Fact sheet: Guinness Global Equity Income

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL EQUITY INCOME
Sector
FO Equity - International
Fund type
OEIC
Primary aim
GROWTH & INCOME
Why Money Observer Rates Guinness Global Equity Income

Rated Fund 2013-2015, 2017. Screening for long-term winners

This fund has been managed by Ian Mortimer and Matthew Page since its launch in 2010. It dropped out of our ratings last year due to poor performance, but this proved to be a blip as returns picked up again strongly in 2016 and so it has been reinstated this year.

The managers have a very clear investment approach. 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 typically 35 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 must constantly assess the companies they own relative to the rest of their universe.

3 Year Performance
Fund Performance34%
Average of Rated Funds Group40.9%
Sector Performance20.8%
Fund information
Fund name
Guinness Global Equity Income Y Acc GBP
Fund manager company
Guinness Asset Management Ltd
Fund type
OEIC
Fund managers
  • Ian Mortimersince 31/12/2010
  • Matthew Pagesince 31/12/2010
Accolades
Fund objective
The investment objective of the Fund is to provide investors with both income and long-term capital appreciation.
Benchmark
  • MSCI World
Investment style
None
Investment method
Shares
Quick stats
1 Year return
6%
1 Year rank in sector
324/486
Sector
FO Equity - International
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.99%
Fund size
£484m (£316m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
91
Top in this sector
Fund name1 Year
Morg Stnly Gbl Opportunity45.7%
CS (L) Gbl Rbt Eq40.5%
Morg Stnly Global Advantage37.9%
PGIM Jnsn Gbl Eqty Opp36.4%
Wellington GblInvtn36%
...more in FO Equity - International

