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Guinness Global Money Managers Fund

The Guinness Global Money Managers strategy gives exposure to the growth potential of companies in the asset management sector.

Overview

The Guinness Global Money Managers strategy gives exposure to the growth potential of companies in the asset management sector.

We believe that, over the long term, asset management companies can grow their earnings faster than the general equity markets. Successful asset management businesses can grow very rapidly, particularly in rising markets, offering the potential to outperform the market (offer higher beta). Their risk-return characteristics are especially attractive from a shareholder’s point of view, since they tend to require relatively little capital to grow. Asset management is also a growing global sector: assets under management are rising faster than underlying equity markets.

Compared to other financial sectors (especially banks), money management companies tend to have very low gearing, reducing balance sheet risk. The sector typically exhibits high free cashflow, which translates into higher dividend yields on average than the broad equity market.

If you believe that global equity markets are set on a path of reasonable long-term growth, in an environment of rising global invested assets, a diversified portfolio of listed asset managers can play a useful role in your portfolio.

 

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.

Will Riley

Will Riley

Portfolio Manager, Specialist 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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lipper-sw

Guinness Global Money Managers Fund

BEST FUND OVER 3 YEARS
Lipper - Equity Sector Banks & Other Financials

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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Investment Case

Our process starts with identifying the global investment universe of companies engaged in asset management services. Most of these companies are chiefly involved in asset management; however, we also look at associated services such as custody banks and stock exchanges. We analyse the universe regularly for companies which look attractive on valuation, return on investment, earnings sentiment and price momentum. Put simply, we are looking for good companies that are attractively valued where investor sentiment is improving and investor buying is occurring. For the asset managers, we add an important fifth criterion: superior underlying asset management performance. This process is designed to give us a portfolio of reasonable value, good quality, successful asset management companies with the potential to provide a shareholder return in excess of the broad equity market.

Stock ideas are taken from our screens and subjected to due diligence, centred around detailed financial modelling, to establish whether we have conviction to include the stock in our portfolio. The portfolio comprises 30 equally-weighted positions without reference to a benchmark.

In brief: why invest in a fund of asset managers?


 

High returns on capital

Successful asset management companies can grow using relatively little capital. Overall shareholder returns can therefore be very high.
 

Growing global sector.

Global conventional assets under management are growing faster than world equity returns, supporting growing revenues in the sector
 

Low balance sheet risk

Money management companies tend to have very low gearing versus other financial sectors (especially banks), reducing balance sheet risk.
 

Above average dividend yield

The sector typically exhibits high free cashflow, which translates into higher dividend yields on average than the broad equity market.
 

Higher beta

The sector has the potential to outperform the market (capture higher beta) during periods of market strength, particularly in equities.

Investment case for a portfolio of asset managers

Asset managers have a number of characteristics which make them particularly interesting from a shareholders point of view.
 

High returns on capital

A key attraction of the money management industry is that successful companies can enjoy both very high rates of return on capital (not much is required) and a growth rate higher than the underlying investment returns as additional assets are raised. Overall shareholder returns can therefore be very high.
 

Growing global sector

The value of assets under management globally has grown faster than the performance of equity markets. Since 1990, new investable companies and increasing personal wealth have helped grow conventional assets under management by 700%, versus world equity returns of 150%. We expect this trend to continue. An expanding pool of assets provides an attractive environment for good asset managers to grow.
 

Financials exposure with lower balance sheet risk

For investors who are concerned about the fragility of bank balance sheets globally, we believe this Fund gives exposure to the attractive growth and return attributes of the financial sector whilst lessening the balance sheet risk. The average gearing of the underlying companies held in the Fund has been consistently less than zero (i.e. overall net cash).
 

Above average dividends

Asset management companies often deliver high free cash flow, which translates into higher dividend yields on average than the broad equity market. The gross dividend yield paid by the companies in our universe of asset managers has been consistently higher than the MSCI World Index gross yield. (You should note that Guinness Global Money Managers Fund is managed for total returns, and has not paid out dividends to investors in the past. There is currently no intention to do so in the future.)
 

