GQG PARTNERS INTERNATIONAL QUALITY DIVIDEND INCOME FUND
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.0%
1 yr return
17.8%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$105 M
Holdings in Top 10
45.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.03%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$100
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
GQJPX - Profile
Distributions
- YTD Total Return 5.0%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 4.33%
- Dividend Yield 2.5%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameGQG PARTNERS INTERNATIONAL QUALITY DIVIDEND INCOME FUND
-
Fund Family NameGQG Partners Inc
-
Inception DateJun 30, 2021
-
Shares OutstandingN/A
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRajiv Jain
Fund Description
Under normal circumstances, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in dividend-paying securities of non-U.S. companies, including those in emerging market countries. The Adviser considers a company’s historical dividend records and current prospects to determine whether an investment satisfies the Fund’s criteria for dividend-paying securities, for instance, whether it has a history of paying a dividend. Stocks of companies that have reduced dividends in the past or are not currently paying dividends may be considered for purchase by the Fund if the Adviser believes that the dividend payment or dividend growth is likely to be restored. Securities are selected based on a variety of factors, such as a company’s consistent effort to maintain or increase dividends over time while maintaining sufficient profitability. The Fund will generally hold securities of between 25 to 70 issuers that are primarily located outside the U.S., including
emerging markets countries, that the Adviser believes are undervalued by the market.
The Fund will invest primarily in publicly traded common stocks but may also invest in preferred stocks, exchange-traded funds (“ETFs”), depositary receipts (including unsponsored depositary receipts and American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies, and participation notes (“P-Notes”), which are derivative instruments designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The Fund’s portfolio allocations to common and preferred stocks are determined by the Adviser based upon current and relative yield and the potential total return of these securities relative to their investable universe. The Adviser would typically invest in an ETF rather than directly in underlying investments when the Adviser believes that doing so would provide more efficient exposure, liquidity or market access. The Adviser would also typically invest in depositary receipts when local trading in certain non-US. companies is restricted, for added liquidity or if there is a significant discount to the locally traded shares.
The Fund may also invest in initial public offerings (“IPOs”) and securities of companies with any market capitalization. IPOs are considered for purchase by the Fund if the Adviser believes that the applicable company meets the same criteria as any other Fund investment in terms of appreciation and income opportunities. The Fund may also invest in U.S. Treasury securities, and in ETFs that attempt to track the price movements of commodities, including gold. Treasuries are considered as alternatives to holding cash if at a given time the Adviser believes that treasuries offer better yields. Commodity ETFs are considered if the Adviser believes that they offer exposure that cannot be met with individual company securities or exposure to markets to which the Fund does not have direct access.
Under normal circumstances, the Fund invests in at least five countries, and invests at least 40% of its total assets in securities of non-U.S. companies or, if conditions are not favorable, invests at least 30% of its total assets in securities of non-U.S. companies. The Fund considers a company to be a non-U.S. company if: (i) at least 50% of the company’s assets are located outside of the U.S.; (ii) at least 50% of the company’s revenue is generated outside of the U.S.; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities outside of the U.S.; (iv) the
company’s securities are traded principally outside of the U.S; or (v) the Adviser otherwise believes that the company’s assets are exposed to the economic fortunes and risks of a non-U.S. country (because, for example, the Adviser believes that the company’s growth is dependent on the country). The Fund may invest in equity securities of companies in both developed and emerging markets. The Fund considers classifications by the World Bank, the International Finance Corporation, the International Monetary Fund and the Fund’s benchmark index provider in determining whether a country is an emerging market country. Emerging market countries generally include every country in the world except the U.S., Canada, Japan, Australia, New Zealand, and most of the countries in Western Europe.
The Fund may also invest in A Shares of companies based in the People’s Republic of China (“China”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). China A Shares are considered if they meet the same criteria for inclusion in the Fund’s portfolio as any other Fund investment. Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.
