Since November 24, the Adani Group's stocks have surged, increasing its market value by around Rs 4.5 lakh crore to Rs 14.8 lakh crore.
Not many investors worldwide have probably timed their trades as perfectly as Rajiv Jain, the founder, chairman and chief investment officer of Fort Lauderdale-based asset management firm GQG Partners.
Just nine months after his company GQG Partners Inc. invested in the Indian conglomerate, emerging-market investor Gautam Adani has made a tidy profit from the fast rise in his listed equities.
In less than a year, Jain's GQG Partners had almost doubled its investments in Adani shares. Based on the closing share prices on December 6, Prime Database data shows that GQG's portfolio value in Adani Group firms increased to Rs 39,331 crore. This represents an 82% total return on its Rs 21,660 crore investment, made in three instalments over the year beginning in March 2023, in various Adani Group entities. Rajiv Jain amassed windfall profits of more than ₹17000 crore.
Investments in Adani Enterprises Ltd., Adani Green Energy, Adani Ports and SEZ, and Adani Power drove the increase, virtually doubling their value in the wake of the recent stock market boom.
GQG invested Rs 3403 crore in Adani Enterprises, now valued at Rs 9,024 crore. Adani Green Energy's initial investment of Rs 4,743 crore increased to Rs 8,800 crore. For Adani Ports, GQG's investment of Rs 4,472 crore surged to Rs 7,766 crore, while Adani Power's investment by GQG rose from Rs 4,245 crore to Rs 8,718 crore.
Since November 24, the Adani Group's stocks have surged, increasing its market value by around Rs 4.5 lakh crore to Rs 14.8 lakh crore.
Who is Rajiv Jain?
Rajiv Jain was born in India and moved to the US in the early 1990s to pursue an MBA at the University of Miami. He began working at the Swiss company Vontobel Asset Management in 1994, moving up the ranks to become co-CEO in 2014 before leaving in 2016.
GQG manages several funds alongside Goldman Sachs' asset management firm. He cofounded GQG with Tim Carver, the firm's CEO, in 2016; they took it public on the Australian Stock Exchange in October 2021. His net worth, as per Forbes, is 3.2 billion dollars.
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