Higher beta

In periods of rising equity markets, asset management companies focusing on managing equities can enjoy a rising income without adding any new customers. They effectively provide a geared exposure to rising equity markets. So the Fund is a means for investors to capture higher beta during periods of market strength, particularly in equities.
 

Potential for rapid growth

A final interesting characteristic is that a successful asset management company can grow its business very rapidly if markets are rising and the underlying performance of its fund range is strong. To date we have had our best successes in the Fund by identifying and investing in this type of company.
 

Favourable environment for investing in asset management companies

If you believe that global equity markets are set on a path of reasonable long-term growth, albeit at likely lower returns than of old, and in an environment of rising global invested assets, a diversified portfolio of listed asset managers can play a useful role in your portfolio.

Investment process

We seek quality asset management companies at the right price.
 

Identifying high quality asset managers

Our process starts with identifying the global investment universe of companies engaged in asset management services. The majority of the universe comprises companies where asset management is the main activity; however, we also look at associated services such as custody banks and stock exchanges. We analyse the universe regularly for companies which look attractive on valuation, return on investment, earnings sentiment and price momentum. In plain English – good companies that are attractively valued where investor sentiment is improving and investor buying is occurring. For the asset managers, we add an important fifth criteria: superior underlying asset management performance. This process is designed to give us a portfolio of reasonable value, good quality, successful asset management companies which we hope will provide a shareholder return in excess of the broad equity market.
 

Stock due diligence

Stock ideas are taken from our screens. We then conduct due diligence to establish whether we have conviction to include the stock in our portfolio. The due diligence centres around detailed financial modelling.

Portfolio construction


 

Equally-weighted portfolio

The portfolio comprises 30 equally-weighted positions. Our equally-weighted portfolio construction is designed to create the best balance between maintaining fund concentration and managing stock-specific risk. It also imposes a structural sell discipline: an existing position must be sold to purchase a new holding.
 

Sector weights

There is no benchmark adherence in the Fund’s sub-sector weights.

Portfolio risk controls


 

Stock specific risk

By constructing the fund of 30 equally weighted positions, we avoid significant exposure to any one individual stock.
 

Emerging market exposure

Emerging market exposure is normally limited to 20% of the portfolio.
 

Liquidity

The portfolio is liquid, with 80% of the Fund normally invested in companies with a market capitalisation over US $500 million.
 

Currency

The Fund is not hedged from a currency perspective.

 

Factsheets

 

 

Fund English French German Spanish Italian
Guinness Global Money Managers Fund Download Download Download Download Download

Updates

 

 

Document
Guinness Global Money Managers Fund
January 2023
Document
Guinness Global Money Managers Fund
October 2022
Guinness Global Money Managers Fund
April 2022
Guinness Global Money Managers Fund
January 2022
Guinness Global Money Managers Fund
October 2021
Guinness Global Money Managers Fund
July 2021
Guinness Global Money Managers Fund
April 2021
Guinness Global Money Managers Fund
January 2021
Document
Guinness Global Money Managers Fund
January 2023
Guinness Global Money Managers Fund
October 2022
Guinness Global Money Managers Fund
April 2022
Guinness Global Money Managers Fund
January 2022
Guinness Global Money Managers Fund
October 2021
Guinness Global Money Managers Fund
July 2021
Guinness Global Money Managers Fund
April 2021
Guinness Global Money Managers Fund
January 2021

KIIDS

 

 

Fund Class ISIN English French German Spanish Italian Swedish Finnish
Guinness Global Money Managers Fund C EUR Acc IE00BGHQF748
Guinness Global Money Managers Fund C GBP Acc IE00B64PRP62
Guinness Global Money Managers Fund C USD Acc IE00B3QW5Z07
Guinness Global Money Managers Fund I USD Acc IE00BMYPMW02
Guinness Global Money Managers Fund Y EUR Acc IE00B68GW162
Guinness Global Money Managers Fund Y GBP Acc IE00B7MJHM43
Guinness Global Money Managers Fund Y USD Acc IE00B3NSFR34

KIDS

 

 

