| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.1% | - | 30% |
The Guinness Global Energy Fund returned 30% year-to-date through May 2026 amid unprecedented Middle East disruption. The four-month closure of the Strait of Hormuz has shut off 14 million barrels per day of oil exports, yet Brent prices averaged only $94/bl, contained by large inventory buffers, persistent deal optimism, and rapid rebalancing of global flows. The managers calculate that 1.1 billion barrels have already been lost to the market, with total losses expected to exceed 2 billion barrels. They warn that OECD commercial stocks could reach operational floor levels by September if disruption continues, forcing sharp price increases to destroy more demand. Even after reopening, recovery will be slow due to tanker logistics, storage constraints, field restart challenges, and infrastructure damage, with normality not expected before end of 2026. Despite strong performance, the managers argue energy equities remain undervalued, with current valuations implying $73/bl long-term Brent versus their $80/bl target, offering 20% further upside. The portfolio maintains diversified exposure across integrated majors, E&P, midstream, services, and refining, positioned for a structurally higher oil price environment.
Energy equities remain undervalued despite 30% year-to-date returns, with current valuations implying only $73/bl long-term Brent versus the managers' $80/bl target, offering 20% further upside. The unprecedented four-month closure of the Strait of Hormuz has disrupted 14m b/day of oil but prices remain surprisingly contained due to large inventory buffers, deal optimism, and rapid flow rebalancing. However, with inventories drawing at 9m b/day and approaching operational minimums by September, oil prices must rise sharply if disruption continues. Even after reopening, the Gulf export system will not normalize before end of 2026 due to logistics, storage, infrastructure, and reservoir restart challenges, permanently altering the region's energy architecture.
The managers maintain a constructive outlook on energy equities despite strong year-to-date performance, arguing the value opportunity persists with 20% further upside if valuations reflect their $80/bl long-term Brent assumption. They do not expect the Gulf oil export system to return to normality before end of 2026, with full flows potentially delayed into 2027. They warn that if the Strait disruption continues, oil prices will need to rise sharply to choke off more demand as inventories approach operational minimums by September. Longer-term, they believe the conflict will permanently redraw the Gulf energy system, affecting supply and egress in both positive and negative ways. They expect international gas prices to settle in the $9-11/Mcf range, sufficient to incentivize new US LNG supply.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 30 2026 | 2026 Q2 | BP, CVX, DVN, ENB, IMO, OMV.VI, PTR, REP.MC, XOM | Energy Equities, Geopolitical Risk, LNG, Middle East, Natural Gas, oil, Opec, valuation | - | The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. |
| Apr 7 2026 | 2026 Q1 | - | energy, Geopolitical, Iran, Natural Gas, oil, Opec, Supply Disruption, valuation | - | Iran war creates unprecedented 10m b/day oil supply shock requiring demand destruction at $125-150/bl. Energy sector outperformed with 36.9% YTD returns while broader markets declined. Fund earnings could rise 65% under $90/bl scenario, trading at 13x PE versus market's 20x. Energy equities offer 20% upside with $80/bl long-term oil assumptions. |
| Jan 21 2026 | 2025 Q4 | BP, CNQ.TO, COP, CVX, FANG, SHEL, SU.TO, TTE, VLO, XOM | energy, Exploration, Gas, Integrated, oil, Production | - | Guinness Global Energy targets long-term capital growth through concentrated exposure to global energy equities. The investment thesis relies on population growth, industrialisation, and diminishing fossil fuel supplies driving energy prices higher. The fund uses a balanced top-down/bottom-up approach with value bias, holding approximately 30 large-cap energy companies across the value chain. |
| Oct 14 2025 | 2025 Q3 | BKR, BP, COP, CVE, CVX, E, EOG, EQNR, FANG, GALP.LS, HAL, OMV.VI, REP.MC, SHEL, SLB, SU, TTE, VLO, WMB, XOM | energy, global, Natural Gas, oil, Opec, Russia, Ukraine |
VAL HAL REP SM EOG |
