The GQG Partners Inc (ASX: GQG) share price is backtracking today following the company’s funds under management (FUM) update.
At the time of writing, the global asset management firm’s shares are swapping hands at $1.63, down 0.91%.
For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red, trading at 7,149.1 points, down 0.79%.
GQG delivers FUM update
The GQG share price is edging lower as investors digest the company’s latest FUM report.
In its release, GQG reported that total FUM lifted by US$4.2 billion between 30 April and 31 May.
The biggest rise came from the international equity portfolio which improved by US1.8 billion to US$33.7 billion.
In addition, emerging markets equity jumped by US$1 billion to US$24.7 billion, and global equity swelled by US$0.8 billion to US$29.7 billion.
Lastly, the United States equity division grew by US$0.6 billion to US$6.5 billion.
Across the board, total FUM stood at US$94.6 billion at the end of May.
This is in sharp contrast to when GQG reported a fall of FUM to US$90.4 in the prior month.
GQG share price snapshot
The GQG share price has fallen 26% over the past 12 months. When looking at the year to date, it’s down roughly 7%.
It’s worth noting that the company’s shares reached a 52-week low of $1.123 in early March. This came off the back of GQG’s February FUM update which disappointed investors.
However, GQG shares have since bounced back and are up 12% over the past month.