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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.

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.

Dr Ian Mortimer

Dr Ian Mortimer

Portfolio Manager, Global Team

Matt Page

Matthew Page

Portfolio Manager, 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.

 

 

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Elite Rated

Guinness Global Innovators Fund

Elite Rated Fund
FundCalibre

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Guinness Global Innovators Fund

A-Rated Fund (Germany)
Scope

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Guinness Global Innovators Fund

A-Rated Fund (Austria)
Scope

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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.

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woody

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.

  1. The company no longer qualifies as innovative
  2. Their balance sheet becomes stretched
  3. The valuation becomes too rich, or no longer offers compelling upside
  4. There is a change in a company’s capital budgeting approach
  5. Our original investment thesis no longer holds
  6. 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:

  1. It reduces stock-specific risk, as we will not be overweight in a small number of favourite companies.
  2. We will not have a long tail of small holdings in the portfolio, which can be a distraction and a potential drag on performance.
  3. 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.
  4. 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.

Factsheets

 

 

Fund English French German Spanish Italian
Guinness Global Innovators Fund Download Download Download Download Download

Updates

 

 

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Guinness Global Innovators Fund
September 2023
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July 2023
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April 2023
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October 2016
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April 2016
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October 2015
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July 2015
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April 2015
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January 2023
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January 2022
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January 2021
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January 2020
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January 2019
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January 2018
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January 2015
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September 2023
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December 2022
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KIIDS

 

 

Fund Class ISIN English French German Spanish Italian Swedish Finnish
Guinness Global Innovators Fund C EUR Acc IE00BQXX3D17
Guinness Global Innovators Fund C GBP Acc IE00BQXX3C00
Guinness Global Innovators Fund C USD Acc IE00BQXX3F31
Guinness Global Innovators Fund I USD Acc IE00BMYPNG19
Guinness Global Innovators Fund Y EUR Acc IE00BQXX3L90
Guinness Global Innovators Fund Y GBP Acc IE00BQXX3K83
Guinness Global Innovators Fund Y USD Acc IE00BQXX3M08
Guinness Global Innovators Fund Z EUR Acc IE00BQXX3P39
Guinness Global Innovators Fund Z GBP Acc IE00BQXX3N15
Guinness Global Innovators Fund Z USD Acc IE00BQXX3Q46
Guinness Global Innovators Fund C CNH Hedged Dist IE000PGA9O74

KIDS

 

 

Fund Class ISIN English French German Spanish Italian Swedish Finnish
Guinness Global Innovators Fund C EUR Acc IE00BQXX3D17
Guinness Global Innovators Fund Y EUR Acc IE00BQXX3L90
Guinness Global Innovators Fund C USD Acc IE00BQXX3F31
Guinness Global Innovators Fund Y USD Acc IE00BQXX3M08
Guinness Global Innovators Fund C CNH Hedged Dist IE000PGA9O74
Guinness Global Innovators Fund I USD Acc IE00BMYPNG19
Guinness Global Innovators Fund C GBP Acc IE00BQXX3C00
Guinness Global Innovators Fund Y GBP Acc IE00BQXX3K83
Guinness Global Innovators Fund Z GBP Acc IE00BQXX3N15
Guinness Global Innovators Fund Z EUR Acc IE00BQXX3P39
Guinness Global Innovators Fund Z USD Acc IE00BQXX3Q46

Documents

 

 

Document

Guinness Asset Management Funds plc - UK Reporting Fund Status 2022

Global Innovators Fund – SFDR Pre-contractual Disclosures

Guinness Asset Management Funds plc - Prospectus

Global Innovators Fund - Approach to Responsible Investment and ESG

Global Innovators Fund - Sustainability-Related Disclosures

Global Innovators Fund – Exclusion Policy

Our Approach to Remuneration - Guinness Global Equities

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.

The Guinness Global Innovators strategy is also available to UK investors as a UK-domiciled vehicle denominated in GBP: the TB Guinness Global Innovators Fund.
 

 

Launch Date
Fund managers (start date)
Ian Mortimer (31/10/2014)
Matthew Page (31/10/2014)
Benchmark
MSCI World Index
IA sector
IA Global
Structure
OEIC (UCITS)
Domicile
Ireland
Underlying currency
US Dollar
Pricing
Daily, forwards
Valuation
2300 Dublin time
Deal cut off time
1500 Dublin time
Administrator
Link Fund Administrators (Ireland) Ltd
Custodian
Brown Brothers Harriman
UK Reporting Fund status
Yes
ISA Eligible
Yes

Share Classes

For full information on the share classes available for investment please refer to the Key Investor Information document.

 

Class OCF current Max Initial Charge Min Investment ISIN SEDOL Bloomberg
C GBP Acc 1.99% 5.00% - IE00BQXX3C00 BQXX3C0 GGICGBA ID
C USD Acc 1.99% 5.00% - IE00BQXX3F31 BQXX3F3 GGICUSA ID
I USD Acc 0.89% 0.00% 10,000,000 IE00BMYPNG19 BMYPNG1 GGINIUA ID
Y EUR Acc 0.89% 5.00% - IE00BQXX3L90 BQXX3L9 GGIYEUA ID
Y GBP Acc 0.89% 5.00% - IE00BQXX3K83 BQXX3K8 GGIYGBA ID
Y USD Acc 0.89% 5.00% - IE00BQXX3M08 BQXX3M0 GGIYUSA ID
Z EUR Acc 0.74% 0.00% - IE00BQXX3P39 BQXX3P3 GGIZEUA ID
Z GBP Acc 0.74% 0.00% - IE00BQXX3N15 BQXX3N1 GGIZGBA ID
Z USD Acc 0.74% 0.00% - IE00BQXX3Q46 BQXX3Q4 GGIZUSA ID
C CNH Hedged Dist 2.07% 5.00% - IE000PGA9O74 BPCVGX0 TBC