Guinness Global Energy maintains its bullish long-term energy thesis despite mixed September performance. Ukrainian attacks on Russian oil infrastructure create supply risks while OPEC+ manages production to support $80+ oil prices. Portfolio positioned with 54% integrated oils and 18% E&P exposure. Current valuations imply 25% upside if returns sustain at 9-10% versus market's 4% assumption. |
| Jul 10 2025 | 2025 Q2 | BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP.MC, SHEL, SU, TTE, XOM | dividends, energy, Geopolitical, Natural Gas, oil, Opec, valuation | - | Energy equities trade at significant discount despite robust cash generation and high return yields. Portfolio reflects $65/bl long-term oil price versus managers' $80/bl assumption, offering potential 35% upside. Geopolitical tensions create near-term volatility while OPEC+ production increases pressure prices. Strong free cashflow supports growing dividends and buybacks. |
| Apr 30 2025 | 2025 Q1 | BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP, SHEL, SU, TTE, XOM | dividends, energy, Geopolitical, global, Natural Gas, oil, value | - | Energy equities delivered strong Q1 performance on robust oil fundamentals and company pivot back to fossil fuels from renewables. Portfolio generates 9.8% free cash flow yields while trading at significant discounts to broader markets. Geopolitical supply risks and tighter gas markets support near-term outlook while disciplined capital allocation enables growing dividends and buybacks. |
| Oct 30 2024 | 2024 Q3 | 0857.HK, BP, CNQ.TO, COP, CVE.TO, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO.TO, OMV.VI, PXD, REP.MC, SHEL, SU.TO, TTE, XOM | CashFlow, dividends, energy, Gas, oil, Opec, valuation | - | Energy sector remains deeply undervalued with portfolio companies generating 11% free cash flow yields while OPEC+ supply cuts and slowing US shale growth support higher oil prices. European integrated holdings like TotalEnergies offer exceptional shareholder returns. Current valuations imply $67/barrel long-term Brent, suggesting significant upside potential at normalized oil prices. |
| Jul 31 2024 | 2024 Q2 | BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, REP.MC, SHEL, SNP, SU, TTE, XOM | dividends, energy, Free Cash, global, Natural Gas, oil, Opec, valuation | - | Energy equities delivered strong first-half performance driven by rising oil prices and robust free cash generation. Portfolio companies benefit from operational leverage to $80+ oil while maintaining capital discipline. Current valuations imply $67/bl long-term oil versus $80/bl incentive price, creating significant upside as 10%+ free cashflow yields support growing dividends and buybacks. |
| Apr 30 2024 | 2024 Q1 | BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, PXD, REP.MC, SHEL, SU, TTE, XOM | dividends, energy, free cash flow, Gas, oil, Opec, valuation | - | Energy equities outperformed on stronger oil fundamentals and geopolitical tensions. The fund benefits from exceptional 11% free cash flow yields and cleaned-up balance sheets enabling growing dividends and buybacks. Portfolio trades at significant discount implying only $68/bl long-term oil despite fundamentals supporting $80+ prices, offering 25-55% upside potential at higher oil price assumptions. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Middle East ConflictThe closure of the Strait of Hormuz due to US-Iran war has disrupted 14m b/day of oil exports for four months. The managers analyze why oil prices remain lower than expected, citing large inventory buffers, deal optimism, and rapid rebalancing of oil flows. They expect the strait closure to result in 2bn+ barrels lost to the market and warn that minimum operating inventory levels could be reached by September if disruption continues. |
Strait of Hormuz Iran Middle East Oil Disruption Geopolitical Risk |
Oil Supply RecoveryManagers provide detailed analysis of the slow recovery timeline once the Strait reopens, citing confidence issues, tanker logistics, storage constraints, field restart challenges, and infrastructure damage. They expect oil exports will not return to normality before end of 2026, with full flows potentially delayed into 2027. The conflict is expected to permanently redraw the Gulf energy system. |
Supply Recovery Production Restart Infrastructure Logistics Gulf | |
