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Guinness Emerging Markets Equity Income Fund

The Guinness Emerging Markets Equity Income strategy is designed to provide investors with long-term capital appreciation and income growth by investing in emerging markets worldwide.

Overview

The Guinness Emerging Markets Equity Income strategy is designed to provide investors with long-term capital appreciation and income growth by investing in emerging markets worldwide.

The Emerging Markets region comprises Asia, Europe, Middle East and Africa (EMEA), and Latin America. Emerging markets are driving global growth, and as these countries develop, personal incomes rise, leading to the expansion of consumption and the emergence of a new middle class.

In Latin America, resources and materials exert a powerful pull over Brazil while in Mexico, export manufacturing for its North American neighbour is very influential. Central Europe is sensitive to demand from the Eurozone, Russia is sensitive to energy while resource-rich South Africa has a substantial domestic consumer market. This provides a backdrop to a wide variety of businesses and investment opportunities.

China stands out among emerging markets for its ability to have evolved as the centre of a manufacturing hub that is increasingly mobbing up the value chain. Services play an important role in India, which has developed specialisms in IT consultancy and business process outsourcing.

Other sources of growth include the significant infrastructure projects being developed across emerging markets to support a population that is increasing and becoming more urban.

Long-term development is not a straightforward process, and emerging markets are not a single bloc. Countries’ economies are always moving at different speeds due to exposure to commodities and cyclical industries, or to external demand. Political instability can also lead to bouts of economic volatility.

Long-term development nevertheless underpins the growth that is of interest to investors in the form of businesses that have been most successful in converting the dynamism of emerging markets into profitability over time

Investment Team

High quality funds are run by high quality people.

We pride ourselves of having a collegial culture, with teams across the business successfully working together to achieve positive outcomes for our investors.

Edmund Harriss

Edmund Harriss

Director, Chief Investment Officer, Portfolio Manager

Mark Hammonds

Mark Hammonds

Portfolio Manager, Asian & Emerging Markets

How to Invest

We’ve tried to make investing in our Funds as simple as possible. All of our funds are available to invest directly via an application form, we also have good availability across a number of investment supermarkets whilst being eligible for ISAs & SIPPs.

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Investment Case

Emerging market equities can provide diversification benefits to a portfolio with their exposure to a wider array of economic drivers. Our focus on individual businesses has tended to accentuate the diversification benefits by concentrating on factors specific to a given business in Brazil, South Africa or Thailand rather than on likely beneficiaries of top-down macro-economic themes.

Our investment process steers us away from more cyclical companies, such as those heavily exposed to commodities, and towards companies that have a long-term track record of generating high returns on capital. We believe these companies will be well placed to perform in the future.

The dividend is a natural outcome for those companies that are generating above cost of capital returns on investment. This then becomes a visible sign of capital discipline and good corporate governance where the management is focused sustaining and growing cash profits.

We focus on ‘bottom-up’ stock selection rather than trying to make decisions based on an expected outlook for the region’s economies. We like to invest in good companies that have, in the short term, fallen out of favour, but that have previously shown an ability to weather most economic environments over time.

The strategy typically invests in 36 companies, with each company having an equal weighting. This provides a good balance between the benefits of diversification while also allowing each company to add meaningfully to performance. We don’t have a long tail of small positions and by definition we can never just ‘hug’ the benchmark index.

Why invest in the Guinness Emerging Markets Equity Income Fund?

The Fund is designed to provide investors with exposure to Emerging Markets equities through a high conviction, low turnover portfolio of consistently profitable, dividend-paying companies
 

Focus on consistent high return on capital

At the heart of our process is a focus on the underlying business and the cash flows generated by that business. We have found that companies that generate returns on invested capital above the cost of capital persistently over time are likely to continue to do so. This gives us the confidence to be able to value the business and hold an investment, potentially over many years, in order to allow sufficient time for the returns the business earns on its invested capital to translate into total returns earned by shareholders.
 

Growth and income

The dividend is a natural outcome for those companies that are generating above cost of capital returns on investment. This then becomes a visible sign of capital discipline and good corporate governance where the management is focused sustaining and growing cash profits. We look for a growing dividend stream to come alongside.
 

