Guinness Global Innovators Fund
The Guinness Global Innovators strategy provides exposure to global equities through a portfolio of companies that we believe can create value through original thinking.
Overview
The Guinness Global Innovators strategy provides exposure to global equities through a portfolio of companies that we believe can create value through original thinking.
TB Guinness Global Innovators Fund UK investors should be aware that the Guinness Global Innovators Fund is also available as a UK domiciled fund denominated in GBP. For details of all share classes and the documentation needed to make an investment, including the Prospectus, the Key Investor Information Document (KIID) and the Application Form, is available here.
We believe that innovative companies in any industry can maintain competitive strengths that translate into long-term outperformance.
Innovation can enhance a company’s products, services or business model. It can be dramatic, where companies create new markets or disrupt incumbents, or more subtle, where it engenders small but important advances that create a sustainable competitive advantage. Innovative companies can experience faster profit growth and higher profit margins, while their secular growth opportunities mean they can be less susceptible to the economic cycle.
The benefits can also accrue to the consumer; better processes, better products and better services mean an enhanced consumer experience, creating loyal customers which drive profit growth.
Innovation is more than just leading technology, or the preserve of early-stage companies – it exists in all sectors and in companies young and mature. As investors, we believe innovation offers a superior way to identify the growth stocks that can sustain high returns on capital for longer.
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.
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.
Guinness Global Innovators Fund
Elite Rated Fund
FundCalibre
Guinness Global Innovators Fund
A-Rated Fund (Germany)
Scope
Guinness Global Innovators Fund
A-Rated Fund (Austria)
Scope
Guinness Global Innovators Fund
A-Rated Fund (Switzerland)
Scope
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.
FINDING COMPANIES WITH AN INNOVATIVE ADVANTAGE
FUN FACT
Q: How many species of woodpecker are there globally?
A: There are around 200 species of Woodpeckers in the world.
Investment Case
The investment process begins by identifying innovative companies. We assess all sectors to identify themes that are driving growth, disrupting incumbent business models or technology, or significantly improving current products or services. We also utilise third party research to further broaden our understanding and identify around 10 themes which are updated annually. We then identify companies with exposure to these secular growth themes and a market capitalisation greater than $1bn.
Not every innovative company is a good investment, and we screen for (i) return on capital greater than cost of capital last year (ii) debt/equity < 150%, and (iii) positive earnings growth expected next year. Recognising that hype can surround innovative companies, we maintain a value discipline as we generate ideas using further screening. We then subject stock ideas to a thorough due diligence process and assemble an equally weighted portfolio of 30 positions.
Why Invest in the Guinness Global Innovators Fund?
The Fund is designed to provide investors with exposure to global equities through a high conviction, low turnover portfolio of companies that we believe can create value through original thinking.
We believe innovative companies outperform
Top line growth can come about by shorter time to market, increased sales or successful product launches. Bottom line improvements can come from reduced development or production costs. Innovative companies should achieve a higher return on capital than their peers and therefore outperform the index over a cycle.
High conviction
The Fund typically invests in just 30 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 innovative companies that have the ability to earn above average return on capital. Sentiment and hype can often drive up valuations of some innovative companies; we maintain a strict value discipline to make sure we don’t overpay for future growth.
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 4 years.
Repeatable and independent
Ian Mortimer and Matthew Page have managed funds in accordance with this investment process since 2010, and the strategy has been applied since 2003. The process is clear, robust, transparent and scalable. It 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.
How do we run the Fund?
Identifying innovative companies
The investment process begins by identifying innovative companies. We assess all sectors to identify trends and themes that are driving growth, disrupting incumbent business models or technology, or significantly improving current products or services. We utilise third party research and analysis to further broaden our understanding of the secular growth trends in the market. Typically, we identify 10-15 themes at any one time and update them annually. We then identify companies with exposure to these secular growth themes which have a market capitalisation greater than $0.5bn.
