| Asset Group | Asset Sub-Group | Investment Category |
| Equities | Asian equities | Income |
The fund has been managed by Edmund Harris and Mark Hammonds since its launch in December 2013. Harris joined Guinness in 2003 and has managed Asian funds since 1994 and also serves as Chief Investment Officer. Hammond joined Guinness in 2012 as an Investment Analyst having previously worked at Ernst & Young as a chartered accountant. The team have immediate support from the Asian desk’s two other investors. The fund is designed to provide investors with exposure to Asian equities through a high conviction, low turnover portfolio of consistently profitable dividend-paying companies. They begin with a search for companies that are unusually consistent in generating returns on capital above their cost of capital, that is, those with 8 years of real returns on capital greater than 8%, and screen further on various quality criteria. Valuation is also important as they look for companies whose shares under price the likely persistence of those returns because they have fallen out of favour in the short term, despite having previously shown an ability to weather most economic environments. The fund is a concentrated, equally weighted portfolio of 36 stocks, rebalanced periodically and managed on a one-in/one-out basis which the manager believes reduces stock specific risk and promotes a strong sell discipline. The resulting portfolio therefore has a high degree of active share and can look very different from the benchmark with regard to sector and regional weightings. The fund has comfortably outperformed the index and equity income peer group since inception albeit with a higher level of volatility. Opinion January 2023 | ||
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