Top 10 Stock Picks of Rajiv Jain’s GQG Partners

Published November 26, 2021 at 6:12 am EST Updated August 19, 2026 at 12:05 pm EDT

In this article, we discuss the top 10 stock picks of Rajiv Jain’s GQG Partners.

Rajiv Jain founded GQG Partners in June 2016, and currently serves as the chairman, chief investment officer, and portfolio manager at the investment firm. In a relatively short span of time, Jain has managed to accumulate a diverse team of more than 100 employees, over $34 billion in managed 13F securities, and assets under management worth $66.7 billion, as of the second quarter.

Before establishing GQG Partners, Jain started his investment career with Vontobel Asset Management in 1994 as a portfolio manager, and stayed with the firm for almost 22 years. In his tenure at Vontobel Asset Management, Jain served as the chief investment officer and Co-CEO, in addition to being the portfolio manager for international equities strategy, emerging markets equities strategy, and global equities strategy.

At GQG Partners, Jain has a diverse portfolio comprising separately managed accounts, private funds, US mutual funds, UCITS funds, Australian funds, as well as CITs. He actively manages the long-only equity strategies at the firm, with his exceptional team handling the rest. As of June this year, Jain’s investment portfolio is concentrated with stocks from the materials, information technology, finance, healthcare, energy, consumer staples, consumer discretionary, and communications sectors.

As of the second quarter’s 13F filings, Jain bought stakes in 23 new stocks, made additional purchases in 37 equities, sold out of 10, and reduced holdings in 18 stocks. GQG Partners’ top buys as of Q2 were Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR), NVIDIA Corporation (NASDAQ:NVDA), and Alphabet Inc. (NASDAQ:GOOG). Whereas, he reduced holdings in JD.com, Inc. (NASDAQ:JD), Abbott Laboratories (NYSE:ABT), and The Procter & Gamble Company (NYSE:PG), among others.

The most notable stocks in Jain’s Q2 portfolio are Alibaba Group Holding Limited (NYSE:BABA), Meta Platforms, Inc. (NASDAQ:FB), Microsoft Corporation (NASDAQ:MSFT), and Amazon.com, Inc. (NASDAQ:AMZN), among others discussed at length below. These stocks are highly sought-after by the smart money as well.

Rajiv Jain of GQG Partners

Our Methodology

We used the Q2 portfolio of Rajiv Jain’s GQG Partners to compile this list, using his stake value in each holding to rank these stocks.

The analyst ratings and earnings for each company are also discussed to provide readers with some more context about their investment decisions. The hedge fund sentiment around each stock was gauged using the data of 873 hedge funds tracked by Insider Monkey, as of June this year.

Top Stock Picks of Rajiv Jain’s GQG Partners

10. Philip Morris International Inc. (NYSE:PM)

GQG Partners’ Stake Value: $1,163,957,000

Percentage of GQG Partners’ 13F Portfolio: 3.42%

Number of Hedge Fund Holders: 46

Philip Morris International Inc. (NYSE:PM) is a Swiss-American cigarette and tobacco manufacturing multinational corporation that serves customers in more than 180 countries with its tobacco products. With flagship brands like Marlboro, Bond Street, and Benson & Hedges, Philip Morris International Inc. is referred to as a Big Tobacco company. Jain’s GQG Partners holds a $1.16 billion stake in the company, which represents 3.42% of the firm’s stock portfolio as of June this year.

Financial Times revealed in a November 9 story that the merger which was once discussed between tobacco giants, Philip Morris International Inc. and Altria Group, Inc. (NYSE:MO), and has been making headlines since 2019, is now off the table. CEO Jacek Olczak of Philip Morris International Inc. stated that instead of the $200 billion merger with the fellow tobacco group, Philip Morris International Inc. is looking to enhance its pharmaceutical and therapeutic knowledge, and might expand into the CBD market in the future.

Philip Morris International Inc. posted its Q3 results on October 19. EPS in the period equaled $1.58, exceeding estimates by $0.02. Revenue for the quarter came in at $8.12 billion, beating estimates by $175.15 million.

As of June this year, of the 873 hedge funds tracked by Insider Monkey, 46 funds were long Philip Morris International Inc., down from 48 in the preceding quarter.

Here is what Broyhill Asset Management has to say about Philip Morris International Inc. in its Q2 2021 investor letter:

“Philip Morris (PM) shook off the prospects of a ban on menthol and a potential cap on nicotine and gained 23%. We shared our thoughts on these regulations during the quarter, which are available here.