Quality Screen
With the initial universe of innovative companies created we then employ a quality screen to select only those businesses that are “good companies”. We only want to invest in profitable companies, with strong balance sheets, that have good growth prospects and emphasise that our process is intended to find not just innovative companies, but good quality innovative companies. The simple quality criteria screened for are (i) return on capital greater than cost of capital last year (ii) debt/equity < 150%, and (iii) positive earnings growth expected next year. The companies left after the quality screen make up the investible investment universe for the fund and typically have better than average financial metrics showing faster profit growth, larger profit margins, and less susceptibility to cyclical pressures.
Further research and stock selection
From this universe of good quality, innovative companies, we then seek to identify which of them are undervalued. We screen all these innovative companies to identify which are the most attractive in terms of valuation, return on investment, earnings sentiment, and price momentum. By ranking companies using these four criteria, we can sift through the data to prioritise candidates for extended due diligence, testing and research. Having identified candidates for further due diligence, we subject all potential investments to detailed fundamental analysis. Above all, we want to understand what competitive advantages or barriers to entry are sustaining a company’s return on investment to determine whether the returns will persist. We also recognise that sentiment and hype can sometimes drive up the valuations of innovative companies and so we try to maintain a strict value discipline. We want to avoid paying up for high levels of expected growth in the future as we know, on average, very high growth expectations are often not met, and this can have a detrimental effect on a company’s valuation. We therefore look for companies offering good value relative to their sector, to their historic valuations, or in absolute terms.
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.
- The company no longer qualifies as innovative
- Their balance sheet becomes stretched
- The valuation becomes too rich, or no longer offers compelling upside
- There is a change in a company’s capital budgeting approach
- Our original investment thesis no longer holds
- We find a more compelling investment idea
How do we construct the portfolio?
The Guinness Global Innovators Fund is a concentrated portfolio of around 30 equally weighted stocks. This provides a number of useful attributes:
- It reduces stock-specific risk, as we will not be overweight in a small number of favourite companies.
- We will not have a long tail of small holdings in the portfolio, which can be a distraction and a potential drag on performance.
- It instils 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.
- We are truly index independent. All companies held are weighted equally without regard to their weighting in the benchmark index, so our portfolio has a high active weight.
Updates
KIIDS
| Fund | Class | ISIN | English | French | German | Spanish | Italian | Swedish | Finnish |
|---|---|---|---|---|---|---|---|---|---|
| Guinness Global Innovators Fund | C EUR Acc | IE00BQXX3D17 | Download | ||||||
| Guinness Global Innovators Fund | C GBP Acc | IE00BQXX3C00 | Download | ||||||
| Guinness Global Innovators Fund | C USD Acc | IE00BQXX3F31 | Download | ||||||
| Guinness Global Innovators Fund | I USD Acc | IE00BMYPNG19 | Download | ||||||
| Guinness Global Innovators Fund | Y EUR Acc | IE00BQXX3L90 | Download | ||||||
| Guinness Global Innovators Fund | Y GBP Acc | IE00BQXX3K83 | Download | ||||||
| Guinness Global Innovators Fund | Y USD Acc | IE00BQXX3M08 | Download | ||||||
| Guinness Global Innovators Fund | Z EUR Acc | IE00BQXX3P39 | Download | ||||||
| Guinness Global Innovators Fund | Z GBP Acc | IE00BQXX3N15 | Download | ||||||
| Guinness Global Innovators Fund | Z USD Acc | IE00BQXX3Q46 | Download | ||||||
| Guinness Global Innovators Fund | C CNH Hedged Dist | IE000PGA9O74 | Download |
KIDS
| Fund | Class | ISIN | English | French | German | Spanish | Italian | Swedish | Finnish |
|---|---|---|---|---|---|---|---|---|---|
| Guinness Global Innovators Fund | C EUR Acc | IE00BQXX3D17 | Download | Download | Download | Download | Download | Download | Download |
| Guinness Global Innovators Fund | Y EUR Acc | IE00BQXX3L90 | Download | Download | Download | Download | Download | Download | |
| Guinness Global Innovators Fund | C USD Acc | IE00BQXX3F31 | Download | Download | Download | Download | Download | ||
| Guinness Global Innovators Fund | Y USD Acc | IE00BQXX3M08 | Download | Download | Download | Download | Download | ||
| Guinness Global Innovators Fund | C CNH Hedged Dist | IE000PGA9O74 | Download | ||||||
| Guinness Global Innovators Fund | I USD Acc | IE00BMYPNG19 | Download | ||||||
| Guinness Global Innovators Fund | C GBP Acc | IE00BQXX3C00 | Download | Download | Download | Download | |||
| Guinness Global Innovators Fund | Y GBP Acc | IE00BQXX3K83 | Download | Download | Download | Download | |||
| Guinness Global Innovators Fund | Z GBP Acc | IE00BQXX3N15 | Download | Download | Download | Download | |||
| Guinness Global Innovators Fund | Z EUR Acc | IE00BQXX3P39 | Download | Download | Download | Download | |||
| Guinness Global Innovators Fund | Z USD Acc | IE00BQXX3Q46 | Download | Download | Download | Download |
Documents
Fund Facts
For information on the Fund’s current investments, please see the latest fact sheet available on the literature tab above.
