** Shares of GQG Partners GQG.AX fall as much as 2.4% to A$1.40 in a second consecutive session of losses

** Analysts at Macquarie downgrade FY27 estimated EPS for the global boutique asset management firm by <1% due to increased net outflow estimates

** GQG on Monday reported total funds under management as at June 30 to be $156 billion, down from $163.3 billion as at May 31

** Brokerage says fund performance of company has deteriorated over the last ~three months

** Macquarie reiterates "neutral" rating for stock; lowers target price to A$1.35 per share from A$1.40

** Given long-term fund performance remains below benchmarks for most funds, we remain cautious on outer year flows - brokerage

** GQG stock down 17.8% YTD, including the day's moves