High conviction

The Fund typically invests in 36 companies, with each company having an equal weighting. This provides a good balance between the benefits of diversification while also allowing each company to add meaningfully to performance. We don’t have a long tail of small positions and by definition we can never just ‘hug’ the benchmark index.
 

Fundamentally driven

We focus on ‘bottom-up’ stock selection rather than trying to make decisions based on an expected outlook for the region’s economies. We like to invest in good companies that have, in the short term, fallen out of favour, but that have previously shown an ability to weather most economic environments over time.
 

Low turnover

We prefer to invest over the long term. We also recognise the increased costs of trading in and out of companies unnecessarily. Typically we will hold a company in the portfolio for between three and five years.
 

Repeatable and independent

Edmund Harriss and Mark Hammonds have managed the Fund since launch. They have developed an investment process that is clear, robust, transparent, and scalable. Their approach filters out much of the noise and hype that surrounds companies to focus on the true signals that drive company valuations. By performing their own company research and analysis, using their own proprietary modelling systems, the managers try to avoid some of the behavioural biases associated with being unduly influenced by market sentiment.

The Fund is designed to give investors exposure to some of the world’s fastest growing regions, which will have a significant influence over our economic future. However, with change and opportunity comes risk. We seek to manage this by investing in companies that:

  1. have a proven record of generating returns in excess of the cost of capital;
  2. can successfully reinvest those returns in order to grow their business; and,
  3. are committed to paying dividends to shareholders that can grow over time.

Emerging Markets are diversified

Diversification

Emerging market equities can provide diversification benefits to a portfolio with their exposure to a wider array of economic drivers. Our focus on individual businesses has tended to accentuate the diversification benefits by concentrating on factors specific to a given business in Brazil, South Africa or Thailand rather than on likely beneficiaries of top-down macro-economic themes.
 

Emerging Market Economies

Emerging Market countries are making significant contributions to global growth. Demographic tailwinds combine with other factors to raise income levels. In India, for example, over one million people per month are entering the workforce. There are many different drivers. Capital accumulation contributes to the strength of emerging market economies in Asia, as foreign investors compete with local companies and individuals to benefit from access to new markets and customers. Rising income levels are leading to increased consumption and the emergence of a new middle class, accompanied by higher levels of wealth. In Latin America, resources and materials exert a powerful pull over Brazil while in Mexico, export manufacturing for its North American neighbour is very influential. Central Europe is sensitive to demand from the Eurozone, Russia is sensitive to energy while resource-rich South Africa has a substantial domestic consumer market. This provides a backdrop to a wide variety of businesses and investment opportunities.
 

Emerging Markets has diversified

China stands out among emerging markets for its ability to have evolved as the centre of a manufacturing hub that is increasingly mobbing up the value chain. The country’s exports are no longer dominated by unsophisticated goods, as China has developed the ‘know-how’ required to produce ever more complex goods. This ‘know-how’ results from a combination of education, understanding and developing manufacturing processes and the acquisition of technology. As production capabilities improve, so worker’s wages rise. This renders uneconomic manufacturing that is most labour-dependent, which is then relocated to where labour is cheaper.

Services play an important role in India, which has developed specialisms in IT consultancy and business process outsourcing. As well as providing employment for millions of people, the skills and expertise in these sectors have pushed India to pioneer the development of a national digital identity programme on an unprecedented scale. Aadhaar is a system for verifying identity that has many applications, including ensuring benefits are sent directly to recipients, making payments, signing documents and completing verification procedures when opening a new bank account. Around 1.2bn citizens (nearly the entire population) have been signed up for the service.

Other sources of growth include the significant infrastructure projects being developed across emerging markets to support a population that is increasing, and becoming more urban.
 

Emerging markets are moving at different speeds

Emerging Markets are not a single block – countries’ economies are always moving at different speeds. Some have more exposure to commodities and cyclical industries, which experience phases of boom and bust. A country’s exposure to external demand—how dependent it is on global trade—can also cause it to undergo faster or slower periods of growth. And political instability can lead to bouts of economic volatility, particularly if foreign investors decide to withdraw capital.