Performance snapshot

Holdings snapshot

  • USA45%
    UK18.7%
    France5.7%
    Netherlands5.7%
    China5.2%
  • Consumer Staples24.1%
    Industrials19.9%
    Health Care15.7%
    Financials13.9%
    Information Technology9.2%
  • US Equities45%
    UK Equities18.7%
    Dutch Equities5.7%
    French Equities5.7%
    Chinese Equities5.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-1.9%1.4%3%6%34%75.3%
Sector-3.1%2.1%6.6%11.2%20.8%53.3%
Rank within sector49 / 506270 / 504383 / 498324 / 48668 / 39358 / 303
Quartile1st3rd4th3rd1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-0.6%9.6%26.9%2.2%10.1%
Sector-0.1%16.3%7.9%0.7%6%
Rank within sector285 / 505369 / 48340 / 439174 / 387112 / 340
Quartile3rd4th1st2nd2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
6.97
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.5
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.81
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
9.73
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
9.8
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.23
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.22
Price movement
52 week high13.98
52 week low12.71
Current bid price-
Current offer price-
Current mid price13.64
Region
1USA45%
2UK18.7%
3France5.7%
4Netherlands5.7%
5China5.2%
6South Africa3.6%
7Japan3.1%
8Germany3%
9Denmark2.9%
Industry sector
1Consumer Staples24.1%
2Industrials19.9%
3Health Care15.7%
4Financials13.9%
5Information Technology9.2%
6Consumer Discretionary8.5%
7Telecommunications Utilities3.6%
8Energy2.8%
9Money Market2.3%
Asset type
1US Equities45%
2UK Equities18.7%
3Dutch Equities5.7%
4French Equities5.7%
5Chinese Equities5.2%
6South African Equities3.6%
7Japanese Equities3.1%
8German Equities3%
9Danish Equities2.9%
Individual holdings
1VODACOM GROUP LIMITED3.6%
2MICROSOFT CORP3.3%
3ABBVIE INC3.1%
4CISCO SYSTEMS INC3.1%
5ILLINOIS TOOL WORKS INC3.1%
6JAPAN TOBACCO INC3.1%
7DEUTSCHE BOERSE AG3%
8RECKITT BENCKISER GROUP PLC3%
9VF CORP3%
Management
Fund manager group
Guinness Asset Management
Fund manager company
Guinness Asset Management Ltd
Fund type
OEIC
Fund objective
The investment objective of the Fund is to provide investors with both income and long-term capital appreciation.
Benchmark
  • MSCI World
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Ian Mortimer31/12/2010Ian joined Guinness Asset Management in December 2006 and is co-manager of the Guinness Global Equity Income Fund, the Guinness European Equity Income Fund and the Guinness Global Innovators Fund. Prior to joining Guinness, Ian completed a D.Phil. in experimental physics at Christ Church, University of Oxford, and graduated in 2006. Ian graduated from University College London, University of London, with a First Class Honours Master's degree in Physics in 2003. He has completed the IMC and is a CFA charterholder.
Matthew Page31/12/2010Matthew joined Guinness Asset Management in 2005 and is the co-manager of the Guinness Global Equity Income Fund, the Guinness European Equity Income Fund and the Guinness Global Innovators Fund. Prior to starting at Guinness, Matthew joined Goldman Sachs on the graduate scheme in 2004 working in Foreign Exchange and Fixed Income. Matthew graduated from New College, University of Oxford with a Master's Degree in Physics. He has completed the IMC and is a CFA charterholder.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, Distributor Status, IA Recognised, Reporting Fund Status, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Austria, Switzerland, Germany, Spain, Finland, United Kingdom, Ireland, Italy, Luxembourg, Offshore, Singapore, Sweden
Guinness Global Equity Income A USD
Initial charge-
Annual charge1%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.49%
Total expense ratio (TER)1.49%
Bid price-
Offer price-
Mid price14.8704
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeMKR0
Guinness Global Equity Income B USD
Initial charge5%
Annual charge1.5%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.99%
Total expense ratio (TER)1.99%
Bid price-
Offer price-
Mid price14.3705
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeMKR1
Guinness Global Equity Income C Acc GBP
Initial charge5%
Annual charge1.5%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.99%
Total expense ratio (TER)1.99%
Bid price-
Offer price-
Mid price13.2426
CurrencyGBP
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM67I
Guinness Global Equity Income C Acc USD
Initial charge5%
Annual charge1.5%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.99%
Total expense ratio (TER)1.99%
Bid price-
Offer price-
Mid price12.4005
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM67J
Guinness Global Equity Income C EUR
Initial charge5%
Annual charge1.5%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.99%
Total expense ratio (TER)1.99%
Bid price-
Offer price-
Mid price14.127
CurrencyEUR
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJXMA
Guinness Global Equity Income C GBP
Initial charge5%
Annual charge1.5%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.99%
Total expense ratio (TER)1.99%
Bid price-
Offer price-
Mid price16.0579
CurrencyGBP
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeMKR2
Guinness Global Equity Income C Inc EUR
Initial charge5%
Annual charge1.5%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.99%
Total expense ratio (TER)1.99%
Bid price-
Offer price-
Mid price10.112
CurrencyEUR
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNQWM
Guinness Global Equity Income D Acc EUR
Initial charge-
Annual charge1%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.49%
Total expense ratio (TER)1.49%
Bid price-
Offer price-
Mid price10.4418
CurrencyEUR
Price updated19/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNQWN
Guinness Global Equity Income D EUR
Initial charge-
Annual charge1%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.49%
Total expense ratio (TER)1.49%
Bid price-
Offer price-
Mid price16.1116
CurrencyEUR
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeMKR3
Guinness Global Equity Income E USD
Initial charge-
Annual charge0.75%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.24%
Total expense ratio (TER)1.24%
Bid price-
Offer price-
Mid price15.1503
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeMKR4
Guinness Global Equity Income X GBP
Initial charge-
Annual charge0.75%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.24%
Total expense ratio (TER)1.24%
Bid price-
Offer price-
Mid price16.6621
CurrencyGBP
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi code0VNN
Guinness Global Equity Income Y Acc EUR
Initial charge-
Annual charge0.5%
Min single investment£5,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.99%
Total expense ratio (TER)0.99%
Bid price-
Offer price-
Mid price10.9118
CurrencyEUR
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM67K
Guinness Global Equity Income Y Acc GBP
Initial charge-
Annual charge0.5%
Min single investment£5,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.99%
Total expense ratio (TER)0.99%
Bid price-
Offer price-
Mid price13.6391
CurrencyGBP
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM67M
Guinness Global Equity Income Y Acc USD
Initial charge-
Annual charge0.5%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.99%
Total expense ratio (TER)0.99%
Bid price-
Offer price-
Mid price12.773
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM67O
Guinness Global Equity Income Y Dis EUR
Initial charge-
Annual charge0.5%
Min single investment£5,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.99%
Total expense ratio (TER)0.99%
Bid price-
Offer price-
Mid price10.0253
CurrencyEUR
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM67L
Guinness Global Equity Income Y Dis GBP
Initial charge-
Annual charge0.5%
Min single investment£5,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.99%
Total expense ratio (TER)0.99%
Bid price-
Offer price-
Mid price12.5446
CurrencyGBP
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM67N
Guinness Global Equity Income Y Dis USD
Initial charge-
Annual charge0.5%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.99%
Total expense ratio (TER)0.99%
Bid price-
Offer price-
Mid price11.7408
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM67P
Guinness Global Equity Income Z GBP
Initial charge-
Annual charge0.25%
Min single investment£100,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.74%
Total expense ratio (TER)0.74%
Bid price-
Offer price-
Mid price17.6514
CurrencyGBP
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi code0NL8
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