ASX All Ords stock GQG Partners Inc (ASX: GQG) has started the week in the red and is currently 2.5% lower at $2.53 at the time of writing.

Today's moves follow GQG's September funds under management (FUM) update, which, despite the share price declines, showed positive inflows for the period.

The stock is also up 49% this year to date, outperforming the broader market. Let's take a closer look.

ASX All Ords stock FUM changes

The ASX All Ords stock reported that its FUM increased to US$161.6 billion by the end of September, up from US$160.8 billion in August.

This rise was driven by net inflows of more than US$2 billion for the month. Critically, there were positive contributions across most of the asset manager's equity strategies.

Here's the breakdown of the fund flows as of September 30:

• International Equity: US$62.9 billion (unchanged from August)
• Global Equity: US$39.7 billion (unchanged)
• Emerging Markets Equity: US$43.9 billion (up from US$43.6 billion)
• U.S. Equity: US$15.1 billion (up from US$14.6 billion)

Furthermore, GQG has seen net flows totalling more than US$17 billion this year to date, with each equity segment contributing to the growth.

Its international equity segment remains the biggest contributor to this total. From January to September, it realised $8.2 billion in fund flows.

This was followed by its emerging markets strategies, which collected $5.1 billion across the year to date.

Despite the positive figures, investors might have expected fund flows to be greater than what was presented from the ASX All Ords stock today, resulting in today's sell-down.

What are analysts saying?

There's no commentary on the September FUM changes at this early stage. But the ASX All Ords stock is rated a strong buy from the consensus estimates, according to CommSec.

Morgans is one broker that rates GQG a buy. The broker notes the boutique asset manager has performed well despite recent volatility across multiple markets.

This has shown up via the net inflows into its strategies so far in 2024, where the company also books performance fees on its results.

Following the asset manager's H1 FY24 results in August, Goldman Sachs maintained its buy rating on GQG.

The company reported a first-half net profit of $201 million and booked performance fees of $19 million, both exceeding expectations. In its note, the broker said:

We are Buy rated on GQG because: 1) Net flow trajectory has been very strong 2) Strong performance has resulted in performance fees becoming increasingly more material 3) Medium and long term relative performance strong 4) Attractive valuation v peers in context of very strong earnings growth.

It values the company at $3.05 per share, around 20% upside potential at the time of writing.

Foolish takeaway

GQG Partners reported its September FUM update today while investors have sold the ASX All Ords stock. After a period of high growth in fund flows, they may have been expecting more.

GQG is now down more than 9% in the past week but up 86% over the past year.