Key Takeaways
- GQG Partners, a firm that manages $164 billion, sold all of its Enbridge, TC Energy and Exelon shares in the third quarter, its latest 13F shows.
- Over the same quarter, it built NVIDIA and Taiwan Semiconductor into its second- and third-largest positions.
- Analysts’ average targets sit just 3% to 7% above the prices of the three stocks it sold, against 72% for NVIDIA and 47% for Taiwan Semiconductor.
- Wall Street’s numbers back the sales, and NVIDIA’s Nov. 17 report is the next test of the chips GQG added.
GQG Partners just walked away from three of the steadiest names in North American energy. The firm manages $163.86 billion. It held no Enbridge (ENB), TC Energy (TRP) or Exelon (EXC) shares at the end of September, according to its 13F for the quarter ended Sept. 30, filed Nov. 13.
And it piled into chips over the same quarter. GQG grew its NVIDIA (NVDA) stake 376% to 14.04 million shares and its Taiwan Semiconductor (TSM) stake 562% to 5.74 million, making them its No. 2 and No. 3 holdings.
Three big positions, gone
These weren’t small bets. At June 30, GQG held 49.08 million Enbridge shares worth $2.66 billion, 4.9% of its 13F stocks at the time. Its 16.74 million TC Energy shares were worth $1.11 billion (2%), and its 19.80 million Exelon shares were worth $923 million (1.7%). By Sept. 30, all three were gone. A 13F only covers US-listed shares, so it can’t show whether GQG still owns either Canadian company on the Toronto exchange.
TIKR tracks 24 analysts on Enbridge. How many say “Buy”?
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Enbridge keeps delivering, for little upside
Enbridge is down 12% since Sept. 30 and sits 18% below its 52-week high. The business behind it looks fine. In its third-quarter release on Nov. 6, Enbridge reaffirmed its 2026 guidance, reported distributable cash flow of C$2.7 billion against C$2.6 billion a year earlier, and put C$3 billion of finished projects into service. Analysts raised their average target through most of the year, until it peaked in August:
It has eased a little since. The 24 analysts who cover Enbridge have an average target of $50.83 on the US shares, just 7% above the last close. Not every fund is heading for the exit, though: a $15 billion fund bought Enbridge last quarter.
TC Energy just raised its outlook
TC Energy has held up better, down 2% since Sept. 30 and 9% below its high. On Nov. 5, it raised its 2026 comparable EBITDA outlook to C$11.8 billion to C$12.0 billion, extended its outlook through 2031 and announced about C$3 billion of new growth projects. Third-quarter comparable earnings came to C$0.94 a share, up from C$0.77 a year earlier. Even so, the average analyst target of $67.58 sits only 4% above the last close.
Exelon’s targets have been drifting lower
Exelon has barely moved, down 0.8% since Sept. 30. On Oct. 30, it reported third-quarter adjusted operating earnings of $0.87 a share, which it said beat expectations. It also narrowed its 2026 guidance to $2.85 to $2.91 a share and stuck with earnings growth near the top of 5% to 7% a year through 2029. But analysts have trimmed their average target since it peaked in April:
The average now sits at $47.76, 3% above the last close.
Wall Street sees far more upside in the chips
Set those single-digit upsides against what GQG added. Analysts’ average target for NVIDIA is $279.63, 72% above the last close, and Taiwan Semiconductor’s is $586.69, 47% above. NVIDIA’s average target has come off its late-October peak, but it’s still well above where it stood a year ago:
Both chipmakers have fallen hard since Sept. 30, though: NVIDIA by 29% and Taiwan Semiconductor by 13%. Jensen Huang resigned as NVIDIA’s CEO on Nov. 12, and six firms downgraded the stock. That leaves NVIDIA at about 13x forward earnings, against a five-year average of 36x on TIKR. Taiwan Semiconductor’s business shows no sign of slowing yet: it booked NT$586.89 billion of revenue in October, up 59.7% from a year earlier.
The numbers back the sales
The way I see it, GQG made the right call on all three. Each business is in decent shape, but the Street sees only 3% to 7% upside in them, and far more in the two chipmakers it added. Since Sept. 30, though, both chipmakers have fallen further than any of the three stocks GQG sold. Those are price moves, and they aren’t GQG’s own returns: the filing doesn’t show what it paid, or whether it still holds any of these shares.
NVIDIA’s Nov. 17 report, its first since Huang’s exit, is the next test of the chips. And GQG’s next 13F, due in mid-February, will show whether it stuck with them.
So what is Enbridge stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
