Growth
WS Guinness Global Energy
Overview
The WS Guinness Global Energy Fund seeks capital growth through exposure to global energy markets.
Over the next 20 years the combined effects of population growth, developing world industrialisation and diminishing fossil fuel supplies are threatening to force energy prices higher.
The combination of growing demand and challenged supply will create a favourable environment for energy investors over the long term.
The Guinness Global Energy strategy is designed to benefit from this energy price environment.
The world's population is growing at a rate of nearly 1% per year and is projected to reach nine billion people in the next decade. Over 90% of this growth will come from developing countries, where demand for electricity, cars and consumer goods are having a profound impact on the world's energy balance.
Even with growth in renewables, which comes mainly at the expense of coal, other key energy sources such as oil and natural gas will remain in demand.
Our investment process is driven 50% by our top-down (macro) views and 50% by bottom-up stock analysis.
By conducting rigorous independent analysis of the fundamental drivers of energy markets such as oil supply and demand, OPEC behaviour and natural gas supply and demand, we forecast commodity prices to create our top-down view, which in turn informs our energy sub-sector allocation.
A disciplined weekly stock screening process reviews a universe of around 370 energy stocks to identify companies which look attractive on valuation, return on investment, earnings sentiment and price momentum. Those that pass are subject to detailed financial modelling to establish whether there is sufficient conviction to include the stock in our portfolio.
The portfolio comprises our 30 best ideas, unconstrained by benchmark sub-sector weights, such as to super-majors. A number of positions is designed to create the best balance between maintaining fund concentration and managing stock-specific risk, with liquidity preserved throughout.
- Experience in energy - With a track record of over 25 years, the Guinness team has a deep understanding of oil & gas markets, investing through multiple energy and broad market cycles.
- Investing across the energy transition – Managing investments across conventional and renewable energy provides a full understanding of the breadth of energy markets.
- Attractive portfolio characteristics – The Guinness global energy portfolio has a value bias, avoiding pure exploration companies and instead focusing on investments with strong return on capital and cashflows.
- Research partnership – The Guinness team writes and presents extensively on topics across the energy sector to assist investors who are looking to navigate the energy theme.
- Energy & inflation – Energy prices are a significant driver of inflation, which makes energy companies a useful long-term inflation hedge for portfolios.
The WS Guinness Global Energy Fund could be suitable for investors looking to harness the long-term growth potential of the energy theme, or to compensate for a lack of energy exposure in broad global equity allocations.
Fund Facts
- Launch Date
- 21.04.2011
- Fund Managers (start date)
- Tim Guinness (21.04.2011)Jonathan Waghorn (31.07.2019)Will Riley (31.07.2019)
- Benchmark
- MSCI World Energy
- IA Sector
- IA Commodities and Natural Resources
- ISIN
- GB00B56FW078
- SEDOL
- B56FW07
- BLOOMBERG
- ARTGLEI LN
- Underlying currency
- GBP
- Pricing
- Single Swing
- Valuation
- 12:00 UK time
- Administrator
- Waystone Management (UK) Limited
- UK Reporting Fund Status
- Yes
- ISA Eligible
- Yes
0.77%
£1,000
Fund Registration
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Commentary
September 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.
In this ‘Back to School’ report for global energy, we consider the impact that the conflict in the Middle East is having on global oil and gas markets and the case for energy equities. This is the largest oil and gas supply shock in modern history. The closure of the Strait of Hormuz has removed an estimated 1.5-2.0 billion barrels of supply (equivalent to around 21% of global oil and product inventories) yet a combination of inventory releases, trade flow adjustments and demand moderation has so far prevented a more severe oil price dislocation. Oil prices have risen materially but remain below levels implied by the scale of disruption. Brent crude is up by around 60% year-to-date (at $95/bl) but is still well below the highs reached earlier this year. Many of the factors that have balanced markets are temporary. Strategic petroleum reserve releases, inventory drawdowns, higher US exports, lower Chinese imports and the use of sanctioned barrels cannot be repeated indefinitely, increasing the likelihood of more pronounced inventory declines in coming quarters. Refining has emerged as the key bottleneck in the energy system. Disruptions to Russian refining, lower product exports from the Middle East and China, and years of underinvestment have pushed diesel, jet fuel and gasoline prices sharply higher. This has created a supportive backdrop for refining margins and integrated oil companies but has led to inflationary concerns in the broader economy. The outlook for energy equities remains constructive. We believe share price moves so far this year can be explained by a combination of a) the cashflow boost from higher near-term commodity prices and refining margins, and b) an increase of around $4/bl in the long-term oil price being priced into the sector. Sector valuations discount a long-term oil price of around $74/bl, below our long-term estimate of $80/bl.
Read full commentary
Guinness Global Energy Fund - September Commentary
September 2026
Performance
Portfolio
Top 10 Holdings
As at 28 Aug 2026
Source: Guinness Global Investors. Holdings and exposures may be subject to change
Top 10 Holdings
As at 28 Aug 2026
Source: Guinness Global Investors. Holdings and exposures may be subject to change
Literature
INSIGHTS IN FOCUS
Iran conflict and its many implications for energy equities
The Guinness Specialist team assesses the scale of disruption to oil supply from the Iran war, how oil could still flow, and the implications for energy equities of higher oil prices.
Growth | 14 April 2026 | 11 min read
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