Matthew Page (31/10/2014)
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 ASIAN EQUITY INCOME FUND C EUR ACCUMULATION | IE00BGHQDM52 | 19.1758 | -0.0851 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND CLASS Z GBP DISTRIBUTION | IE00BGHQDV44 | 15.7727 | -0.0634 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND C GBP ACCUMULATION | IE00BVYPNP33 | 16.5617 | -0.0671 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND C USD ACCUMULATION | IE00BVYPNQ40 | 13.6597 | 0.0052 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR ACCUMULATION | IE00BDHSRG22 | 12.574 | -0.0554 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR DISTRIBUTION | IE00BDHSRH39 | 10.013 | -0.0441 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP ACCUMULATION | IE00BDHSRD90 | 13.0806 | -0.0526 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION | IE00BDHSRF15 | 10.4415 | -0.0421 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD ACCUMULATION | IE00BDHSRJ52 | 12.468 | 0.0051 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD DISTRIBUTION | IE00BDHSRK67 | 9.9315 | 0.0041 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND I USD ACCUMULATION | IE00BMYPN051 | 9.9126 | 0.004 | 28/03/2023 |
| GUINNESS ASIAN EQUITY INCOME FUND I USD DISTRIBUTION | IE00BMYPN168 | 9.0965 | 0.0037 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND C GBP ACCUMULATION | IE00BF2VFX37 | 10.5377 | 0.0475 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND Y GBP ACCUMULATION | IE00BF2VFY44 | 11.1168 | 0.0502 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND Y EUR ACCUMULATION | IE00BF2VFZ50 | 11.229 | 0.0465 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND Y USD ACCUMULATION | IE00BF2VG076 | 10.1995 | 0.091 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND Z GBP ACCUMULATION | IE00BF2VG183 | 11.2865 | 0.0512 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND I USD ACCUMULATION | IE00BMYPN275 | 8.8514 | 0.079 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND C EUR ACCUMULATION | IE000IYIWG07 | 8.5562 | 0.0352 | 28/03/2023 |
| GUINNESS BEST OF ASIA FUND C USD ACCUMULATION | IE0004NN3YY8 | 7.8337 | 0.0697 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND C GBP ACC | IE0006BWJJW3 | 9.7369 | -0.067 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND C EUR ACC | IE0001VD9PN1 | 9.8318 | -0.0713 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND C USD ACC | IE0005HP3H50 | 10.0779 | -0.0244 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND I USD ACC | IE000IQ9D569 | 10.0836 | -0.0242 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND Y GBP ACC | IE000I0OL207 | 9.7426 | -0.0665 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND Y EUR ACC | IE000RSR0322 | 9.8375 | -0.071 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND Y CNH ACC | IE0002QAMMW4 | 99.3683 | -0.435 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND Y USD ACC | IE000JCEKTR0 | 10.0836 | -0.0242 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND Z GBP ACC | IE0003ZZUKD7 | 9.7453 | -0.0665 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND Z EUR ACC | IE0001MJJCX1 | 9.8403 | -0.0708 | 28/03/2023 |
| GUINNESS CHINA A SHARE FUND Z USD ACC | IE000RSN6JG6 | 10.0865 | -0.0239 | 28/03/2023 |
| GUINNESS CHINA RMB INCOME FUND Y CNH DIST | IE000026G6J3 | 99.9745 | -0.0629 | 28/03/2023 |
| GUINNESS CHINA RMB INCOME FUND Y EUR DIST | IE000K4N4BW3 | 9.8975 | -0.0342 | 28/03/2023 |
| GUINNESS CHINA RMB INCOME FUND Y GBP DIST | IE000G9JHZF4 | 9.802 | -0.0301 | 28/03/2023 |
