We shouldn’t be surprised that the latest monthly update from fund manager GQG starts with that immortal quote from Sir John Templeton: “The four most dangerous words in markets are: this time it’s different.”For the best part of two years, the firm’s founder, Rajiv Jain, has been standing firm in his contrarian view that the AI boom will prove to have been built on shaky foundations. And for the best part of two years, GQG’s returns have suffered. The latest performance update for the group’s local flagship fund ETF showed a return of minus 3.1 per cent for June, versus a 3.1 per cent increase in the MSCI World Index.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Two star fundies are suspicious of AI hype. One’s surging, one’s not
Performance updates from GQG and L1 Capital show different stock pickers can yield very different results – even when they agree about the biggest problem on markets.
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