GQG Partners (GQG) is a global asset management boutique, managing over US$87bn in funds across four primary equity strategies. Co-founder Rajiv Jain’s +20-year investment track record has been central to the group’s early success. A philosophy of client alignment (competitive fee structures), highly effective distribution, and scalable strategies has enabled rapid growth. GQG has an efficient operating structure, short-term net funds inflow support, and long-term growth optionality. The group is trading on ~14x FY22F PE, a below- industry-average multiple which we think can re-rate. We initiate coverage with an Add recommendation and A$2.40ps valuation.