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Guinness Emerging Markets Equity Income Fund

The Guinness Emerging Markets Equity Income strategy aims to provide investors with capital growth and income 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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handshake

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

    Updates

     

     

     

    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    November 2022
    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    October 2022
    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
    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    January 2022
    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    November 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    October 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    September 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    August 2022
    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
    January 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

    KIIDS

     

     

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

    Documents

     

     

    Document

    Emerging Markets Equity Income Fund - Sustainability-Related Disclosures

    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 18.923 0.0324 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C USD DISTRIBUTION IE00B42XCP33 17.8532 0.0303 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C GBP DISTRIBUTION IE00B3PB1722 23.044 -0.1029 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND D EUR DISTRIBUTION IE00B66B5L40 24.4456 -0.0405 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Z GBP DISTRIBUTION IE00B754QH41 26.81 -0.1189 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQF631 23.5984 -0.0394 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNV92 21.4126 -0.0956 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNW00 17.3947 0.0295 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y EUR ACCUMULATION IE00BVYPNZ31 19.1131 -0.0314 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BVYPP024 15.5794 -0.0256 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y GBP ACCUMULATION IE00BVYPNY24 23.1273 -0.1027 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BVYPP131 18.8895 -0.0839 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y USD ACCUMULATION IE00BVYPNX17 18.7891 0.0324 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND Y USD DISTRIBUTION IE00BVYPP248 15.302 0.0264 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND C EUR DISTRIBUTION IE00BDGV0183 14.9802 -0.025 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND D EUR ACCUMULATION IE00BDGV0290 17.8568 -0.0296 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND I USD DISTRIBUTION IE00BGK8P991 13.6903 0.0236 24/11/2022
    GUINNESS GLOBAL EQUITY INCOME FUND I USD ACCUMULATION IE00BJBK7883 12.7222 0.0219 24/11/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND C USD ACCUMULATION IE00B3QW5Z07 20.8537 -0.0046 24/11/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND C GBP ACCUMULATION IE00B64PRP62 26.9875 -0.1726 24/11/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND Y EUR ACCUMULATION IE00B68GW162 29.0018 -0.1032 24/11/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND Y USD ACCUMULATION IE00B3NSFR34 23.0752 -0.0043 24/11/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND Y GBP ACCUMULATION IE00B7MJHM43 32.3048 -0.2055 24/11/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND C EUR ACCUMULATION IE00BGHQF748 17.645 -0.0634 24/11/2022