Fund Class ISIN English French German Spanich Italian Swedish Finnish
Guinness Global Money Managers Fund Y USD Acc IE00B3NSFR34
Guinness Global Money Managers Fund Y EUR Acc IE00B68GW162
Guinness Global Money Managers Fund C EUR Acc IE00BGHQF748
Guinness Global Money Managers Fund C USD Acc IE00B3QW5Z07
Guinness Global Money Managers Fund C GBP Acc IE00B64PRP62
Guinness Global Money Managers Fund Y GBP Acc IE00B7MJHM43
Guinness Global Money Managers Fund I USD Acc IE00BMYPMW02

Documents

 

 

Document

Fund Supplement

Long-only Application Form

Guinness Asset Management Funds plc - Prospectus

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)
Will Riley (31/12/2010)
Tim Guinness (31/12/2010)
Benchmark
MSCI World Index
IA sector
IA Financials and Financial Innovation
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 EUR Acc 1.99% 5.00% 0 IE00BGHQF748 BGHQF74 GUGLMCE ID
C GBP Acc 1.99% 5.00% 0 IE00B64PRP62 B64PRP6 GUGLMMC ID
C USD Acc 1.99% 5.00% 0 IE00B3QW5Z07 B3QW5Z0 GUGLMMB ID
I USD Acc 0.74% 0.00% 10000000 IE00BMYPMW02 BMYPMW0 GUGMMIU ID
Y EUR Acc 0.74% 5.00% 0 IE00B68GW162 B68GW16 GUGLMMD ID
Y GBP Acc 0.74% 5.00% 0 IE00B7MJHM43 B7MJHM4 GUGLMMX ID
Y USD Acc 0.74% 5.00% 0 IE00B3NSFR34 B3NSFR3 GUGLMME ID

Share Prices

The Funds are priced every working day at 23.00 Dublin time and updated here the following day.

 

