<\/p>\n
Rajiv Jain wasn\u2019t alone. Other investors had warned about what they considered overly optimistic expectations for many technology stocks well before Anthropic\u2019s early-February announcement of enhanced artificial intelligence capabilities sent software stocks\u2014and others\u2014reeling. But few mutual fund managers matched the boldness of Jain\u2019s proclamations or the decisive portfolio shifts enacted by Jain and his team at GQG Partners.<\/p>\n
That contrarian stance has been rewarded\u2014finally. Even with some backsliding last week, GQG US Select Quality Equity GQEIX<\/a> and GQG Global Quality Equity GQRIX<\/a> ranked near the top of their respective Morningstar Categories for the year to date through Feb. 20, 2026. That\u2019s quite a contrast with 2025, when both funds scraped the bottom of their categories.<\/p>\n Of course, it\u2019s much too soon to declare victory. And when Jain visited Morningstar\u2019s Chicago office on Feb. 3, he did not do so. Instead, in a discussion with Morningstar manager research analysts, he reiterated and expanded upon the assertions laid out in a series of GQG research papers published last fall. These reports, provocatively titled \u201cDotcom on Steroids,\u201d<\/a> explained in detail why GQG considered the \u201cAI frenzy trade mania\u201d more dangerous for investors than the notorious tech bubble of the late 1990s.<\/p>\nFrenzy Trade Mania?<\/h2>\n