    GUINNESS GLOBAL MONEY MANAGERS FUND I USD ACCUMULATION IE00BMYPMW02 11.5395 -0.0021 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQDW50 16.5105 0.1233 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Z GBP DISTRIBUTION IE00BGHQF300 14.8657 0.0705 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNS63 16.3623 0.0769 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNT70 13.3154 0.1439 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP ACCUMULATION IE00BYVHVZ98 12.2859 0.0581 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BYVHWJ06 10.6517 0.0503 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR ACCUMULATION IE00BYVHW019 12.7412 0.0955 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BYVHW126 11.0365 0.0828 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y USD ACCUMULATION IE00BYVHW233 10.8164 0.1172 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND Y USD DISTRIBUTION IE00BYVHW340 9.3398 0.1012 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPN382 10.2409 0.1111 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPN499 9.6793 0.105 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C EUR DISTRIBUTION IE000AHX6WT2 8.9633 0.0669 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C GBP DISTRIBUTION IE000N9K9CQ4 9.0499 0.0425 24/11/2022
    GUINNESS EUROPEAN EQUITY INCOME FUND C USD DISTRIBUTION IE000RAMYLN7 7.8684 0.0851 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQDM52 18.3909 0.1989 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Z GBP DISTRIBUTION IE00BGHQDV44 15.1239 0.1223 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNP33 15.4978 0.1248 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNQ40 12.5879 0.1781 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR ACCUMULATION IE00BDHSRG22 12.0143 0.1303 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR DISTRIBUTION IE00BDHSRH39 9.8508 0.1069 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP ACCUMULATION IE00BDHSRD90 12.1947 0.0986 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION IE00BDHSRF15 10.0173 0.081 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD ACCUMULATION IE00BDHSRJ52 11.4468 0.1622 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD DISTRIBUTION IE00BDHSRK67 9.3774 0.1329 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPN051 9.1004 0.129 24/11/2022
    GUINNESS ASIAN EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPN168 8.5877 0.1217 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND C GBP ACCUMULATION IE00BQXX3C00 22.9978 -0.1205 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND C EUR ACCUMULATION IE00BQXX3D17 21.0043 -0.0512 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND C USD ACCUMULATION IE00BQXX3F31 17.4516 0.0163 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND Y GBP ACCUMULATION IE00BQXX3K83 24.9686 -0.1301 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND Y EUR ACCUMULATION IE00BQXX3L90 22.7796 -0.0549 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND Y USD ACCUMULATION IE00BQXX3M08 18.9984 0.0183 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND Z GBP ACCUMULATION IE00BQXX3N15 25.4271 -0.1324 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND Z EUR ACCUMULATION IE00BQXX3P39 23.2133 -0.0559 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND Z USD ACCUMULATION IE00BQXX3Q46 19.2945 0.0186 24/11/2022
    GUINNESS GLOBAL INNOVATORS FUND I USD ACCUMULATION IE00BMYPNG19 9.1421 0.0088 24/11/2022
    GUINNESS BEST OF CHINA FUND CLASS C EUR ACCUMULATION IE00BZ08YS42 12.6891 0.0482 24/11/2022
    GUINNESS BEST OF CHINA FUND CLASS C GBP ACCUMULATION IE00BZ08YR35 15.0038 0.0154 24/11/2022
    GUINNESS BEST OF CHINA FUND CLASS C USD ACCUMULATION IE00BZ08YT58 12.1122 0.0867 24/11/2022
    GUINNESS BEST OF CHINA FUND CLASS Y EUR ACCUMULATION IE00BZ08YW87 13.4736 0.0516 24/11/2022
    GUINNESS BEST OF CHINA FUND CLASS Y GBP ACCUMULATION IE00BZ08YV70 15.9145 0.0167 24/11/2022
    GUINNESS BEST OF CHINA FUND CLASS Y USD ACCUMULATION IE00BZ08YX94 12.8164 0.0921 24/11/2022
    GUINNESS BEST OF CHINA FUND CLASS Z GBP ACCUMULATION IE00BZ08YY02 16.4077 0.0174 24/11/2022
    GUINNESS BEST OF CHINA FUND I USD ACCUMULATION IE00BMYPNC70 7.709 0.0553 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C USD ACCUMULATION IE00BYV24P56 12.192 0.1576 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y GBP ACCUMULATION IE00BYV24Q63 13.0309 0.0894 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BYV24R70 10.8818 0.0746 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y EUR ACCUMULATION IE00BYV24S87 12.9594 0.1247 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BYV24T94 10.8092 0.104 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y USD ACCUMULATION IE00BYV24V17 12.9076 0.1672 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y