Fund name Isin Fund price (+/-) Date
GUINNESS GLOBAL EQUITY INCOME FUND D USD DISTRIBUTION IE00B3QG6N78 18.7868 0.1108 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND C USD DISTRIBUTION IE00B42XCP33 17.7081 0.1042 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND C GBP DISTRIBUTION IE00B3PB1722 22.5346 0.2592 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND D EUR DISTRIBUTION IE00B66B5L40 23.2531 0.1585 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND Z GBP DISTRIBUTION IE00B754QH41 26.2749 0.3032 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQF631 22.6435 0.154 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNV92 21.1385 0.2432 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNW00 17.414 0.1025 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND Y EUR ACCUMULATION IE00BVYPNZ31 18.3739 0.1255 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BVYPP024 14.8334 0.1013 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND Y GBP ACCUMULATION IE00BVYPNY24 22.8739 0.2638 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BVYPP131 18.5069 0.2134 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND Y USD ACCUMULATION IE00BVYPNX17 18.845 0.1114 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND Y USD DISTRIBUTION IE00BVYPP248 15.2062 0.0899 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND C EUR DISTRIBUTION IE00BDGV0183 14.236 0.0968 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND D EUR ACCUMULATION IE00BDGV0290 17.1502 0.1168 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND I USD DISTRIBUTION IE00BGK8P991 13.5993 0.0804 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND I USD ACCUMULATION IE00BJBK7883 12.755 0.0753 31/01/2023
GUINNESS GLOBAL EQUITY INCOME FUND C CNH HEDGED DISTR IE000OP91FK6 10.1033 0.0602 31/01/2023
GUINNESS GLOBAL MONEY MANAGERS FUND C USD ACCUMULATION IE00B3QW5Z07 21.9744 0.1527 31/01/2023
GUINNESS GLOBAL MONEY MANAGERS FUND C GBP ACCUMULATION IE00B64PRP62 28.0429 0.3523 31/01/2023
GUINNESS GLOBAL MONEY MANAGERS FUND Y EUR ACCUMULATION IE00B68GW162 29.3596 0.2318 31/01/2023
GUINNESS GLOBAL MONEY MANAGERS FUND Y USD ACCUMULATION IE00B3NSFR34 24.372 0.1702 31/01/2023
GUINNESS GLOBAL MONEY MANAGERS FUND Y GBP ACCUMULATION IE00B7MJHM43 33.6463 0.4238 31/01/2023
GUINNESS GLOBAL MONEY MANAGERS FUND C EUR ACCUMULATION IE00BGHQF748 17.8211 0.1401 31/01/2023
GUINNESS GLOBAL MONEY MANAGERS FUND I USD ACCUMULATION IE00BMYPMW02 12.1893 0.0852 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQDW50 17.0178 -0.0712 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND Z GBP DISTRIBUTION IE00BGHQF300 15.7322 0.0097 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNS63 17.3514 0.01 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNT70 14.3192 -0.0731 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP ACCUMULATION IE00BYVHVZ98 13.0553 0.0079 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BYVHWJ06 11.2612 0.0068 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR ACCUMULATION IE00BYVHW019 13.1597 -0.0546 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BYVHW126 11.34 -0.047 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND Y USD ACCUMULATION IE00BYVHW233 11.6557 -0.0592 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND Y USD DISTRIBUTION IE00BYVHW340 10.0144 -0.0509 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPN382 11.0354 -0.056 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPN499 10.3779 -0.0527 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND C EUR DISTRIBUTION IE000AHX6WT2 9.1909 -0.0384 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND C GBP DISTRIBUTION IE000N9K9CQ4 9.5483 0.0055 31/01/2023
GUINNESS EUROPEAN EQUITY INCOME FUND C USD DISTRIBUTION IE000RAMYLN7 8.4191 -0.0429 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND C EUR ACCUMULATION IE00BGHQDM52 20.2285 -0.1997 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND CLASS Z GBP DISTRIBUTION IE00BGHQDV44 16.6704 -0.0842 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND C GBP ACCUMULATION IE00BVYPNP33 17.5379 -0.0892 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND C USD ACCUMULATION IE00BVYPNQ40 14.4455 -0.156 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR ACCUMULATION IE00BDHSRG22 13.2419 -0.1303 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND CLASS Y EUR DISTRIBUTION IE00BDHSRH39 10.5449 -0.1037 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP ACCUMULATION IE00BDHSRD90 13.8282 -0.0699 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND CLASS Y GBP DISTRIBUTION IE00BDHSRF15 11.0383 -0.0558 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD ACCUMULATION IE00BDHSRJ52 13.163 -0.1418 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND CLASS Y USD DISTRIBUTION IE00BDHSRK67 10.4851 -0.1129 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPN051 10.4646 -0.1128 31/01/2023
