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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The WS EkinsGuinness Dynamic Growth Fund utilizes a dynamic asset allocation framework driven by fundamental value and market trends to capture equity market upside while actively mitigating drawdown risks in bear markets. Currently, the manager maintains a highly defensive posture, allocating only 39% of capital to equities due to historically expensive S&P 500 valuations and low equity value yields. The key return driver has been robust corporate earnings growth, but the manager warns that rich valuations make the market vulnerable to sharp corrections if forward earnings expectations are missed. To manage these risks, the portfolio has established substantial positions in short-duration bonds (45.3%) and cash (11.1%), which serve to preserve capital amid a bear market for longer-term Treasuries and gilts. Sector-wise, the fund is heavily overweight in defensive areas like healthcare, while remaining underweight in technology as relative price momentum wanes, and avoiding the energy sector completely.
Investing dynamically across multiple asset classes based on a disciplined combination of fundamental value and market trends, free from forecasts and emotional bias, to maximize upside capture while limiting bear market drawdowns.
The manager expects that equity markets are overdue for a normal correction. They anticipate that high expectations for earnings growth must be met to sustain current levels, and any disappointments will be dealt with harshly by the market. The portfolio is positioned to remain defensive, waiting for more attractive buying opportunities to arise from the expected correction.
As of Jun 30, 2026
Charles Ekins is the founder and CEO of Ekins Guinness LLP, bringing over 19 years of experience from Morgan Grenfell Asset Management and holding an MBA from City University Business School. Jasper Falk serves as Partner at Ekins Guinness LLP. Tim Guinness became a partner at Ekins Guinness when the firm launched the Dynamic Growth fund and is founder and CIO of Guinness Asset Management. The management team operates from Chapmansford Farm House in Hampshire, UK, with the firm incorporated in 2014. The company underwent previous name changes from ENIGMA GLOBAL INVESTMENTS LLP and ENIGMA INVESTMENTS LLP before becoming Ekins Guinness LLP in 2017. The firm is authorized and regulated by the UK Financial Conduct Authority. The management approach emphasizes systematic, data-driven investment decisions avoiding emotional or opinion-based choices. The team has successfully managed the fund since its 2017 launch, delivering outperformance against benchmark indices.
The fund's investment philosophy is based on Value and Price Trends which are considered the two most important factors for making global investment decisions. The investment approach is systematic, based on facts and data, thus avoiding the use of opinions, emotion and forecasts. The fund aims to capture equity market upside in bull markets but to reduce drawdowns in bear markets using low-cost Exchange Traded Funds. The strategy employs dynamic asset allocation between equities, bonds, commodities and cash. The fund uses a proprietary Enigma Investment Radar focusing on fundamental value and momentum/trends. The fund avoids style bias and changes both asset allocation and equity focus based on market conditions. Investment decisions are driven by a combination of fundamental value and market trends independent of opinion, forecasts and emotion.
Lead Portfolio Manager
Anthony Eaton
Managing Partner
Neutral / Balanced
Market Conviction
High-conviction positioning: The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trad...
Growth Outlook
The S&P 500's forward PE ratio of 20x is noted as historically high, indicating equities are not cheap. While earnings growth remains strong, the manager views high expectations as a major risk and believes equity markets are overdue for a normal correction, warranting a cautious 0.25 score.
Risk Appetite
With only 39% of the portfolio in equities and a massive 45.3% allocated to short-duration bonds, the fund is positioned extremely defensively. This defensive tilt is an explicit reaction to high equity valuations and a bear market in government bonds, aligning with a 0.25 score.
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trad...
Forward Guidance
Forward guidance signal: The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trad...
Language Signal
Tone analysis indicates moderate conviction language: The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trad...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trad...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trad...
Time Horizon
The fund is explicitly marketed as a medium-to-long-term investment, and the core thesis relies on fundamental value playing out over multi-year cycles. However, the manager also closely monitors short-term market trends and tactical 12-month earnings expectations, yielding a score of 0.65 skies on positioning shifts within that horizon on a monthly basis, placing the practical horizon at 0.65 in terms of operational pace of execution.
Top Conviction Themes
Key Catalysts
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