Long-term development is not a straightforward process. As well as demographic factors, development is affected by the political and economic institutions present in an economy. Structural reforms necessary to support business and economic growth are on ongoing process in emerging market countries, whether that is labour reforms in Brazil or chaebol reforms—the large, family-owned conglomerates—in Korea.

It is this long-term development that underpins the growth that is of interest to investors in emerging markets, and it is the ability to access long-term growth that is of most interest to us.

Our investment process naturally steers us away from more cyclical companies, such as those heavily exposed to commodities, and towards companies that have a long-term track record of generating high returns on capital. We believe these companies will be well placed to perform in the future.
 

Emerging market risks

The growth potential that is on offer in Emerging Markets has to be balanced against the risks. Political, legal and financial institutions in emerging markets can vary greatly in their robustness and transparency. The financial systems, debt level and foreign currency exposures can provide additional sources of uncertainty. In some cases, economies in emerging regions are subject to factors entirely beyond their control – commodity prices, US dollar liquidity and interest rates being examples. To mitigate these, we invest in companies with long track records of profitability which we believe to be the product of individual business attributes or management skill. A demonstrable track record of financial success we think, is an indicator of a company’s ability to survive and prosper in an uncertain world.
 

How do we run the Fund?

“We don’t chase yield, we want capital and dividend growth.”

Although the Fund is designed to invest in dividend-paying companies, our starting point in selecting our investment universe is to identify companies with consistently high return on capital. Specifically we look at companies that have a return on capital of greater than 10% in each of the previous ten years.

Our analysis shows that companies with persistently high return on capital are highly likely to continue to do so in the future – meaning they will continue to create shareholder value.

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Asia Team

Why 8% and why ten years?

8% return on capital…
8% is well above the average real cost of capital of 6%. This means companies who achieve this level are truly creating value for their shareholders.

…every year…
Consistency each year excludes highly cyclical companies or those with high but declining or volatile earnings.

…for ten years
Eight years of high returns gives us confidence that those returns should persist into the future.

On average, only 3% of global listed companies achieve our threshold. We then exclude those less than $1 billion in size or with a debt to equity ratio greater than 1. This gives us a pool of around 400 companies from which to build our portfolio.

“There is a long-term investment opportunity in Emerging Markets Equity Income. But opportunity and risk go hand-in-hand. The key in emerging markets is finding proven companies and constructing the right portfolio to manage that trade-off.”

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8%

What about yield?

Companies that earn a consistent high return on capital often distribute a proportion of cash they create in the form of a dividend. In the Fund, however, we focus in particular on those companies that can sustainably grow their dividend into the future.

From this pool we then select candidates for extended research on the basis of value and sentiment. In-depth proprietary modelling of a company’s cash flow, capital budgeting and potential for dividend growth is combined with a subjective analysis of its business model to identify candidates for inclusion in the final portfolio.

By selecting companies from a broad range of industries, countries, and market capitalisation we aim to create a well-diversified portfolio which can provide a reasonable dividend yield and growing income stream at an attractive valuation relative to emerging equity markets.
 

    Sell discipline

    It is often easier to find companies to buy that look cheap than it is to identify those companies you own which should be sold. We consider sell discipline as important as selecting companies for purchase and continuously monitor the companies we hold in the Fund. The six core reasons we may sell a company are outlined below.

    1. The company fails to continue to meet our return on capital criteria
    2. The valuation becomes too rich
    3. The balance sheet becomes stretched
    4. The dividend outlook or management policy to dividends changes unfavourably
    5. The original investment thesis no longer holds, or a new idea is more compelling
    6. Yield contribution to the portfolio is insufficient

     

    How do we construct the portfolio

    The Guinness Global Equity Income Fund is a concentrated portfolio of around 35 equally weighted stocks. This provides a number of useful attributes:
     

    Reduced Risk

    It reduces stock-specific risk, as we will not be overweight in a small number of favourite companies.
     

    High Performance

    We will not have a long tail of small holdings in the portfolio, which can be a distraction and a potential drag on performance.
     

