Global Innovators - June 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. The value of this investment can fall as well as rise as a result of market and currency fluctuations. You may not get back the amount you invested.
Past performance does not predict future returns.
In May, the Guinness Global Innovators Fund provided a total return of 6.2% (in GBP), outperforming the MSCI World Index net total return of 4.9% and the IA Global sector average return of 5.1%. Further performance data is shown below.
Equity markets continued to rebound in May, buoyed by a significant easing in global trade tensions, although volatility continued and the global economic outlook became increasingly uncertain.
Equity leadership in May reflected greater ‘risk-on’ appetite. Growth and cyclical stocks outperformed, led by sectors such as Information Technology and Communication Services. This was despite rising yields and moderated expectations of near-term rate cuts, which typically favour value-oriented stocks.
The Fund’s Information Technology exposure was the largest contributor to relative performance and was enhanced by strong stock selection. Communication Services also helped, while its zero weighting to the Real Estate, Consumer Staples and Energy sectors acted as a tailwind to relative performance as these were among the benchmark’s weakest sectors.
In this month’s commentary linked below, we examine the drivers of the market rebound after the 'Liberation Day' tariffs caused them to fall from their previous peak on February 18th.
Price return in local currency. Source: Guinness Global Investors, MSCI; as of 31st May 2025
The weaker performance of US equities over the period could reflect the economic drags of protectionist policies, including rising input costs and reduced export competitiveness, alongside a greater risk premium, a result of heightened policy volatility.
Sectors that experienced the sharpest declines, such as Consumer Discretionary, Communication Services, and Information Technology, have also staged the strongest rebounds. However, clear sectoral winners and losers emerged over the period as a whole.
We also assess the risks encompassed within the macro outlook. However, due to the potential for reversals in each one, at this stage they can only be taken as noise. Our process leads us to focus on fundamentals. We believe our high-quality companies have the best chance of performing strongly relative to peers across various macroeconomic environments due to strong balance sheets, above-average margins, and a consistent ability to deliver economic profit.
Past performance does not predict future returns
Fund launch: 01/05/2003
Source: FE fundinfo. Net of fees. Investors should note that fees and expenses are charged to the capital of the Fund. This reduces the return on your investment by an amount equivalent to the Ongoing Charges Figure (OCF). The OCF for the calendar year 2024 for the share class used for the fund performance returns was 0.81%. Returns for share classes with a different OCF will vary accordingly. Transaction costs also apply and are incurred when a fund buys or sells holdings. The performance returns do not reflect any initial charge; any such charge will also reduce the return.
The value of this investment can fall as well as rise as a result of market and currency fluctuations. You may not get back the amount you invested.
Learn more about Guinness Global Innovators
Guinness Global Innovators
Latest Factsheet
Guinness Global Innovators - Webcast
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.
For the avoidance of doubt, if you decide to invest, you will be buying units/shares in the Fund and will not be investing directly in the underlying assets of the Fund
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, including collective redress mechanisms, 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: wtas-investorservices@waystone.com
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.