These five Indian companies feature among the top 10 holdings of GQG Partners EM Equity Fund

While ITC is the top Indian exposure for the fund, other names within the top five have low to mid-single-digit stake.

GQG Partners manages $88B in assets globally through its various funds. The EM Equity Fund had assets worth $9.9 billion as of January 31, 2023.

The other five names that complete the top 10 holdings of the fund are Brazil-based Petrobras, mining company Vale - also based out of Brazil, TotalEnergies SE - which incidentally has a partnership with the Adani Group in India through Adani Total Gas, Taiwan Semiconductor Manufacturing Company, and Itau Unibanco Holding SA.

The top 10 holdings of the GQG Partners EM Equity Fund make up for nearly 44 percent of the overall portfolio.

India is the top weightage among country-wide exposure for the fund with 34 percent, followed by Brazil with 21.7 percent and China with 7.1 percent of the portfolio equity as of December 31, 2022.

The fund also has exposure in countries like the US, Mexico, Indonesia, France, and the Netherlands among others.

As of December 31 last year, cash and cash equivalents represented 1.46 percent of the total portfolio.

Among other Indian holdings of the GQG Partners EM Equity Fund, which do not feature in the top 10 include Sun Pharma, Bharti Airtel, Infosys, Tata Steel, HDFC AMC, Cipla, Power Grid, and JSW Steel.

Within sectoral allocations, the fund is overweight on consumer staples, energy and financials, while major underweights include communication services, consumer discretionary, industrials and IT.

A series of large trades took place in Adani Group companies - Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises before market open on Thursday.

The transactions took place just before a Supreme Court verdict that formed a six-member expert panel and asked market regulator SEBI to probe whether there is any violation of the Security Contract Act, or any other provision of the law, among other instructions.

Nonetheless, shares of all Adani Group companies ended with gains on Thursday, adding another Rs 30,000 crore to their market capitalisation, taking the three-day addition figure to Rs 1 lakh crore.