GQG Partners LLC

FT. LAUDERDALE, FL · CIK 1697233 · 13F filing filed 2025-08-13

SEC-registered investment adviser since 2016 · limited liability company

Assets managed$163.9bn
Staff227 · 22 in investment roles
Main clients (by assets)Mutual funds and ETFs 53%, Private funds 30%, State and local governments 6%
Private funds6 (2 hedge) · $14.5bn gross assets
Main officeFort Lauderdale, FL
Form ADV · 2026-03-30SEC adviser record

Legal entityGQG PARTNERS LLC (US)

$70.3bn reported value +12.0% vs Q1 2025

93positions

46.9%in top 10

20 new 39 added 31 reduced 13 sold out vs Q1 2025

Also in the report of:

Russell Investments Group, Ltd. – $859.9m of shares are in both reports
Elyxium Wealth, LLC

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PHILIP MORRIS INTL INC COM PM	PM	51,697,845	$9.4bn13.40%	13.40%	Added +3.2m	+3,181,816 6.6%
2	ENBRIDGE INC COM ENB	ENB	75,670,355	$3.4bn4.87%	4.87%	Added +231.0k	+231,035 0.3%
3	AT&T INC COM T	T	114,838,596	$3.3bn4.73%	4.73%	Added +881.3k	+881,337 0.8%
4	CHUBB LIMITED COM CB	CB	9,818,992	$2.8bn4.05%	4.05%	Added +425.0k	+424,974 4.5%
5	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	221,361,832	$2.8bn3.94%	3.94%	Reduced -34.7m	-34,737,050 -13.6%
6	ICICI BANK LIMITED ADR IBN	IBN	76,424,854	$2.6bn3.66%	3.66%	Reduced -982.9k	-982,871 -1.3%
7	VERIZON COMMUNICATIONS INC COM VZ	VZ	53,259,219	$2.3bn3.28%	3.28%	Added +3.4m	+3,399,252 6.8%
8	PROGRESSIVE CORP COM PGR	PGR	8,537,667	$2.3bn3.24%	3.24%	Added +191.5k	+191,534 2.3%
9	AMERICAN ELEC PWR CO INC COM AEP	AEP	20,033,905	$2.1bn2.96%	2.96%	Added +402.4k	+402,439 2.0%
10	NETFLIX INC COM NFLX	NFLX	1,478,802	$2.0bn2.82%	2.82%	Added +91.2k	+91,171 6.6%
11	HDFC BANK LTD SPONSORED ADS HDB	HDB	24,950,464	$1.9bn2.72%	2.72%	Added +8.8m	+8,753,472 54.0%
12	THE CIGNA GROUP COM CI	CI	5,769,691	$1.9bn2.71%	2.71%	Added +883.0k	+883,017 18.1%
13	COCA COLA CO COM KO	KO	24,803,670	$1.8bn2.50%	2.50%	Added +20.0m	+20,033,924 420.0%
14	MICROSOFT CORP COM MSFT	MSFT	3,413,088	$1.7bn2.42%	2.42%	Reduced -1.1m	-1,074,248 -23.9%
15	ALTRIA GROUP INC COM MO	MO	28,840,552	$1.7bn2.41%	2.41%	Added +10.1m	+10,141,958 54.2%
16	AMERICAN INTL GROUP INC COM NEW AIG	AIG	19,695,127	$1.7bn2.40%	2.40%	Added +785.6k	+785,588 4.2%
17	META PLATFORMS INC CL A META	META	2,166,860	$1.6bn2.28%	2.28%	Reduced -190.8k	-190,845 -8.1%
18	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	4,692,192	$1.4bn1.97%	1.97%	Added +509.5k	+509,545 12.2%
19	COLGATE PALMOLIVE CO COM CL	CL	14,227,128	$1.3bn1.84%	1.84%	Added +9.9m	+9,930,664 231.1%
20	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	5,666,917	$1.3bn1.83%	1.83%	Reduced -1.3m	-1,261,367 -18.2%
21	DUKE ENERGY CORP NEW COM NEW DUK	DUK	10,856,444	$1.3bn1.82%	1.82%	Added +606.9k	+606,936 5.9%
22	EXXON MOBIL CORP COM XOM	XOM	11,880,964	$1.3bn1.82%	1.82%	Added +1.8m	+1,809,887 18.0%
23	EXELON CORP COM EXC	EXC	27,661,962	$1.2bn1.71%	1.71%	Added +25.2m	+25,213,351 1029.7%
24	MERCADOLIBRE INC COM MELI	MELI	444,254	$1.2bn1.65%	1.65%	Reduced -17.6k	-17,621 -3.8%
