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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

Huang Valerie

Valerie Huang

Investment Analyst, Asian & Emerging Markets

How to Invest

We aim to make it simple to invest in our funds. All our funds are open to direct investment via an application form. They are widely available on investment platforms and are eligible for UK investors’ ISAs and 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 2023
    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    July 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    April 2023
    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 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    January 2022
    Document
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    November 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    October 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    September 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    August 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    July 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    June 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    June 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    May 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    April 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    March 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    February 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    January 2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    December 2022
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND
    November 2022

    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

    KIDS

     

     

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

    Documents

     

     

    Document

    Guinness Asset Management Funds plc - Prospectus

    Guinness Asset Management Funds plc - UK Reporting Fund Status 2022

    Emerging Markets Equity Income Fund – SFDR Pre-contractual Disclosures

    Asian & EM - Approach to Responsible Investment and ESG

    Emerging Markets Equity Income Fund - Sustainability-Related Disclosures

    Fund Supplement

    Guinness Asset Management Funds plc - Application Form

    Guinness Asset Management Funds plc - Target Market Assessment

    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 BMBR3Z9 GUMEICE ID
    C GBP Acc 1.99% 5.00% 0 IE00BMCWC239 BMCWC23 GUEICGA ID
    C GBP Dist 1.99% 5.00% 0 IE000UPHOYQ6 BMBR3Z9 GUMEICG ID
    C USD Acc 1.99% 5.00% 0 IE00BYV24P56 BYV24P5 GUEMCUA ID
    C USD Dist 1.99% 5.00% 0 IE000XFJTUO9 BMBR412 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% 0.00% 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 ASIAN EQUITY INCOME FUND CLASS C EUR ACCUMULATION IE00BGHQDM52 19.6373 0.0986 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Z GBP DISTRIBUTION IE00BGHQDV44 15.6735 0.0347 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS C GBP ACCUMULATION IE00BVYPNP33 16.6336 0.0363 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS C USD ACCUMULATION IE00BVYPNQ40 14.0885 -0.0115 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR ACCUMULATION IE00BDHSRG22 12.9728 0.0655 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR DISTRIBUTION IE00BDHSRH39 10.1388 0.0512 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP ACCUMULATION IE00BDHSRD90 13.2355 0.0292 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION IE00BDHSRF15 10.3653 0.0229 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD ACCUMULATION IE00BDHSRJ52 12.9555 -0.0102 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD DISTRIBUTION IE00BDHSRK67 10.13 -0.008 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS I USD ACCUMULATION IE00BMYPN051 10.3067 -0.0082 30/11/2023
    GUINNESS ASIAN EQUITY INCOME FUND CLASS I USD DISTRIBUTION IE00BMYPN168 9.2841 -0.0074 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS C GBP ACCUMULATION IE00BF2VFX37 9.9436 0.0434 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS Y GBP ACCUMULATION IE00BF2VFY44 10.5716 0.0465 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS Y EUR ACCUMULATION IE00BF2VFZ50 10.8872 0.079 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS Y USD ACCUMULATION IE00BF2VG076 9.9604 0.0141 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS Z GBP ACCUMULATION IE00BF2VG183 10.7722 0.0476 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS I USD ACCUMULATION IE00BMYPN275 8.6469 0.0122 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS C EUR ACCUMULATION IE000IYIWG07 8.2357 0.0594 30/11/2023
    GUINNESS BEST OF ASIA FUND CLASS C USD ACCUMULATION IE0004NN3YY8 7.5956 0.0105 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS C GBP ACC IE0006BWJJW3 7.3546 0.0177 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS C EUR ACC IE0001VD9PN1 7.5725 0.0399 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS C USD ACC IE0005HP3H50 7.8173 -0.0045 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS I USD ACC IE000IQ9D569 7.8806 -0.0042 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS Y GBP ACC IE000I0OL207 7.4141 0.018 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS Y EUR ACC IE000RSR0322 7.6333 0.0404 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS Y CNH ACC IE0002QAMMW4 80.6468 -0.0058 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS Y USD ACC IE000JCEKTR0 7.8806 -0.0042 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS Z GBP ACC IE0003ZZUKD7 7.4434 0.0184 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS Z EUR ACC IE0001MJJCX1 7.6634 0.0407 30/11/2023
    GUINNESS CHINA A SHARE FUND CLASS Z USD ACC IE000RSN6JG6 7.9116 -0.004 30/11/2023
    GUINNESS CHINA RMB INCOME FUND CLASS Y CNH DIST IE000026G6J3 100.3287 0.0023 30/11/2023
    GUINNESS CHINA RMB INCOME FUND CLASS Y EUR DIST IE000K4N4BW3 9.4941 0.0511 30/11/2023
    GUINNESS CHINA RMB INCOME FUND CLASS Y GBP DIST IE000G9JHZF4 9.2199 0.0235 30/11/2023
    GUINNESS CHINA RMB INCOME FUND CLASS Y USD DIST IE000FIQDRV0 9.8003 -0.0044 30/11/2023
    GUINNESS CHINA RMB INCOME FUND CLASS Z EUR DIST IE0006534FS5 9.5041 0.0513 30/11/2023
    GUINNESS CHINA RMB INCOME FUND CLASS Z GBP DIST IE000K9NODM9 9.2309 0.0237 30/11/2023
    GUINNESS CHINA RMB INCOME FUND CLASS Z USD DIST IE000BEWEDQ4 9.811 -0.0045 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS C USD ACCUMULATION IE00BYV24P56 13.631 -0.0336 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS Y GBP ACCUMULATION IE00BYV24Q63 14.1283 0.008 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION IE00BYV24R70 11.3121 0.0064 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS Y EUR ACCUMULATION IE00BYV24S87 13.9778 0.0477 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS Y EUR DISTRIBUTION IE00BYV24T94 11.1758 0.0383 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS Y USD ACCUMULATION IE00BYV24V17 14.5941 -0.0355 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS Y USD DISTRIBUTION IE00BYV24W24 11.6742 -0.0285 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS Z GBP DISTRIBUTION IE00BYV24X31 11.707 0.0068 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS C EUR ACCUMULATION IE00BMCWC346 10.8963 0.0367 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS C GBP ACCUMULATION IE00BMCWC239 10.3529 0.0055 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS I USD ACCUMULATION IE00BMYPND87 10.1059 -0.0244 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS I USD DISTRIBUTION IE00BMYPNF02 9.1501 -0.0222 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS C EUR DISTRIBUTION IE0009746VI0 9.1536 0.031 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS C GBP DISTRIBUTION IE000UPHOYQ6 9.2843 0.0051 30/11/2023
    GUINNESS EMERGING MARKETS EQUITY INCOME FUND CLASS C USD DISTRIBUTION IE000XFJTUO9 8.4325 -0.0208 30/11/2023
    GUINNESS EUROPEAN EQUITY INCOME FUND CLASS C EUR ACCUMULATION IE00BGHQDW50 18.2202 0.0513 30/11/2023
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    WS GUINNESS UK EQUITY INCOME FUND Y CLEAN ACCUMULATION GB00BYX94H62 96.26 0.03 30/11/2023
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    16 January 2024

