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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

Awards & Ratings

We have a firm commitment to delivering the very best. That commitment is reflected in the awards we have received, some of which are shown below.

 

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FundCalibre Rated

Guinness Emerging Markets Equity Income Fund

Elite Provider
FundCalibre

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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How to Invest in Guinness Global Investors

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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Guinness Emerging Markets Equity Income Fund - Investment

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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Emerging Markets Equity Income Fund - Capital

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 Emerging Markets 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

 

To see the Responsible Investment Factsheets, please click here

Updates

 

 

 

Document
GUINNESS EMERGING MARKETS EQUITY INCOME FUND
May 2024
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October 2021
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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 F GBP Dist IE00BYV24X31
Guinness Emerging Markets Equity Income Fund F GBP Acc IE000S23Y5E4
Guinness Emerging Markets Equity Income Fund F EUR Acc IE000PRGIAG7
Guinness Emerging Markets Equity Income Fund F EUR Dist IE000EYWH6W0
Guinness Emerging Markets Equity Income Fund F USD Acc IE000STEY2E9
Guinness Emerging Markets Equity Income Fund F USD Dist IE0002MGLE49

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 Emerging Markets Equity Income Fund - Responsible Investment Factsheet

High Conviction Active Asset Management

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
F GBP Acc 0.35% 0.00% 0 IE000S23Y5E4 BQS8HW8 GUIGEZG ID
F EUR Acc 0.35% 0.00% 0 IE000PRGIAG7 BQS8HX9 GUEMFEA ID
F EUR dist 0.35% 0.00% 0 IE000EYWH6W0 BQS8HY0 GUEMFED ID
F USD Acc 0.35% 0.00% 0 IE000STEY2E9 BQS8HZ1 GUEMFUA ID
F USD dist 0.35% 0.00% 0 IE0002MGLE49 BQS8J00 GUEMFUD ID
C EUR Dist 1.99% 5.00% 0 IE0009746VI0 BMBR3Z9 GUMEICE ID
C GBP Dist 1.99% 5.00% 0 IE000UPHOYQ6 BMBR401 GUMEICG ID
C USD Dist 1.99% 5.00% 0 IE000XFJTUO9 BMBR412 GUMEICU ID
C GBP Acc 1.99% 5.00% 0 IE00BMCWC239 BMCWC23 GUEICGA ID
C EUR Acc 1.99% 5.00% 0 IE00BMCWC346 BMCWC34 GUEICEA 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 GBP Acc 0.89% 5.00% 0 IE00BYV24Q63 BYV24Q6 GUEIXGA ID
Y GBP Dist 0.89% 5.00% 0 IE00BYV24R70 BYV24R7 GUEMXGD ID
Y EUR Acc 0.89% 5.00% 0 IE00BYV24S87 BYV24S8 GUEMXEA 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 CHINA RMB INCOME FUND CLASS Y CNH DIST IE000026G6J3 100.4868 0.0172 18/06/2024
GUINNESS CHINA RMB INCOME FUND CLASS Y EUR DIST IE000K4N4BW3 9.4863 -0.0206 18/06/2024
GUINNESS CHINA RMB INCOME FUND CLASS Y GBP DIST IE000G9JHZF4 9.0441 -0.0081 18/06/2024
GUINNESS CHINA RMB INCOME FUND CLASS Y USD DIST IE000FIQDRV0 9.6378 -0.0008 18/06/2024
GUINNESS CHINA RMB INCOME FUND CLASS F EUR DISTRIBUTION IE0006534FS5 9.5043 -0.0206 18/06/2024
GUINNESS CHINA RMB INCOME FUND CLASS F GBP DISTRIBUTION IE000K9NODM9 9.063 -0.008 18/06/2024
GUINNESS CHINA RMB INCOME FUND CLASS F USD DISTRIBUTION IE000BEWEDQ4 9.6574 -0.0008 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS C GBP ACC IE0006BWJJW3 6.5896 -0.0108 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS C EUR ACC IE0001VD9PN1 6.91 -0.0205 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS C USD ACC IE0005HP3H50 7.0211 -0.006 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS I USD ACC IE000IQ9D569 7.1206 -0.006 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS Y GBP ACC IE000I0OL207 6.6828 -0.0109 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS Y EUR ACC IE000RSR0322 7.0081 -0.0204 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS Y CNH ACC IE0002QAMMW4 74.2134 -0.0432 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS Y USD ACC IE000JCEKTR0 7.1206 -0.006 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS F GBP ACCUMULATION IE0003ZZUKD7 6.7292 -0.0108 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS F EUR ACCUMULATION IE0001MJJCX1 7.0563 -0.0206 18/06/2024
