FUM as at 30 June 2025

• GQG's FUM reached a record high of $172.4B as of June 30, 2025
• Net inflows of $0.7B in June and $8.0B year-to-date
• Relative underperformance across strategies compared to benchmarks in Q2

GQG Partners Inc. (ASX: GQG) has reported a record high funds under management (FUM) of $172.4 billion as of June 30, 2025. This represents an increase of $3.9 billion from the previous month and $8.0 billion year-to-date. The firm experienced net inflows of $0.7 billion in June and $8.0 billion for the year-to-date period, compared to $11.1 billion for the same period in 2024. While GQG's FUM reached a new high, the company noted that it has continued to position its portfolios defensively, resulting in relative underperformance across all strategies compared to their respective benchmarks during the second quarter. The firm stated that it remains focused on protecting client capital in the face of ongoing market volatility, corporate earnings uncertainty, and macroeconomic challenges. Despite the short-term relative underperformance, GQG reaffirmed its defensive positioning, noting that management fees continue to comprise the vast majority of its net revenue, and that the management team remains highly aligned with shareholders and clients.