Oil Inventory DrawdownWith 14m b/day disrupted and demand destruction of only 5.5m b/day, inventories are drawing at 9m b/day or 60m barrels per week. Managers estimate 1.1bn barrels already lost by end of May, with total losses expected to exceed 2bn barrels. They warn that OECD commercial stocks could fall to operational floor levels by September, causing system stress and operational failures. |
Inventories Drawdown Storage Operating Minimum Supply Stress | |
Energy Equity ValuationDespite the fund returning 30% year-to-date, managers argue the value opportunity persists. They calculate energy equities now reflect a long-term Brent price of $73/bl versus $67/bl at year start. They believe $80/bl Brent is more realistic and see 20% further upside. They express surprise that energy equities have underperformed global equities since the conflict started and that major oil company shares like Exxon and Chevron have declined. |
Valuation Energy Equities Oil Price Assumptions Upside Discounted Cash Flow | |
OPEC Production ManagementManagers review OPEC's historical role in balancing markets and maintaining price floors. They note UAE's exit from OPEC in May 2026 following tensions over production quotas. They express confidence that OPEC will continue to do what it takes to maintain reasonable oil prices that satisfy fiscal needs while not over-stimulating non-OPEC supply, targeting around $90/bl to close Saudi's fiscal deficit. |
OPEC Saudi Arabia Production Cuts Market Management UAE | |
US Shale ProductionManagers note US shale oil production is capital-intensive but viable at around $70/bl, with ample Permian Basin inventory into the late-2020s. They observe increased shareholder pressure for capital discipline since 2019 has constrained growth. US production dropped 3m b/day in 2020 and took three years to recover. They expect continued but measured growth dependent on cashflow and service costs. |
Shale Permian Basin US Production Capital Discipline Breakeven | |
LNG Market DisruptionThe Strait of Hormuz typically sees 10-11 Bcf/day of LNG transit, representing 20% of global LNG supply. QatarEnergy shut in production shortly after war started, and two processing lines were damaged and will be offline for 3-5 years. Asian and European LNG prices rose 50-90% year-to-date. Managers expect the LNG market to remain tight over the next couple years, with prices settling in the $9-11/Mcf range longer-term. |
LNG Qatar Natural Gas Asian Gas Prices Supply Disruption | |
Oil Demand DestructionThe IEA estimates global oil demand down 4.3m b/day in April and 5.5m b/day in May 2026, representing about one-third of the 14m b/day disruption. Managers note rapid rebalancing with US increasing exports from 5m to 9m b/day and China reducing net imports from 13m to 7.5m b/day. They expect oil prices to rise sharply if disruption continues to choke off more demand and maintain system flexibility. |
Demand Destruction China Imports US Exports Market Rebalancing Price Response | |
| 2026 Q1 |
OilIran war has closed the Strait of Hormuz, disrupting 20m b/day of oil exports and creating the largest supply shock in history at 10m b/day after pipeline diversions and strategic releases. Oil prices have spiked above $100/bl with demand destruction needed to balance markets. |
Supply disruption Geopolitical risk Demand destruction Strategic reserves Pipeline capacity |
Natural GasGlobal LNG prices rose sharply as 20% of global LNG supplies transit the Strait of Hormuz. QatarEnergy shut production and two processing lines were damaged, rendering them offline for three to five years. |
LNG Supply disruption Qatar Processing capacity Global markets | |
GeopoliticalWar in Iran has created unprecedented energy supply disruption through closure of the Strait of Hormuz. The conflict represents the largest oil supply shock historically and has fundamentally altered energy market dynamics. |
Iran Strait of Hormuz Supply shock Energy security Middle East | |
| 2025 Q4 |
DividendsThe fund focuses on carefully selected quality companies around the globe with strong dividend growth. Portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term. The fund seeks high-quality, dividend-paying companies that can generate strong, consistent returns. |
Dividend Growth Quality Companies Income |
