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 |
|---|---|---|---|---|---|---|
The Guinness Global Innovators Fund returned 13.8% in Q2 2026, outperforming the MSCI World Index by 0.7 percentage points. The quarter saw a powerful rotation back into the AI trade as hyperscalers raised 2026 capex guidance to $758bn, driving exceptional returns for semiconductor equipment manufacturers with Applied Materials, KLA and Lam Research all returning over 100%. The semiconductor industry experienced 79% year-over-year revenue growth led by memory, where DRAM and NAND sales surged 271% on soaring prices as AI hardware demand outstripped supply. However, investor sentiment diverged between semiconductor suppliers and hyperscalers, with the latter underperforming amid concerns over AI monetization returns. The Fund benefited from its overweight to Information Technology and positive stock selection in semiconductor equipment, though Communication Services was a drag with Netflix disappointing. Geopolitical tensions eased as the US-Iran conflict de-escalated, sending Brent crude from $120 to mid-$70s, though inflation reached a three-year high prompting a more hawkish Fed stance. The Fund made two switches during the quarter, purchasing AMD and Nasdaq while selling Adobe and Intuit amid software sector weakness. Despite a complex macro environment, the Fund's focus on quality growth at reasonable valuations and equally weighted positions provides resilience.
The Guinness Global Innovators Fund invests in quality growth companies trading at reasonable valuations, focusing on companies experiencing faster profit growth, larger margins and lower susceptibility to cyclical pressures, with exposure to long-term secular growth themes driven by innovations in technology, communication, globalisation, or innovative management strategies.
The current market environment has been shaped by heightened geopolitical tensions, rising inflationary pressures and evolving monetary policy expectations. At the same time, weakness across parts of the software sector has tempered enthusiasm for AI-related stocks, while growing debate around whether the AI trade has entered bubble territory has added caution to investor sentiment. Despite a complex macro-economic setting, stock fundamentals have shown resilience. The Fund's focus on high-quality growth stocks, underpinned by structural innovation themes, maintains valuation discipline which is particularly important in the context of a market where valuation is front of mind. The equally weighted positions limit over-reliance on any single company.
As of Jul 17, 2026
Dr. Ian Mortimer and Matthew Page have co-managed funds in accordance with this investment process since 2010, building on a strategy that has been refined since 2003. Their combined experience spans over two decades in managing innovation-focused equity portfolios with a disciplined, quality-oriented approach. The management team operates from Guinness Asset Management Limited, which was incorporated in 2003 and is authorized by the UK's Financial Conduct Authority. The firm has demonstrated consistent asset growth and strong long-term performance across market cycles.
The fund provides global exposure to companies benefiting from innovations in technology, communication, globalization or innovative management strategies. The strategy emphasizes quality companies with sustainable competitive advantages, high returns on capital, and strong balance sheets capable of maintaining peer-leading growth over market cycles. By applying valuation discipline to stock selection, the managers seek to avoid overpaying for future growth and the hype that can surround growth companies. The fund maintains a concentrated, typically equally-weighted portfolio of 30 stocks, reducing stock-specific risk and instilling strong sell discipline.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
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