Global Real Assets - 2026 Outlook
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.
For infrastructure and real estate markets, 2025 was a tale of two halves, with a defensive first half of 2025 delivering the majority of the year’s total returns. The interest rate cycle picked up pace, with falling policy rates continuing to improve financing conditions. Our review assesses some positive and important developments across infrastructure and real estate markets that are driving an increasingly positive outlook for investors.
Power Play – Utilities Continue to Shine
Thus far, Europe has lagged the US in terms of electricity demand growth. However, on a forward-looking basis, the growth in data centre demand alongside other drivers puts Europe in a position to return to growth, and, alongside other regions, to provide utilities with some attractive opportunities to execute on generation, transmission and distribution.
Real Estate – Dispersion and Opportunity
We expect return dispersion to continue across real estate as rates normalise. Real estate encompasses a wide range of asset types, tenant credit quality and fundamental growth drivers. We think remaining selective in real estate exposure will be important as drivers in healthcare and AI translate into earnings growth for certain sectors and regions.
Looking across the real asset landscape, improving earnings growth, stable dividends and proven defensiveness should underpin returns in 2026. To the extent that the AI trade continues to shape wider markets over 2026, infrastructure and real estate companies should continue to stand out as they deliver contracted, inflation-linked streams of cashflow and avoid speculative capex.
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.
Guinness Global Investors is a trading name of Guinness Asset Management, which is authorised and regulated by the Financial Conduct Authority. Registered address: 18 Smith Square, London SW1P 3HZ. Tel: +44 (0) 20 7222 5703. Email: info@guinnessgi.com Web: guinnessgi.com
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This document is provided for information only and all the information contained in it is believed to be reliable but may be inaccurate or incomplete; any opinions stated are honestly held at the time of writing, but are not guaranteed. The contents of the document should not therefore be relied upon. It should not be taken as a recommendation to make an investment in the Funds or to buy or sell individual securities, nor does it constitute an offer for sale. OCFs for all share classes are available at www.guinnessgi.com. If you decide to invest, you will be buying shares in a Fund and not investing directly in the underlying assets of the Fund.
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.
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 Funds 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.
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