| GUINNESS CHINA RMB INCOME FUND Y USD DIST | IE000FIQDRV0 | 10.1451 | 0.0137 | 28/03/2023 |
| GUINNESS CHINA RMB INCOME FUND Z EUR DIST | IE0006534FS5 | 9.8983 | -0.0341 | 28/03/2023 |
| GUINNESS CHINA RMB INCOME FUND Z GBP DIST | IE000K9NODM9 | 9.8028 | -0.0301 | 28/03/2023 |
| GUINNESS CHINA RMB INCOME FUND Z USD DIST | IE000BEWEDQ4 | 10.1459 | 0.0137 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND C USD ACCUMULATION | IE00BYV24P56 | 13.1966 | 0.0382 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y GBP ACCUMULATION | IE00BYV24Q63 | 13.9422 | -0.0209 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y GBP DISTRIBUTION | IE00BYV24R70 | 11.4007 | -0.0172 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y EUR ACCUMULATION | IE00BYV24S87 | 13.5287 | -0.0258 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y EUR DISTRIBUTION | IE00BYV24T94 | 11.0449 | -0.021 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y USD ACCUMULATION | IE00BYV24V17 | 14.0235 | 0.0409 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y USD DISTRIBUTION | IE00BYV24W24 | 11.4485 | 0.0334 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND Z GBP DISTRIBUTION | IE00BYV24X31 | 11.7556 | -0.0175 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND C EUR ACCUMULATION | IE00BMCWC346 | 10.6245 | -0.0204 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP ACCUMULATION | IE00BMCWC239 | 10.2929 | -0.0158 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND I USD ACCUMULATION | IE00BMYPND87 | 9.7063 | 0.0282 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND I USD DISTRIBUTION | IE00BMYPNF02 | 8.9693 | 0.0261 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND C EUR DISTRIBUTION | IE0009746VI0 | 9.1137 | -0.0177 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP DISTRIBUTION | IE000UPHOYQ6 | 9.4296 | -0.0144 | 28/03/2023 |
| GUINNESS EMERGING MARKETS EQUITY INCOME FUND C USD DISTRIBUTION | IE000XFJTUO9 | 8.3326 | 0.0239 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND C EUR ACCUMULATION | IE00BGHQDW50 | 16.9783 | -0.0689 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND Z GBP DISTRIBUTION | IE00BGHQF300 | 15.6751 | -0.0569 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND C GBP ACCUMULATION | IE00BVYPNS63 | 17.2449 | -0.0634 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND C USD ACCUMULATION | IE00BVYPNT70 | 14.2504 | 0.0109 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP ACCUMULATION | IE00BYVHVZ98 | 12.9971 | -0.0474 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP DISTRIBUTION | IE00BYVHWJ06 | 11.211 | -0.0409 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR ACCUMULATION | IE00BYVHW019 | 13.1512 | -0.053 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR DISTRIBUTION | IE00BYVHW126 | 11.3326 | -0.0457 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND Y USD ACCUMULATION | IE00BYVHW233 | 11.6193 | 0.0091 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND Y USD DISTRIBUTION | IE00BYVHW340 | 9.9831 | 0.0078 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND I USD ACCUMULATION | IE00BMYPN382 | 10.9997 | 0.0086 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND I USD DISTRIBUTION | IE00BMYPN499 | 10.3446 | 0.0081 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND C EUR DISTRIBUTION | IE000AHX6WT2 | 9.1695 | -0.0372 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND C GBP DISTRIBUTION | IE000N9K9CQ4 | 9.4885 | -0.035 | 28/03/2023 |
