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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 firms. Adani firms personal and function a number of the largest and most essential infrastructure property all through India and world wide. Gautam Adani is broadly thought to be among the many greatest entrepreneurs of his technology. We consider that the long-term development prospects for these firms are substantial, and we’re happy to be investing in firms that may assist advance India’s economic system and vitality infrastructure, together with their vitality transition over the long-run,” mentioned 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 property, in world, US and rising markets equities funds. Earlier than founding GQG, Jain spent 22 years at Vontobel Asset Administration.
“GQG is among the world’s main world and rising markets traders with distinctive long-term observe information. GQG Companions manages greater than AUD$130 billion ($92 billion) in consumer property as of January 31, 2023. Listed on the Australian Inventory Alternate, GQG Companions is the winner of Morningstar Australia’s International Fairness Supervisor of the Yr for 2022,” mentioned 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 towards the conglomerate.
Seven listed Adani firms 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 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 firms 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 high 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 infrequently seems on TV, usually invests in 40 to 50 large-cap shares in his worldwide fund, in contrast with the benchmark’s greater than 2,000 firms. 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 complete place — the kind of daring strikes most within the trade 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 development supervisor”, mentioned the report.
ALSO READ: Gautam Adani-Hindenburg row: Meet Supreme Courtroom’s probe panel; KV Kamath, Nandan Nilekani and others
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