Guinness Pan-European Equity Income

October Commentary

Dies ist eine Marketingmitteilung. Bitte lesen Sie vor einer endgültigen Anlageentscheidung den Prospekt, den Nachtrag (Supplement) sowie die KIDs und KIIDs der Fonds (auf dieser Website verfügbar), die ausführliche Informationen zu deren Merkmalen und Zielen sowie vollständige Informationen zu den Risiken enthalten.

Overall, markets were more subdued in Q3 2026 following the strong rebound in Q2. The MSCI Europe Index fell around 1% in Q3 (in EUR), but remained up around 9.6% year-to-date. However, performance was highly dispersed within the index. Energy was the clear standout, returning 20.4% over Q3, as Brent crude ended September above $100 per barrel and gained around 14% over the month. Financials was the second-best performing sector, gaining 3.7%, as the higher interest-rate environment created a generally supportive environment for European banks. However, the picture was not uniformly positive. French banks came under pressure as concerns around France’s fiscal position and political uncertainty increased. In the UK, Andy Burnham, who became Prime Minister on 20 July, unsettled the gilt market on his first day in office by saying he would seek “flexibility” within the fiscal rules. Gilt yields were already climbing amid a broader global bond sell-off and renewed energy-driven inflation, with the 10-year yield rising to 5.4% in late September, its highest level since 2007. In this commentary, we review the market in Q3, discuss the portfolio’s positioning and individual stock performance, and comment on the outlook.