| GUINNESS EUROPEAN EQUITY INCOME FUND C USD DISTRIBUTION | IE000RAMYLN7 | 8.3768 | 0.0062 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND D USD ACCUMULATION | IE00B2Q91T05 | 8.2057 | 0.1623 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND C USD ACCUMULATION | IE00B2Q91V27 | 7.7036 | 0.1523 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND C GBP ACCUMULATION | IE00B3CCJ963 | 11.5039 | 0.1774 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND D EUR ACCUMULATION | IE00B3CCJB88 | 11.4445 | 0.1723 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND Y USD ACCUMULATION | IE00B3CCJC95 | 8.8837 | 0.1758 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND Y GBP ACCUMULATION | IE00B6XV0016 | 11.2056 | 0.173 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND C EUR ACCUMULATION | IE00BGHQF524 | 8.9763 | 0.135 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND Y USD DISTRIBUTION | IE00BG6L7638 | 6.5877 | 0.1304 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND Y EUR ACCUMULATION | IE00BFMGVR44 | 10.3631 | 0.1562 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND I USD ACCUMULATION | IE00BMYPN507 | 17.4996 | 0.3465 | 28/03/2023 |
| GUINNESS GLOBAL ENERGY FUND C CNH HEDGED DISTR | IE000P8HSFB7 | 9.6053 | 0.1882 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND D USD DISTRIBUTION | IE00B3QG6N78 | 18.7871 | 0.0585 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND C USD DISTRIBUTION | IE00B42XCP33 | 17.6948 | 0.0548 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND C GBP DISTRIBUTION | IE00B3PB1722 | 22.4876 | -0.0299 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND D EUR DISTRIBUTION | IE00B66B5L40 | 23.3114 | -0.0395 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND Z GBP DISTRIBUTION | IE00B754QH41 | 26.2668 | -0.0341 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND C EUR ACCUMULATION | IE00BGHQF631 | 22.6829 | -0.0388 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND C GBP ACCUMULATION | IE00BVYPNV92 | 21.0944 | -0.028 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND C USD ACCUMULATION | IE00BVYPNW00 | 17.4009 | 0.0539 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND Y EUR ACCUMULATION | IE00BVYPNZ31 | 18.4341 | -0.031 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND Y EUR DISTRIBUTION | IE00BVYPP024 | 14.882 | -0.025 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND Y GBP ACCUMULATION | IE00BVYPNY24 | 22.8612 | -0.0298 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND Y GBP DISTRIBUTION | IE00BVYPP131 | 18.4966 | -0.0241 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND Y USD ACCUMULATION | IE00BVYPNX17 | 18.8598 | 0.059 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND Y USD DISTRIBUTION | IE00BVYPP248 | 15.2181 | 0.0475 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND C EUR DISTRIBUTION | IE00BDGV0183 | 14.2607 | -0.0244 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND D EUR ACCUMULATION | IE00BDGV0290 | 17.1932 | -0.0292 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND I USD DISTRIBUTION | IE00BGK8P991 | 13.6055 | 0.0424 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND I USD ACCUMULATION | IE00BJBK7883 | 12.7609 | 0.0398 | 28/03/2023 |
