Global Real Assets - /May Commentary
Portfolio Manager, Real Assets 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.
The MSCI World Core Infrastructure Index delivered solid performance during April, posting returns of 4.5% (in USD). Real Estate led performance, driven by a strong rally from communication tower REITs (real estate investment trusts), which were buoyed by a rumoured bid to take US-listed SBA Communications private.
The HALO trade, or 'Heavy Assets Low Obsolescence', has been a key driver of this year's strong performance for real assets. This has been particularly observable in data centre leaders such as Digital Realty and Equinix, which offer AI-driven growth, visible cash flows, and strong balance sheets.
Digital Realty vs Equinix vs MSCI World Index (YTD as at 01/05/2026, rebased)
Source: Bloomberg, Guinness calculations, May 1st 2026
Another factor in longer-term performance of the real asset sector has been exposure to multi-decade programmes of capital investment, often with regulated and inflation-linked returns. We see this particularly in areas such as utilities, which are exposed to the secular trends of electrification, AI infrastructure and network renewal.
In this month's commentary, we look at these performance drivers in further detail and cover key portfolio news over the month.
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.
Guinness Global Investors offers a range of specialist, quality funds that focus on compelling global investment areas and ideas for long-term investors.
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Guinness Global Real Assets Fund
Documentation
The documentation needed to make an investment, including the Prospectus, the Supplement, the Key Investor Information Document (KIID), the Key Information Document (KID) 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.
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https://www.waystone.com/waystone-policies/
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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.
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