 | BP | Bp Plc-spons Adr | — | NEW | New buy |
| 48 | ACN | Accenture plc | — | EXIT | Sold out |
| 49 | GGAL | Grupo Financiero Galicia-adr | — | EXIT | Sold out |
| 50 | PEP | Pepsico INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-16 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-19 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-15 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2018-03-19 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-09-28 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-09-26 | Amendment | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
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