‘PM Valuation. PM is up ~ 15% YTD and would have the most to gain under a nicotine cap. A cap would likely accelerate conversion to iQOS, which is 100% incremental for PM (PM also has zero exposure to combustible cigarettes in the U.S. and licenses its IQOS product for MO to distribute domestically). As such, the decline in PM was much more muted, with the stock hitting new 52 week highs a day after the Biden headline, driven by yesterday’s earnings release. It didn’t take long for investors to shift their attention back to fundamentals and the fundamentals here are best in class. In short, results beat estimates across the board (a recurring theme here), and management raised guidance for the full year (another recurring theme). IQOS continued to deliver impressive growth, recording continued market share gains on the heels of continued user acquisition growth, up 1.5M to 19.1M total users. Importantly, IQOS now represents nearly 30% of PM net revenues (management expects “smoke-free” products to represent more than half of their business by 2025, which should make the ESG folks happy), which is driving top-line growth and margin expansion. Hard to believe that they have created a product with higher margins than combustible cigarettes!! We expect PM operating margins to increase by 100bps – 200bps annually as IQOS continues to gain share. The stock trades at ~ 15x today or 2/3 of the market’s multiple for a business likely to generate $35B in cash flow – or 25% of the market cap – in just the next three years. Over the last decade, shares have traded at an average multiple of 18x and within a range of ~ 14x – 22x (+/-1 standard deviation). The stock yields 5.1% at the current price, and we expect management to resume share purchases in the back half of this year.’”

9. Bank of America Corporation (NYSE:BAC)

GQG Partners’ Stake Value: $1,206,223,000

Percentage of GQG Partners’ 13F Portfolio: 3.54%

Number of Hedge Fund Holders: 87

GQG Partners owns over 29 million shares in Bank of America Corporation (NYSE:BAC), which are valued at $1.2 billion. It is one of the top stocks in Jain’s Q2 portfolio, representing 3.54% of the securities at GQG Partners. Bank of America Corporation is a multinational financial services company, which offers investment banking, asset management, commodities trading, insurance, and private equity, among other financial services.

Reuters reported on November 1 that Bank of America Corporation is planning to set up a securities firm in China, to tap into the lucrative Chinese capital market. Bank of America Corporation will gain regulatory approval for this move by the beginning of 2022, and the financial services multinational corporation will as a result be eligible for trading, underwriting stocks and bonds, as well as other functions. After JPMorgan Chase & Co. (NYSE:JPM) and The Goldman Sachs Group, Inc. (NYSE:GS), Bank of America Corporation is another American financial giant set to benefit from the multi trillion dollar Chinese financial sector.

On October 14, Bank of America Corporation published its Q3 earnings. EPS for the period beat expectations by $0.15, coming in at $0.85. Revenue for Q3 totaled $22.77 billion, beating estimates by $1.16 billion. David George from the investment advisory firm Baird downgraded Bank of America Corporation from Neutral to Underperform, citing the stock’s unattractive risk/reward and higher market competition. On November 1, the Baird analyst kept a $42 price target on the shares.

As of the second quarter of 2021, 87 hedge funds tracked within the database of Insider Monkey reported owning stakes in Bank of America Corporation, down from 97 in the preceding quarter.

Here is what Oakmark Funds has to say about Bank of America Corporation in its Q3 2021 investor letter:

“Earlier this year, one of our holdings, Bank of America, announced that it was raising its minimum hourly wage from $15 to $20 and would increase it to $25 by 2025. The company received great press for placing the well-being of its employees above profits. But was it really either/or? Bank of America’s chief human resources officer spoke to the bigger picture: “A core tenet of responsible growth is our commitment to being a great place to work…that includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.” Bank of America understood that engaged, high-caliber employees are more productive, less prone to turnover and, therefore, less expensive in the long run. Increasing the pay for employees wasn’t elevating employees above shareholders; it was the right thing to do for employees and for shareholders.

If an increase to $20 was good, why stop there? Why not $50 per hour? Because the benefits the business receives at $50 don’t justify the expense. The bank would no longer be able to price its products competitively and would lose business. The employees would “win” in the short term, but eventually the lost business would lead to job cuts, meaning both employees and shareholders would lose. The negative effects of stakeholder overreach are no different than when CEOs overreach to inflate short-term profits. Both hurt shareholders and stakeholders.”

8. Infosys Limited (NYSE:INFY)

GQG Partners’ Stake Value: $1,206,521,000

Percentage of GQG Partners’ 13F Portfolio: 3.54%

Number of Hedge Fund Holders: 22

Infosys Limited (NYSE:INFY) is an Indian multinational tech company that offers business consulting and outsourcing services to customers. Headquartered in Bangalore, it serves customers around the world. Rajiv Jain owns over 56.95 million shares in Infosys Limited, worth $1.2 billion as of June this year, representing 3.54% of GQG Partners’ investment portfolio.