    Discipline

    It instills a strong sell discipline as we must typically sell a position in order to make way for a new one; and we must constantly assess the companies we own in the portfolio in comparison to the rest of the universe available to us.
     

    Independent

    We are truly index independent. All companies held are weighted equally without regard to their weighting in the benchmark index, leading the portfolio to have a high active share.

    Factsheets

     

     

    Fund English French German Spanish Italian
    Guinness Emerging Markets Equity Income Fund Download Download Download Download

    Monthly Updates

     

     

     

    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    July 2022
    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    July 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    April 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    October 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    July 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND - ANNUAL REVIEW
    January 2022
    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    July 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    June 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    May 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    April 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    March 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    February 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    December 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    November 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    October 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    September 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    August 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    July 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    June 2021
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    May 2021

    KIIDS

     

     

    Fund Class ISIN English French German Spanish Italian Swedish Finnish
    Guinness Emerging Markets Equity Income Fund C EUR Acc IE00BMCWC346 Download
    Guinness Emerging Markets Equity Income Fund C EUR Dist IE0009746VI0 Download
    Guinness Emerging Markets Equity Income Fund C GBP Acc IE00BMCWC239 Download
    Guinness Emerging Markets Equity Income Fund C GBP Dist IE000UPHOYQ6 Download
    Guinness Emerging Markets Equity Income Fund C USD Acc IE00BYV24P56 Download Download Download
    Guinness Emerging Markets Equity Income Fund C USD Dist IE000XFJTUO9 Download
    Guinness Emerging Markets Equity Income Fund I USD Acc IE00BMYPND87 Download
    Guinness Emerging Markets Equity Income Fund I USD Dist IE00BMYPNF02 Download
    Guinness Emerging Markets Equity Income Fund Y EUR Acc IE00BYV24S87 Download Download Download Download
    Guinness Emerging Markets Equity Income Fund Y EUR Dist IE00BYV24T94 Download Download Download Download
    Guinness Emerging Markets Equity Income Fund Y GBP Acc IE00BYV24Q63 Download
    Guinness Emerging Markets Equity Income Fund Y GBP Dist IE00BYV24R70 Download
    Guinness Emerging Markets Equity Income Fund Y USD Acc IE00BYV24V17 Download Download Download Download
    Guinness Emerging Markets Equity Income Fund Y USD Dist IE00BYV24W24 Download Download Download Download
    Guinness Emerging Markets Equity Income Fund Z GBP Dist IE00BYV24X31 Download

    Documents

     

     

    Document

    Fund Supplement

    Long-only Application Form

    Funds - Prospectus

    Fund Facts

    For information on the Fund’s current investments, please see the latest fact sheet available on the literature tab above.
     

    Launch Date
    Fund managers (start date)
    Edmund Harriss (23/12/2016)
    Mark Hammonds (23/12/2016)
    Benchmark
    MSCI Emerging Markets Index
    IA sector
    IA Global Emerging Markets
    Structure
    OEIC (UCITS)
    Domicile
    Ireland
    Underlying currency
    US Dollar
    Pricing
    Daily, forwards
    Valuation
    2300 Dublin time
    Deal cut off time
    1500 Dublin time
    Administrator
    Link Fund Administrators (Ireland) Ltd
    Custodian
    Brown Brothers Harriman
    UK Reporting Fund status
    Yes
    ISA Eligible
    Yes

    Share Classes

    For full information on the share classes available for investment please refer to the Key Investor Information document.

     

