Rajiv Jain’s GQG Partners has become synonymous with bold, conviction-driven investments in emerging markets. While many global asset managers lean heavily on U.S. tech giants, Jain has staked his reputation on India’s expanding financial sector and Latin America’s resource-rich economies. His approach reflects a willingness to take concentrated positions in regions where long-term growth prospects outweigh short-term volatility.
This strategy has not only differentiated GQG from its peers but also produced standout returns across several marquee holdings. India’s banks and conglomerates dominate the top of the portfolio, highlighting Jain’s belief in the country’s structural growth story, backed by demographics, credit expansion, and digitalization. Meanwhile, Latin American energy leaders play a critical role as GQG seeks to capture global demand for oil and natural resources.
By focusing on these two regions, GQG has positioned itself at the crossroads of rapid industrialization, rising consumer demand, and geopolitical realignment. Below, we highlight five of Rajiv Jain’s most significant India and Latin America bets, and what they reveal about his investment philosophy.
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1. Petrobas (PBR) 2.03% of portfolio
On the Latin American front, Petrobras is GQG’s crown jewel, with over $2.7 billion invested across more than 221 million shares. Despite trimming its stake by more than 34 million shares this quarter, GQG remains one of the company’s largest foreign backers. Petrobras gives the portfolio direct exposure to global energy markets at a time when oil remains a critical input for emerging economies.
By anchoring its LatAm exposure in Petrobras, GQG balances India’s consumption-driven growth with commodity-driven upside. It’s a strategic hedge, tying together resource security and emerging market demand.
2. ICICI Bank (IBN) 1.89% of portfolio
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ICICI Bank is GQG’s flagship India exposure, with more than $2.57 billion invested across 76 million shares. Despite trimming just under one million shares this quarter, GQG continues to view ICICI as a pillar of India’s financial infrastructure. With a rising middle class and accelerating credit penetration, ICICI is well placed to benefit from loan growth and digital banking adoption.
Jain’s conviction in ICICI underscores his preference for dominant private-sector banks in India, which have steadily gained market share from state-owned lenders. By betting big on ICICI, GQG is effectively aligning itself with India’s long-term consumption boom.
3. ITC Ltd (ITC) 1.53% of portfolio
GQG also maintains a heavy presence in India’s consumer sector, with 434 million shares of ITC Ltd, valued at more than $2.08 billion. ITC is best known for its tobacco business, but the conglomerate has diversified into packaged foods, hotels, and paper products. The stock is attractive not just for growth potential, but also for its cash generation and dividend yield.
This holding illustrates Jain’s balanced approach: while ICICI and HDFC offer growth upside, ITC provides defensive stability. In a region as dynamic as India, having a mix of consumer staples alongside financials ensures portfolio resilience.
4. HDFC Bank (HDB) 1.40% of portfolio
With over 24.9 million shares and a reported value of nearly $1.91 billion, HDFC Bank is another cornerstone of GQG’s India strategy. Unlike ICICI, GQG significantly boosted its stake this quarter, adding more than 8.7 million shares. The move suggests high confidence in HDFC’s ability to maintain strong asset quality and expand its retail lending franchise.
For Jain, HDFC Bank represents the scalability of India’s banking system, where urbanization and financial inclusion continue to create opportunities. It’s a classic example of GQG’s philosophy: buying dominant players in markets where structural tailwinds are undeniable.
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5. Adani Enterprises (ADEL) 1.18% of portfolio
GQG holds a $1.08 billion position in Adani Enterprises, one of India’s most prominent conglomerates. Despite controversy around corporate governance in the Adani Group, Jain has leaned into the company’s long-term role in infrastructure, energy, and transport. With India investing heavily in renewables and logistics, Adani remains uniquely positioned.
This bet reflects Jain’s willingness to stomach volatility for long-term reward. While many institutional investors stepped back from Adani after last year’s turbulence, GQG doubled down, highlighting Jain’s contrarian instincts and his belief in India’s infrastructure supercycle.
Why Rajiv Jain Thinks India and Latin America Are The Future
Rajiv Jain has consistently stood apart from his peers by leaning into India and Latin America, rather than following the crowd into mega-cap U.S. tech. This strategy has turned GQG into one of the largest foreign investors in India’s corporate sector, while also providing critical exposure to Latin America’s resource base. The result is a portfolio with a unique mix of growth, defensiveness, and contrarian bets.
Looking ahead, GQG’s positioning suggests Jain is preparing for a world defined by multipolar growth. With India and Latin America expected to be among the fastest-growing regions in the next decade, GQG is betting that global capital flows and long-term returns will follow.
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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 stocks mentioned. Thank you for reading, and happy investing!
