Skip to main content

Guinness Global Equity Income Fund

Overview

The Guinness Global Equity Income Fund is designed to provide income and capital growth by investing in companies that can pay sustainable, growing dividends

TB Guinness Global Equity Income Fund* UK investors should be aware that the Guinness Global Equity Income Fund is also available as a UK domiciled fund denominated in GBP.

Dividend-paying equities offer an attractive combination of liquidity and yield. While the potential for income is important for many investors, the case for global equity income goes much further.

Thanks to the power of compounding, re-invested dividends make a gradual but potent contribution to long-term returns. Historic equity market returns show that over long timeframes this rises to significantly over 50 per cent. In periods of low growth this can be even more striking. The 1940s and 1970s, for example, were periods defined by some combination of sluggish economic growth, rising inflation, and high unemployment. During these decades dividends accounted for over 75 per cent of the total returns of the S&P500.

The effect of dividends is apparent when comparing historic long-term returns of stocks which pay dividends with those that have not. Not only have dividend-payers outperformed on average, but dividend-growers and initiators have outperformed further still.

In addition to the compounding effect, part of the reason for this lies in the nature of dividend-paying companies. First, a history of paying a dividend – which unlike many accounting figures is a ‘hard’ cash payment – can indicate past value creation by a company. Moreover, a long history of paying dividends can instil capital discipline in company management. A commitment to a dividend leaves no room for vanity projects or frivolous uses of shareholders’ capital. A focused management team that uses the cash available to them efficiently is central to creating a well-run (and profitable) company that is able to grow and thrive in the future.

The array of companies around the world paying dividends has increased significantly in recent years. Investors can now find a range of dividend-paying companies giving genuine global diversification and exposure to a healthy range of industries in a portfolio.

*The TB Guinness Global Equity Income Fund is available from 0.79% OCF.  The documentation needed to make an investment, including the Prospectus, the Key Investor Information Document (KIID) and the Application Form, is available here.

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.
 

Dr Ian Mortimer

Dr Ian Mortimer

Portfolio Manager, Global Team

Matt Page

Matthew Page

Portfolio Manager, Global Team

Sagar Thanki

Sagar Thanki

Investment Analyst, Global Team

Joe Stephens

Joseph Stephens

Investment Analyst, Global Team

William Van Der Weyden

William van der Weyden

Investment Analyst, Global Team

DREW Jack

Jack Drew

Investment Analyst, Global Team

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.

 


 

Image
GEI Square Mile AA

Guinness Global Equity Income Fund

AA Rating
Square Mile Investment Consulting & Research Limited

 

Image
Refinitiv Lipper Fund Award

Guinness Global Equity Income Fund

Best Fund over 10 Years - Global Equity Income
Refinitiv UK Lipper Fund Awards 2021

Image
Elite Rated

Guinness Global Equity Income Fund

Elite Rated Fund
FundCalibre

Image
Scope_FondsRating_2210_A_DE

Guinness Global Equity Income Fund

A-Rated Fund (Germany)
Scope

Image
Scope_FondsRating_2210_A_AT

Guinness Global Equity Income Fund

A-Rated Fund (Austria)
Scope

Image
Scope_FondsRating_2210_A_CH

Guinness Global Equity Income Fund

A-Rated Fund (Switzerland)
Scope

Image
Investment Week

Guinness Global Equity Income Fund

Finalist IW Fund Manager of the Year Awards - Global Income
Investment Week

Image
RSMR

Guinness Global Equity Income Fund

Rated Fund
RSMR

Image
portfolio adviser

Guinness Global Equity Income Fund

Gold Award
Portfolio Adviser - International Equity Income

Image
Lipper

Guinness Global Equity Income Fund

BEST FUND OVER 3 YEARS
Equity Sector Global Income

Image
scope-de

Guinness Global Equity Income Fund

A-Rated Fund (Germany)
Scope

Image
scope-at

Guinness Global Equity Income Fund

A-Rated Fund (Austria)
Scope

Image
scope-sw

Guinness Global Equity Income Fund

A-Rated Fund (Switzerland)
Scope

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.

Image
handshake
Image
Anteater

A NOSE FOR GLOBAL EQUITY INCOME


FUN FACT
 

Q: How many insects can an anteater eat in a day?
A: An anteater can eat up to 30,000 insects a day.

Investment Case

Our approach to investing in dividend-paying companies is to focus on companies that can sustainably grow their dividend into the future, rather than simply looking for companies with a high dividend yield. Consistent high return on capital is a good indicator of a company’s ability to pay healthy dividends and so we invest in companies that are unusually consistent in generating returns on capital above their cost of capital.

We focus on ‘bottom-up’ stock selection rather than trying to make decisions based on an expected outlook for the world economy. 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. 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 for between 3 and 5 years in a portfolio of 35 companies, with equal amounts invested in each.

Why invest in the Guinness Global Equity Income Fund?

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

The case for a Global Equity Income Fund

How do we run the Fund?

How do we construct the portfolio?

 

Focus on consistent high return on capital

Consistent high return on capital is a good indication of a company’s ability to pay healthy dividends. The Fund invests in companies that are unusually consistent in generating returns on capital above their cost of capital.
 

Growth and income

Our approach to dividend investing is to focus on companies that can sustainably grow their dividend into the future, rather than simply looking for companies with a high dividend yield.
 

High conviction

The Fund typically invests in just 35 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 world economy. 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 3 and 5 years.
 

Repeatable and independent

Ian Mortimer and Matthew Page 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 case for a global equity income fund

"Dividends make a gradual but potent contribution to long-term returns."