GUINNESS ASIAN EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPN168 9.6026 -0.1034 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND C GBP ACCUMULATION IE00BQXX3C00 24.06 0.4021 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND C EUR ACCUMULATION IE00BQXX3D17 21.3586 0.257 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND C USD ACCUMULATION IE00BQXX3F31 18.5148 0.2059 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND Y GBP ACCUMULATION IE00BQXX3K83 26.175 0.438 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND Y EUR ACCUMULATION IE00BQXX3L90 23.2109 0.2798 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND Y USD ACCUMULATION IE00BQXX3M08 20.1968 0.225 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND Z GBP ACCUMULATION IE00BQXX3N15 26.6631 0.4463 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND Z EUR ACCUMULATION IE00BQXX3P39 23.6595 0.2853 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND Z USD ACCUMULATION IE00BQXX3Q46 20.5173 0.2287 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND I USD ACCUMULATION IE00BMYPNG19 9.7186 0.1083 31/01/2023
GUINNESS GLOBAL INNOVATORS FUND C CNH HEDGED DISTR IE000PGA9O74 10.7989 0.1195 31/01/2023
GUINNESS GREATER CHINA FUND CLASS C EUR ACCUMULATION IE00BZ08YS42 14.5527 -0.2104 31/01/2023
GUINNESS GREATER CHINA FUND CLASS C GBP ACCUMULATION IE00BZ08YR35 17.7034 -0.1709 31/01/2023
GUINNESS GREATER CHINA FUND CLASS C USD ACCUMULATION IE00BZ08YT58 14.4928 -0.2231 31/01/2023
GUINNESS GREATER CHINA FUND CLASS Y EUR ACCUMULATION IE00BZ08YW87 15.4841 -0.2234 31/01/2023
GUINNESS GREATER CHINA FUND CLASS Y GBP ACCUMULATION IE00BZ08YV70 18.8165 -0.1811 31/01/2023
GUINNESS GREATER CHINA FUND CLASS Y USD ACCUMULATION IE00BZ08YX94 15.3668 -0.2361 31/01/2023
GUINNESS GREATER CHINA FUND CLASS Z GBP ACCUMULATION IE00BZ08YY02 19.4192 -0.1866 31/01/2023
GUINNESS GREATER CHINA FUND I USD ACCUMULATION IE00BMYPNC70 9.244 -0.142 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND C USD ACCUMULATION IE00BYV24P56 13.7646 -0.0617 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y GBP ACCUMULATION IE00BYV24Q63 14.5372 0.0178 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y GBP DISTRIBUTION IE00BYV24R70 11.8873 0.0145 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y EUR ACCUMULATION IE00BYV24S87 14.0528 -0.0499 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y EUR DISTRIBUTION IE00BYV24T94 11.4727 -0.0405 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y USD ACCUMULATION IE00BYV24V17 14.6025 -0.0651 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND Y USD DISTRIBUTION IE00BYV24W24 11.9201 -0.053 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND Z GBP DISTRIBUTION IE00BYV24X31 12.2471 0.0151 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND C EUR ACCUMULATION IE00BMCWC346 11.0543 -0.0394 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP ACCUMULATION IE00BMCWC239 10.7503 0.0129 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND I USD ACCUMULATION IE00BMYPND87 10.106 -0.045 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND I USD DISTRIBUTION IE00BMYPNF02 9.3387 -0.0416 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND C EUR DISTRIBUTION IE0009746VI0 9.4831 -0.034 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND C GBP DISTRIBUTION IE000UPHOYQ6 9.8484 0.0118 31/01/2023
GUINNESS EMERGING MARKETS EQUITY INCOME FUND C USD DISTRIBUTION IE000XFJTUO9 8.6921 -0.0391 31/01/2023
GUINNESS BEST OF ASIA FUND C GBP ACCUMULATION IE00BF2VFX37 11.2572 -0.061 31/01/2023
GUINNESS BEST OF ASIA FUND Y GBP ACCUMULATION IE00BF2VFY44 11.8555 -0.0636 31/01/2023
GUINNESS BEST OF ASIA FUND Y EUR ACCUMULATION IE00BF2VFZ50 11.9292 -0.121 31/01/2023
GUINNESS BEST OF ASIA FUND Y USD ACCUMULATION IE00BF2VG076 10.8627 -0.1203 31/01/2023
