GQG Partners LLC

GQG Partners ran a tightly concentrated $63.09 billion U.S. equity book at the end of Q1 2026, up from $60.72B a quarter earlier, across just 86 positions. Philip Morris (PM) remains the anchor at 13.1% of assets, trailed by Enbridge (ENB, 6.5%), Chubb (6.4%) and Petrobras (PBR, 5.7%). The quarter's defining move was an aggressive rotation into North American oil and gas: GQG opened new stakes in Occidental (OXY, ~$1.19B), Suncor (SU, ~$1.14B), Canadian Natural (CNQ) and Devon (DVN), more than quintupled Chevron (CVX, +$1.91B, +631%) and added ~$1.99B to Petrobras (+27.5%). It funded the energy push by trimming financials and emerging-market technology — cutting HDFC Bank (HDB, -$1.09B) and exiting Vale, TSMC and Infosys.