Royal Dutch Shell plc (NYSE:RDS) announced on November 3 that it will collaborate with Infosys Limited to launch “Shell Inventory Optimizer”, which would be an exclusive product offered to its customers. Shell Inventory Optimizer utilizes AI and allows businesses to manage and optimize inventory levels on the basis of historical usage. It improves demand planning, and optimizes time and labor hours to cut down on costs and make operations effective.

Infosys Limited reported Q3 results on October 13. EPS in the period totaled $0.17, which met analysts’ expectations. Revenue for the quarter came in at $3.93 billion, beating estimates by $41.20 million.

As of the second quarter, 22 hedge funds tracked by Insider Monkey were bullish on Infosys Limited, with stakes worth $2.1 billion.

In addition to Alibaba Group Holding Limited, Meta Platforms, Inc., Microsoft Corporation, and Amazon.com, Inc., Infosys Limited is a notable stock in Jain’s Q2 portfolio.

7. Target Corporation (NYSE:TGT)

GQG Partners’ Stake Value: $1,430,396,000

Percentage of GQG Partners’ 13F Portfolio: 4.20%

Number of Hedge Fund Holders: 66

Target Corporation (NYSE:TGT) represents 4.20% of GQG Partners’ Q2 portfolio, making it one of Rajiv Jain’s top stock picks. Target Corporation is a retail corporation that has established itself as a cheap-chic player in the United States. It offers beauty and health products, home accessories, electronics, food, and other consumer goods.

As of June this year, 66 hedge funds tracked by the database of Insider Monkey reported owning stakes in Target Corporation, worth $5.86 billion. This is compared to 60 hedge funds in the first quarter, with an approximate stake value of $4.76 billion.

Kate McShane, a Goldman Sachs analyst, on October 18, removed Target Corporation from the firm’s Conviction List but kept a Buy rating on the stock. The price target was set at $308, raised from $281. Target Corporation achieved strong sales and income growth, but according to the analyst, the revenue growth would slow down in 2022, in line with historical levels.

Here is what Nelson Capital Management has to say about Target Corporation in its Q2 2021 investor letter:

“We added Target (tkr: TGT) to our consumer staples sector. Target offers a broad array of products in owned and known brand items at affordable prices. Its omni-channel fulfilment centers allow customers to receive their items via in-store pickup, curbside pickup, same-day shipping and regular shipping while simultaneously reducing operating costs. With a significantly lower valuation than peers and a unique operating strategy, Target is an attractive holding.”

6. UnitedHealth Group Incorporated (NYSE:UNH)

GQG Partners’ Stake Value: $1,483,009,000

Percentage of GQG Partners’ 13F Portfolio: 4.35%

Number of Hedge Fund Holders: 105

UnitedHealth Group Incorporated (NYSE:UNH) is a multinational healthcare and insurance company from Minnesota. It is the largest American insurance company in terms of net premiums, and the eighth largest company by revenue. GQG Partners owns 3.7 million shares in UnitedHealth Group Incorporated, as of June 2021, valued at $1.48 billion, representing 4.35% of the firm’s stock portfolio.

On November 10, Mizuho analyst Ann Hynes kept a Buy rating on UnitedHealth Group Incorporated, inflating the price target to $500 from $455. After 2022, once the COVID-19 headwinds have calmed down, the company has a solid growth outlook according to Hynes.

UnitedHealth Group Incorporated posted its Q3 earnings on October 14. EPS in the period totaled $4.52, beating estimates by $0.10. Revenue for the third quarter came in at $72.34 billion, exceeding estimates by $1.05 billion.

UnitedHealth Group Incorporated is a sought-after stock by the hedge funds, with 105 funds being bullish on the company as of June this year, with stakes worth over $13 billion.

In addition to Alibaba Group Holding Limited, Meta Platforms, Inc., Microsoft Corporation, and Amazon.com, Inc., UnitedHealth Group Incorporated is a notable stock in Jain’s Q2 portfolio.

Here is what Third Point Management has to say about UnitedHealth Group Incorporated in its Q3 2021 investor letter:

“UnitedHealth is one of the largest healthcare companies in the world and a market leader in both its insurance and healthcare services (Optum) businesses. We initiated our position during the 2020 Presidential election at a time of heightened political and regulatory uncertainty.