25	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	23,681,843	$1.1bn1.59%	1.59%	Added +14.1m	+14,083,378 146.7%
26	VISA INC COM CL A V	V	3,029,600	$1.1bn1.53%	1.53%	Reduced -699.4k	-699,437 -18.8%
27	CME GROUP INC COM CME	CME	3,573,688	$985.0m1.40%	1.40%	Added +1.4m	+1,368,647 62.1%
28	NEXTERA ENERGY INC COM NEE	NEE	13,737,335	$953.6m1.36%	1.36%	Reduced -3.5m	-3,499,167 -20.3%
29	KROGER CO COM KR	KR	12,346,124	$885.6m1.26%	1.26%	New
30	ALLSTATE CORP COM ALL	ALL	4,311,336	$867.9m1.23%	1.23%	Reduced -94.4k	-94,365 -2.1%
31	XCEL ENERGY INC COM XEL	XEL	12,501,554	$851.4m1.21%	1.21%	New
32	PROCTER AND GAMBLE CO COM PG	PG	4,772,791	$760.4m1.08%	1.08%	Reduced -11.6k	-11,640 -0.2%
33	DTE ENERGY CO COM DTE	DTE	5,260,699	$696.8m0.99%	0.99%	New
34	DEUTSCHE BANK A G NAMEN AKT DB	DB	22,084,254	$652.5m0.93%	0.93%	Added +2.1m	+2,113,309 10.6%
35	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	91,595,734	$621.9m0.88%	0.88%	Added +13.9m	+13,860,845 17.8%
36	UNILEVER PLC SPON ADR NEW SPON ADR NEW		9,987,192	$610.9m0.87%	0.87%	Added +9.5m	+9,452,181 1766.7%
37	ELEVANCE HEALTH INC COM ELV	ELV	1,463,610	$569.3m0.81%	0.81%	New
38	EMBRAER S.A. SPONSORED ADS EMBJ	EMBJ	8,109,702	$461.5m0.66%	0.66%	Added +2.1m	+2,130,351 35.6%
39	VALE S A SPONSORED ADS VALE	VALE	46,206,510	$448.7m0.64%	0.64%	Added +9.0m	+8,954,208 24.0%
40	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	3,759,941	$387.2m0.55%	0.55%	New
41	CMS ENERGY CORP COM CMS	CMS	5,492,088	$380.5m0.54%	0.54%	Added +5.4m	+5,411,504 6715.4%
42	AMBEV SA SPONSORED ADR ABEV	ABEV	150,859,260	$363.6m0.52%	0.52%	New
43	MCKESSON CORP COM MCK	MCK	490,526	$359.5m0.51%	0.51%	New
44	CINCINNATI FINL CORP COM CINF	CINF	2,132,215	$317.5m0.45%	0.45%	Added +304.4k	+304,398 16.6%
45	UNITEDHEALTH GROUP INC COM UNH	UNH	910,560	$284.1m0.40%	0.40%	New
46	CENTERPOINT ENERGY INC COM CNP	CNP	7,161,878	$263.1m0.37%	0.37%	Added +5.0m	+4,991,511 230.0%
47	AMAZON COM INC COM AMZN	AMZN	1,144,844	$251.2m0.36%	0.36%	Reduced -1.5m	-1,451,892 -55.9%
48	CREDICORP LTD COM BAP	BAP	978,934	$218.8m0.31%	0.31%	Added +759.7k	+759,715 346.6%
49	ELI LILLY & CO COM LLY	LLY	272,594	$212.5m0.30%	0.30%	Reduced -1.6m	-1,556,859 -85.1%
50	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	1,473,120	$204.9m0.29%	0.29%	Added +1.4m	+1,427,015 3095.1%
51	PPL CORP COM PPL	PPL	5,801,981	$196.6m0.28%	0.28%	New
52	GRUPO FINANCIERO GALICIA S.A SPONSORED ADR GGAL	GGAL	3,127,768	$157.6m0.22%	0.22%	New
53	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	3,025,192	$140.0m0.20%	0.20%	Reduced -9.0m	-8,998,262 -74.8%
54	ATMOS ENERGY CORP COM ATO	ATO	826,019	$127.3m0.18%	0.18%	New
55	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	1,476,651	$125.4m0.18%	0.18%	Reduced -253.5k	-253,512 -14.7%
56	SLIDE INS HLDGS INC COM SLDE	SLDE	5,016,166	$108.7m0.15%	0.15%	New
57	GRUPO CIBEST SA SPON ADS CIB	CIB	1,815,250	$83.8m0.12%	0.12%	New
58	ARCH CAP GROUP LTD ORD ACGL	ACGL	864,345	$78.7m0.11%	0.11%	Added +118.1k	+118,149 15.8%
