Guinness Global Equity Income Class Y GBP Accumulation

Global Equity Income

Rated Fund 2013-2015, 2017-2018. Focuses on quality rather than yield

Guinness Global Equity Income was reintroduced to the list last year after a strong 2016. Its performance dipped again in 2017, though we hope this proves to be a temporary setback.

Ian Mortimer and Matthew Page, its managers since launch in 2010, have a very clear investment approach. They differentiate their fund from peers on account of a focus on quality businesses rather than yield, and a portfolio that equally weights 35 such stocks. Although their fund's objective is to provide income, their starting point is to identify well-run, profitable businesses, rather than just looking for companies with high dividend yields. They want companies that will deliver good long-term returns.

Their first step is to find all companies globally that have achieved a 10 per cent return on capital in every year over the last decade. After applying additional financial thresholds, they are left with a pool of around 500 companies from which to build their portfolio. Despite deliberately ignoring dividend yield, they find their screening identifies many high-yielding companies. From among the screened companies they build a concentrated portfolio of equally weighted stocks.

They say this approach has several advantages. It reduces stock-specific risk as they cannot be overweight in a small number of favourite companies. They cannot run a portfolio with a long tail of small holdings. And it also instils a strong sell discipline, as they must typically sell a position to make way for a new one, so they constantly assess the companies they own relative to the rest of their universe.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Guinness Global Equity Income Class Y GBP Accumulation
Guinness Asset Management Limited
Open Ended Investment Company
Global Equity Income
0.99 %
Risk Rating
3 Year Sharpe
3 Year Alpha
0 %
The investment objective of the Fund is to provide investors with both income and long-term capital appreciation. In seeking to achieve its investment objective the Fund intends to invest primarily in a portfolio of global equities providing an above average yield (i.e. a higher yield than the yield of the overall global equity market), however, the Fund may also invest, to a limited extent, in other instruments such as government bonds and corporate fixed income securities of investment grade rating.
Holding %
AbbVie Inc 3.00 %
Merck & Co Inc 2.90 %
CME Group Inc Class A 2.90 %
Roche Holding AG Dividend Right Cert. 2.90 %
VF Corp 2.89 %
Procter & Gamble Co 2.88 %
Cisco Systems Inc 2.87 %
Johnson & Johnson 2.86 %
Aflac Inc 2.86 %
Broadcom Inc 2.86 %
Region %
United States 43.05 %
United Kingdom 19.87 %
Eurozone 11.47 %
Europe - ex Euro 8.67 %
Asia - Emerging 5.73 %
Sector %
Consumer Defensive 28.09 %
Healthcare 17.48 %
Industrials 17.21 %
Financial Services 11.54 %
Technology 11.49 %
Consumer Cyclical 8.62 %
Guinness Asset Management Limited
SW1H 9AA, London, United Kingdom
Legal Structure
Open Ended Investment Company


Matthew Page
Joined 12/31/2010

Matthew Page, Portfolio Manager, is a co-manager of the Global Innovators Fund (since May 2010) and the Dividend Builder FundTM (since March 2012). Previously, he also served as co-manager of the Alternative Energy Fund (February 2007to April 2013). He joined Guinness AtkinsonTM in September 2005, prior to which he was employed by Goldman Sachs from July 2004 to August 2005. He graduated from Oxford University with a Masters in Physics in June 2004.

Ian Mortimer
Joined 12/31/2010

Dr. Ian Mortimer is a co-manager of the Global Innovators Fund (since May 2011) and the Dividend Builder Fund TM (since March 2012). Previously, he also served as co-manager of the Global Energy Fund (May 2010 to September 2013). He joined Guinness AtkinsonTM as an analyst in December 2006. From September 2003 to December 2006, Dr. Mortimer completed a PhD in experimental physics at the University of Oxford between September 2003 and November 2006. Dr. Mortimer graduated from University College London with a Masters in Physics in June 2003.

Data provided by Morningstar.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.