GUINNESS CHINA A SHARE FUND CLASS F USD ACCUMULATION IE000RSN6JG6 7.1699 -0.0059 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS D USD DISTRIBUTION IE00B3QG6N78 22.546 0.1224 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS C USD DISTRIBUTION IE00B42XCP33 21.1048 0.1143 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS C GBP DISTRIBUTION IE00B3PB1722 26.0437 0.1206 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS D EUR DISTRIBUTION IE00B66B5L40 28.216 0.0942 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Z GBP DISTRIBUTION IE00B754QH41 30.858 0.1438 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS C EUR ACCUMULATION IE00BGHQF631 27.8354 0.0927 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS C GBP ACCUMULATION IE00BVYPNV92 24.9263 0.1155 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS C USD ACCUMULATION IE00BVYPNW00 21.1673 0.1146 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Y EUR ACCUMULATION IE00BVYPNZ31 22.9005 0.0768 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Y EUR DISTRIBUTION IE00BVYPP024 18.1244 0.0608 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Y GBP ACCUMULATION IE00BVYPNY24 27.3473 0.1274 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION IE00BVYPP131 21.6869 0.1011 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Y USD ACCUMULATION IE00BVYPNX17 23.225 0.1264 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Y USD DISTRIBUTION IE00BVYPP248 18.3758 0.1 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS C EUR DISTRIBUTION IE00BDGV0183 17.1554 0.0571 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS D EUR ACCUMULATION IE00BDGV0290 21.2285 0.0709 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS I USD DISTRIBUTION IE00BGK8P991 16.3849 0.0891 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS I USD ACCUMULATION IE00BJBK7883 15.6728 0.0852 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS C CNH HEDGED DISTR IE000OP91FK6 11.6088 0.0615 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Z GBP ACCUMULATION IE000P7D8CD0 10.439 0.049 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Z EUR DISTRIBUTION IE00051OJYP3 10.647 0.036 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Z EUR ACCUMULATION IE000RSQ6GD6 10.647 0.036 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Z USD DISTRIBUTION IE000YRPM569 10.714 0.057 18/06/2024
GUINNESS GLOBAL EQUITY INCOME FUND CLASS Z USD ACCUMULATION IE0001B1ARB7 10.714 0.057 18/06/2024
GUINNESS GLOBAL MONEY MANAGERS FUND CLASS C USD ACCUMULATION IE00B3QW5Z07 23.4627 0.2268 18/06/2024
GUINNESS GLOBAL MONEY MANAGERS FUND CLASS C GBP ACCUMULATION IE00B64PRP62 29.0467 0.258 18/06/2024
GUINNESS GLOBAL MONEY MANAGERS FUND CLASS Y EUR ACCUMULATION IE00B68GW162 32.2541 0.2457 18/06/2024
GUINNESS GLOBAL MONEY MANAGERS FUND CLASS Y USD ACCUMULATION IE00B3NSFR34 26.4753 0.2567 18/06/2024
GUINNESS GLOBAL MONEY MANAGERS FUND CLASS Y GBP ACCUMULATION IE00B7MJHM43 35.4571 0.3162 18/06/2024
GUINNESS GLOBAL MONEY MANAGERS FUND CLASS C EUR ACCUMULATION IE00BGHQF748 19.2434 0.1459 18/06/2024
GUINNESS GLOBAL MONEY MANAGERS FUND CLASS I USD ACCUMULATION IE00BMYPMW02 13.2435 0.1285 18/06/2024
GUINNESS EUROPEAN EQUITY INCOME FUND CLASS C EUR ACCUMULATION IE00BGHQDW50 20.8805 0.1862 18/06/2024
GUINNESS EUROPEAN EQUITY INCOME FUND CLASS F GBP DISTRIBUTION IE00BGHQF300 18.3224 0.188 18/06/2024
GUINNESS EUROPEAN EQUITY INCOME FUND CLASS C GBP ACCUMULATION IE00BVYPNS63 20.4221 0.2086 18/06/2024
GUINNESS EUROPEAN EQUITY INCOME FUND CLASS C USD ACCUMULATION IE00BVYPNT70 17.3728 0.191 18/06/2024
GUINNESS EUROPEAN EQUITY INCOME FUND CLASS Y GBP ACCUMULATION IE00BYVHVZ98 15.6007 0.1598 18/06/2024
GUINNESS EUROPEAN EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION IE00BYVHWJ06 13.0176 0.1334 18/06/2024
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