59	NVIDIA CORPORATION COM NVDA	NVDA	397,145	$62.7m0.09%	0.09%	Added +383.7k	+383,651 2843.1%
60	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	75,839	$58.2m0.08%	0.08%	Reduced -736.3k	-736,300 -90.7%
61	ETORO GROUP LTD SHS CL A ETOR	ETOR	871,976	$58.1m0.08%	0.08%	New
62	ARM HOLDINGS PLC SPONSORED ADS ARM	ARM	273,048	$44.2m0.06%	0.06%	New
63	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		274,576	$16.9m0.02%	0.02%	Added +46.2k	+46,218 20.2%
64	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		209,268	$14.6m0.02%	0.02%	Reduced -1.2m	-1,247,762 -85.6%
65	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	19,184	$11.9m0.02%	0.02%	Added +9.0k	+9,041 89.1%
66	CHEVRON CORP NEW COM CVX	CVX	74,580	$10.7m0.02%	0.02%	Reduced -8.7m	-8,693,136 -99.2%
67	NOVARTIS AG SPONSORED ADR NVS	NVS	62,535	$7.6m0.01%	0.01%	Added +59.1k	+59,079 1709.5%
68	JOHNSON & JOHNSON COM JNJ	JNJ	49,337	$7.5m0.01%	0.01%	Added +47.7k	+47,706 2924.9%
69	SOUTHERN CO COM SO	SO	58,539	$5.4m0.01%	0.01%	Added +7.5k	+7,461 14.6%
70	VALERO ENERGY CORP COM VLO	VLO	35,722	$4.8m0.01%	0.01%	Reduced -11.8k	-11,849 -24.9%
71	MERCK & CO INC COM MRK	MRK	56,995	$4.5m0.01%	0.01%	Added +6.2k	+6,213 12.2%
72	ENI S P A SPONSORED ADR E	E	132,222	$4.3m0.01%	0.01%	Added +23.7k	+23,656 21.8%
73	HUNTINGTON INGALLS INDS INC COM HII	HII	17,007	$4.1m0.01%	0.01%	New
74	US BANCORP DEL COM NEW USB	USB	89,165	$4.0m0.01%	0.01%	New
75	SAP SE SPON ADR SAP	SAP	7,247	$2.2m0.00%	0.00%	Reduced -3.6k	-3,572 -33.0%
76	ISHARES TR RUS 1000 ETF IWB	IWB	3,556	$1.2m0.00%	0.00%	Reduced -1.6k	-1,644 -31.6%
77	APPLOVIN CORP COM CL A APP	APP	2,755	$964.4k0.00%	0.00%	Reduced -1.3k	-1,281 -31.7%
78	VANGUARD INDEX FDS LARGE CAP ETF VV	VV	2,817	$803.8k0.00%	0.00%	New
79	WALMART INC COM WMT	WMT	7,998	$782.0k0.00%	0.00%	Reduced -2.6k	-2,599 -24.5%
80	ISHARES TR MSCI ACWI ETF ACWI	ACWI	5,694	$732.3k0.00%	0.00%	Reduced -3.2k	-3,193 -35.9%
81	SHELL PLC SPON ADS SHEL	SHEL	9,380	$660.4k0.00%	0.00%	Reduced -2.9m	-2,858,549 -99.7%
82	SPDR GOLD TR GOLD SHS GLD	GLD	1,908	$581.6k0.00%	0.00%	New
83	SERVICENOW INC COM NOW	NOW	493	$506.6k0.00%	0.00%	Reduced -126	-126 -20.4%
84	ALPHABET INC CAP STK CL C GOOG	GOOG	2,822	$500.6k0.00%	0.00%	Reduced -188.0k	-188,037 -98.5%
85	HSBC HLDGS PLC SPON ADR NEW HSBC	HSBC	7,225	$439.2k0.00%	0.00%	Reduced -174.5k	-174,493 -96.0%
86	NOVO-NORDISK A S ADR NVO	NVO	5,923	$408.8k0.00%	0.00%	Reduced -111.2k	-111,202 -94.9%
87	ROYAL BK CDA COM RY	RY	3,059	$402.4k0.00%	0.00%	Unchanged
88	BARCLAYS PLC ADR BCS	BCS	17,962	$333.9k0.00%	0.00%	Unchanged
89	BROADCOM INC COM AVGO	AVGO	1,101	$303.5k0.00%	0.00%	Reduced -1.0k	-1,020 -48.1%
90	NATIONAL GRID PLC SPONSORED ADR NE NGG	NGG	4,005	$298.0k0.00%	0.00%	Unchanged
91	GOLDMAN SACHS GROUP INC COM GS	GS	385	$272.8k0.00%	0.00%	Reduced -35	-35 -8.3%
92	APPLE INC COM AAPL	AAPL	1,114	$228.6k0.00%	0.00%	Reduced -18	-18 -1.6%
93	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	21,089	$156.7k0.00%	0.00%	New