    Guinness Emerging Markets Equity Income - Webcast - Covering Q4 2023

    Date: Jan 16, 2024 02:00 PM [GMT]Mark Hammonds
    13 November 2023

    Portfolio Adviser - Magnificent Seven: Are investors pressing ‘pause’ on their love affair with tech giants?

    Following a lacklustre set of Q3 results, are technology stocks finally losing their sheen?
    10 October 2023

    Guinness Emerging Markets Equity Income - Webcast - Covering Q3 2023

    Date: Oct 10, 2023 02:00 PM [GMT+1]Mark Hammonds
    9 October 2023

    Emerging Markets Equity Income - Emerging Markets Outlook

    Looking at the global economic situation, portfolio manager Mark Hammonds discusses positioning in…
    6 October 2023

    Emerging Markets Equity Income – The Future of China

    China’s economic future is uncertain in the short term, but the longer-term path is clear.…
    6 October 2023

    Emerging Markets Equity Income – Quality Companies

    Why do we look for quality companies? Portfolio manager Mark Hammonds explains the outcomes of our…
    6 October 2023

    Emerging Markets Equity Income - Investment Process

    The disciplined investment process for the Guinness Emerging Markets Equity Income Fund and the…
    6 October 2023

    Emerging Markets Equity Income - Investment Philosophy

    Mark Hammonds explains the pillars of the Guinness Emerging Markets Equity Income Fund investment…
    6 October 2023

    Emerging Markets Equity income - Defining Quality

    How do we define quality companies? Mark Hammonds explains what he looks for when selecting stocks. 

     

    Guinness Emerging Markets Equity Income Fund is an equity fund. Investors should be willing and able to assume the risks of equity investing. The Fund invests only in stocks of companies that are traded on Emerging Markets stock exchanges or that do at least half of their business in Emerging Markets, it is therefore susceptible to the performance of that region and can be volatile The value of an investment and the income from it can fall as well as rise as a result of market and currency movement; you may not get back the amount originally invested. Further details on the risk factors are included in the Fund’s documentation, available on our website.​

    Source: FE fundinfo. Investors should note that fees and expenses are charged to the capital of the Fund. This reduces the return on your investment by an amount equivalent to the Ongoing Charges Figure (OCF). The current OCF for the share class used for the fund performance returns is 0.89%. Returns for share classes with a different OCF will vary accordingly. Transaction costs also apply and are incurred when a fund buys or sells holdings. The performance returns do not reflect any initial charge; any such charge will also reduce the return.​