USD DISTRIBUTION IE00BYV24W24 10.7548 0.1394 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND Z GBP DISTRIBUTION IE00BYV24X31 11.1995 0.077 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C EUR ACCUMULATION IE00BMCWC346 10.2155 0.098 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP ACCUMULATION IE00BMCWC239 9.6562 0.066 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPND87 8.9311 0.1158 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPNF02 8.4248 0.1092 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C EUR DISTRIBUTION IE0009746VI0 8.9536 0.086 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP DISTRIBUTION IE000UPHOYQ6 9.0339 0.0616 24/11/2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND C USD DISTRIBUTION IE000XFJTUO9 7.8602 0.1016 24/11/2022
    GUINNESS BEST OF ASIA FUND C GBP ACCUMULATION IE00BF2VFX37 9.8458 -0.008 24/11/2022
    GUINNESS BEST OF ASIA FUND Y GBP ACCUMULATION IE00BF2VFY44 10.3499 -0.0079 24/11/2022
    GUINNESS BEST OF ASIA FUND Y EUR ACCUMULATION IE00BF2VFZ50 10.7146 0.0216 24/11/2022
    GUINNESS BEST OF ASIA FUND Y USD ACCUMULATION IE00BF2VG076 9.3514 0.0503 24/11/2022
    GUINNESS BEST OF ASIA FUND Z GBP ACCUMULATION IE00BF2VG183 10.4886 -0.0079 24/11/2022
    GUINNESS BEST OF ASIA FUND I USD ACCUMULATION IE00BMYPN275 8.115 0.0437 24/11/2022
    GUINNESS BEST OF ASIA FUND C EUR ACCUMULATION IE000IYIWG07 8.195 0.0164 24/11/2022
    GUINNESS BEST OF ASIA FUND C USD ACCUMULATION IE0004NN3YY8 7.2084 0.0386 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND C GBP ACCUMULATION IE00BG5QQP10 12.6099 -0.0185 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND C EUR ACCUMULATION IE00BG5QQQ27 13.2555 0.0176 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND C EUR HEDGED ACCUMULATION IE00BG5QQR34 10.9995 -0.0185 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND C USD ACCUMULATION IE00BG5QQS41 12.0686 0.0564 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND C USD HEDGED ACCUMULATION IE00BG5QRJ25 11.5893 -0.0172 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND O GBP ACCUMULATION IE00BG5QRK30 13.0343 -0.0188 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND O EUR ACCUMULATION IE00BG5QRL47 13.7073 0.0185 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND O EUR HEDGED ACCUMULATION IE00BG5QRM53 11.3354 -0.0187 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND O USD ACCUMULATION IE00BG5QRN60 12.4753 0.0587 24/11/2022
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    GUINNESS MULTI-ASSET GROWTH FUND R EUR ACCUMULATION IE00BG5QRR09 13.1569 0.0175 24/11/2022
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    GUINNESS MULTI-ASSET GROWTH FUND R USD ACCUMULATION IE00BG5QRT23 11.9663 0.0559 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND R USD HEDGED ACCUMULATION IE00BG5QRV45 11.515 -0.0173 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND Y GBP ACCUMULATION IE00BG5QRW51 13.2045 -0.019 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND C GBP ACCUMULATION IE00BG5QQV79 12.0999 -0.02 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND C EUR ACCUMULATION IE00BG5QQW86 12.7198 0.0146 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND C EUR HEDGED ACCUMULATION IE00BG5QQX93 10.6676 -0.019 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND C USD ACCUMULATION IE00BG5QQY01 11.5804 0.0521 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND C USD HEDGED ACCUMULATION IE00BG5QQZ18 11.2087 -0.0166 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND O GBP ACCUMULATION IE00BG5QR034 12.5076 -0.0203 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND O EUR ACCUMULATION IE00BG5QR141 13.1518 0.0154 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND O EUR HEDGED ACCUMULATION IE00BG5QR257 11.006 -0.0192 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND O USD ACCUMULATION IE00BG5QR364 11.9699 0.0542 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND O USD HEDGED ACCUMULATION IE00BG5QR471 11.5588 -0.0175 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND R GBP ACCUMULATION IE00BG5QR588 12.0042 -0.0199 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND R EUR ACCUMULATION IE00BG5QR695 12.6237 0.0145 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND R EUR HEDGED ACCUMULATION IE00BG5QR703 10.6005 -0.0189 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND R USD ACCUMULATION IE00BG5QR810 11.4805 0.0515 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND R USD HEDGED ACCUMULATION IE00BG5QR927 11.1846 -0.0166 24/11/2022