GUINNESS BEST OF ASIA FUND Z GBP ACCUMULATION IE00BF2VG183 12.0265 -0.0643 31/01/2023
GUINNESS BEST OF ASIA FUND I USD ACCUMULATION IE00BMYPN275 9.4264 -0.1045 31/01/2023
GUINNESS BEST OF ASIA FUND C EUR ACCUMULATION IE000IYIWG07 9.1048 -0.0926 31/01/2023
GUINNESS BEST OF ASIA FUND C USD ACCUMULATION IE0004NN3YY8 8.3555 -0.0928 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND C GBP ACCUMULATION IE00BG5QQP10 12.795 0.0586 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND C EUR ACCUMULATION IE00BG5QQQ27 13.0729 -0.0022 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND C EUR HEDGED ACCUMULATION IE00BG5QQR34 11.1328 0.0505 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND C USD ACCUMULATION IE00BG5QQS41 12.4182 -0.0135 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND C USD HEDGED ACCUMULATION IE00BG5QRJ25 11.7976 0.0542 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND O GBP ACCUMULATION IE00BG5QRK30 13.2503 0.0611 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND O EUR ACCUMULATION IE00BG5QRL47 13.5438 -0.0018 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND O EUR HEDGED ACCUMULATION IE00BG5QRM53 11.4938 0.0525 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND O USD ACCUMULATION IE00BG5QRN60 12.8606 -0.0136 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND O USD HEDGED ACCUMULATION IE00BG5QRP84 12.1315 0.0559 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND R GBP ACCUMULATION IE00BG5QRQ91 12.6917 0.058 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND R EUR ACCUMULATION IE00BG5QRR09 12.9718 -0.0021 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND R EUR HEDGED ACCUMULATION IE00BG5QRS16 11.0451 0.0501 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND R USD ACCUMULATION IE00BG5QRT23 12.3084 -0.0134 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND R USD HEDGED ACCUMULATION IE00BG5QRV45 11.7181 0.054 31/01/2023
GUINNESS MULTI-ASSET GROWTH FUND Y GBP ACCUMULATION IE00BG5QRW51 13.4283 0.0619 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND C GBP ACCUMULATION IE00BG5QQV79 12.2572 0.0534 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND C EUR ACCUMULATION IE00BG5QQW86 12.5239 -0.0047 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND C EUR HEDGED ACCUMULATION IE00BG5QQX93 10.7754 0.0466 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND C USD ACCUMULATION IE00BG5QQY01 11.8962 -0.0155 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND C USD HEDGED ACCUMULATION IE00BG5QQZ18 11.3823 0.0499 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND O GBP ACCUMULATION IE00BG5QR034 12.6939 0.0557 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND O EUR ACCUMULATION IE00BG5QR141 12.9734 -0.0045 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND O EUR HEDGED ACCUMULATION IE00BG5QR257 11.138 0.0483 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND O USD ACCUMULATION IE00BG5QR364 12.3192 -0.0157 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND O USD HEDGED ACCUMULATION IE00BG5QR471 11.7622 0.0519 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND R GBP ACCUMULATION IE00BG5QR588 12.1558 0.053 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND R EUR ACCUMULATION IE00BG5QR695 12.4244 -0.005 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND R EUR HEDGED ACCUMULATION IE00BG5QR703 10.7037 0.0462 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND R USD ACCUMULATION IE00BG5QR810 11.7892 -0.0154 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND R USD HEDGED ACCUMULATION IE00BG5QR927 11.3542 0.0495 31/01/2023
GUINNESS MULTI-ASSET BALANCED FUND Y GBP ACCUMULATION IE00BG5QRB49 12.8597 0.0565 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z USD ACCUMULATION IE00BN0W3529 10.5628 0.1468 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z GBP ACCUMULATION IE00BN0W3305 11.503 0.224 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Z EUR ACCUMULATION IE00BN0W3412 11.8226 0.1752 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I GBP ACCUMULATION IE00BN0W2X30 11.423 0.2224 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I EUR ACCUMULATION IE00BN0W2Y47 11.7436 0.1737 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND I USD ACCUMULATION IE00BN0W2Z53 10.4945 0.1456 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y GBP ACCUMULATION IE00BN0W3073 11.4245 0.2223 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y EUR ACCUMULATION IE00BN0W3180 11.7454 0.1737 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND Y USD ACCUMULATION IE00BN0W3297 10.4946 0.1457 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C GBP ACCUMULATION IE00BN0W2T93 11.1631 0.2169 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C EUR ACCUMULATION IE00BN0W2V16 11.4766 0.1694 31/01/2023
