Global Real Assets - December Commentary
Portfolio Manager, Real Assets
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.
November was a significant month for macroeconomic conditions on both sides of the Atlantic. The US emerged from its government shutdown, with gaps in economic data further clouding policymakers' outlook. In the UK, policy U-turns and leaks dominated the headlines in the run-up to the budget, which, in the end, was received broadly well by markets, with an unwelcome spike in borrowing costs ultimately avoided.
The infrastructure market in 2026
As we look ahead to 2026, the background is of two distinct periods for infrastructure and real estate markets in 2025 can be divided into two periods, with the first half of the year accounting for most of the returns for the MSCI World Core Infrastructure Index.
Additionally, key regulatory processes have concluded during 2025, providing increased certainty and visibility around investment and returns. This exemplifies the ‘defensive growth’ opportunity for many infrastructure and real estate companies, which, in the wake of a year dominated by tariffs and tech companies, could attract fresh investor attention.
In this commentary, we discuss changes in the portfolio, assess how real estate and infrastructure markets have fared over 2025, and consider the outlook for 2026.
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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