GQG Partners (Rajiv Jain & Tim Carver) latest 13F portfolio: 81 holdings worth $62.4B as of Q1 2026.
Backtested since 2020: mirroring GQG Partners's reported 13F equity holdings each quarter would have returned +282.2% versus +193.9%for the S&P 500 (+24.1% annualized). See the Performance tab for the full equity curve.
Investor: Rajiv Jain & Tim Carver
Number of Assets: 81
Reporting Period: Q1 - 2026
Holdings at Report: $62,407,555,284
Return $ Since Report: +$627,716,844
Return % Since Report: +1.01%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Altria Group Inc. (MO) | Equity | -4.87% | 23,836,839 | 2.52% | $65.99 | $68.07 | $1,572,994,195 | $1,622,573,631 | +$49,579,436 | +3.15% |
| Canadian Natural Resources Limited (CNQ) | Equity | +100% | 17,555,471 | 1.37% | $48.63 | $46.18 | $853,652,499 | $810,711,651 | -$42,940,848 | -5.03% |
| Alphabet Inc. (GOOG) | Equity | -44.80% | 706 | 0.00% | $286.87 | $375.35 | $202,532 | $264,997 | +$62,465 | +30.84% |
| Amazon.com Inc. (AMZN) | Equity | -56.13% | 1,434 | 0.00% | $208.34 | $277.42 | $298,765 | $397,820 | +$99,055 | +33.15% |
| At&T Inc. (T) | Equity | -5.41% | 81,353,084 | 3.78% | $28.99 | $23.38 | $2,358,426,148 | $1,902,035,104 | -$456,391,044 | -19.35% |
| The Allstate Corp. (ALL) | Equity | +4.97% | 5,761,603 | 1.91% | $207.34 | $262.56 | $1,194,615,277 | $1,512,766,484 | +$318,151,207 | +26.63% |
| American Water Works Company Inc. (AWK) | Equity | -0.96% | 6,431,056 | 1.40% | $136.09 | $134.01 | $875,205,303 | $861,825,815 | -$13,379,488 | -1.53% |
| Bristol-Myers Squibb Company (BMY) | Equity | +100% | 46,361 | 0.00% | $60.65 | $65.89 | $2,811,794 | $3,054,726 | +$242,932 | +8.64% |
| British American Tobacco P.L.C. (BTI) | Equity | -1.35% | 27,683,334 | 2.59% | $58.47 | $59.12 | $1,618,644,764 | $1,636,638,706 | +$17,993,942 | +1.11% |
| The Cigna Group (CI) | Equity | -22.68% | 6,002,448 | 2.57% | $266.75 | $274.05 | $1,601,158,761 | $1,644,970,874 | +$43,812,113 | +2.74% |
| CME Group Inc. (CME) | Equity | -37.61% | 2,625,795 | 1.24% | $295.35 | $262.63 | $775,534,502 | $689,612,541 | -$85,921,961 | -11.08% |
| CMS Energy Corp. (CMS) | Equity | -2.37% | 4,412,573 | 0.55% | $77.58 | $71.73 | $342,327,877 | $316,513,861 | -$25,814,016 | -7.54% |
| CVS Health Corp. (CVS) | Equity | +0.02% | 31,523 | 0.00% | $71.82 | $104.42 | $2,263,982 | $3,291,632 | +$1,027,650 | +45.39% |
| The Procter & Gamble Company (PG) | Equity | -97.01% | 96,492 | 0.02% | $144.44 | $148.01 | $13,937,333 | $14,281,781 | +$344,448 | +2.47% |
| The Progressive Corp. (PGR) | Equity | -12.40% | 9,138,940 | 2.90% | $198.24 | $210.75 | $1,811,707,478 | $1,926,031,605 | +$114,324,127 | +6.31% |
| Royal Bank Of Canada (RY) | Equity | 0% | 3,059 | 0.00% | $161.78 | $208.54 | $494,885 | $637,924 | +$143,039 | +28.90% |
| Shell PLC (SHEL) | Equity | -17.87% | 6,001 | 0.00% | $93.00 | $89.84 | $558,123 | $539,130 | -$18,993 | -3.40% |
