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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural energy supply deficits."
The Guinness Global Energy Fund, managed by Jonathan Waghorn, Will Riley, and Tim Guinness, is a concentrated equity fund focusing on the global energy sector. It combines top-down macroeconomic analysis with bottom-up value stock selection, maintaining a portfolio of 32 holdings with a strong preference for companies with market caps over $1bn. As of December 31, 2025, the Fund's USD Y-class returned +17.1% YTD, outperforming its MSCI World/Energy TR benchmark which returned +13.3% USD. The fund's primary holdings include Exxon Mobil, Shell, BP, and Chevron.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Growth Outlook
Market outlook remains high conviction: Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Risk Appetite
Risk appetite posture is above average conviction: Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Forward Guidance
Forward guidance signal: Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Language Signal
Tone analysis indicates above average conviction language: Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
Time Horizon
Investment time horizon reflects a high conviction orientation. Guinness Global Energy delivers a strong +17.1% USD return for 2025, outperforming its benchmark through a concentrated, value-biased portfolio poised to benefit from structural en...
