Equity Income
WS Guinness Global Equity Income
Overview
The Guinness Global Equity Income strategy is designed to provide income and capital growth by investing in companies that can pay sustainable, growing dividends.
Amid persistently low interest rates, dividend-paying equities offer an attractive combination of liquidity and yield. While the potential for income is important for many investors, the case for global equity income goes much further.
Thanks to the power of compounding, re-invested dividends make a gradual but potent contribution to long-term returns. Historic equity market returns show that over long timeframes this rises to significantly over 50 per cent. In periods of low growth this can be even more striking. The 1940s and 1970s, for example, were periods defined by some combination of sluggish economic growth, rising inflation, and high unemployment. During these decades dividends accounted for over 75 per cent of the total returns of the S&P 500.
The effect of dividends is apparent when comparing historic long-term returns of stocks which pay dividends with those that have not. Not only have dividend-payers outperformed on average, but dividend-growers and initiators have outperformed further still.
In addition to the compounding effect, part of the reason for this lies in the nature of dividend-paying companies. First, a history of paying a dividend – which unlike many accounting figures is a 'hard' cash payment – can indicate past value creation by a company. Moreover, a long history of paying dividends can instil capital discipline in company management. A commitment to a dividend leaves no room for vanity projects or frivolous uses of shareholders' capital. A focused management team that uses the cash available to them efficiently is central to creating a well-run (and profitable) company that is able to grow and thrive in the future.
The array of companies around the world paying dividends has increased significantly in recent years. Investors can now find a range of dividend-paying companies giving genuine global diversification and exposure to a healthy range of industries in a portfolio.
Our approach to investing in dividend-paying companies is to focus on companies that can sustainably grow their dividend into the future, rather than simply looking for companies with a high dividend yield. Consistent high return on capital is a good indicator of a company's ability to pay healthy dividends and so we invest in companies that are unusually consistent in generating returns on capital above their cost of capital.
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 good companies that have, in the short term, fallen out of favour, but that have previously shown an ability to weather most economic environments over time. 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 for between 3 and 5 years in a portfolio of 35 companies, with broadly equal amounts invested in each.
Why invest in the WS Guinness Global Equity Income Fund?
- Focus on consistent high return on capital – Consistent high return on capital is a good indication of a company's ability to pay healthy dividends. The Fund invests in companies that are unusually consistent in generating returns on capital above their cost of capital.
- Growth and income – Our approach to dividend investing is to focus on companies that can sustainably grow their dividend into the future, rather than simply looking for companies with a high dividend yield.
- High conviction – The Fund typically invests in just 35 companies, with each company having a broadly equal weighting.
- Fundamentally driven – We focus on 'bottom-up' stock selection rather than trying to make decisions based on an expected outlook for the world economy.
- Low turnover – Typically we will hold a company in the portfolio for between 3 and 5 years.
- Repeatable and independent – Ian Mortimer and Matthew Page have managed the Fund since launch. They have developed an investment process that is clear, robust, transparent, and scalable.
Fund Facts
- Launch Date
- 09.11.2020
- Fund Managers (start date)
- Matthew Page (09.11.2020)Dr Ian Mortimer (09.11.2020)
- Benchmark
- MSCI World
- IA Sector
- IA Global Equity Income
- ISIN
- GB00BNGFN669
- SEDOL
- BNGFN66
- BLOOMBERG
- TBGUIYI LN
- Underlying currency
- GBP
- Pricing
- Single Swing
- Valuation
- 12:00 UK time
- UK Reporting Fund Status
- Yes
- ISA Eligible
- Yes
0.77%
£1,000
Fund Registration
Please click on each country to see share class availability
Commentary
August 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 July, the Guinness Global Equity Income Fund returned 3.0% in GBP, compared with -0.9% for the MSCI World Index and 1.7% for the IA Global Equity Income sector. Stock selection accounted for most of the Fund’s 3.9 percentage-point outperformance versus the index. Industrial holdings Paychex and RELX recovered strongly, while Microsoft, CME and several Consumer Staples holdings also contributed. The Fund’s underweight to Information Technology was helpful as semiconductors sold off sharply, although its lack of Energy exposure detracted as oil-related shares rallied. The wider market was shaped by renewed Middle East tensions, higher oil prices and an unwind of crowded AI positions, while interest-rate expectations moved relatively little. The commentary also reviews a second-quarter earnings season marked by volume-led consumer growth, emerging-market strength and continued investment in power and data-centre infrastructure.
Read full commentary
WS Guinness Global Equity Income Fund - August Commentary
August 2026
Performance
Income
Distribution frequency
Quarterly
Distribution history
2026
Q2
Q1
Total paid this fund financial year
0.0218 GBP
Source: Guinness Global Investors. Distribution is per share.
Portfolio
Top 10 Holdings
As at 27 Aug 2026
Source: Guinness Global Investors. Holdings and exposures may be subject to change
Top 10 Holdings
As at 27 Aug 2026
Source: Guinness Global Investors. Holdings and exposures may be subject to change
Literature
INSIGHTS IN FOCUS
Rising S&P 500 concentration was rational - but mega-cap earnings dominance is now fading
After a volatile start to 2026, US equity markets have returned to a familiar pattern, with mega-cap stocks reasserting their leadership and index concentration rising to levels last seen during the financial crisis. We analyse whether this is due to genuinely improved earnings, and the early signs that this growth is beginning to broaden.
Equity Income | 6 July 2026 | 12 min read
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