GUINNESS SUSTAINABLE GLOBAL EQUITY FUND C USD ACCUMULATION IE00BN0W2W23 10.2568 0.1421 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND D USD ACCUMULATION IE00B2PGVJ29 5.5877 0.1043 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND C USD ACCUMULATION IE00B2PGVK34 5.1801 0.0967 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND C GBP ACCUMULATION IE00B3CCJ633 9.7139 0.2351 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND D EUR ACCUMULATION IE00B3CCJ740 9.6207 0.1883 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND C EUR ACCUMULATION IE00BGHQF417 19.3373 0.3783 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND Y GBP ACCUMULATION IE00BFYV9L73 24.9899 0.6057 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND Y EUR ACCUMULATION IE00BFYV9M80 25.1034 0.4918 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND Y USD ACCUMULATION IE00BFYV9N97 21.9121 0.4095 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND I USD ACCUMULATION IE00BMYPNB63 11.6012 0.2168 31/01/2023
GUINNESS SUSTAINABLE ENERGY FUND C CNH HEDGED DISTR IE000JUVS7B9 10.8545 0.2034 31/01/2023
GUINNESS GLOBAL ENERGY FUND D USD ACCUMULATION IE00B2Q91T05 9.1042 0.0429 31/01/2023
GUINNESS GLOBAL ENERGY FUND C USD ACCUMULATION IE00B2Q91V27 8.5537 0.0403 31/01/2023
GUINNESS GLOBAL ENERGY FUND C GBP ACCUMULATION IE00B3CCJ963 12.7904 0.1321 31/01/2023
GUINNESS GLOBAL ENERGY FUND D EUR ACCUMULATION IE00B3CCJB88 12.666 0.0713 31/01/2023
GUINNESS GLOBAL ENERGY FUND Y USD ACCUMULATION IE00B3CCJC95 9.8489 0.0466 31/01/2023
GUINNESS GLOBAL ENERGY FUND Y GBP ACCUMULATION IE00B6XV0016 12.4397 0.1288 31/01/2023
GUINNESS GLOBAL ENERGY FUND C EUR ACCUMULATION IE00BGHQF524 9.9421 0.0559 31/01/2023
GUINNESS GLOBAL ENERGY FUND Y USD DISTRIBUTION IE00BG6L7638 7.3034 0.0346 31/01/2023
GUINNESS GLOBAL ENERGY FUND Y EUR ACCUMULATION IE00BFMGVR44 11.4604 0.0647 31/01/2023
GUINNESS GLOBAL ENERGY FUND I USD ACCUMULATION IE00BMYPN507 19.4008 0.0918 31/01/2023
GUINNESS GLOBAL ENERGY FUND C CNH HEDGED DISTR IE000P8HSFB7 10.7051 0.0498 31/01/2023
TB Guinness UK Equity Income Fund O Overseas Income GB00BYX94G55 74.59 1.06 01/02/2023
TB Guinness UK Equity Income Fund O Overseas Accumulation GB00BYX94F49 94.13 1.34 01/02/2023
TB Guinness UK Equity Income Fund Y Clean Income GB00BYX94J86 79.93 1.14 01/02/2023
TB Guinness UK Equity Income Fund Y Clean Accumulation GB00BYX94H62 100.2 1.43 01/02/2023
TB Guinness UK Equity Income Fund Z Early Investor Income GB00BYX94L09 80.71 1.15 01/02/2023
TB Guinness UK Equity Income Fund Z Early Investor Accumulation GB00BYX94K91 101.37 1.44 01/02/2023
TB Guinness Global Equity Income Fund Y Income GBP GB00BNGFN669 126.89 1.21 01/02/2023
TB Guinness Global Equity Income Fund Y Accumulation GBP GB00BNGFN776 133.85 1.27 01/02/2023
TB Guinness Asian Equity Income Fund Y Income GBP GB00BMFKG774 96.29 0.97 01/02/2023
TB Guinness Asian Equity Income Fund Y Accumulation GBP GB00BMFKG667 104.61 1.06 01/02/2023
TB Guinness European Equity Income Fund Y Income GBP GB00BP5J6N11 105.69 1.3 01/02/2023
TB Guinness European Equity Income Fund Y Accumulation GBP GB00BP5J6M04 105.7 1.31 01/02/2023
TB Guinness European Equity Income Fund Z Income GBP GB00BP5J6Q42 105.74 1.3 01/02/2023
TB Guinness European Equity Income Fund Z Accumulation GBP GB00BP5J6P35 105.74 1.3 01/02/2023
TB Guinness Global Innovators Fund Y Accumulation GBP GB00BP5J5Y50 107.92 1.5 01/02/2023
TB Guinness Sustainable Energy Fund Y Accumulation GBP GB00BP5J6198 107.04 2.95 01/02/2023
TB Guinness Sustainable Energy Fund Z Accumulation GBP GB00BP5J6206 107.06 2.95 01/02/2023
TB Guinness Sustainable Global Equity Fund Y Accumulation GBP GB00BP5J7C70 106.13 2.21 01/02/2023
TB Guinness Sustainable Global Equity Fund Z Accumulation GBP GB00BP5J7D87 106.17 2.2 01/02/2023
18 January 2023

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Will Riley researches the performance of asset manager equities over the last 20 years, in…
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