    Class OCF current Max Initial Charge Min Investment ISIN SEDOL Bloomberg
    C EUR Acc 1.99% 5.00% 0 IE00BMCWC346 BMCWC34 GUEICEA ID
    C EUR Dist 1.99% 5.00% 0 IE0009746VI0 GUMEICE ID
    C GBP Acc 1.99% 5.00% 0 IE00BMCWC239 BMCWC23 GUEICGA ID
    C GBP Dist 1.99% 5.00% 0 IE000UPHOYQ6 GUMEICG ID
    C USD Acc 1.99% 5.00% 0 IE00BYV24P56 BYV24P5 GUEMCUA ID
    C USD Dist 1.99% 5.00% 0 IE000XFJTUO9 GUMEICU ID
    I USD Acc 0.89% 0.00% 10000000 IE00BMYPND87 BMYPND8 GUEIIUA ID
    I USD Dist 0.89% 0.00% 10000000 IE00BMYPNF02 BMYPNF0 GUEMIUD ID
    Y EUR Acc 0.89% 5.00% 0 IE00BYV24S87 BYV24S8 GUEMXEA ID
    Y EUR Dist 0.89% 5.00% 0 IE00BYV24T94 BYV24T9 GUEMXED ID
    Y GBP Acc 0.89% 5.00% 0 IE00BYV24Q63 BYV24Q6 GUEIXGA ID
    Y GBP Dist 0.89% 5.00% 0 IE00BYV24R70 BYV24R7 GUEMXGD ID
    Y USD Acc 0.89% 5.00% 0 IE00BYV24V17 BYV24V1 GUEMXUA ID
    Y USD Dist 0.89% 5.00% 0 IE00BYV24W24 BYV24W2 GUEMXUD ID
    Z GBP Dist 0.35% 0.00% 0 IE00BYV24X31 BYV24X3 GUEMZGD ID

    Share Prices

    The Funds are priced every working day at 23.00 Dublin time and updated here the following day.

     

