Global Equity Income - July 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 the second quarter of 2025, the Guinness Global Equity Income Fund returned -0.4% (in GBP), the MSCI World Index returned 5.0%, and the IA Global Equity Income sector average return was 2.9%. The Fund therefore underperformed the Index by 5.4 percentage points over Q2 and its peer group average by 3.3 percentage points. Further performance data is shown below.
It was a notably volatile quarter, driven by US policy uncertainty, further trade wars, and an escalation of conflict in the Middle East. However, despite this difficult backdrop, equity markets rallied across the board. A relatively strong earnings season, solid economic data, and positive investor sentiment drove a ‘risk-on’ approach in equity markets. Growth performed very well (+17.7% in USD) and substantially outperformed its Value counterpart (+5.6% in USD).
The Fund's underperformance vs the benchmark was down to its underweight allocation to Information Technology and to Communication Services, as these were the two best-performing sectors. The Fund remains underweight the Magnificent 7, which contributed around one-third of the total index return over the quarter, and overweight to the underperforming Consumer Staples and Healthcare sectors. On the other hand, the Fund did benefit from a zero-weight allocation to Materials, Real Estate, Utilities and Energy, and individual stocks within IT aided performance.
Amid the debate over Trump’s flagship legislation (the Big Beautiful Bill) and changing interest rate expectations, the US dollar has endured its weakest start to a year since 1973. Even with higher interest rates than other economies, heightened policy uncertainty, trade wars, and growing deficits have prompted a broader rotation out of US assets, putting downward pressure on the dollar. Europe has been the big beneficiary in 2025 so far, with investors rotating more value-oriented European names.

Source: MSCI, Bloomberg; as of 30th June 2025
In this commentary, we discuss the equity market performance year-to-date from a stylistic perspective and how this contributed to Fund returns. We then examine the factors driving markets more broadly (including tariffs, inflation, the US deficit, treasury yields, and the dollar) and consider what these indicators are showing compared to the start of the year.
We also report on changes to our 35-stock portfolio and its positioning and key metrics at the quarter end.
Past performance does not predict future returns
Fund launch: 31.12.2010
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 0.77%. 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.
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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.
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 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, 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 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: wtas-investorservices@waystone.com
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.