Global Equity Income - August Commentary
Dr Ian Mortimer Portfolio Manager, Global Team
/
Matthew Page Portfolio Manager, Global Team
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 July, the Guinness Global Equity Income Fund returned 2.5% (in GBP), the MSCI World Index returned 4.9%, and the IA Global Equity Income sector average return was 3.8%. The Fund therefore underperformed the Index by 2.4 percentage points over the month and underperformed its peer group average by 1.3 percentage points. Further performance data is shown below.
The Fund's underweight in Information Technology detracted from performance in July as it was the best performing sector, while its overweight allocation to the underperforming Health Care was also a headwind. However, the Fund did benefit from its overweight allocation to Industrials and its zero-weight allocation to Materials and Real Estate. An overweight allocation to Consumer Staples, one of the weaker performing sectors in July, was a headwind, although individual holdings Reckitt Benckiser and PepsiCo partly offset this. From a factor perspective, Growth (+2.0%) outperformed Value (+0.5%), as the relatively strong earnings season drove a more ‘risk-on’ approach in equity markets.
July brought plenty of news for investors to digest, with mixed economic data releases and further headlines around tariff policy. While the US reached a trade deal with Europe, its expected tariff pause with China was pushed back. Despite the continued macroeconomic uncertainty, investor sentiment was supported by earnings season surprising to the upside in the US.
On the other hand, the Federal Reserve decided, for the fifth consecutive time, to keep interest rates unchanged at 4.25%-4.5%, citing strength in the labour market, and there are signs that non-tariff inflationary pressures persist in the economy.
Source: Bloomberg; as of 31st July 2025
In this commentary, we discuss learnings from the latest earnings season and its implications for US exceptionalism. We also review recent economic data releases and the Federal Reserve’s rate decision. We then take a closer look at management commentary from across the market, covering companies' confidence in offsetting the impact of tariffs on profitability, improving consumer sentiment, and rising capital expenditures.
We also report on a change to our 35-stock portfolio with the sale of Novo Nordisk.
Past performance does not predict future returns
Fund launch: 31.12.2010
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 0.77%. 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 Global Equity Income
Guinness Global 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 Guinness Global Equity Income Funds are designed to provide investors with global exposure to dividend-paying companies. 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 and use the MSCI World 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 Global Equity Income Fund
Documentation
The documentation needed to make an investment, including the Prospectus, the Supplement, the 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, Ireland; 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 their 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 Global Equity Income Fund
Documentation
The documentation needed to make an investment, including the Prospectus, the 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.