Fund 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
TB GUINNESS ASIAN EQUITY INCOME FUND Y INCOME GBP GB00BMFKG774 89.87 0.26 29/09/2023
TB GUINNESS ASIAN EQUITY INCOME FUND Y ACCUMULATION GBP GB00BMFKG667 99.23 0.3 29/09/2023
TB GUINNESS EUROPEAN EQUITY INCOME FUND Y INCOME GBP GB00BP5J6N11 105.21 1.92 29/09/2023
TB GUINNESS EUROPEAN EQUITY INCOME FUND Y ACCUMULATION GBP GB00BP5J6M04 108.03 1.97 29/09/2023
TB GUINNESS EUROPEAN EQUITY INCOME FUND Z INCOME GBP GB00BP5J6Q42 105.56 1.92 29/09/2023
TB GUINNESS EUROPEAN EQUITY INCOME FUND Z ACCUMULATION GBP GB00BP5J6P35 108.47 1.98 29/09/2023
TB GUINNESS GLOBAL EQUITY INCOME FUND Y INCOME GBP GB00BNGFN669 130.82 0.77 29/09/2023
TB GUINNESS GLOBAL EQUITY INCOME FUND Y ACCUMULATION GBP GB00BNGFN776 139.76 0.81 29/09/2023
TB GUINNESS GLOBAL INNOVATORS FUND Y ACCUMULATION GBP GB00BP5J5Y50 120.78 1.01 29/09/2023
TB GUINNESS SUSTAINABLE ENERGY FUND Y ACCUMULATION GBP GB00BP5J6198 89.96 0.87 29/09/2023
TB GUINNESS SUSTAINABLE ENERGY FUND Z ACCUMULATION GBP GB00BP5J6206 90.1 0.87 29/09/2023
TB GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y ACCUMULATION GBP GB00BP5J7C70 101.91 1.39 29/09/2023
TB GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z ACCUMULATION GBP GB00BP5J7D87 102.27 1.39 29/09/2023
TB GUINNESS UK EQUITY INCOME FUND O OVERSEAS INCOME GB00BYX94G55 69.26 1.21 29/09/2023
TB GUINNESS UK EQUITY INCOME FUND O OVERSEAS ACCUMULATION GB00BYX94F49 89.18 1.54 29/09/2023
TB GUINNESS UK EQUITY INCOME FUND Y CLEAN INCOME GB00BYX94J86 74.66 1.3 29/09/2023
TB GUINNESS UK EQUITY INCOME FUND Y CLEAN ACCUMULATION GB00BYX94H62 95.58 1.67 29/09/2023
TB GUINNESS UK EQUITY INCOME FUND Z EARLY INVESTOR INCOME GB00BYX94L09 75.49 1.31 29/09/2023
TB GUINNESS UK EQUITY INCOME FUND Z EARLY INVESTOR ACCUMULATION GB00BYX94K91 96.83 1.69 29/09/2023
9 October 2023

Guinness Global Innovators Fund - Webcast - Covering Q3 2023

Date: Oct 9, 2023 02:00 PM [GMT+1]Dr. Ian Mortimer & Matthew Page
8 August 2023

This is Money - US big tech bulls are back on the rampage

Soaring US stock market has been the unexpected blockbuster hit of 2023
11 July 2023

Guinness Global Innovators - Webcast - Covering Q2 2023

Date: Jul 11, 2023 02:00 PM [GMT+1] Ian Mortimer & Matthew Page
17 April 2023

Guinness Global Innovators - Review of Q1 2023

Date: Apr 17, 2023 Ian Mortimer & Matthew Page
11 April 2023

Guinness Global Innovators - Webcast - Covering Q1 2023

Date: Apr 11, 2023 02:00 PM [GMT+1] Ian Mortimer & Matthew Page
11 January 2023

Guinness Global Innovators Fund - Webcast - Covering Q4 2022

Date: Jan 11, 2023 11:00 AM [GMT+0] Ian Mortimer & Matthew Page
19 October 2022

Guinness Global Innovators Fund - Webcast - Covering Q3 2022

Date: Oct 19, 2022 11:00 AM [GMT+1] Ian Mortimer
19 July 2022

Guinness Global Innovators Fund - Webcast - Covering Q2 2022

Date: Jul 19, 2022 11:00 AM [GMT+1] Ian Mortimer
15 May 2022

Why Mangos and chips should be on the menu for long-term investors

Matthew Page discusses how why demand for semiconductors remained strong throughout the coronavirus…
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wood

Drilling for innovation


FUN FACT
 

Q: What speed does a woodpecker’s beak strike wood?
A: 25 mph/40kph

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.

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Guinness Global Innovators Fund is an equity fund. Investors should be willing and able to assume the risks of equity investing. The value of an investment and the income from it can fall as well as rise as a result of market and currency movement; you may not get back the amount originally invested. Further details on the risk factors are included in the Fund’s documentation, available on our website.​

Simulated past performance: The Fund was launched on 31.10.2014; performance data prior to this date is based on the actual returns of a US mutual fund managed by the same team using the same investment process as applied to the UCITS version. Source: FE fundinfo to 31.05..23. Investors should note that fees and expenses are charged to the capital of the Fund. This reduces the return on your investment by an amount equivalent to the Ongoing Charges Figure (OCF). The current OCF for the share class used for the fund performance returns is 0.84%. Returns for share classes with a different OCF will vary accordingly. Transaction costs also apply and are incurred when a fund buys or sells holdings. The performance returns do not reflect any initial charge; any such charge will also reduce the return. Graph data is in USD from 01.05.03.