| SPDR Gold Shares (GLD) | Equity | +100% | 2,763 | 0.00% | $430.29 | $374.16 | $1,188,891 | $1,033,804 | -$155,087 | -13.04% |
| Sanofi (SNY) | Equity | +36.18% | 164,705 | 0.01% | $48.18 | $42.68 | $7,935,731 | $7,029,609 | -$906,122 | -11.42% |
| The Southern Company (SO) | Equity | -0.30% | 53,702 | 0.01% | $96.52 | $93.25 | $5,183,318 | $5,007,712 | -$175,606 | -3.39% |
| Anheuser Busch Inbev NV (BUD) | Equity | -99.71% | 6,792 | 0.00% | $69.37 | $84.59 | $471,169 | $574,535 | +$103,366 | +21.94% |
| Atmos Energy Corp. (ATO) | Equity | +26.10% | 887,204 | 0.26% | $184.72 | $172.65 | $163,887,510 | $153,175,771 | -$10,711,739 | -6.54% |
| Bp P.L.C. (BP) | Equity | +100% | 5,462,538 | 0.41% | $47.00 | $42.44 | $256,739,990 | $231,830,113 | -$24,909,877 | -9.70% |
| Berkshire Hathaway Inc. (BRK-B) | Equity | -5.06% | 1,896,646 | 1.46% | $479.21 | $517.22 | $908,882,953 | $980,983,244 | +$72,100,291 | +7.93% |
| Cenovus Energy Inc. (CVE) | Equity | +100% | 26,774,463 | 1.14% | $26.46 | $28.73 | $708,332,323 | $769,230,322 | +$60,897,999 | +8.60% |
| Centerpoint Energy Inc. (CNP) | Equity | -16.55% | 4,741,580 | 0.33% | $43.16 | $41.58 | $204,647,168 | $197,154,896 | -$7,492,272 | -3.66% |
| Eni S.P.A. (E) | Equity | +71.14% | 300,743 | 0.03% | $56.61 | $53.48 | $17,025,357 | $16,083,736 | -$941,621 | -5.53% |
| Exelon Corp. (EXC) | Equity | -10.81% | 22,278,201 | 1.75% | $49.02 | $45.84 | $1,092,078,338 | $1,021,232,734 | -$70,845,604 | -6.49% |
| Exxon Mobil Corp. (XOM) | Equity | -23.55% | 6,663,103 | 1.81% | $169.66 | $153.96 | $1,130,464,761 | $1,025,851,338 | -$104,613,423 | -9.25% |
| Franco-Nevada Corp. (FNV) | Equity | -33.17% | 1,166,853 | 0.46% | $246.82 | $218.86 | $288,003,119 | $255,377,448 | -$32,625,671 | -11.33% |
| Grupo Aeroportuario Del Sureste S. A. B. De C. V. (ASR) | Equity | +1016.69% | 366,108 | 0.20% | $336.13 | $276.31 | $123,059,882 | $101,159,301 | -$21,900,581 | -17.80% |
| HDFC Bank Limited (HDB) | Equity | -35.62% | 34,095,946 | 1.36% | $24.88 | $23.89 | $848,307,136 | $814,552,150 | -$33,754,986 | -3.98% |
| Icici Bank Limited (IBN) | Equity | +3.66% | 77,366,552 | 3.21% | $25.90 | $30.33 | $2,003,793,746 | $2,346,527,522 | +$342,733,776 | +17.10% |
| Merck & Co. Inc. (MRK) | Equity | -0.92% | 53,016 | 0.01% | $120.29 | $128.00 | $6,377,294 | $6,786,048 | +$408,754 | +6.41% |
| National Grid PLC (NGG) | Equity | 0% | 5,914 | 0.00% | $84.60 | $80.42 | $500,324 | $475,604 | -$24,720 | -4.94% |
| Nextera Energy Inc. (NEE) | Equity | -6.14% | 9,258,727 | 1.38% | $92.88 | $87.20 | $859,952,359 | $807,360,994 | -$52,591,365 | -6.12% |
| Novartis Ag (NVS) | Equity | -22.51% | 2,447,272 | 0.60% | $152.75 | $153.27 | $373,824,036 | $375,093,379 | +$1,269,343 | +0.34% |
| Old Republic International Corporation (ORI) | Equity | +3.37% | 3,532,203 | 0.23% | $39.90 | $43.42 | $140,935,500 | $153,368,254 | +$12,432,754 | +8.82% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -90.35% | 176,817 | 0.10% | $337.95 | $417.17 | $59,755,405 | $73,762,748 | +$14,007,343 | +23.44% |