AIAI infrastructure demand remained strong with SK Hynix benefiting from robust memory demand. However, concerns emerged about AI potentially hurting parts of RELX's business, leading to position exit. IT rotation and year-end softness drove sentiment weakness in pockets of IT and AI. |
Memory Infrastructure Technology | |
QualityThe fund invests in carefully selected quality companies around the globe. Market concentration and tilt toward value created challenges for quality investors seeking to deliver a diversified portfolio. The team maintains a robust approach to valuation while owning industry leaders. |
Quality Companies Valuation Industry Leaders | |
| 2025 Q3 |
OilOil prices remained mixed in September with WTI falling slightly while Brent stayed flat. Ukrainian attacks on Russian oil infrastructure and OPEC production decisions continue to drive price volatility. The fund expects oil prices to move higher over the next twenty years due to population growth, developing world industrialization, and diminishing fossil fuel supplies. |
WTI Brent OPEC Production Infrastructure |
Natural GasNatural gas prices declined in September with Asian gas down to $11/Mcf and European gas just over $10/Mcf. US gas prices sit above $3/Mcf. Chinese LNG imports appear down around 20% in September as China diversifies its gas supply through domestic production and pipeline imports. |
LNG Henry Hub Storage Demand Supply | |
RussiaRussia faces increasing pressure from Ukrainian attacks on oil infrastructure and Western sanctions. Export revenues have fallen sharply from $21-23bn per month in early 2022 to $13-25bn currently. Ukraine has intensified attacks on Russian energy infrastructure since May, targeting both refining facilities and export terminals. |
Sanctions Infrastructure Exports Revenue Attacks | |
UkraineUkraine has strategically shifted to targeting Russian energy infrastructure with greater impact than Western sanctions have achieved. Recent attacks targeted 13 refining facilities and key export hubs like Primorsk. Ukrainian President Zelenskyy stated that strikes on Russian oil facilities are the most effective sanctions. |
Infrastructure Attacks Strategy Sanctions Energy | |
| 2025 Q2 |
OilOil prices rose sharply intra-month due to Israel-Iran conflict, with Brent reaching $80/bl before falling back to $68/bl. OPEC+ continues increasing production quotas while US shale production growth slows due to lower rig counts and capital discipline. |
Brent WTI OPEC Shale Iran |
Natural GasInternational gas prices rose with Asian gas at $13/mcf and European gas at $10.5/mcf. Middle East tensions brought risk premia as 20% of global LNG trade travels through the Strait of Hormuz. |
LNG Henry Hub Storage Exports Demand | |
GeothermalGeopolitical tensions escalated with Israel bombing Iran's nuclear facilities, followed by US attacks on Iranian nuclear sites. Concerns around Strait of Hormuz accessibility as 20% of world's oil supply passes through daily. |
Iran Israel Strait Nuclear Sanctions | |
DividendsPortfolio companies maintain robust free cash generation with estimated 8.4% free cashflow yield at $70/bl Brent. Fixed dividends have room to grow given high free cashflow yields and ample coverage. |
Cashflow Yield Coverage Growth Returns | |
BuybacksEnergy companies continue shareholder return programs through share buybacks, supported by strong free cash generation. Buyback programs supplement dividend payments as part of capital allocation strategy. |
Repurchases Capital Returns Allocation Programs | |
| 2025 Q1 |
OilOil prices remained robust with Brent averaging $75/bl in Q1 2025, supported by lower supply expectations and geopolitical tensions. The managers believe oil remains good value at around 2.7% of global GDP, well below historical averages. They see potential for higher prices driven by OPEC+ production management and geopolitical supply disruptions. |
Brent WTI OPEC Supply Geopolitical |
Natural GasNatural gas markets remained tighter than expected in 2025, with US Henry Hub prices rising above $4/mcf by March. Record LNG exports and cold weather drove demand while production growth moderated. European gas inventories fell to lowest levels in four years due to reduced Russian imports and increased Asian competition for LNG. |
Henry Hub LNG Exports Inventories Europe | |
GeopoliticalGeopolitical tensions dominated energy markets with US sanctions on Russian producers, Iranian refineries, and cancellation of Venezuelan concessions. These actions could negatively impact supply from Russia, Venezuela and Iran while creating space for OPEC+ to return withheld volumes to market. |