We believe under its new CEO, Andrew Witty, UnitedHealth can not only preserve its market dominance and sustain industry-leading growth rates across most of its key segments but also enter new healthcare services markets. Witty is known as a mission-driven CEO who clearly articulates his view that providing high-quality, affordable health care services is a social good. He receives consistently high marks from former colleagues, and we believe that his leadership approach will ballast and even strengthen UNH’s already impressive management and employee ranks. The insurance and services businesses are synergistic and complementary, which entrenches United’s critical role in care financing, access, and management. This dynamic gives us confidence in the durability of United’s market leadership…” (Click here to see the full text)

5. Meta Platforms, Inc. (NASDAQ:FB)

GQG Partners’ Stake Value: $1,597,927,000

Percentage of GQG Partners’ 13F Portfolio: 4.69%

Number of Hedge Fund Holders: 266

As the parent organization of leading social media platforms like Facebook, Instagram, and WhatsApp, Meta Platforms, Inc. is one of the Big Five US tech firms, and a top stock in GQG Partners’ Q2 portfolio. Rajiv Jain, via his investment firm, owns stakes worth $1.59 billion in Meta Platforms, Inc., as of the end of June, which accounts for 4.69% of Jain’s portfolio.

Billionaire investor Ken Fisher’s Fisher Asset Management is one of the top stakeholders in Meta Platforms, Inc., with 7.59 million shares worth $2.57 billion. Overall, 266 hedge funds monitored by Insider Monkey’s database of elite funds were long Meta Platforms, Inc. at the end of Q2.

Meta Platforms, Inc. posted Q3 results on October 25, with the EPS for the quarter totaling $3.22, beating estimates by $0.04. Revenue for the period failed to meet forecasted revenue, missing estimates by -$513.23 million at $29.01 billion.

Here is what Polen Capital has to say about Meta Platforms, Inc. in its Q3 2021 investor letter:

“Facebook’s stock was pressured on concerns about regulation in the quarter. We are constantly monitoring the potential regulatory risks to Facebook (and all of our holdings). At this point, we see very little chance that regulation changes Facebook’s business model in a meaningful and adverse way. Regarding the recent data shared by a former Facebook employee and the company itself on some of the unfortunate negative consequences of social media, we recognize these types of issues will inevitably linger in different forms and fashions well into the future. We have been focused on the ability of Facebook to identify and mitigate these negative consequences while amplifying the value users typically cite for its apps across a long list of use cases. We continuously monitor the vibrance of the user base on Facebook’s apps to confirm that value.”

4. Microsoft Corporation (NASDAQ:MSFT)

GQG Partners’ Stake Value: $1,646,398,000

Percentage of GQG Partners’ 13F Portfolio: 4.83%

Number of Hedge Fund Holders: 238

Bill Gates’ Microsoft Corporation is a highly sought-after software and technology stock, with 238 hedge funds tracked by Insider Monkey as of June 2021 holding stakes in the company, worth more than $62 billion. One of Microsoft Corporation’s leading stakeholders is GQG Partners, who holds over 6 million shares in the company, valued at $1.64 billion, representing 4.83% of the firm’s Q2 portfolio.

Martin Taylor’s Crake Asset Management is the largest stakeholder in Microsoft Corporation, with a position amounting to $57.42 billion.

Tom Warren from The Verge revealed in a November 10 report that Microsoft Corporation is partnering with Meta Platforms, Inc. to integrate Microsoft Teams into Workplace by Meta, which will allow employees to react and respond to digital meetings in real time, without the hassle of switching applications. Employees can also access their Workplace content via an app on Microsoft Teams.

Microsoft Corporation released its Q3 earnings on October 26. EPS for the quarter came in at $2.27, exceeding analysts’ estimates by $0.19. Revenue for the period equaled $45.32 billion, exceeding estimates by $1.33 billion.

Here is what Alger has to say about Microsoft Corporation in its Q3 2021 investor letter:

“Microsoft Corporation was among the top contributors to performance during the third quarter. Microsoft is a Positive Dynamic Change beneficiary of corporate America’s transformative digitization. Microsoft’s enterprise cloud product, Azure, is rapidly growing and accruing market share. Microsoft reported that Azure grew 51% in the second quarter. This high unit volume growth is a primary driver of the company’s higher share price, but the company’s strong operating execution has enabled margin expansion that has also helped to increase forward earnings estimates. We believe Microsoft’s subscription-based software offerings and cloud computing services have a durable growth profile because they enhance customers’ growth initiatives and help them to diminish costs. Additionally, investors appreciate Microsoft’s strong free cash flow generation and its return of cash to shareholders in the form of dividends and share repurchases.”

3. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

GQG Partners’ Stake Value: $1,698,597,000

Percentage of GQG Partners’ 13F Portfolio: 4.99%

Number of Hedge Fund Holders: 25

Petróleo Brasileiro S.A. – Petrobras is a Brazilian multinational petroleum corporation that specializes in petroleum products, natural gas, lubricant, fertilizers, biofuels, and petrochemicals. 4.99% of the 13F securities at GQG Partners are represented by the stake in Petróleo Brasileiro S.A. – Petrobras, which is valued at $1.69 billion as of June this year.

Earnings per share for Q3 came in at $0.52 on October 28, missing analysts’ consensus estimates by -$0.20. HSBC analyst Lilyanna Yang downgraded Petróleo Brasileiro S.A. – Petrobras from Buy to Hold with a $12 price target on October 14.

As of the second quarter of 2021, 25 hedge funds were bullish on Petróleo Brasileiro S.A. – Petrobras, with stakes valued at $2.79 billion.

2. Alphabet Inc. (NASDAQ:GOOG)

GQG Partners’ Stake Value: $2,813,907,000

Percentage of GQG Partners’ 13F Portfolio: 8.26%

Number of Hedge Fund Holders: 155

Alphabet Inc. is an American multinational tech conglomerate, commonly recognized for being the parent company of Google and Google subsidiaries since 2015.

GQG Partners owns 1.12 million shares in Alphabet Inc., valued at $2.8 billion. Insider Monkey’s database of elite funds indicates that one of the largest stakeholders in Alphabet Inc. is Aubrey Capital Management, with stakes roughly worth $9.62 billion. Overall, 155 hedge funds were long Alphabet Inc. as of June this year.

On October 26, Q3 earnings for Alphabet Inc. were reported. EPS in the period totaled $27.99, beating analysts’ consensus estimates of $23.48 by $4.51. Morgan Stanley analyst Brian Nowak proceeded to keep an Overweight rating on Alphabet Inc. on November 2, raising the price target from $3,000 to $3,200, following the strong Q3 earnings beat.

Here is what Oakmark Funds has to say about Alphabet Inc. in its Q3 2021 investor letter:

“Alphabet, a U.S. communication services provider, was once again a top contributor for the quarter, solidifying its rank as a top contributing stock for the one-year period. The company’s financial results repeatedly exceeded expectations. In particular, its revenue grew faster than expected and its margin trends improved across all segments. In addition, management has executed $24.4 billion of stock repurchases so far in 2021. After further examination, we recently increased our estimate of Alphabet’s intrinsic value based on the company’s better than expected operating leverage and its notable efficiency improvements. As a result, we continue to believe that Alphabet is trading at a significant discount to its intrinsic value.”

1. NVIDIA Corporation (NASDAQ:NVDA)

GQG Partners’ Stake Value: $2,971,965,000

Percentage of GQG Partners’ 13F Portfolio: 8.73%

Number of Hedge Fund Holders: 86

NVIDIA Corporation is the largest holding in the Q2 portfolio of Rajiv Jain. Jain, via GQG Partners, owns over 3.7 million shares in NVIDIA Corporation, worth $2.97 billion, representing 8.73% of the firm’s investment portfolio. NVIDIA Corporation is a California-based multinational technology company that is primarily engaged in developing graphics processing units, central processing units, chipsets, drivers, data processing units, and computer hardware.

According to a report published by Wedbush analyst Mark Bryson on November 12, NVIDIA Corporation stock is extremely overvalued, trading at 55 times his 2024 estimates for the company. He sees no negative catalysts for NVIDIA Corporation, and believes that company fundamentals are improving. However, Bryson downgraded the stock from Outperform to Neutral, slashing the price target from $300 to $220, owing to the current valuation.

As of Q2, 86 hedge funds monitored by Insider Monkey were long NVIDIA Corporation, up from 80 in the preceding quarter.

Here is what Harding Loevner has to say about NVIDIA Corporation in its Q2 2021 investor letter:

“Within IT, shares of US-based computer chip developer NVIDIA continued their climb as rising demand across segments-from work-from-home laptops to data centers to cryptocurrency mining rigs-led to shortages that translated into surging prices for its chips. Such was the windfall that NVIDIA even made technical changes to some of its products to make them towards what it believes are more sustainable uses. Less attractive to cryptocurrency miners, to steer scarce supply viewed by geography, the lion’s share of excess returns came from good stock performance in the US. In addition to the contributions from NVIDIA and our health care holdings, a pair of IT software and service providers also aided relative returns.”

You can also take a look at Tech Stock Portfolio: 10 Tech Stock Picks from Andrew Immerman and Jeremy Schiffman’s Palestra Capital Management and 10 Stocks to Buy in 2021 According to Guy Spier’s Aquamarine Capital.

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