[ad_1]
One title emerged prominently as Adani Group introduced on Thursday that US boutique funding agency GQG Companions has invested Rs 15,446 crore in 4 Adani Group companies– Rajiv Jain.
Jain is the chairman and chief funding officer of US-based, Australia-listed GQG Companions. The funding agency purchased shares in Adani Ports and Particular Financial Zone, Adani Inexperienced Power, Adani Enterprises Ltd and Adani Transmission.
“I’m excited to have initiated positions within the Adani corporations. Adani corporations personal and function a number of the largest and most vital infrastructure belongings all through India and all over the world. Gautam Adani is broadly thought to be among the many greatest entrepreneurs of his technology. We consider that the long-term progress prospects for these corporations are substantial, and we’re happy to be investing in corporations that can assist advance India’s economic system and vitality infrastructure, together with their vitality transition over the long-run,” stated Jain.
GQG took a 3.4% stake in Adani Enterprises for about Rs 5,460 crore, 4.1% in Adani Ports for Rs 5,282 crore, 2.5% in Adani Transmission for Rs 1,898 crore, and a 3.5% stake in Adani Inexperienced Power for Rs 2,806 crore.
Based mostly in Fort Lauderdale, Miami, GQG manages $92 billion in belongings, in world, US and rising markets equities funds. Earlier than founding GQG, Jain spent 22 years at Vontobel Asset Administration.
“GQG is likely one of the world’s main world and rising markets traders with distinctive long-term observe data. GQG Companions manages greater than AUD$130 billion ($92 billion) in consumer belongings as of January 31, 2023. Listed on the Australian Inventory Change, GQG Companions is the winner of Morningstar Australia’s World Fairness Supervisor of the Yr for 2022,” stated Adani Group on Thursday
The GQG funding comes at a time when Adani Group is battling the huge fallout from a brief vendor’s damning report in opposition to the conglomerate.
Seven listed Adani corporations have misplaced some $135 billion in market worth since Jan. 24, when Hindenburg Analysis accused it of improper use of offshore tax havens and inventory manipulation —allegations the billionaire Gautam Adani-led group has denied however which led it to name off a $2.5 billion share sale.
Who’s Rajiv Jain?
Born and raised in India, Jain moved to the US in 1990 to pursue his MBA on the College of Miami. He joined Vontobel in 1994, rising by means of the ranks to grow to be the Swiss agency’s CIO in 2002. “By the point he left the agency to begin GQG in March 2016, Vontobel’s rising market fund returned a complete of 70% in 10 years, greater than double the MSCI Rising Markets Index,” reported Bloomberg just lately. In the identical report, Jain’s funding technique was termed as “anti-Cathie Wooden” for not investing in any corporations with futuristic worth just like the CEO of Ark Make investments and as a substitute investing in seemingly fuddy duddy industries like oil, tobacco, banking.
His prime Indian shareholdings embrace ITC, HDFC, RIL, ICICI Financial institution, SBI, Solar Pharma, Infosys, and Bharti Airtel, reported CNBC TV18 on Thursday.
Jain, who doesn’t have a Twitter account and barely seems on TV, sometimes invests in 40 to 50 large-cap shares in his worldwide fund, in contrast with the benchmark’s greater than 2,000 corporations. His US fund holds lower than 30 shares, in contrast with over 500 within the S&P index.
“Jain plunks down large sums of cash on particular person shares and, in a heartbeat, can bail on a whole place — the form of daring strikes most within the business keep away from,” reported Bloomberg.
Nonetheless, his large guess on Russia and determination to go underweight on China has backfired, however he considers himself a “high quality progress supervisor”, stated the report.
[ad_2]