GQG's Rajiv Jain adds more Nvidia, considers increasing exposure to Adani Group

Australia-listed investment firm GQG Partners said it has continued to increase its exposure to Nvidia Corp and intends to buy more stocks of Adani Group.

Fort Lauderdale, Florida-based GQG, which manages almost $100 billion in assets, added 8.2 million shares in Nvidia in the first quarter, worth $2.3 billion then, according to a regulatory filing. Since then, Chief Investment Officer Rajiv Jain said in an interview that GQG has "meaningfully increased" its position in Nvidia. The CIO declined to disclose the amount it further invested.

Jain also said the asset manager is considering raising its exposure to Adani by participating in capital increases the group announced in May. Adani Enterprises and Adani Transmission said they'll together raise up to Rs 21,000 crore through share sale and Adani Green Energy is also expected to raise $1 billion from market.

“There is lot less political risk in the Adani story than perceived,” Jain told Bloomberg in an interview, referring to the view that Adani Group chairman Gautam Adani’s business success is linked to, or depends on Prime Minister Narendra Modi being in power. “A lot of competition they have is with less dynamic public sector companies which reduces political risk in our opinion.”

“People are making hue and cry flagging corporate governance issues with Adani Group without acknowledging overall results,” said Jain.

He made over 75% gains within three months of investing $1.87 billion in four Adani firms.

GQG holds positions worth $13 billion in Indian companies, including ITC Ltd, Sun Pharmaceutical Industries Ltd, along with lenders ranging from the State Bank of India, ICICI Bank Ltd and HDFC. 

With inputs from Reuters