Equity Income
Guinness Pan-European Equity Income
Overview
The Guinness Pan-European Equity Income strategy targets income and capital growth and provides exposure to dividend-paying companies in Europe, including the UK.
Companies that deliver the strongest long-term returns don’t only pay dividends, but also grow them consistently year after year.
With a diversified mix of high-income economies, Europe has world-leading companies in almost all sectors of the market and a strong dividend culture, with European equities paying around a quarter of the world’s total dividends.
The Guinness Pan-European Equity Income Fund is designed to maximise this opportunity with a high-conviction, low-turnover portfolio of consistently profitable dividend-paying companies.
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European equities have long offered investors a premium level of dividend income compared to other regions. Since investors have tended to value the shares of European companies less highly than their American counterparts, this has resulted in attractive dividend yields.
A pan-European approach removes the need for a separate UK allocation, and including London-listed stocks can give exposure to more than just the traditional income favourites in banking and natural resources. A focus on quality identifies a variety of opportunities in companies in the knowledge economy and elsewhere.
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.
- Focus on consistent high return on capital - Generating returns above the cost of capital is hard to do once; doing it consistently is the mark of a high-quality business. The Fund targets companies that have demonstrated exactly that, making them well placed to support healthy dividends over time.
- Growth and income - A high dividend yield can be misleading. The Fund looks beyond headline yield to find companies with the financial strength to grow their dividend sustainably, year after year.
- High conviction - Holding 30 equally weighted companies reflects a deliberate choice: sufficient diversification to manage risk, but few enough positions for each to matter. The result is a portfolio that is clearly different to the benchmark.
- Fundamentally driven - Economic forecasting is an inexact science. Rather than building a portfolio around a view on the world economy, the Fund identifies good businesses that have temporarily lost favour but have the resilience to perform across different economic conditions.
- Low turnover - The Fund typically holds companies for three to five years. That patience is not incidental; it reflects a recognition that frequent trading erodes returns and that quality businesses need time to deliver.
- Repeatable and independent - The investment process is built to be consistent and free from outside influence. Using proprietary research and modelling, the team focuses on the fundamentals that drive valuations rather than the market noise that can distort them.
The Guinness Pan-European Equity Income Fund could be suitable for investors that are looking for the combination of growth and income that dividend-paying equities offer, or as a core holding in a European equity allocation.
Fund Facts
- Launch Date
- 19.02.2025
- Fund Managers (start date)
- Will James (19.02.2025)
- Benchmark
- MSCI Europe
- IA Sector
- IA Europe Including UK
- ISIN
- IE000XCBZKS2
- SEDOL
- BT6PPG2
- BLOOMBERG
- GPEEYED ID
- Underlying currency
- USD
- Pricing
- Daily, forwards
- Valuation
- 23:00 Dublin time
- Deal cut off time
- 15:00 Dublin time
- Administrator
- Waystone Administration Solutions (IE) Limited
- UK Reporting Fund Status
- Yes
- ISA Eligible
- Yes
0.77%
None
Fund Registration
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Commentary
November Commentary
This is a marketing communication. Please refer to the prospectus, supplement, KIDs and KIIDs for the Funds (available on this website), which contain detailed information on their characteristics and objectives and full information on the risks, before making any final investment decisions.
October brought an unusual pattern of European equity returns. Many of this year’s market laggards rallied, driven by a rotation out of banks and cyclicals into Consumer Staples and defensives. One of the most striking developments over the month was the reversal in European sector leadership. Between June and September, banks had substantially outperformed Consumer Staples. However, over October but much of that relative outperformance was unwound. The speed of the reversal is notable given how strongly banks had performed over the preceding months, demonstrating how quickly sectors can fall out of favour, and vice versa. For our portfolio, which holds L'Oréal, Danone, and Unilever, the recovery in Consumer Staples was encouraging. Our exposure to Consumer Staples reflects our assessment of individual businesses' competitive advantages, cash generation and long-term dividend potential, rather than a tactical expectation of defensive-sector outperformance. In this commentary, we summarise the earnings or updates from the two-thirds of portfolio companies that gave them, the Fund's leading and lagging stocks, and the outlook.
Read full commentary
Pan-European Equity Income Fund - November Commentary
November 2026
Performance
Income
Distribution history
2026
Interim
Total paid this fund financial year
0.2583 EUR
Source: Guinness Global Investors. Distribution is per share.
Portfolio
Top 10 Holdings
As at 30 Oct 2026
Source: Guinness Global Investors. Holdings and exposures may be subject to change
Top 10 Holdings
As at 30 Oct 2026
Source: Guinness Global Investors. Holdings and exposures may be subject to change
Literature
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