Global Equity Income - December Commentary
Dr Ian Mortimer Portfolio Manager, Global Team
/
Matthew Page Portfolio Manager, Global Team
This is a marketing communication. Please refer to the prospectus, supplement and KID/KIID for the Funds before making any final investment decisions. Past performance does not predict future returns.
In November, the Guinness Global Equity Income Fund returned 2.7% (in GBP), the MSCI World Index returned 5.8%, and the IA Global Equity Income sector average return was 2.7%. The Fund therefore underperformed the Index by 3.2 percentage points and performed in line with its peer group. Further performance data is shown below.
Overall, global equities reacted positively to the sweeping US election victory for Donald Trump and the Republicans. US equities gained the most as the prospect of further tax cuts, expansionary fiscal policy, deregulation and a more nationalist trade policy was well received by markets. On the other hand, Emerging Markets underperformed substantially, led by Chinese weakness on fears of trade conflict and uncertainy over the government response to the real estate crisis.
In this commentary, in addition to fund performance, we review the equity and bond markets' response to the US election result in November. Bond markets did not respond as positively, and pre-existing concerns over sticky inflation figures were exacerbated by the prospect of Trump's policies, and Treasury yields rose.
Source: Bloomberg, 30th November 2024
We also consider the longer-term implications of Trump’s policy agenda for global markets in terms of fiscal policy, deregulation, trade and monetary policy.
Thinking about the Fund, we focus on the Industrials and Financials sectors, two of the Fund’s largest sector allocations, and after a year of some market volatility we review how it has performed in the largest drawdowns since launch in 2010.
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Guinness Global Equity Income
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The information provided on this page is for informational purposes only. While we believe it to be reliable, it may be inaccurate or incomplete. Any opinions stated are honestly held at the time of publication, but are not guaranteed and should therefore not be relied upon. This content should not be relied upon as financial advice or a recommendation to invest in the Funds or to buy or sell individual securities, nor does it constitute an offer for sale. Full details on Ongoing Charges Figures (OCFs) for all share classes are available here.
The Guinness Global Equity Income Funds are designed to provide investors with global exposure to dividend-paying companies. The Funds are managed for income and capital growth and invest in profitable companies that have generated persistently high return on capital over the last decade, and that are well placed to pay a sustainable dividend into the future. The Funds are actively managed and use the MSCI World Index as a comparator benchmark only.
Guinness Global Equity Income Fund
Documentation
The documentation needed to make an investment, including the Prospectus, the Supplement, the Key Investor Information Document (KIID) and the Application Form, is available from the website www.guinnessgi.com , or free of charge from:
- the Manager: Waystone Management Company (IE) Limited, 2nd Floor 35 Shelbourne Road,
Ballsbridge, Dublin DO4 A4E0, Ireland; or - the Promoter and Investment Manager: Guinness Asset Management Ltd, 18 Smith Square, London SW1P 3HZ.
Waystone IE is a company incorporated under the laws of Ireland having its registered office at 35 Shelbourne Rd, Ballsbridge, Dublin, D04 A4E0 Ireland, which is authorised by the Central Bank of Ireland, has appointed Guinness Asset Management Ltd as Investment Manager to this fund, and as Manager has the right to terminate the arrangements made for the marketing of funds in accordance with the UCITS Directive.
Investor Rights
A summary of investor rights in English is available here: https://www.waystone.com/waystone-policies/
Residency
In countries where the Fund is not registered for sale or in any other circumstances where their distribution is not authorised or is unlawful, the Fund should not be distributed to resident Retail Clients. NOTE: THIS INVESTMENT IS NOT FOR SALE TO U.S. PERSONS.
Structure & Regulation
The Fund is a sub-fund of Guinness Asset Management Funds PLC, an open-ended umbrella-type investment company, incorporated in Ireland and authorised and supervised by the Central Bank of Ireland, which operates under EU legislation. The Fund has been approved by the Financial Conduct Authority for sale in the UK.
If you are in any doubt about the suitability of investing in these Funds, please consult your investment or other professional adviser.
WS Guinness Global Equity Income Fund
Documentation
The documentation needed to make an investment, including the Prospectus, the Supplement, the Key Investor Information Document (KIID) and the Application Form, is available in English from https://www.waystone.com/our-funds/waystone-fund-services-uk-limited/ or free of charge from:-
Waystone Management (UK) Limited, PO Box 389, Darlington DL1 9UF.
E-Mail: investorservices@linkgroup.co.uk
Waystone Fund Services (UK) Limited is authorised and regulated by the Financial Conduct Authority.
Residency
In countries where the Fund is not registered for sale or in any other circumstances where its distribution is not authorised or is unlawful, the Fund should not be distributed to resident Retail Clients.
Structure & regulation
The Fund is a sub-fund of WS Guinness Investment Funds, an investment company with variable capital incorporated with limited liability and registered by the Financial Conduct Authority.