    Fund name Isin Fund price (+/-) Date
    GUINNESS GLOBAL EQUITY INCOME FUND D USD DISTRIBUTION IE00B3QG6N78 18.9902 0.072 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C USD DISTRIBUTION IE00B42XCP33 17.9414 0.0673 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C GBP DISTRIBUTION IE00B3PB1722 23.2729 0.1591 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND D EUR DISTRIBUTION IE00B66B5L40 25.0498 0.2168 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Z GBP DISTRIBUTION IE00B754QH41 26.9889 0.187 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQF631 24.2152 0.2087 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNV92 21.6253 0.1478 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNW00 17.4807 0.0656 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y EUR ACCUMULATION IE00BVYPNZ31 19.5585 0.1702 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BVYPP024 15.9424 0.1387 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y GBP ACCUMULATION IE00BVYPNY24 23.2925 0.1611 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BVYPP131 19.0245 0.1316 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y USD ACCUMULATION IE00BVYPNX17 18.8298 0.0722 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y USD DISTRIBUTION IE00BVYPP248 15.3351 0.0588 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C EUR DISTRIBUTION IE00BDGV0183 15.3718 0.1325 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND D EUR ACCUMULATION IE00BDGV0290 18.2982 0.1584 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND I USD DISTRIBUTION IE00BGK8P991 13.7275 0.0524 15/08/2022
    GUINNESS GLOBAL EQUITY INCOME FUND I USD ACCUMULATION IE00BJBK7883 12.7568 0.0487 15/08/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND C USD ACCUMULATION IE00B3QW5Z07 20.9016 -0.0259 15/08/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND C GBP ACCUMULATION IE00B64PRP62 27.1838 0.0505 15/08/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND Y EUR ACCUMULATION IE00B68GW162 29.5789 0.1109 15/08/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND Y USD ACCUMULATION IE00B3NSFR34 23.0483 -0.0262 15/08/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND Y GBP ACCUMULATION IE00B7MJHM43 32.4274 0.0636 15/08/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND C EUR ACCUMULATION IE00BGHQF748 18.0585 0.0659 15/08/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND I USD ACCUMULATION IE00BMYPMW02 11.5261 -0.0132 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQDW50 16.6601 0.0406 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Z GBP DISTRIBUTION IE00BGHQF300 14.6967 0.0115 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNS63 16.2498 0.0105 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNT70 13.1585 -0.0323 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP ACCUMULATION IE00BYVHVZ98 12.1644 0.009 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BYVHWJ06 10.5464 0.0078 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR ACCUMULATION IE00BYVHW019 12.8175 0.0324 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BYVHW126 11.1026 0.0281 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y USD ACCUMULATION IE00BYVHW233 10.6565 -0.0252 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y USD DISTRIBUTION IE00BYVHW340 9.2017 -0.0218 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPN382 10.087 -0.0238 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPN499 9.5341 -0.0225 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C EUR DISTRIBUTION IE000AHX6WT2 9.0445 0.022 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C GBP DISTRIBUTION IE000N9K9CQ4 8.9876 0.0057 15/08/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C USD DISTRIBUTION IE000RAMYLN7 7.7759 -0.019 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQDM52 20.3174 0.0369 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Z GBP DISTRIBUTION IE00BGHQDV44 16.3876 0.0021 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNP33 16.8509 0.0004 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNQ40 13.6193 -0.0419 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR ACCUMULATION IE00BDHSRG22 13.2325 0.0252 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR DISTRIBUTION IE00BDHSRH39 10.8496 0.0207 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP ACCUMULATION IE00BDHSRD90 13.2191 0.0015 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION IE00BDHSRF15 10.8588 0.0013 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD ACCUMULATION IE00BDHSRJ52 12.3471 -0.0369 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD DISTRIBUTION IE00BDHSRK67 10.1149 -0.0302 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPN051 9.8155 -0.0293 15/08/2022
    GUINNESS ASIAN EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPN168 9.2622 -0.0277 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND C GBP ACCUMULATION IE00BQXX3C00 25.8705 0.2155 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND C EUR ACCUMULATION IE00BQXX3D17 24.007 0.2426 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND C USD ACCUMULATION IE00BQXX3F31 19.5344 0.1026 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND Y GBP ACCUMULATION IE00BQXX3K83 28.0025 0.2358 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND Y EUR ACCUMULATION IE00BQXX3L90 25.9573 0.2646 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND Y USD ACCUMULATION IE00BQXX3M08 21.2015 0.1132 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND Z GBP ACCUMULATION IE00BQXX3N15 28.5048 0.2403 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND Z EUR ACCUMULATION IE00BQXX3P39 26.4406 0.2699 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND Z USD ACCUMULATION IE00BQXX3Q46 21.523 0.1152 15/08/2022
    GUINNESS GLOBAL INNOVATORS FUND I USD ACCUMULATION IE00BMYPNG19 10.2025 0.0545 15/08/2022
    GUINNESS BEST OF CHINA FUND CLASS C EUR ACCUMULATION IE00BZ08YS42 14.465 -0.0107 15/08/2022
    GUINNESS BEST OF CHINA FUND CLASS C GBP ACCUMULATION IE00BZ08YR35 16.8336 -0.0426 15/08/2022
    GUINNESS BEST OF CHINA FUND CLASS C USD ACCUMULATION IE00BZ08YT58 13.5222 -0.0763 15/08/2022
    GUINNESS BEST OF CHINA FUND CLASS Y EUR ACCUMULATION IE00BZ08YW87 15.3125 -0.0099 15/08/2022
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    GUINNESS BEST OF CHINA FUND CLASS Y USD ACCUMULATION IE00BZ08YX94 14.2649 -0.0792 15/08/2022
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    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP ACCUMULATION IE00BMCWC239 10.2878 0.0123 15/08/2022
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    GUINNESS EMERGING MARKETS EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPNF02 8.9038 -0.0162 15/08/2022
