April 2023

Dezember 2020

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.

Oktober 2026

Onshore Chinese stocks, as measured by the MSCI China A Onshore Index, fell 13.4% in GBP in the third quarter, driven chiefly by Information Technology, which fell as investors took profits after strong earlier gains and sentiment around the AI trade became more cautious. The Guinness China A Share Fund benefited from its underweight to IT, while detractors from performance included its Materials stocks and underweights in Financials, Energy, Utilities and Real Estate, all of which outperformed. On a forward basis, the Fund is trading on a price/earnings ratio of 15.1x, 20% below its long-term average of 18.9x and toward the lower end of its historical range. The current holdings trade at only a 9% premium to the MSCI China A Onshore Index, compared with a historical average of 41%. Sentiment towards Consumer Discretionary, the Fund’s largest overweight, is low enough that a mere normalisation in the consumer economy – without major economic stimulus – could offer a substantial uplift to our holdings on a five-year view. In Industrials, another key overweight, the Fund’s holdings have generally not been valued like the most obvious beneficiaries of the AI theme even though they have exposure to both this and other structural growth themes. In our view, these contribute to a portfolio valuation which is attractive both in absolute terms and relative to its own history. In this commentary, we assess the drivers of returns in the third quarter and year-to-date, the leaders and laggards in the portfolio, and consider the outlook. 

Oktober 2026

Asian markets were broadly flat over Q3 (as measured by the MSCI AC Asia Pacific ex Japan Index) but were generally weaker in September, although performance differed considerably across the region. Taiwan and Korea were the notable exceptions, supported by continued strength in the semiconductor and AI supply chain. The underlying technology cycle remained strong, with September manufacturing activity accelerating in both economies and Korea driven by surging semiconductor demand. However, the quarterly picture was quite different, with a decline for Korea following the exceptional earlier rally in Samsung Electronics and SK Hynix and a sharp unwind in memory companies in July, alongside growing concerns around valuations and the longer-term risk of additional capacity. This divergence is a useful illustration of how strong, underlying AI demand is no longer translating uniformly into equity returns. In this commentary we consider the drivers of Asian equity returns by sector and geography and the implications for our 36-stock portfolio. As the US Federal Reserve returns to monetary tightening, we assess how this affects Asian markets and our holdings.  We also review the outlook. The strong performance in the quarter of Health Care, Energy, Financials and Materials suggests Asian equity returns are becoming less dependent on the narrow group of technology companies that dominated earlier in the year. Greater differentiation between countries, sectors and individual companies is therefore likely to persist.

Oktober 2026

Asian markets were broadly flat over Q3 (as measured by the MSCI AC Asia Pacific ex Japan Index) but were generally weaker in September, although performance differed considerably across the region. Taiwan and Korea were the notable exceptions, supported by continued strength in the semiconductor and AI supply chain. The underlying technology cycle remained strong, with September manufacturing activity accelerating in both economies and Korea driven by surging semiconductor demand. However, the quarterly picture was quite different, with a decline for Korea following the exceptional earlier rally in Samsung Electronics and SK Hynix and a sharp unwind in memory companies in July, alongside growing concerns around valuations and the longer-term risk of additional capacity. This divergence is a useful illustration of how strong, underlying AI demand is no longer translating uniformly into equity returns. In this commentary we consider the drivers of Asian equity returns by sector and geography and the implications for our 36-stock portfolio. As the US Federal Reserve returns to monetary tightening, we assess how this affects Asian markets and our holdings.  We also review the outlook. The strong performance in the quarter of Health Care, Energy, Financials and Materials suggests Asian equity returns are becoming less dependent on the narrow group of technology companies that dominated earlier in the year. Greater differentiation between countries, sectors and individual companies is therefore likely to persist.

Oktober 2026

Despite inflationary and geopolitical headwinds and the market's generally sceptical view of Europe, European corporate earnings are the strongest they have been in the last three years. As of the end of August 2026, the MSCI Europe's estimated earnings per share has grown 17.9% (in local currency) year-on-year. This could be seen as evidence that European companies have worked through the disruptions of COVID and the war in Ukraine, adapted their supply chains, and become more agile in the process.  As we edge closer to some sort of resolution in the Middle East, it is gratifying to see that the strategy’s holdings are continuing to navigate the current environment well. This reflects the underlying quality of the business models, effective capital allocation and the experience of the management teams after an eventful few years for European equities.  In this commentary, we report on the performance of our portfolio holdings in August, changes to the portfolio, and comment on the outlook.

September 2026

Despite inflationary and geopolitical headwinds and the market's generally sceptical view of Europe, European corporate earnings are the strongest they have been in the last three years. As of the end of August 2026, the Earnings Per Share of the MSCI Europe ex-UK (MXEUG) has grown 14.6% (in local currency) year-on-year. This could be seen as evidence that European companies have worked through the disruptions of COVID and the war in Ukraine, adapted their supply chains, and become more agile in the process.  While it is clear that the market’s attention remains focused on European politics, we are convinced that when the dust settles, the market will return its attention to Europe's recovery. Germany's fiscal pivot and the broader pro-growth agenda have not gone away, and the structural case that drew investors to Europe at the start of the year remains intact.  In this commentary, we report on the performance of our portfolio holdings in August, changes to the portfolio, and comment on the outlook.

September 2026

Despite inflationary and geopolitical headwinds and the market's generally sceptical view of Europe, European corporate earnings are the strongest they have been in the last three years. As of the end of August 2026, the Earnings Per Share of the MSCI Europe ex-UK (MXEUG) has grown 14.6% (in local currency) year-on-year. This could be seen as evidence that European companies have worked through the disruptions of COVID and the war in Ukraine, adapted their supply chains, and become more agile in the process.  While it is clear that the market’s attention remains focused on European politics, we are convinced that when the dust settles, the market will return its attention to Europe's recovery. Germany's fiscal pivot and the broader pro-growth agenda have not gone away, and the structural case that drew investors to Europe at the start of the year remains intact.  In this commentary, we report on the performance of our portfolio holdings in August, changes to the portfolio, and comment on the outlook.

September 2026

European ESG Template (EET) version 1.1.3 covering 263 share classes across 18 Guinness Asset Management Funds PLC funds. Generated 29 April 2026, with a general reference date of 7 April 2026.

April 2026