Global Innovators - December Commentary
Dr Ian Mortimer Portfolio Manager, Global Team
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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 Innovators Fund returned 4.4% (in GBP), the MSCI World Index returned 5.8%, and the IA Global sector average return was 4.2%. The Fund therefore underperformed the Index by 1.4 percentage points but outperformed its peer group average by 0.2 percentage points.
In light of Donald Trump's election success, anticipation of tax cuts, deregulation, and expansionary fiscal measures led US equities to outperform global markets. The US dollar also experienced a strong rally and reached a two-year high.
Source: Guinness Global Investors, Bloomberg, as of 30.11.2024
The Fund benefited from a zero-weight allocation to Materials, the benchmark’s lowest-performing sector, and from holding Netflix, which outperformed. From an asset allocation perspective, the Fund’s relative overweight to the Healthcare sector acted as a headwind, as the sector underperformed.
In this commentary we look at how Trump’s victory has affected markets over November and what the future may hold.
We also shine a spotlight on the semiconductor industry, which is overweight in the portfolio, ahead of potential changes to the landscape under a Trump administration. Although semiconductor companies are exposed to trade tensions, the industry has been adapting to policy shifts and geopolitical developements for many years. We consider what might change and put some numbers on the areas involved.
Learn more about Guinness Global Innovators
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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 Innovators Funds are designed to provide investors with global exposure to companies benefiting from innovations in technology, communication, globalisation or innovative management strategies. Innovation can take many forms, not just disruptive tech driven products. It is the intelligent application of ideas and is found in most industries and at different stages in company lifecycle. The Funds are actively managed and use the MSCI World Index as a comparator benchmark only.
Guinness Global Innovators Fund
Documentation
The documentation needed to make an investment, including the Prospectus, the Supplement, the Key Investor Information Document (KIID), the Key Information Document (KID) 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; 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 Funds 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 Innovators 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 Management (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.