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    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP DISTRIBUTION IE000UPHOYQ6 9.6258 0.0115 15/08/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C USD DISTRIBUTION IE000XFJTUO9 8.3329 -0.0159 15/08/2022
    GUINNESS BEST OF ASIA FUND C GBP ACCUMULATION IE00BF2VFX37 11.064 0.0092 15/08/2022
    GUINNESS BEST OF ASIA FUND Y GBP ACCUMULATION IE00BF2VFY44 11.5973 0.0104 15/08/2022
    GUINNESS BEST OF ASIA FUND Y EUR ACCUMULATION IE00BF2VFZ50 12.1995 0.0329 15/08/2022
    GUINNESS BEST OF ASIA FUND Y USD ACCUMULATION IE00BF2VG076 10.4267 -0.023 15/08/2022
    GUINNESS BEST OF ASIA FUND Z GBP ACCUMULATION IE00BF2VG183 11.7352 0.0111 15/08/2022
    GUINNESS BEST OF ASIA FUND I USD ACCUMULATION IE00BMYPN275 9.0492 -0.0199 15/08/2022
    GUINNESS BEST OF ASIA FUND C EUR ACCUMULATION IE000IYIWG07 9.3592 0.0242 15/08/2022
    GUINNESS BEST OF ASIA FUND C USD ACCUMULATION IE0004NN3YY8 8.0619 -0.0185 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND C GBP ACCUMULATION IE00BG5QQP10 13.1319 0.0802 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND C EUR ACCUMULATION IE00BG5QQQ27 14.0256 0.111 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND C EUR HEDGED ACCUMULATION IE00BG5QQR34 11.5316 0.0713 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND C USD ACCUMULATION IE00BG5QQS41 12.5061 0.0378 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND C USD HEDGED ACCUMULATION IE00BG5QRJ25 12.0572 0.0723 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND O GBP ACCUMULATION IE00BG5QRK30 13.5365 0.0838 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND O EUR ACCUMULATION IE00BG5QRL47 14.4638 0.1155 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND O EUR HEDGED ACCUMULATION IE00BG5QRM53 11.851 0.0742 15/08/2022
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    GUINNESS MULTI-ASSET GROWTH FUND R USD ACCUMULATION IE00BG5QRT23 12.407 0.0373 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND R USD HEDGED ACCUMULATION IE00BG5QRV45 11.9867 0.0717 15/08/2022
    GUINNESS MULTI-ASSET GROWTH FUND Y GBP ACCUMULATION IE00BG5QRW51 13.7073 0.0851 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND C GBP ACCUMULATION IE00BG5QQV79 12.6291 0.0682 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND C EUR ACCUMULATION IE00BG5QQW86 13.4889 0.0972 15/08/2022
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    GUINNESS MULTI-ASSET BALANCED FUND C USD ACCUMULATION IE00BG5QQY01 12.0271 0.0278 15/08/2022
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    GUINNESS MULTI-ASSET BALANCED FUND O GBP ACCUMULATION IE00BG5QR034 13.0185 0.0714 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND O EUR ACCUMULATION IE00BG5QR141 13.9083 0.1013 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND O EUR HEDGED ACCUMULATION IE00BG5QR257 11.5258 0.0639 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND O USD ACCUMULATION IE00BG5QR364 12.3972 0.0297 15/08/2022
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    GUINNESS MULTI-ASSET BALANCED FUND R GBP ACCUMULATION IE00BG5QR588 12.5361 0.0675 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND R EUR ACCUMULATION IE00BG5QR695 13.3945 0.0961 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND R EUR HEDGED ACCUMULATION IE00BG5QR703 11.1385 0.0607 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND R USD ACCUMULATION IE00BG5QR810 11.93 0.0274 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND R USD HEDGED ACCUMULATION IE00BG5QR927 11.6668 0.0618 15/08/2022
    GUINNESS MULTI-ASSET BALANCED FUND Y GBP ACCUMULATION IE00BG5QRB49 13.1766 0.0725 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z USD ACCUMULATION IE00BN0W3529 10.6837 0.0465 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z GBP ACCUMULATION IE00BN0W3305 11.8572 0.0881 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z EUR ACCUMULATION IE00BN0W3412 12.7384 0.1172 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I GBP ACCUMULATION IE00BN0W2X30 11.8029 0.0871 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I EUR ACCUMULATION IE00BN0W2Y47 12.6875 0.1162 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I USD ACCUMULATION IE00BN0W2Z53 10.6387 0.0458 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y GBP ACCUMULATION IE00BN0W3073 11.8057 0.0871 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y EUR ACCUMULATION IE00BN0W3180 12.6877 0.1162 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y USD ACCUMULATION IE00BN0W3297 10.6413 0.0458 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C GBP ACCUMULATION IE00BN0W2T93 11.5946 0.0846 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C EUR ACCUMULATION IE00BN0W2V16 12.4606 0.113 15/08/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C USD ACCUMULATION IE00BN0W2W23 10.4533 0.044 15/08/2022
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    GUINNESS SUSTAINABLE ENERGY FUND C USD ACCUMULATION IE00B2PGVK34 5.0087 -0.0044 15/08/2022
    GUINNESS SUSTAINABLE ENERGY FUND C GBP ACCUMULATION IE00B3CCJ633 9.5722 0.0212 15/08/2022
    GUINNESS SUSTAINABLE ENERGY FUND D EUR ACCUMULATION IE00B3CCJ740 9.8873 0.04 15/08/2022
    GUINNESS SUSTAINABLE ENERGY FUND C EUR ACCUMULATION IE00BGHQF417 19.9192 0.0799 15/08/2022
    GUINNESS SUSTAINABLE ENERGY FUND Y GBP ACCUMULATION IE00BFYV9L73 24.4889 0.0568 15/08/2022
    GUINNESS SUSTAINABLE ENERGY FUND Y EUR ACCUMULATION IE00BFYV9M80 25.7154 0.1056 15/08/2022
    GUINNESS SUSTAINABLE ENERGY FUND Y USD ACCUMULATION IE00BFYV9N97 21.0699 -0.0164 15/08/2022
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    GUINNESS GLOBAL ENERGY FUND C GBP ACCUMULATION IE00B3CCJ963 11.2161 -0.2146 15/08/2022
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    GUINNESS GLOBAL ENERGY FUND I USD ACCUMULATION IE00BMYPN507 16.6163 -0.3691 15/08/2022
    TB Guinness UK Equity Income Fund O Overseas Income GB00BYX94G55 73.99 -0.01 04/08/2022
    TB Guinness UK Equity Income Fund O Overseas Accumulation GB00BYX94F49 91.23 -0.03 04/08/2022
    TB Guinness UK Equity Income Fund Y Clean Income GB00BYX94J86 78.96 -0.01 04/08/2022
    TB Guinness UK Equity Income Fund Y Clean Accumulation GB00BYX94H62 96.61 -0.03 04/08/2022
    TB Guinness UK Equity Income Fund Z Early Investor Income GB00BYX94L09 79.61 -0.02 04/08/2022
    TB Guinness UK Equity Income Fund Z Early Investor Accumulation GB00BYX94K91 97.65 -0.02 04/08/2022
    TB Guinness Global Equity Income Fund Y Income GBP GB00BNGFN669 127.45 1.28 04/08/2022
    TB Guinness Global Equity Income Fund Y Accumulation GBP GB00BNGFN776 133 1.35 04/08/2022
    TB Guinness Asian Equity Income Fund Y Income GBP GB00BMFKG774 91.21 0.74 04/08/2022
    TB Guinness Asian Equity Income Fund Y Accumulation GBP GB00BMFKG667 96.02 0.78 04/08/2022
    18 July 2022

