Equity Income
Guinness European Equity Income
Overview
The Guinness European Equity Income strategy targets income and capital growth and provides exposure to dividend-paying companies in Europe, excluding the UK.
Dividend-paying companies are well known to outperform the market in the long term, and companies that grow their dividend year-on-year even more so. The well-established culture of European dividend investing can be traced back to the 17th century.
Europe includes a diversified mix of developed, high-income economies and is home to around 700m people. It is home to a wealth of companies committed to distributing European dividends to shareholders, reflecting good capital discipline on the part of management teams.
The Guinness European Equity Income Fund seeks to identify the best opportunities for income and capital growth with a concentrated portfolio of quality European stocks with high returns on capital.
Elite Rated Provider
FundCalibre
Excluding the UK can help investors with existing exposure to London-listed stocks or a separate UK allocation. By selecting sustainable European stocks from a broad range of industries, countries and market capitalisation, a well-diversified portfolio can provide a reasonable dividend yield and growing income stream at an attractive valuation relative to the broad market.
Why invest in a European Equity Income fund?
- Focus on consistent high return on capital – This 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 – Dividend investing focuses on companies that can sustainably grow their dividend, rather than simply looking for companies with a high dividend yield.
- High conviction – The Fund invests in 30 equally weighted companies, balancing the benefits of diversification with the ability of each company to contribute meaningfully to performance. This structure produces a portfolio that is truly differentiated from the benchmark index.
- Fundamentally driven – By focusing on 'bottom-up' stock selection, rather than trying to make decisions based on an expected outlook for the world economy, the Fund invests in good companies that may have fallen out of favour in the short term but can weather most economic environments.
- Low turnover – A typical holding period of an individual company is between three and five years. Investing for the long term recognises the costs of trading in and out of securities.
- Repeatable and independent – A clear, robust and transparent investment process filters out the noise and focuses on the true signals that drive company valuations. By performing their own research and analysis using their own proprietary modelling systems, the team seeks to avoid some of the behavioural biases associated with being unduly influenced by market sentiment.
The Guinness European Equity Income Fund could be suitable for investors that are looking for the combination of growth and income that European stocks can offer, or as a core holding in a European equity allocation.
Fund Facts
- Launch Date
- 19.12.2013
- Fund Managers (start date)
- Will James (15.01.2024)
- Benchmark
- MSCI Europe ex UK
- IA Sector
- IA Europe Excluding UK
- ISIN
- IE00BYVHVZ98
- SEDOL
- BYVHVZ9
- BLOOMBERG
- GUEEYGA ID
- Underlying currency
- USD
- Pricing
- Daily, forwards
- Valuation
- 23:00 Dublin time
- Deal cut off time
- 15:00 Dublin time
- UK Reporting Fund Status
- Yes
- ISA Eligible
- Yes
0.77%
None
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 European Equity Income Fund returned 1.2% in GBP, compared with -0.8% for the MSCI Europe ex UK Index, outperforming by 2.0 percentage points. European markets were shaped by a sharp reversal in the momentum trade that had led equities earlier in 2026. Semiconductor-exposed companies bore much of the sell-off as investors reassessed elevated valuations and growth expectations, while Energy, Financials and Communication Services were among the stronger sectors. Against this volatile backdrop, the second-quarter earnings season was notably robust: around 75% of portfolio holdings that had reported results beat expectations. Positive updates included strong orders across several industrial holdings and solid results from Euronext, Roche, Unilever and L’Oréal, while BE Semiconductor’s shares fell despite strong revenue and orders.
Read full commentary
Guinness European Equity Income Fund - August Commentary
August 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
Europe is not just a place for your summer holiday
Will James, co-manager of the Guinness European Equity Income strategy, argues that Europe's economic and market backdrop make it an attractive destination for equity investors.
Equity Income | 9 May 2024 | 5 min read
Find out more
Ready to invest in this fund?
Choose to invest online through a platform or apply directly using an application form.