| Unilever PLC (UL) | Equity | +4.24% | 9,401,286 | 0.86% | $56.97 | $64.08 | $535,591,257 | $602,434,407 | +$66,843,150 | +12.48% |
| Vale S.A. (VALE) | Equity | -74.55% | 16,574,442 | 0.42% | $15.91 | $14.83 | $263,699,372 | $245,798,975 | -$17,900,397 | -6.79% |
| Valero Energy Corp. (VLO) | Equity | +0.08% | 33,912 | 0.01% | $247.08 | $308.73 | $8,378,977 | $10,469,652 | +$2,090,675 | +24.95% |
| Verizon Communications Inc. (VZ) | Equity | +4.21% | 45,714,595 | 3.68% | $50.20 | $46.88 | $2,294,873,367 | $2,143,100,214 | -$151,773,153 | -6.61% |
| Visa Inc. (V) | Equity | -85.12% | 1,236 | 0.00% | $302.29 | $369.59 | $373,629 | $456,813 | +$83,184 | +22.26% |
| Xcel Energy Inc. (XEL) | Equity | -9.25% | 11,193,162 | 1.42% | $79.44 | $77.75 | $889,186,422 | $870,268,346 | -$18,918,077 | -2.13% |
| Arch Capital Group Ltd. (ACGL) | Equity | -2.81% | 1,646,026 | 0.25% | $95.99 | $99.52 | $158,002,036 | $163,812,508 | +$5,810,472 | +3.68% |
| Astrazeneca PLC (AZN) | Equity | +100% | 45,524 | 0.01% | $194.91 | $155.62 | $8,872,935 | $7,084,445 | -$1,788,490 | -20.16% |
| Ambev S.A. (ABEV) | Equity | +8.13% | 187,037,538 | 0.88% | $2.92 | $3.04 | $546,149,611 | $568,594,116 | +$22,444,505 | +4.11% |
| American Electric Power Company Inc. (AEP) | Equity | -11.10% | 15,025,884 | 3.16% | $131.08 | $128.35 | $1,969,595,479 | $1,928,572,211 | -$41,023,268 | -2.08% |
| American International Group Inc. (AIG) | Equity | -31.66% | 10,587,437 | 1.28% | $75.25 | $79.32 | $796,706,245 | $839,795,503 | +$43,089,258 | +5.41% |
| Chevron Corp. (CVX) | Equity | +631.03% | 10,266,187 | 3.40% | $206.90 | $190.40 | $2,124,078,498 | $1,954,682,005 | -$169,396,493 | -7.98% |
| Cinc.Innati Financial Corp. (CINF) | Equity | -10.29% | 1,518,318 | 0.38% | $157.35 | $179.42 | $238,909,962 | $272,416,616 | +$33,506,654 | +14.02% |
| The Coca-Cola Company (KO) | Equity | -19.55% | 21,119,167 | 2.57% | $76.05 | $86.56 | $1,606,113,990 | $1,828,075,096 | +$221,961,106 | +13.82% |
| Devon Energy Corp. (DVN) | Equity | +100% | 16,170,345 | 1.30% | $50.32 | $44.05 | $813,692,707 | $712,303,697 | -$101,389,010 | -12.46% |
| Duke Energy Corp. (DUK) | Equity | -18.24% | 7,802,463 | 1.64% | $130.94 | $124.27 | $1,021,657,201 | $969,612,077 | -$52,045,124 | -5.09% |
| Enbridge Inc. (ENB) | Equity | -4.89% | 76,426,780 | 6.62% | $54.04 | $53.41 | $4,130,317,976 | $4,081,954,320 | -$48,363,656 | -1.17% |
| The Kroger Co. (KR) | Equity | -4.93% | 12,737,042 | 1.48% | $72.36 | $57.79 | $921,653,793 | $736,073,657 | -$185,580,136 | -20.14% |
| Suncor Energy Inc. (SU) | Equity | +100% | 17,218,819 | 1.82% | $65.93 | $64.45 | $1,135,259,064 | $1,109,752,885 | -$25,506,179 | -2.25% |
| Nvidia Corp. (NVDA) | Equity | -26.57% | 2,984 | 0.00% | $174.39 | $211.94 | $520,394 | $632,429 | +$112,035 | +21.53% |
