At the end of September 2023, GQG owned a 3.25% stake in Baba Ramdev’s Patanjali Foods through two of his funds, shareholding pattern data shows.
In the case of JSW Energy, the multi-billion dollar fund owned 1.38% stake, 1.11% stake in IDFC First Bank and 1.28% in Adani Power. The Adani Group stock has more than doubled in FY24.
The Adani bull was seen increasing ownership in Adani Enterprises from 2.67% in Q1 to 2.74% in Q2, Adani Green Energy from 3.5% to 3.55%, Adani Ports 3.10% to 3.53% and Ambuja Cements 1.36% to 1.8%.
Other Indian stocks in Jain’s portfolio include ITC, Adani Energy Solutions and Max Healthcare.
At the end of the quarter, he owned 11 stocks the market value of which is now about Rs 37,000 crore. Around 64% of his holding is concentrated in Adani stocks.
GQG shot into limelight in March earlier this year when it made a bold contra bet on Adani stocks in the peak of the aftermath of the Hindenburg controversy. After starting with a $2 billion bet, Jain has made at least 3 more rounds of investments in companies owned by billionaire Gautam Adani.
In March, when the selling pressure in Adani stocks was at its peak due to allegations made in the short seller Hindenburg’s report, GQG had made a Rs 15,446 crore contra bet to pick stakes in four Adani Group firms – Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission (which has been renamed to Adani Energy Solution) and Adani Enterprises.
The emerging markets fund manager has in the past expressed confidence that Adan stocks could even deliver multibagger returns over five years.
“There is a lot less political risk in the Adani story than perceived. A lot of competition they have is with less dynamic public sector companies which reduces political risk in our opinion,” Jain had said earlier in an interview.
(Data: Ritesh Presswala)
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