Fixed Income
Guinness Global Dynamic Bond
Overview
The Guinness Global Dynamic Bond Fund seeks income and capital growth by investing across global fixed-income markets.
Bonds can offer an attractive combination of yield and stability for income-seeking investors. But opportunities vary significantly across sectors, maturities and credit quality. The challenge for investors is knowing where to find them.
Higher yields are only part of the story. Inflation volatility, energy sensitivity and fiscal uncertainty have also increased dispersion across bond markets, making flexibility more valuable.
Income can also play a meaningful role in total returns. When yields are attractive, coupons and reinvestment provide a strong foundation for long-term compounding, making the starting yield at the point of investment an important consideration.
The Guinness Global Dynamic Bond Fund is designed to generate income and capital growth with the flexibility to allocate across duration, credit and currency opportunities.
A dynamic bond strategy is most valuable when the fixed-income opportunity set is uneven. Government bonds, investment grade credit, selective higher-yielding issuers and currency markets all respond differently as inflation, growth and policy conditions evolve.
By following a total return approach that is unconstrained by benchmark weights, the portfolio focuses on attractive risk-reward opportunities across global bonds. It seeks to deliver returns through different market environments by combining income, value-driven credit selection and active macro flexibility.
- Income - An important part of the strategy’s return profile. The portfolio is designed to generate attractive monthly income, with accrued income paid out on a gross basis and fees charged to capital.
- Value-driven credit selection - Anchored by a strategy that identifies undervalued opportunities across investment grade and higher-quality crossover bonds.
- Dynamic macro flexibility - The strategy includes a dynamic macro overlay designed to manage duration, credit beta and FX exposure as market conditions change.
The investment process is structured, repeatable and designed to adapt across market environments. It combines bottom-up credit selection with active macro management through a clear sequence: filter the universe, rank valuation, test the credit, overlay the macro, and construct the portfolio with discipline.
What does a dynamic fixed-income strategy offer?
- Broad global bond universe - Issuers and bonds are ranked by valuation dislocation, with research focused on the most compelling opportunities.
- Bottom-up analysis - Conviction builds when valuation is supported by fundamentals and by a clear catalyst that can help close the gap to fair value.
- Dynamic macro overlay - The strategy includes a dynamic macro overlay, developed over many years and supported by quantitative inputs, designed to manage duration, curve exposure, credit beta and FX positioning as conditions evolve.
- Disciplined construction framework - Research and macro processes are translated into portfolio positions through a construction framework that ensures the portfolio remains aligned with the strategy’s objectives.
- Balancing conviction, flexibility and liquidity - Position sizes are determined by valuation, conviction, liquidity and diversification rather than by index weights, allowing capital to be focused on the most attractive opportunities while maintaining a disciplined overall risk profile.
- Measured, transparent risk - Duration is actively managed, FX exposure is controlled within a disciplined limit and derivatives are used to adjust interest-rate exposure, hedge credit beta or improve portfolio balance.
- Prioritising downside discipline - The strategy prioritises quality, liquidity and downside discipline over maximum carry, which can make it more robust through stressed environments.
The Guinness Global Dynamic Bond Fund could be suitable for investors seeking income and capital growth through attractive risk-reward opportunities across the global bond universe.
Fund Facts
- Launch Date
- 13.07.2026
- Fund Managers (start date)
- Craig Veysey (13.07.2026)
- ISIN
- IE000Z2LJNK4
- SEDOL
- BT5HHH4
- BLOOMBERG
- GDBFCEA ID
- Underlying currency
- USD
- Pricing
- Daily, forwards
- Valuation
- 12:00 Dublin time
- Deal cut off time
- 11:00 Dublin time
- Administrator
- Waystone Administration Solutions (IE) Limited
- UK Reporting Fund Status
- Yes
- ISA Eligible
- Yes
1.63%
Fund Registration
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Commentary
October Commentary
This is a marketing communication. Please refer to the prospectus, supplement, KIDs and KIIDs for the Funds (available on this website), which contain detailed information on their characteristics and objectives and full information on the risks, before making any final investment decisions.
Government bond yields rose sharply across developed markets in September. More than interest rate rises by central banks, what moved markets was the tone of the Federal Reserve, which suggested that underlying inflationary trends showed a lack of improvement and indicated another rate rise this year. Alongside this, Brent crude rose to $110 mid-month, with no progress towards a ceasefire in the Middle East, and as the US Treasury Secretary has himself pointed out, bond yields have been closely tied to energy prices. Brent finished September around $104, and the US 30-year yield closed at 5.64%. Investment-grade corporate bonds were not spared, but the damage came mostly from government bond yields rather than from credit risk, and investment-grade spreads widened only modestly. High yield spreads widened more, from around 270 to 314 basis points, and the global high yield market fell 3.0%. In this commentary we report on portfolio activity to extend duration in September as yields climbed, new positions in credit, our outlook for global bond markets, and the portfolio's current positioning.
Read full commentary
Guinness Global Dynamic Bond Fund - October Commentary
October 2026
Literature
INSIGHTS IN FOCUS
Gilts and energy shocks: an unhappy relationship
The gilt market has been reminded very quickly of something it knows well: when energy prices surge, UK bonds can reprice aggressively.
Fixed Income | 12 Mar 2026 | 4 min read
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