Global Quality Mid Cap - May Commentary
Joseph Stephens Portfolio Manager, Global Team
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Sagar Thanki 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 April, the Guinness Global Quality Mid Cap Fund returned 0.1% (in USD) while the MSCI World Mid Cap Index returned 1.1%. The Fund therefore underperformed the Index by 1.0 percentage point. Further performance data is shown below.
Global equities ended April lower, but well above the lows following the April 2nd ‘Liberation Day’ tariff announcement, when President Trump announced his long-promised "reciprocal" tariffs. These included a 10% baseline tax on imports from all countries, a 34% tariff on Chinese goods, a 25% tariff on all car imports, and a 20% tariff on EU goods. The S&P 500 had its worst two-day performance since March 2020 in response, as strategists flagged growth concerns. In retaliation, China imposed a 34% tariff on US goods, and the EU announced its own countermeasures.
On April 9th, the president announced a 90-day pause on higher-level reciprocal tariffs to allow for negotiations, leading to the S&P posting its best day since October 2008. However, China was excluded from the pause, with President Trump instead raising tariffs on China to 145%, prompting China on April 11th to raise its tariffs on US goods to 125%. US-China trade tensions remained high throughout the month, although some positive signs emerged after Treasury Secretary Bessent said he anticipated de-escalation with China.
President Trump also indicated that China tariffs would be substantially reduced but not eliminated. A relief on auto tariffs was provided in response to industry calls. Additionally, the White House suggested that trade agreements with Japan and India were near, while talks with the EU were more challenging.
Source: Bloomberg as of 30th April 2025
The constant policy reversals, regulatory uncertainty, and geopolitical posturing have rattled investor confidence and weighed on market performance. This now marks the worst 100-day start for the S&P 500 of a presidential term over the past 50 years, only surpassed in 1974 when Ford took over from his disgraced predecessor, Nixon.
In this commentary linked below, we assess the effects of tariff uncertainty and the leading and lagging holdings in our 30-stock portfolio.
Past performance does not predict future returns
Fund launch: 15.12.2020
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 Global Quality Mid Cap
Guinness Global Quality Mid Cap
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Guinness Global Quality Mid Cap - Webcast
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 Sustainable Global Equity Funds are designed to provide exposure to high quality growth companies with sustainable products and practices. The Funds hold a concentrated portfolio of mid-cap companies in any industry and in any region. 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 Quality Mid Cap Fund
Documentation
The documentation needed to make an investment, including the Prospectus, the 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 Funds are not registered for sale or in any other circumstances where their distribution is not authorised or is unlawful, the Funds should not be distributed to resident Retail Clients. NOTE: THIS INVESTMENT IS NOT FOR SALE TO U.S. PERSONS.
Structure & Regulation
The Guinness Sustainable Global Equity 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 Funds have 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 Sustainable Global Equity Fund
Documentation
The documentation needed to make an investment, including the Prospectus, 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.