| GUINNESS GLOBAL EQUITY INCOME FUND C CNH HEDGED DISTR | IE000OP91FK6 | 10.0608 | 0.0297 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND C GBP ACCUMULATION | IE00BQXX3C00 | 24.0116 | -0.2103 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND C EUR ACCUMULATION | IE00BQXX3D17 | 21.3974 | -0.1955 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND C USD ACCUMULATION | IE00BQXX3F31 | 18.5023 | -0.0795 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND Y GBP ACCUMULATION | IE00BQXX3K83 | 26.166 | -0.2283 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND Y EUR ACCUMULATION | IE00BQXX3L90 | 23.2919 | -0.2122 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND Y USD ACCUMULATION | IE00BQXX3M08 | 20.2169 | -0.0863 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND Z GBP ACCUMULATION | IE00BQXX3N15 | 26.6601 | -0.2324 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND Z EUR ACCUMULATION | IE00BQXX3P39 | 23.7475 | -0.2162 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND Z USD ACCUMULATION | IE00BQXX3Q46 | 20.5425 | -0.0875 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND I USD ACCUMULATION | IE00BMYPNG19 | 9.7279 | -0.0415 | 28/03/2023 |
| GUINNESS GLOBAL INNOVATORS FUND C CNH HEDGED DISTR | IE000PGA9O74 | 10.7503 | -0.0471 | 28/03/2023 |
| GUINNESS GLOBAL MONEY MANAGERS FUND C USD ACCUMULATION | IE00B3QW5Z07 | 19.0355 | -0.038 | 28/03/2023 |
| GUINNESS GLOBAL MONEY MANAGERS FUND C GBP ACCUMULATION | IE00B64PRP62 | 24.2598 | -0.1564 | 28/03/2023 |
| GUINNESS GLOBAL MONEY MANAGERS FUND Y EUR ACCUMULATION | IE00B68GW162 | 25.5452 | -0.1736 | 28/03/2023 |
| GUINNESS GLOBAL MONEY MANAGERS FUND Y USD ACCUMULATION | IE00B3NSFR34 | 21.1529 | -0.0415 | 28/03/2023 |
| GUINNESS GLOBAL MONEY MANAGERS FUND Y GBP ACCUMULATION | IE00B7MJHM43 | 29.1633 | -0.1869 | 28/03/2023 |
| GUINNESS GLOBAL MONEY MANAGERS FUND C EUR ACCUMULATION | IE00BGHQF748 | 15.4762 | -0.1056 | 28/03/2023 |
| GUINNESS GLOBAL MONEY MANAGERS FUND I USD ACCUMULATION | IE00BMYPMW02 | 10.5801 | -0.0207 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND CLASS C EUR ACCUMULATION | IE00BZ08YS42 | 13.3735 | -0.0316 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND CLASS C GBP ACCUMULATION | IE00BZ08YR35 | 16.2067 | -0.0321 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND CLASS C USD ACCUMULATION | IE00BZ08YT58 | 13.2854 | 0.0326 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND CLASS Y EUR ACCUMULATION | IE00BZ08YW87 | 14.2534 | -0.0333 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND CLASS Y GBP ACCUMULATION | IE00BZ08YV70 | 17.2549 | -0.0336 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND CLASS Y USD ACCUMULATION | IE00BZ08YX94 | 14.1104 | 0.035 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND CLASS Z GBP ACCUMULATION | IE00BZ08YY02 | 17.8223 | -0.0345 | 28/03/2023 |
| GUINNESS GREATER CHINA FUND I USD ACCUMULATION | IE00BMYPNC70 | 8.4882 | 0.021 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND C GBP ACCUMULATION | IE00BG5QQV79 | 11.994 | -0.04 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND C EUR ACCUMULATION | IE00BG5QQW86 | 12.3019 | -0.0459 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND C EUR HEDGED ACCUMULATION | IE00BG5QQX93 | 10.5078 | -0.0355 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND C USD ACCUMULATION | IE00BG5QQY01 | 11.6563 | 0.0128 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND C USD HEDGED ACCUMULATION | IE00BG5QQZ18 | 11.1276 | -0.0379 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND O GBP ACCUMULATION | IE00BG5QR034 | 12.4403 | -0.0412 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND O EUR ACCUMULATION | IE00BG5QR141 | 12.763 | -0.0473 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND O EUR HEDGED ACCUMULATION | IE00BG5QR257 | 10.8785 | -0.0365 