    GUINNESS MULTI-ASSET BALANCED FUND Y GBP ACCUMULATION IE00BG5QRB49 12.6663 -0.0205 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z USD ACCUMULATION IE00BN0W3529 10.2287 0.043 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z GBP ACCUMULATION IE00BN0W3305 11.296 -0.022 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z EUR ACCUMULATION IE00BN0W3412 11.9444 0.01 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I GBP ACCUMULATION IE00BN0W2X30 11.2281 -0.0219 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I EUR ACCUMULATION IE00BN0W2Y47 11.8772 0.0099 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I USD ACCUMULATION IE00BN0W2Z53 10.1715 0.0426 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y GBP ACCUMULATION IE00BN0W3073 11.2302 -0.022 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y EUR ACCUMULATION IE00BN0W3180 11.8786 0.0098 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y USD ACCUMULATION IE00BN0W3297 10.1728 0.0426 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C GBP ACCUMULATION IE00BN0W2T93 10.9958 -0.0219 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C EUR ACCUMULATION IE00BN0W2V16 11.6305 0.0092 24/11/2022
    GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C USD ACCUMULATION IE00BN0W2W23 9.9627 0.0414 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND D USD ACCUMULATION IE00B2PGVJ29 5.4752 0.0474 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND C USD ACCUMULATION IE00B2PGVK34 5.0805 0.044 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND C GBP ACCUMULATION IE00B3CCJ633 9.6613 0.0243 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND D EUR ACCUMULATION IE00B3CCJ740 9.8354 0.0523 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND C EUR ACCUMULATION IE00BGHQF417 19.7872 0.1049 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND Y GBP ACCUMULATION IE00BFYV9L73 24.7994 0.0634 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND Y EUR ACCUMULATION IE00BFYV9M80 25.6303 0.1367 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND Y USD ACCUMULATION IE00BFYV9N97 21.443 0.186 24/11/2022
    GUINNESS SUSTAINABLE ENERGY FUND I USD ACCUMULATION IE00BMYPNB63 11.3544 0.0985 24/11/2022
    GUINNESS GLOBAL ENERGY FUND D USD ACCUMULATION IE00B2Q91T05 9.0647 0.0251 24/11/2022
    GUINNESS GLOBAL ENERGY FUND C USD ACCUMULATION IE00B2Q91V27 8.5245 0.0235 24/11/2022
    GUINNESS GLOBAL ENERGY FUND C GBP ACCUMULATION IE00B3CCJ963 12.9264 -0.0439 24/11/2022
    GUINNESS GLOBAL ENERGY FUND D EUR ACCUMULATION IE00B3CCJB88 13.1575 -0.0078 24/11/2022
    GUINNESS GLOBAL ENERGY FUND Y USD ACCUMULATION IE00B3CCJC95 9.797 0.0273 24/11/2022
    GUINNESS GLOBAL ENERGY FUND Y GBP ACCUMULATION IE00B6XV0016 12.5485 -0.0423 24/11/2022
    GUINNESS GLOBAL ENERGY FUND C EUR ACCUMULATION IE00BGHQF524 10.3375 -0.0062 24/11/2022
    GUINNESS GLOBAL ENERGY FUND Y USD DISTRIBUTION IE00BG6L7638 7.4776 0.0208 24/11/2022
    GUINNESS GLOBAL ENERGY FUND Y EUR ACCUMULATION IE00BFMGVR44 11.894 -0.0069 24/11/2022
    GUINNESS GLOBAL ENERGY FUND I USD ACCUMULATION IE00BMYPN507 19.2987 0.0538 24/11/2022
    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
    11 October 2022

    Guinness Emerging Markets Equity Income Fund - Webcast - Q3 2022

    Date: Oct 11, 2022 11:00 AM [GMT+1]Edmund Harriss, Mark Hammonds
    5 October 2022

    Edmund Harriss discusses positioning in Asia & EM in the face of inflation with CNBC

    Edmund Harriss, CIO and head of Asian & emerging market investments at Guinness Global…
    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

    Edmund Harriss & Mark Hammonds
    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

    Should you invest your ISA in developed or emerging markets?

    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…
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