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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Enterprise software platforms are rapidly commercializing agentic workflows to outpace seat-compression concerns, while long-duration hardware equipment retains multi-year demand visibility despite macro rate volatility."
In the third quarter of 2026, the Guinness Global Innovators Fund returned 2.8% net of fees in GBP (and was down 0.2% net of fees in USD), outpacing the benchmark MSCI World Index net return of 1.8% in GBP. Strategy outperformance was driven by an active overweight to Information Technology alongside solid stock selection within healthcare and financial exchanges. The fund maintained its fully invested, disciplined 30-stock, approximately equal-weight portfolio structure, carrying a modest 1.3% cash position with zero allocations to energy, utilities, real estate, materials, and consumer staples. The broader market backdrop was defined by persistent inflation, surging long-term sovereign bond yields, and aggressive central bank tightening, culminating in concurrent rate hikes by the Federal Reserve, Bank of Japan, and ECB. Concurrently, investor scrutiny broadened across the technology sector regarding hyperscaler capital spending and expanding off-balance-sheet residual value guarantees. While early-quarter momentum suffered significant de-rating, resilient corporate earnings growth and robust structural demand for artificial intelligence hardware and software underpinned equity resilience over the quarter. Portfolio returns were propelled by enterprise software holdings, led by Salesforce and Microsoft, which demonstrated accelerating recurring revenue and monetized deployment of generative AI workflows into customer applications. Conversely, semiconductor equipment holdings Lam Research, Applied Materials, and KLA experienced sharp drawdowns following elevated expectations and geopolitical noise around Chinese domestic lithography capacity, despite reporting record fundamentals. Management executed zero switches across the portfolio during the quarter, holding high conviction in its quality growth compounders.
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