At a glance

  • GQG declared quarterly dividends worth A$0.2074 per share with ex-dates in the 12 months to 24 September 2026.
  • At $1.135, that is a gross trailing Yield of 18.27%. The dividends are unfranked because GQG is a US company.
  • GQG was removed from the S&P/ASX 200 effective 21 Sep 2026, having been added in Sept 2025. It remains in the S&P/ASX 300.

GQG Partners (ASX:GQG) is a global Fund Manager founded by Rajiv Jain. It is domiciled in the US but listed on the ASX through CDIs, which let Australian investors trade the shares locally.

The share price slump reflects pressure on the Business itself. GQG recorded net outflows of US$15.1bn in 1H26, and its funds under management were down 9.5% year on year to US$156bn. For a fund manager, funds under management drive fee revenue, so falling Assets usually mean falling Earnings over time.

GQG pays out about 90% of its distributable earnings. That high Payout Ratio is why the Dividend is so large relative to the share price, but it also means there is little buffer. If earnings slip, the dividend is likely to follow.

How were the dividends in the last 12 months paid?

GQG declares its dividends in US dollars and pays them quarterly. Converted to Australian dollars, the payments with ex-dates in the past 12 months were:

Ex-dividend 21 Oct 2025: US$0.03686 (A$0.0568)

Ex-dividend 18 Feb 2026: US$0.03594 (A$0.0510)

Ex-dividend 19 May 2026: US$0.03467 (A$0.0488)

Ex-dividend 26 Aug 2026: US$0.0362 (A$0.050843, converted at 0.7120), paid 25 Sep 2026

Those payments add up to A$0.2074. The US dollar amounts eased from US$0.03686 to US$0.03467 before lifting to US$0.0362 in the latest payment, so the dividend has not collapsed in line with the share price.

Because the dividends are declared in US dollars, the Australian dollar amount investors actually receive also depends on the Exchange Rate used to convert each dividend into Australian dollars. A stronger Australian dollar means fewer Australian cents per share, and vice versa.

Which yield figure applies to you?

This is where GQG gets more complicated than most ASX income stocks. There are really several yields, depending on how you count tax.

The gross trailing yield is 18.27%. That is calculated as 20.74c ÷ 113.5c, using the full Australian dollar value of the dividends before any tax is withheld.

For investors who are eligible for the lower 15% treaty Withholding rate instead, less tax is withheld from each payment and the net yield is about 15.5%.

On top of that, the dividends are unfranked. Unlike most ASX-listed Australian companies, GQG is a US company, so there are no Australian franking credits attached to boost the after-tax return. Tax treatment varies between investors, so it is worth checking with a tax adviser.

What does leaving the S&P/ASX 200 mean?

GQG was removed from the S&P/ASX 200 in the September 2026 quarterly rebalance, effective 21 Sep 2026. It had been added only in Sept 2025. Removal from a major index typically means funds that track it must sell, which can weigh on the share price around the change. GQG remains in the S&P/ASX 300, so it is still held by funds tracking that broader index.

What could change from here?

The biggest risk is the direction of funds under management. If outflows continue, fee Revenue and distributable earnings are likely to fall, and with a payout of about 90%, the dividend would probably shrink with them.

Investment performance matters too, because it drives both client flows and the value of the assets GQG manages. The business is also closely associated with its founder, Rajiv Jain, which adds key-person risk. Currency moves will keep changing the Australian dollar value of each US dollar dividend. And if the share price rebounds, the trailing yield will fall even if the dividends stay the same. In short, the 18.27% is a snapshot of the past 12 months, not a promise about the next 12 months, and investors should weigh it against the trend in outflows and assets.