    Guinness Emerging Markets Equity Income Fund - Webcast - Q2 2022

    Date: Jul 18, 2022 03:00 PM [GMT+1]Edmund Harriss
    7 April 2022

    Guinness Emerging Markets Equity Income Fund - Webcast - Q1 2022

    Date: Apr 22, 2022 11:00 AM [GMT+1]Edmund Harriss & Mark Hammonds
    16 February 2022

    2022 Investor Conference - Tangible Opportunities for Investors in Asia

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    20 January 2022

    Guinness Emerging Markets Equity Income - Webcast - Covering Q4 2021

    Edmund Harriss & Mark Hammonds
    6 October 2021

    Guinness Emerging Markets Equity Income - Webcast - Covering Q3 2021

    Edmund Harriss & Mark Hammonds
    16 March 2020

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    Darius McDermott includes Guinness’ Emerging Markets Equity Income Fund among his Emerging Markets…
    17 February 2020

    Elite Radar: Guinness Emerging Markets Equity Income

    Darius McDermott puts the best-performing EM fund on the Elite Radar list in the spotlight for…
    7 February 2020

    Finding income in emerging markets

    Edmund Harris – co-manager of the Guinness Emerging Markets Equity Income Fund – features in the…
    7 October 2018

    Not all Emerging Markets are created equal

    The Guinness Emerging Markets equities team take a deeper look at Emerging Markets, both in…
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