The Adviser seeks to focus on investments in dividend-paying companies located outside of the U.S. In managing the Fund’s investments the Adviser focuses on equity securities that are expected to pay dividends and typically pursues a “growth style” of investing as it seeks to capture market inefficiencies which the Adviser believes are driven by investors’ propensity to be short-sighted and overly focused on quarter-to-quarter price movements rather than on a company’s fundamentals over a longer time horizon (5 years or more). The Adviser believes that this market inefficiency tends to lead investors to underappreciate the compounding potential of quality, growing companies. To identify this subset of companies, the Adviser generates investment ideas from a variety of sources, ranging from institutional knowledge and industry contacts, to the Adviser’s proprietary screening process that seeks to identify suitable companies based on several quality factors such as rates of return on equity and total capital, margin stability and profitability. Ideas are then subject to rigorous fundamental analysis as the Adviser seeks to identify and invest in companies that it believes reflect higher quality opportunities on a forward-looking basis. Specifically, the Adviser seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics and sustainable and durable earnings growth. When making purchase and sale decisions between similarly priced investment opportunities with comparable
fundamentals, the Adviser seeks to identify relatively higher quality companies with strong financial positions, capable management, higher barriers to entry, more opportunity for growth and more durable earnings growth, based on the Adviser’s analyses of a company’s financial statements, economic health, competitors and the markets that it serves. The Adviser seeks to outperform the Fund’s benchmark index over a full market cycle by seeking to capture market upside while limiting downside risk. For these purposes, a full market cycle can be measured from a point in the market cycle (e.g., a peak or trough) to the corresponding point in the next market cycle.
Many of the stocks in which the Fund invests may be considered to be “growth” stocks, in that they may have above-average rates of earnings growth and thus experience above-average increases in stock prices, subject to the Adviser’s criteria for quality. In constructing the Fund’s portfolio of securities, the Adviser is not constrained by sector or industry weights in the Fund’s benchmark. The Fund may invest in any economic sector and, at times, emphasize one or more particular industries or sectors in the portfolio construction process. The Adviser relies on individual stock selection driven by a bottom-up research process rather than seeking to add value based on “top-down”, macro based criteria.
The Adviser may sell a company if the Adviser believes that the company’s long-term competitive advantage or relative earnings growth prospects have deteriorated, or the Adviser has otherwise lost conviction that the company reflects a higher quality opportunity than other available investments on a forward looking basis. The Adviser also may sell a company if the company has met its price target or is involved in a business combination, if the Adviser identifies a more attractive investment opportunity, or the Adviser wishes to reduce the Fund’s exposure to the company or a particular country or geographic region or if the Adviser expects that the company will not make acceptable dividend payments.
The Fund is classified as “non-diversified,” which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
GQJPX - Performance
Return Ranking - Trailing
Period | GQJPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.0% | -5.1% | 6.2% | 5.21% |
1 Yr | 17.8% | -5.4% | 17.1% | 0.61% |
3 Yr | N/A* | -5.8% | 72.7% | N/A |
5 Yr | N/A* | -0.5% | 44.1% | N/A |
10 Yr | N/A* | -1.0% | 21.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | GQJPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 12.5% | 1.0% | 26.9% | 54.46% |
2022 | -15.3% | -27.8% | 166.1% | 77.74% |
2021 | N/A | -66.6% | 64.4% | N/A |
2020 | N/A | -23.1% | 17.3% | N/A |
2019 | N/A | 4.4% | 31.6% | N/A |
Total Return Ranking - Trailing
Period | GQJPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.0% | -5.1% | 6.2% | 5.21% |
1 Yr | 17.8% | -5.4% | 17.1% | 0.61% |
3 Yr | N/A* | -5.8% | 72.7% | N/A |
5 Yr | N/A* | -0.5% | 44.1% | N/A |
10 Yr | N/A* | -1.0% | 21.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | GQJPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 18.0% | 5.4% | 31.0% | 49.23% |
2022 | -10.5% | -19.9% | 344.3% | 53.61% |
2021 | N/A | -0.2% | 75.3% | N/A |
2020 | N/A | -20.4% | 18.9% | N/A |
2019 | N/A | 11.2% | 32.1% | N/A |
NAV & Total Return History
GQJPX - Holdings