 

Image
arrows

Dividend growers have outperformed for 30 years

Efficient use of cash is paramount in creating a well-run, profitable company that will thrive. Management discipline is required to maintain dividend growth and can be a signal of a well-run company. Using the example of the US stock market, the evidence for this is clear in the returns of dividend paying and non-dividend paying companies over the last forty years. It is also informative to note that companies that cut their dividend were the worst performing group over this period –illustrating that not all dividend-paying companies are created equal.

Power of compounding

For investors, reinvesting dividends delivers a significant proportion of your total return. And in periods of low growth this can be even more striking. The 1940s and 1970s, for example, were periods defined by some combination of sluggish economic growth, rising inflation, and high unemployment. During these decades dividends accounted for over 75% of the total returns of the S&P500.
 

Dividends can protect against inflation

Looking again at the US as an example, dividends in the US stock market have grown at an average 6% per year since the 1940s, while inflation grew at 4%. Investing in dividend-paying companies can protect against inflation over long periods: the income received in dividend payments has grown in line or at a higher rate than inflation.
 

Global diversity

The array of stocks around the world paying dividends has increased significantly in the last decade. We can now invest in a basket of dividend-paying companies that gives you genuine global diversity and exposure to a healthy range of industries in your portfolio. In contrast, just six companies now account for over 40% of all dividend payments in the UK.

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.

Image
TEAM

Why 10% and why ten years?

10% return on capital…
10% 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
Because business cycles tend to last less than ten years, the companies in our investible universe have shown they can weather most economic environments.

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.
 

“It's a rare achievement for a company to meet our investment criteria and we think it shows a mark of genuine quality. And this is where our portfolio starts – consistent high return on capital.”

Image
10

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 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 the broad market.

    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
    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.
     

    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 weight.
     

    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. 

    Factsheets

     

     

    Fund English French German Spanish Italian
    Guinness Global Equity Income Fund Download Download Download Download Download

    Updates

     

     

     

    Document
    GUINNESS GLOBAL EQUITY INCOME FUND
    November 2022
    Document
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2022
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2022
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2022
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2021
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2021
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2021
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2020
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2020
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2020
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2019
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2019
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2019
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2018
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2018
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2018
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2017
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2017
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2017
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2016
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2016
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2016
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2015
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2015
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2015
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2014
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2014
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2014
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2013
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2013
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2013
    GUINNESS GLOBAL EQUITY INCOME FUND
    October 2012
    GUINNESS GLOBAL EQUITY INCOME FUND
    July 2012
    GUINNESS GLOBAL EQUITY INCOME FUND
    April 2012
    Document
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2022
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2021
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2020
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2019
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2018
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2017
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2016
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2015
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2014
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2013
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2012
    Document
    GUINNESS GLOBAL EQUITY INCOME FUND
    February 2012
    GUINNESS GLOBAL EQUITY INCOME FUND
    January 2012

    KIIDS

     

     

    Fund Class ISIN English French German Spanish Italian Swedish Finnish
    Guinness Global Equity Income Fund C EUR Acc IE00BGHQF631
    Guinness Global Equity Income Fund C EUR Dist IE00BDGV0183
    Guinness Global Equity Income Fund C GBP Acc IE00BVYPNV92
    Guinness Global Equity Income Fund C GBP Dist IE00B3PB1722
    Guinness Global Equity Income Fund C USD Acc IE00BVYPNW00
    Guinness Global Equity Income Fund C USD Dist IE00B42XCP33
    Guinness Global Equity Income Fund D EUR Acc IE00BDGV0290
    Guinness Global Equity Income Fund D EUR Dist IE00B66B5L40
    Guinness Global Equity Income Fund D USD Dist IE00B3QG6N78
    Guinness Global Equity Income Fund I USD Acc IE00BJBK7883
    Guinness Global Equity Income Fund I USD Dist IE00BGK8P991
    Guinness Global Equity Income Fund Y EUR Acc IE00BVYPNZ31
    Guinness Global Equity Income Fund Y EUR Dist IE00BVYPP024
    Guinness Global Equity Income Fund Y GBP Acc IE00BVYPNY24
    Guinness Global Equity Income Fund Y GBP Dist IE00BVYPP131
    Guinness Global Equity Income Fund Y USD Acc IE00BVYPNX17
    Guinness Global Equity Income Fund Y USD Dist IE00BVYPP248
    Guinness Global Equity Income Fund Z GBP Dist IE00B754QH41

    Documents

     

     

    Document

    Global Equity Income Fund - Sustainability-Related Disclosures

    Guinness Global Equity Income Fund – Exclusion Policy

    Our Approach to Remuneration - Guinness Global Equities

    Fund Supplement

    Long-only Application Form

    Funds - Prospectus

    Redemption Form

    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)
    Ian Mortimer (31/12/2010)
    Matthew Page (31/12/2010)
    Benchmark
    MSCI World Index
    IA sector
    IA Global Equity Income
    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.

     

    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
    GUINNESS MULTI-ASSET GROWTH FUND O USD HEDGED ACCUMULATION IE00BG5QRP84 11.8952 -0.0174 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND R GBP ACCUMULATION IE00BG5QRQ91 12.5128 -0.0184 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND R EUR ACCUMULATION IE00BG5QRR09 13.1569 0.0175 24/11/2022
    GUINNESS MULTI-ASSET GROWTH FUND R EUR HEDGED ACCUMULATION IE00BG5QRS16 10.9169 -0.0184 24/11/2022
    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
    Document

    Long-only Application Form