Insider Trades: 3 ASX 200 directors bought these stocks last week

Welcome back to the Insider Trades Series – a weekly summary of on-market ASX 200 director transactions valued at more than $10,000. The trades have all taken place between 28 March and 4 April. Directors have up to 5 business days to notify the ASX of their trades.

The growing unease surrounding Trump’s tariffs, coupled with fears of retaliatory measures and heightened recession risks, has noticeably weighed on the volume of ASX 200 director transactions.

Even during the market’s initial downturn, when the S&P/ASX 200 declined 9.4% between February 17 and March 13, insiders remained active, recording a solid number of transactions. There were plenty of directors buying into share price weakness, and a few selling into strength.

In the current environment, however, enthusiasm for buying appears to have evaporated, with few insiders willing to step in amid the uncertainty.

Top ASX 200 Director Trades

GQG's CIO Buys the Dip

GQG Partners is a boutique funds manager, specialising in Global, US and Emerging Market equity strategies. Its “quality” approach seeks companies with consistent earnings, experienced management and competitive advantages like barriers to entry.

GQG shares surged 65% in the first half of 2024, driven by robust fund performance and significant investor inflows. However, sentiment took a dramatic shift due to its substantial stake in Adani Group. On November 21, 2024, GQG shares dropped sharply by 19.3% after allegations surfaced of a $265 million bribery scheme linked to Indian solar contracts, involving Adani Group founder Gautam Adani and seven associates. The sharp selloff reflected investor concerns that the legal fallout could disrupt Adani’s operations and, consequently, undermine GQG’s portfolio stability.

Despite recent challenges, GQG Partners posted a robust FY24 result in February, with average funds under management soaring 45.4% year-on-year to $153 billion and earnings per share jumping 51.7% to 14.7 cents. Just last month, Macquarie analysts reaffirmed their Outperform rating, setting a $3.00 target price and noting, "GQG is currently trading at a forward P/E ratio of ~9x, with a dividend yield exceeding 10%."

However, even with this attractive valuation and yield, the stock couldn’t escape the market’s broader unease over Trump’s tariff policies and economic fallout. GQG shares have tumbled 13% over the past three trading sessions (April 2-7) and are now hovering near year-to-date lows.

Chairman and Chief Investment Officer Rajiv Jain, who beneficially owns roughly 70% of the company—equating to about 2 billion shares—has been buying into this dip, though his most recent purchase is already down approximately 12%.