GQG Partners Q1 2026: A Big New Bet on Chevron

GQG Partners, the concentrated growth-and-quality manager led by Rajiv Jain, reported a $63.09B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001062993-26-002533, filed 2026-05-12), up 3.9% from $60.72B the prior quarter. The headline change of the filing is a single position: GQG lifted its Chevron (CVX) stake by 631% in share terms, turning a small holding into a $2.12B position and one of the firm's ten largest.

What makes that move worth attention is how concentrated GQG already is. The firm runs only about 85 positions, and its ten largest account for roughly 52% of the entire book — so a 631% increase in any single name is a deliberate, high-conviction allocation, not portfolio noise. The Chevron build came alongside a 28% increase in Brazilian oil major Petrobras (PBR), marking a clear lean into energy.

At the same time, GQG trimmed its enormous tobacco anchor: Philip Morris International (PM) remains the largest position at $8.28B and 13.13% of the book despite a 9% reduction in shares.

One of the most concentrated large 13F books

Philip Morris alone is more than 13% of GQG's portfolio — a single-name weight almost unheard of among $60B-plus filers. Behind it sit Canadian pipeline operator Enbridge (ENB) at 6.55%, Swiss insurer Chubb at 6.42%, Petrobras at 5.70%, and telecom AT&T (T) at 3.74%.

The rest of the top ten — Verizon (VZ), Chevron, India's ICICI Bank (IBN), utility American Electric Power (AEP), and insurer Progressive (PGR) — reinforces the book's character: defensive cash generators, energy and pipelines, regulated utilities, and emerging-market financials. This is not a megacap-tech portfolio; it is a high-conviction value-and-income book.

The energy pivot

The clearest signal in Q1 2026 is the shift toward energy. Chevron's 631% share increase is the standout, and the 28% addition to Petrobras compounds it. Together they mark GQG building exposure to integrated oil and producers even as the broader market remained focused on technology.

On the other side of the ledger, the firm trimmed several income names — Philip Morris (-9% shares), American Electric Power (-11%), Progressive (-12%), and AT&T (-5%). The pattern reads as funding an energy build by lightly shaving a defensive book that GQG still holds in size.

AUM trajectory

GQG's reported 13F value has swung within a $60B-$70B band over the past two years, and Q1 2026's $63.09B marks a 3.9% recovery after two down quarters.

For a fund this concentrated, value swings are driven by a handful of large positions rather than broad market beta — which is exactly why the position-level changes matter more here than the AUM line. Track GQG's quarter-over-quarter holdings on the GQG Partners filer page.

FAQ

What is GQG Partners?

GQG Partners is a concentrated growth-and-quality asset manager led by Rajiv Jain. It reported a $63.09B U.S. equity 13F book for the quarter ended March 31, 2026, across roughly 85 positions.

What was GQG's biggest move in Q1 2026?

GQG increased its Chevron (CVX) position by 631% in share terms to $2.12B, alongside a 28% increase in Petrobras — a clear lean into energy.

What is GQG's largest holding?

Philip Morris International (PM) is GQG's largest position at $8.28B, or 13.13% of the book, despite a 9% reduction in shares during the quarter.

How concentrated is GQG's portfolio?

GQG holds only about 85 positions, with its ten largest accounting for roughly 52% of the reported book — making it one of the most concentrated large 13F filers.