Sanctions Russia Iran Venezuela Trump | |
Energy TransitionCompanies are resetting away from low carbon investments back toward fossil fuel growth. BP announced plans to cut low carbon capex by nearly 80%, acknowledging their push into renewables was too far, too fast. The focus has shifted to oil and gas demand being robust out to 2035. |
Low Carbon Renewables Reset Fossil Fuels BP | |
DividendsThe portfolio offers an estimated gross dividend yield of 4.4% in 2025 with ample room for growth given the high free cashflow yield of 9.8%. Fixed dividends in the portfolio have generally been growing and are supported by robust free cash generation at $80/bl Brent. |
Yield Growth Free Cash Flow Sustainable Coverage | |
BuybacksStrong free cash generation enables continued share buyback programs alongside dividend increases. The managers expect buybacks to supplement dividend returns, all driven by a free cash flow yield of around 10% for the portfolio, much higher than the 3.5% seen over the last twenty years. |
Share Repurchases Capital Return Free Cash Flow Shareholder Returns Supplemental | |
| 2024 Q3 |
OilBrent and WTI oil prices strengthened in September on OPEC+ supply cuts and declining inventories. Saudi Arabia and Russia extended voluntary production cuts through year-end, keeping markets undersupplied at 1.5m b/day. Global oil inventories declined 300m barrels over six months to late 2022 lows. |
OPEC Supply Inventories Pricing Production |
Natural GasAsian and European gas prices rose on Norwegian maintenance outages while US Henry Hub remained relatively stable. Norwegian flows to Europe fell to decade lows in early September due to high maintenance levels, creating undersupply conditions. |
LNG Pipeline Storage Pricing Supply | |
Integrated Oil & GasEuropean integrated companies generating exceptional free cash flow yields. TotalEnergies expects $100bn cumulative free cash flow 2023-28 at $80/bl Brent, representing 60% of current market cap. Companies maintaining high dividend coverage and share buyback programs. |
Cashflow Dividends Buybacks Returns Valuation | |
Exploration & ProductionUS shale oil supply growth slowing as rig count falls 125 rigs from December 2022 peak. Current activity levels imply no growth over next 12 months. Portfolio includes US-focused E&P names with low enterprise value to proven reserves ratios. |
Shale Drilling Reserves Production Growth | |
RefinersIndependent refining exposure through Valero, benefiting from recovery in refining margins. US Gulf Coast presence provides advantage in current market conditions with strong crack spreads supporting profitability. |
Margins Capacity Products Processing Spreads | |
| 2024 Q2 |
OilOil prices strengthened in June with WTI closing at $81.5/bl and Brent at $87/bl. OPEC+ maintained production quotas while aspiring to add spare capacity back in 2025. The managers see oil demand growth of 1.0-1.3m b/day in 2024, with aviation being a key driver as global flights are now 13% above 2019 levels. |
Brent WTI OPEC Aviation Demand |
Natural GasUS natural gas prices recovered from winter lows to $2.60/mcf in June. The market appeared undersupplied by 1 bcf/day on a weather-adjusted basis, though inventories remain at the top of historic ranges. International gas prices strengthened further with EU sanctions on Russian gas providing some market tightening. |
Henry Hub LNG Storage Weather Russia | |
Exploration & ProductionE&P companies benefited from operational leverage to rising oil prices. Diamondback Energy's acquisition of Endeavor was well received, creating a broader asset base for more efficient drilling. US shale production growth has slowed with the rig count declining from 627 in December 2022 to 479 currently. |
Shale Permian Drilling M&A Leverage | |
Integrated Oil & GasCanadian integrateds like Canadian Natural Resources and Imperial Oil performed strongly, benefiting from operational leverage to rising oil prices and narrowing differentials between Canadian and US oil benchmarks. The sector continues to demonstrate strong free cash generation and capital discipline. |
Canadian Differentials Free Cash Discipline Leverage | |
