The GQG Partners Inc (ASX: GQG) share price rocketed on Thursday following the company's funds under management (FUM) update.
At the final bell, the fund manager's shares finished the day 9.68% higher at $1.53.
In contrast, the S&P/ASX 200 Financials Index (ASX: XFJ) closed down 0.57%. The S&P/ASX 200 Index (ASX: XJO) also had another disappointing day, closing at 7,442.8, down 0.63%.
FUM update
Investors rallied up the GQG share price following the company's latest FUM report.
GQG reported that total FUM experienced US$3.4 billion in net inflows over the quarter. This is despite a challenging macro environment in which the business continued to see positive net flows through its three major channels.
As such, the international equity division rose 2.5% to US$32.6 billion. This was followed by global equity which increased by 6.2% to US$29.3 billion.
Furthermore, the emerging markets equity business improved by 1.2% to US$24.9 billion, with United States equity up 5.2% to US$6.1 billion.
Across the board, total FUM stood at $92.2 billion at the end of the March quarter.
The company said:
We continue to see business momentum across multiple geographies and channels as our Q1 flows represent positive net flows from all three of our major channels and positive net flows from multiple geographies, notably in the Australian and Canadian retail channels.
About the GQG share price
After reaching a record high of $2.13 late last year, the GQG share price is down 30% over the past year.
It has also fallen 13% this year to date. However, it is up 16% over the past month and 9% over the past week.
GQG commands a market capitalisation of roughly $4.51 billion and has approximately 2.95 billion shares outstanding.