| Johnson & Johnson (JNJ) | Equity | -5.61% | 7,317,289 | 2.87% | $244.44 | $254.93 | $1,788,642,935 | $1,865,396,485 | +$76,753,550 | +4.29% |
| Occidental Petroleum Corp. (OXY) | Equity | +100% | 18,311,639 | 1.91% | $65.00 | $55.09 | $1,190,257,845 | $1,008,788,193 | -$181,469,652 | -15.25% |
| PPL Corp. (PPL) | Equity | -92.54% | 345,965 | 0.02% | $38.20 | $35.18 | $13,215,848 | $12,171,049 | -$1,044,799 | -7.91% |
| Pepsico Inc. (PEP) | Equity | +100% | 1,061,310 | 0.26% | $155.29 | $139.10 | $164,813,290 | $147,628,221 | -$17,185,069 | -10.43% |
| Petróleo Brasileiro S.A. - Petrobras (PBR) | Equity | +27.53% | 173,440,105 | 5.77% | $20.75 | $18.72 | $3,598,882,238 | $3,246,798,766 | -$352,083,472 | -9.78% |
| Philip Morris International Inc. (PM) | Equity | -9.06% | 50,105,900 | 13.27% | $165.34 | $186.91 | $8,284,512,197 | $9,365,293,769 | +$1,080,781,572 | +13.05% |
| Ishares Russell 1000 ETF (IWB) | Equity | -93.77% | 1,110 | 0.00% | $356.68 | $422.16 | $395,913 | $468,598 | +$72,685 | +18.36% |
| Credicorp. Ltd. (BAP) | Equity | -92.31% | 72,991 | 0.04% | $339.18 | $392.12 | $24,757,087 | $28,621,231 | +$3,864,144 | +15.61% |
| Renaissancere Holdings Ltd. (RNR) | Equity | +29.85% | 502,346 | 0.24% | $297.24 | $321.75 | $149,317,569 | $161,629,826 | +$12,312,256 | +8.25% |
| Chubb Limited (CB) | Equity | -0.50% | 12,418,796 | 6.49% | $325.93 | $348.30 | $4,047,660,035 | $4,325,466,647 | +$277,806,612 | +6.86% |
| Tc Energy Corp. (TRP) | Equity | +4.90% | 16,946,570 | 1.70% | $62.42 | $65.37 | $1,057,816,356 | $1,107,797,281 | +$49,980,925 | +4.72% |
| Applovin Corp. (APP) | Equity | -14.12% | 1,867 | 0.00% | $398.01 | $419.70 | $743,077 | $783,580 | +$40,503 | +5.45% |
| The Goldman Sachs Group Inc. (GS) | Equity | -7.17% | 298 | 0.00% | $845.39 | $1,052.98 | $251,926 | $313,788 | +$61,862 | +24.56% |
| Ishares MSCI Acwi ETF (ACWI) | Equity | -51.92% | 26,342 | 0.01% | $138.38 | $160.63 | $3,645,136 | $4,231,315 | +$586,179 | +16.08% |
| SPDR S&P 500 ETF Trust (SPY) | Equity | -81.25% | 9,385 | 0.01% | $650.55 | $771.33 | $6,105,380 | $7,238,932 | +$1,133,552 | +18.57% |
| Vanguard Large Cap Index Fund (VV) | Equity | -43.49% | 846 | 0.00% | $299.03 | $355.19 | $252,978 | $300,491 | +$47,513 | +18.78% |
| Walmart Inc. (WMT) | Equity | -11.46% | 5,394 | 0.00% | $124.27 | $111.55 | $670,320 | $601,701 | -$68,619 | -10.24% |
| Embraer S.A. (ERJ) | Equity | -24.12% | 6,073,854 | 0.58% | $59.34 | $64.37 | $360,422,496 | $390,973,982 | +$30,551,486 | +8.48% |
| Itaú Unibanco Holding S.A. (ITUB) | C.Pref | -15.79% | 81,646,220 | N/A | $8.38 | N/A | $684,195,330 | N/A | N/A | N/A |
| Totalenergies Se | Equity | +6.43% | 242,809 | 0.04% | $92.06 | N/A | $22,354,038 | N/A | N/A | N/A |
| Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) | Equity | +34.07% | 27,986 | 0.00% | $11.28 | $9.75 | $315,682 | $272,864 | -$42,818 | -13.56% |
| Pfizer Inc. (PFE) | Equity | +0.01% | 96,492 | 0.00% | $28.08 | $25.41 | $2,709,495 | $2,451,862 | -$257,633 | -9.51% |