The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
During the third quarter of 2026, the Guinness China A Share Fund (Y class, USD) returned -5.9% net of fees, outperforming the benchmark MSCI China A Onshore Index (-13.3%) by 7.4 percentage points, bringing year-to-date net return to -0.3% net of fees (versus +0.2% for the index). In GBP terms, the strategy declined 6.0% net of fees in the third quarter while rising 1.0% net of fees year-to-date. Strong quarterly relative outperformance was propelled by an underweight stance in Information Technology alongside favorable stock selection and overweights in Health Care and Consumer Discretionary. Portfolio positioning remained fully invested with a 2.1% cash level and 30 active holdings, holding substantial sector overweights in Consumer Discretionary (+17%) and Industrials (+15%), counterbalanced by underweights in Information Technology and Financials. The investment team views current onshore equity market valuations as exceptionally depressed, with the fund trading at 15.1x forward earnings—a 20% discount to its long-term average—and holding just a 9% valuation premium over the broad benchmark compared to historical averages of 41%. The macroeconomic backdrop remains bifurcated: while domestic consumption and property construction remain sluggish, government policy support and credit easing provide marginal stabilization. Concurrently, the tech and industrial complex is navigating post-run profit-taking in AI hardware and geopolitical friction with the United States, yet structural tailwinds in automation, energy storage, and power distribution continue to compound beneath cyclical headwinds. Portfolio activity was marked by zero turnover during the quarter, reflecting management's patient posture toward high-quality franchises. Core holdings such as Shenzhen Mindray Bio-Medical and Amoy Diagnostics delivered strong quarterly operational recoveries and regulatory wins, while industrial holdings exposed to AI and electrification—including Shandong Sinocera and Xiamen Faratronic—faced steep sentiment sell-offs despite double-digit revenue expansion. Guinness maintains conviction in these mispriced structural compounders, projecting substantial long-term upside as domestic consumption normalizes over a five-year horizon.
Invest in quality, profitable Chinese onshore companies exposed to durable structural growth themes across consumption, demographics, automation, and technological adoption trading at compressed cyclical valuations.
Valuations across China A-shares reflect excessive pessimism regarding domestic demand while discounting multi-year structural opportunities in Industrials and consumption. With current portfolio holdings trading at 15.1x forward earnings and a modest 9% premium to the index, normalization over the coming five years provides compelling upside without necessitating broad stimulus.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Guinness China or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.