Concentration Analysis
GQJPX | Category Low | Category High | GQJPX % Rank | |
---|---|---|---|---|
Net Assets | 105 M | 2.04 M | 46.7 B | 85.37% |
Number of Holdings | 46 | 2 | 3900 | 92.68% |
Net Assets in Top 10 | 47.8 M | 485 K | 14 B | 73.78% |
Weighting of Top 10 | 45.63% | 0.2% | 100.0% | 5.81% |
Top 10 Holdings
- PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT 6.88%
- NOVO NORDISK A/S-B COMMON STOCK 5.11%
- ASTRAZENECA PLC COMMON STOCK 4.96%
- TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT 4.86%
- TOTALENERGIES SE COMMON STOCK 4.80%
- GLENCORE PLC COMMON STOCK 4.61%
- NTPC LTD COMMON STOCK 4.34%
- HSBC HOLDINGS PLC COMMON STOCK 3.69%
- ITC LTD COMMON STOCK 3.21%
- BANCO BILBAO VIZCAYA ARGENTA COMMON STOCK 3.16%
Asset Allocation
Weighting | Return Low | Return High | GQJPX % Rank | |
---|---|---|---|---|
Stocks | 98.01% | 0.99% | 104.06% | 42.07% |
Preferred Stocks | 1.19% | 0.00% | 4.99% | 20.43% |
Cash | 0.80% | 0.00% | 99.01% | 68.29% |
Convertible Bonds | 0.00% | 0.00% | 0.15% | 29.57% |
Bonds | 0.00% | 0.00% | 73.30% | 33.84% |
Other | 0.00% | -1.99% | 38.17% | 93.90% |
Stock Sector Breakdown
Weighting | Return Low | Return High | GQJPX % Rank | |
---|---|---|---|---|
Energy | 26.59% | 0.00% | 26.59% | 0.31% |
Consumer Defense | 24.46% | 0.00% | 31.84% | 2.77% |
Basic Materials | 16.29% | 0.00% | 30.76% | 6.15% |
Healthcare | 15.06% | 0.00% | 23.28% | 16.92% |
Financial Services | 9.20% | 0.00% | 42.76% | 95.08% |
Utilities | 6.04% | 0.00% | 27.46% | 17.23% |
Industrials | 1.51% | 1.03% | 36.79% | 97.54% |
Real Estate | 0.55% | 0.00% | 17.06% | 68.00% |
Communication Services | 0.29% | 0.00% | 22.75% | 98.46% |
Technology | 0.00% | 0.00% | 24.16% | 96.62% |
Consumer Cyclical | 0.00% | 0.00% | 27.46% | 99.69% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | GQJPX % Rank | |
---|---|---|---|---|
Non US | 73.08% | 0.00% | 100.56% | 92.68% |
US | 24.94% | 0.00% | 100.00% | 3.66% |
GQJPX - Expenses
Operational Fees
GQJPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.03% | 0.01% | 7.03% | 49.09% |
Management Fee | 0.60% | 0.00% | 1.25% | 27.22% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.47% | N/A |
Sales Fees
GQJPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
GQJPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
GQJPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 2.00% | 158.16% | N/A |
GQJPX - Distributions
Dividend Yield Analysis
GQJPX | Category Low | Category High | GQJPX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.47% | 0.00% | 14.05% | 31.50% |
Dividend Distribution Analysis
GQJPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
GQJPX | Category Low | Category High | GQJPX % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.33% | 0.18% | 7.85% | 6.29% |
Capital Gain Distribution Analysis
GQJPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.081 | OrdinaryDividend |
Dec 29, 2023 | $0.061 | OrdinaryDividend |
Sep 29, 2023 | $0.092 | OrdinaryDividend |
Jun 30, 2023 | $0.188 | OrdinaryDividend |
Mar 31, 2023 | $0.085 | OrdinaryDividend |
Dec 30, 2022 | $0.110 | OrdinaryDividend |
Sep 30, 2022 | $0.152 | OrdinaryDividend |
Jun 30, 2022 | $0.160 | OrdinaryDividend |
Mar 31, 2022 | $0.047 | OrdinaryDividend |
Dec 31, 2021 | $0.174 | OrdinaryDividend |
GQJPX - Fund Manager Analysis
Managers
Rajiv Jain
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
Rajiv Jain is the Chairman, Chief Investment Officer and Portfolio Manager of GQG Partners LLC. Prior to joining GQG Partners in 2016, Mr. Jain served as a Co-Chief Executive Officer, Chief Investment Officer and Head of Equities at Vontobel Asset Management (“Vontobel”). He joined Vontobel in 1994 as an equity analyst & associate manager of its international equity portfolios. Mr. Jain earned an MBA in Finance and International Business from the University of Miami in 1993. He also has a Master’s degree from the University of Ajmer and an undergraduate degree in Accounting.
Brian Kersmanc
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
Brian is a deputy portfolio manager for GQG Partners LLC’s International Equity strategy since 2019 and has been a senior investment analyst on the investment team since he joined the firm in 2016. Prior to joining GQG Partners LLC, Brian spent six years at Jennison Associates, where he served most recently as an analyst on the Small/Midcap Equity Research team, focusing on a wide array of sectors from real estate equities including building products manufacturers, title insurers, and homebuilders to industrials competing in the aerospace and automotive end markets. Prior to Jennison, Brian began his career at Brown Brothers Harriman in 2008. Brian earned his MBA at Rutgers University and his BA in Economics from the University of Connecticut.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.2 | 29.68 | 7.65 | 0.54 |