Global Real Assets - August 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.
For wider equity markets, July was fairly subdued as markets digested the reignition of military activity around the Persian Gulf and awaited Q2 earnings. Real assets saw relatively high sector divergence in performance. Industrials was the strongest, driven by transportation and railways. Energy infrastructure was also lifted by the increase in oil prices due to the conflict in the Middle East. Utilities were modestly down over the month, with rates weighing on performance. Real Estate was the second-best performer in the index as tower companies enjoyed a modest rally following a tougher H1 for sentiment.
In this commentary, we report on the Fund’s positioning and recent portfolio company news. Following its one-year anniversary, we also report on performance.
In our outlook, we consider an attractive portfolio theme in the real estate market: US senior housing. Encompassing a wide spectrum of real estate categories catering to later life, the sector has reached an inflection point after several years of post-pandemic recovery. It has a supportive fundamental backdrop and positive trends in the business models of key operators in the sector, two of the strongest of which are held in our 35-stock portfolio.
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.
If you are in any doubt about the suitability of investing in these Funds, please consult your investment or other professional adviser.
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