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND O USD ACCUMULATION | IE00BG5QR364 | 12.0893 | 0.0136 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND O USD HEDGED ACCUMULATION | IE00BG5QR471 | 11.5171 | -0.039 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND R GBP ACCUMULATION | IE00BG5QR588 | 11.891 | -0.0398 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND R EUR ACCUMULATION | IE00BG5QR695 | 12.2009 | -0.0455 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND R EUR HEDGED ACCUMULATION | IE00BG5QR703 | 10.4347 | -0.0353 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND R USD ACCUMULATION | IE00BG5QR810 | 11.5479 | 0.0126 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND R USD HEDGED ACCUMULATION | IE00BG5QR927 | 11.097 | -0.038 | 28/03/2023 |
| GUINNESS MULTI-ASSET BALANCED FUND Y GBP ACCUMULATION | IE00BG5QRB49 | 12.6067 | -0.0417 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND C GBP ACCUMULATION | IE00BG5QQP10 | 12.4907 | -0.0374 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND C EUR ACCUMULATION | IE00BG5QQQ27 | 12.8111 | -0.0433 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND C EUR HEDGED ACCUMULATION | IE00BG5QQR34 | 10.8314 | -0.0329 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND C USD ACCUMULATION | IE00BG5QQS41 | 12.1392 | 0.0175 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND C USD HEDGED ACCUMULATION | IE00BG5QRJ25 | 11.5078 | -0.0338 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND O GBP ACCUMULATION | IE00BG5QRK30 | 12.9551 | -0.0383 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND O EUR ACCUMULATION | IE00BG5QRL47 | 13.2928 | -0.0446 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND O EUR HEDGED ACCUMULATION | IE00BG5QRM53 | 11.1998 | -0.0337 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND O USD ACCUMULATION | IE00BG5QRN60 | 12.591 | 0.0186 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND O USD HEDGED ACCUMULATION | IE00BG5QRP84 | 11.8525 | -0.0345 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND R GBP ACCUMULATION | IE00BG5QRQ91 | 12.3862 | -0.037 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND R EUR ACCUMULATION | IE00BG5QRR09 | 12.7089 | -0.0431 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND R EUR HEDGED ACCUMULATION | IE00BG5QRS16 | 10.7428 | -0.0327 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND R USD ACCUMULATION | IE00BG5QRT23 | 12.0282 | 0.0174 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND R USD HEDGED ACCUMULATION | IE00BG5QRV45 | 11.4273 | -0.0337 | 28/03/2023 |
| GUINNESS MULTI-ASSET GROWTH FUND Y GBP ACCUMULATION | IE00BG5QRW51 | 13.1332 | -0.0388 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND D USD ACCUMULATION | IE00B2PGVJ29 | 5.3385 | 0.0126 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND C USD ACCUMULATION | IE00B2PGVK34 | 4.9453 | 0.0116 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND C GBP ACCUMULATION | IE00B3CCJ633 | 9.2612 | -0.0193 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND D EUR ACCUMULATION | IE00B3CCJ740 | 9.2146 | -0.0226 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND C EUR ACCUMULATION | IE00BGHQF417 | 18.5067 | -0.0456 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND Y GBP ACCUMULATION | IE00BFYV9L73 | 23.8689 | -0.049 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND Y EUR ACCUMULATION | IE00BFYV9M80 | 24.0693 | -0.0585 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND Y USD ACCUMULATION | IE00BFYV9N97 | 20.9573 | 0.0499 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND I USD ACCUMULATION | IE00BMYPNB63 | 11.0943 | 0.0264 | 28/03/2023 |
