Asian Equity Income - June Commentary
Edmund Harriss Director, Chief Investment Officer, Portfolio Manager
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Mark Hammonds Portfolio Manager, Asian & Emerging Markets
This is a marketing communication. Please refer to the prospectus, supplement and KID/KIID for the Funds before making any final investment decisions. The value of this investment can fall as well as rise as a result of market and currency fluctuations. You may not get back the amount you invested.
Past performance does not predict future returns.
In May’s market rally, the Guinness Asian Equity Income Fund rose 6.6% (in GBP) while the MSCI AC Pacific ex Japan Index rose 5.0%. The Chinese portion of the portfolio was the largest contributor to outperformance despite the country’s relative weakness in May. The other main positive contributions came from Indonesia and Taiwan, the despite the portfolio’s underweight to TSMC, which was very strong.
Following May’s rise, market valuations (in price/earnings (PE) ratio terms) in Asia Pacific as of 6th June 2025 are on the cheaper side relative to history, with only Australia and India looking extended.
Source: Bloomberg, MSCI. Net returns in US dollars as of 30th April 2025
Source: Bloomberg, MSCI. Data as of 6th June 2025
In this commentary linked below, we consider performance attribution for the Fund in May, the drivers of market returns, economic indicators and currency shifts.
We also consider the developing US trade and domestic economic policy and the response – both in Asia’s diversification of production, supply chains and markets (already underway) but also in the world’s changing relationship with the US as a trade and political partner – and significant debtor.
The performance of the Fund over the last three months, which has incorporated the on-and-off trade tariffs and US domestic upheavals, has held up well. There is a bullish macro case building for Asia that centres on new industries in which Asia can compete head-to-head with their developed market peers. These new industries include 5G telecoms, industrial automation, EVs and batteries, renewable energy equipment, big data and now AI. The combination of a macro story, attractive valuations, profitable companies and growing dividend streams keeps us very positive on the outlook for the Fund.
Past performance does not predict future returns
Fund launch: 19/12/2013
Source: FE fundinfo. Net of fees. Investors should note that fees and expenses are charged to the capital of the Fund. This reduces the return on your investment by an amount equivalent to the Ongoing Charges Figure (OCF). The OCF for the calendar year 2024 for the share class used for the fund performance returns was 0.89%. Returns for share classes with a different OCF will vary accordingly. Transaction costs also apply and are incurred when a fund buys or sells holdings. The performance returns do not reflect any initial charge; any such charge will also reduce the return.
The value of this investment can fall as well as rise as a result of market and currency fluctuations. You may not get back the amount you invested.
Learn more about Guinness Asian Equity Income
Guinness Asian Equity Income
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The information provided on this page is for informational purposes only. While we believe it to be reliable, it may be inaccurate or incomplete. Any opinions stated are honestly held at the time of publication, but are not guaranteed and should therefore not be relied upon. This content should not be relied upon as financial advice or a recommendation to invest in the Funds or to buy or sell individual securities, nor does it constitute an offer for sale. Full details on Ongoing Charges Figures (OCFs) for all share classes are available here.
The Funds are designed to provide investors with exposure to high quality dividend-paying companies in the Asia Pacific region. The Funds are managed for income and capital growth and invest in profitable companies that have generated persistently high return on capital over the last decade, and that are well placed to pay a sustainable dividend into the future. The Funds are actively managed. The Guinness Asian Equity Income Fund uses the MSCI AC Pacific ex Japan Index as a comparator benchmark only. The WS Guinness Asian Equity Income Fund uses the MSCI AC Asia Pacific ex Japan Index as a comparator benchmark only.
For the avoidance of doubt, if you decide to invest, you will be buying units/shares in the Fund and will not be investing directly in the underlying assets of the Fund
Guinness Asian Equity Income Fund
Documentation
The documentation needed to make an investment, including the Prospectus, Supplement, the Key Information Document (KID) / Key Investor Information Document (KIID) and the Application Form, is available from the website www.guinnessgi.com , or free of charge from:
- the Manager: Waystone Management Company (IE) Limited, 2nd Floor 35 Shelbourne Road, Ballsbridge, Dublin DO4 A4E0; or,
- the Promoter and Investment Manager: Guinness Asset Management Ltd, 18 Smith Square, London SW1P 3HZ
Waystone IE is a company incorporated under the laws of Ireland having its registered office at 35 Shelbourne Rd, Ballsbridge, Dublin, D04 A4E0 Ireland, which is authorised by the Central Bank of Ireland, has appointed Guinness Asset Management Ltd as Investment Manager to this fund, and as Manager has the right to terminate the arrangements made for the marketing of funds in accordance with the UCITS Directive.
Investor Rights
A summary of investor rights in English, including collective redress mechanisms, is available here: https://www.waystone.com/waystone-policies/
Residency
In countries where the Fund is not registered for sale or in any other circumstances where distribution is not authorised or is unlawful, the Fund should not be distributed to resident Retail Clients. NOTE: THIS INVESTMENT IS NOT FOR SALE TO U.S. PERSONS.
Structure & Regulation
The Fund is a sub-fund of Guinness Asset Management Funds PLC, an open-ended umbrella-type investment company, incorporated in Ireland and authorised and supervised by the Central Bank of Ireland, which operates under EU legislation. The Fund has been approved by the Financial Conduct Authority for sale in the UK.
If you are in any doubt about the suitability of investing in these Funds, please consult your investment or other professional adviser.
WS Guinness Asian Equity Income Fund
Documentation
The documentation needed to make an investment, including the Prospectus, Supplement, the Key Investor Information Document (KIID) and the Application Form, is available in English from https://www.waystone.com/our-funds/waystone-fund-services-uk-limited/ or free of charge from:-
Waystone Management (UK) Limited, PO Box 389, Darlington DL1 9UF
E-Mail: wtas-investorservices@waystone.com
Waystone Fund Services (UK) Limited is authorised and regulated by the Financial Conduct Authority.
Residency
In countries where the Fund is not registered for sale or in any other circumstances where its distribution is not authorised or is unlawful, the Fund should not be distributed to resident Retail Clients.
Structure & regulation
The Fund is a sub-fund of WS Guinness Investment Funds, an investment company with variable capital incorporated with limited liability and registered by the Financial Conduct Authority.