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
GE AEROSPACE GE	GE	8,028,180	$1.6bn8.0m shares
TARGA RES CORP TRGP	TRGP	3,614,307	$724.6m3.6m shares
BECTON DICKINSON & CO BDX	BDX	3,011,583	$689.8m3.0m shares
ONEOK INC NEW OKE	OKE	3,065,067	$304.1m3.1m shares
FISERV INC FISV	FISV	1,203,502	$265.8m1.2m shares
MAKEMYTRIP LIMITED MAURITIUS MMYT	MMYT	2,009,506	$196.9m2.0m shares
COUPANG INC CPNG	CPNG	7,666,520	$168.1m7.7m shares
JD.COM INC JD	JD	1,260,326	$51.8m1.3m shares
NASDAQ INC NDAQ	NDAQ	660,595	$50.1m660.6k shares
BANCOLOMBIA S A CIB	CIB	308,611	$12.4m308.6k shares
MASTERCARD INCORPORATED MA	MA	20,587	$11.3m20.6k shares
MANULIFE FINL CORP MFC	MFC	117,100	$3.6m117.1k shares
SANOFI SNY	SNY	3,647	$202.3k3.6k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
PETROLEO BRASILEIRO SA PETRO PBR · 13G · filed 2026-05-22	PBR	5.0%	+1.2 pts	13G	2026-05-22