| GUINNESS SUSTAINABLE ENERGY FUND C CNH HEDGED DISTR | IE000JUVS7B9 | 10.3221 | 0.0235 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z USD ACCUMULATION | IE00BN0W3529 | 10.3669 | -0.0237 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z GBP ACCUMULATION | IE00BN0W3305 | 11.2747 | -0.076 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z EUR ACCUMULATION | IE00BN0W3412 | 11.6334 | -0.083 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I GBP ACCUMULATION | IE00BN0W2X30 | 11.1883 | -0.0756 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I EUR ACCUMULATION | IE00BN0W2Y47 | 11.5461 | -0.0827 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I USD ACCUMULATION | IE00BN0W2Z53 | 10.2913 | -0.0239 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y GBP ACCUMULATION | IE00BN0W3073 | 11.1885 | -0.0756 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y EUR ACCUMULATION | IE00BN0W3180 | 11.5469 | -0.0825 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y USD ACCUMULATION | IE00BN0W3297 | 10.2916 | -0.0237 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C GBP ACCUMULATION | IE00BN0W2T93 | 10.9141 | -0.0741 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C EUR ACCUMULATION | IE00BN0W2V16 | 11.2636 | -0.0808 | 28/03/2023 |
| GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C USD ACCUMULATION | IE00BN0W2W23 | 10.0415 | -0.0234 | 28/03/2023 |
| TB GUINNESS ASIAN EQUITY INCOME FUND Y INCOME GBP | GB00BMFKG774 | 90.56 | -0.04 | 29/03/2023 |
| TB GUINNESS ASIAN EQUITY INCOME FUND Y ACCUMULATION GBP | GB00BMFKG667 | 98.32 | -0.04 | 29/03/2023 |
| TB GUINNESS EUROPEAN EQUITY INCOME FUND Y INCOME GBP | GB00BP5J6N11 | 105.66 | 0.79 | 29/03/2023 |
| TB GUINNESS EUROPEAN EQUITY INCOME FUND Y ACCUMULATION GBP | GB00BP5J6M04 | 105.67 | 0.79 | 29/03/2023 |
| TB GUINNESS EUROPEAN EQUITY INCOME FUND Z INCOME GBP | GB00BP5J6Q42 | 105.8 | 0.79 | 29/03/2023 |
| TB GUINNESS EUROPEAN EQUITY INCOME FUND Z ACCUMULATION GBP | GB00BP5J6P35 | 105.8 | 0.79 | 29/03/2023 |
| TB GUINNESS GLOBAL EQUITY INCOME FUND Y INCOME GBP | GB00BNGFN669 | 127.31 | 0.36 | 29/03/2023 |
| TB GUINNESS GLOBAL EQUITY INCOME FUND Y ACCUMULATION GBP | GB00BNGFN776 | 134.31 | 0.38 | 29/03/2023 |
| TB GUINNESS GLOBAL INNOVATORS FUND Y ACCUMULATION GBP | GB00BP5J5Y50 | 108.08 | -0.34 | 29/03/2023 |
| TB GUINNESS SUSTAINABLE ENERGY FUND Y ACCUMULATION GBP | GB00BP5J6198 | 102.06 | 0.35 | 29/03/2023 |
| TB GUINNESS SUSTAINABLE ENERGY FUND Z ACCUMULATION GBP | GB00BP5J6206 | 102.13 | 0.35 | 29/03/2023 |
| TB GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y ACCUMULATION GBP | GB00BP5J7C70 | 103.71 | -0.37 | 29/03/2023 |
| TB GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z ACCUMULATION GBP | GB00BP5J7D87 | 103.84 | -0.36 | 29/03/2023 |
| TB GUINNESS UK EQUITY INCOME FUND O OVERSEAS INCOME | GB00BYX94G55 | 69.72 | 0.45 | 29/03/2023 |
| TB GUINNESS UK EQUITY INCOME FUND O OVERSEAS ACCUMULATION | GB00BYX94F49 | 87.97 | 0.58 | 29/03/2023 |
| TB GUINNESS UK EQUITY INCOME FUND Y CLEAN INCOME | GB00BYX94J86 | 74.81 | 0.5 | 29/03/2023 |
| TB GUINNESS UK EQUITY INCOME FUND Y CLEAN ACCUMULATION | GB00BYX94H62 | 93.79 | 0.62 | 29/03/2023 |
| TB GUINNESS UK EQUITY INCOME FUND Z EARLY INVESTOR INCOME | GB00BYX94L09 | 75.57 | 0.5 | 29/03/2023 |
| TB GUINNESS UK EQUITY INCOME FUND Z EARLY INVESTOR ACCUMULATION | GB00BYX94K91 | 94.91 | 0.63 | 29/03/2023 |