RefinersUS refining benefited from tighter capacity, especially with outages in Russia driving refining margins higher. Valero Energy was a particular beneficiary of the improved refining environment, along with integrated major Exxon's refining operations. |
Margins Capacity Outages Valero Tightening | |
DividendsThe portfolio has an estimated gross dividend yield of 4.2% for 2024, with fixed dividends generally growing and having ample room to run further given the high free cashflow yield of over 10%. Companies are returning significant cash to shareholders through both dividends and buyback programs. |
Yield Growth Cash Return Buybacks Sustainability | |
| 2024 Q1 |
OilOil prices strengthened in March driven by tighter supply/demand fundamentals, Middle Eastern tensions, and good OPEC+ compliance. Brent rose 16% year-to-date while 5-year forward prices increased 5%. The fund sees oil remaining affordable at current levels, representing only 2.8% of global GDP versus 30-year average of 3%. |
Brent WTI OPEC Supply Demand |
Natural GasNatural gas markets remained loose in 2024 due to exceptionally mild winter conditions. US Henry Hub prices fell 30% over the quarter while European gas prices declined 17%. The warmest US winter on record reduced heating demand significantly. |
Henry Hub LNG Weather Storage Production | |
DividendsEnergy companies are generating exceptional free cash flows with the portfolio showing an estimated 11% free cash flow yield and 4.1% gross dividend yield for 2024. Fixed dividends have generally been growing with ample room to run further given high free cash generation. |
Free Cash Flow Yield Distribution Growth Sustainability | |
BuybacksCompanies in the sector have cleaned up balance sheets with average net debt to EBITDA at about half the 15-year average, allowing higher cash distributions through both dividends and share buyback programs driven by strong free cash flow generation. |
Share Repurchases Capital Return Balance Sheet Cash Generation Shareholder Returns |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 14, 2025 | Fund Letters | Will Riley | VAL | Valero Energy Corporation | Energy | Oil & Gas Refining & Marketing | Bull | NYSE | buybacks, capital discipline, cashflow, dividends, efficiency, Margins, refining | Login |
| Oct 14, 2025 | Fund Letters | Will Riley | HAL | Halliburton Company | Energy | Oilfield Services & Equipment | Bull | NYSE | cashflow, Drilling, International, Margins, oilfield services, Pricing, Roce | Login |
| Oct 14, 2025 | Fund Letters | Will Riley | REP SM | Repsol S.A. | Energy | Integrated Oil & Gas | Bull | Brasil Bolsa Balcão | buybacks, dividends, energy transition, Integrated, Margins, renewables, stability | Login |
| Oct 14, 2025 | Fund Letters | Will Riley | EOG | EOG Resources Inc. | Energy | Oil & Gas Exploration & Production | Bear | NYSE | capital discipline, cashflow, inflation, oil, Production, Returns, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| XOM | Exxon Mobil Corp is one of the fund's five large-cap integrated holdings. The managers express surprise that shares of US super majors Exxon and Chevron have declined since the start of the conflict. |
| CVX | Chevron Corp is one of the fund's five large-cap integrated holdings. The managers express surprise that shares of US super majors Exxon and Chevron have declined since the start of the conflict. |
| BP | BP PLC was the weakest performer in the fund during May. It is one of the fund's five large-cap integrated holdings. |
| DVN | Devon Energy Corp was among the weakest performers in the fund during May. |
| IMO | Imperial Oil Ltd was among the weakest performers in the fund during May. It is one of three Canadian integrated holdings with significant exposure to oil sands in addition to downstream assets. |
| PTR | PetroChina Co Ltd was among the weakest performers in the fund during May. It is one of two emerging market stocks in the portfolio, representing around 4% of the portfolio in total. |
| OMV.VI | OMV AG was the strongest performer in the fund during May. It is one of the mid-cap integrated holdings. |
| ENB | Enbridge Inc was among the strongest performers in the fund during May. It is one of four midstream holdings representing four of North America's largest pipeline companies. |
| REP.MC | Repsol SA was among the strongest performers in the fund during May. It is one of the mid-cap integrated holdings. |
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