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Guinness

Dec 2024 → Aug 2026 · Publishes monthly · 16 funds

Our archive holds 122 letters from Guinness, behind 94 investment theses and positions in 223 companies. Every quote below is copied verbatim from the letter it came from.

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Guinness’s own letters page
122
Letters
223
Companies
31
Moves
94
Theses

16 strategies

Guinness publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 31 moves

  • ExitedRecordati
    August 2026
    “We bought a new position in Tradeweb Markets and sold our position in Recordati.”
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  • New positionTradeweb Markets
    August 2026
    “We bought a new position in Tradeweb Markets and sold our position in Recordati.”
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  • AddedUS Treasury
    August 2026
    “In early August I also added short-dated US Treasury positions, held to provide immediate flexibility to deploy into specific credit opportunities as the month progresses, and to allow duration to be managed opportunistically as conditions change.”
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  • ExitedAptiv PLC
    August 2026
    “We sold our position in Aptiv and recycled the capital into TE Connectivity,”
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  • New positionTelecom Italia
    August 2026
    “We bought Telecom Italia Capital's 7.721% dollar bonds due 2038 on the Fund's first day of trading.”
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  • TrimmedBE Semiconductor Industries
    August 2026
    “We had already taken large amounts of profit at the end of June, for the third time this year, through our rebalancing process.”
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  • New positionAA plc
    August 2026
    “Bought on the Fund's first day, these secured notes are whole business securitisation paper issued by the UK roadside assistance group, with a maturity of January 2028.”
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  • ExitedIntertek
    July 2026
    “We sold our position the same day at approximately £57.94, capturing the bulk of the uplift while avoiding the completion risk inherent in the months-long path to shareholder and regulatory approval that remained ahead.”
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  • ExitedGrape King
    July 2026
    “We also sold our position in the Taiwanese health supplement and biotechnology company Grape King in Q1.”
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  • ExitedSonova
    July 2026
    “We made three changes to the Fund’s holdings during the first quarter, selling our positions in Sonova, Checkpoint and DiaSorin, whilst initiating positions in Adyen, Nasdaq and BESI.”
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  • New positionNasdaq
    July 2026
    “We made three changes to the Fund’s holdings during the first quarter, selling our positions in Sonova, Checkpoint and DiaSorin, whilst initiating positions in Adyen, Nasdaq and BESI.”
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  • ExitedEngie
    July 2026
    “During the second quarter, we sold one position (Engie) and replaced it with a new position, Public Service Enterprise Group.”
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  • ExitedIntuit
    July 2026
    “While other products, namely QuickBooks Online Advanced and Intuit Enterprise Suite, continue to offer attractive growth opportunities, the risk of a faster-than-expected plateau in TurboTax, alongside limited near-term clarity on AI monetisation, led us to conclude that there were better opportunities elsewhere and we decided to exit the position.”
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  • AddedKfW
    July 2026
    “During the period, we rotated proceeds from the maturity of the KfW 2026 issue into the German state-owned development bank KfW 2.75% 2027s bond.”
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  • ExitedDiaSorin
    July 2026
    “We made three changes to the Fund’s holdings during the first quarter, selling our positions in Sonova, Checkpoint and DiaSorin, whilst initiating positions in Adyen, Nasdaq and BESI.”
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  • TrimmedShandong Sinocera Functional
    July 2026
    “We took advantage of the sharp re-rating to rebalance the position in June and realise recent gains.”
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  • New positionAdyen
    July 2026
    “We made three changes to the Fund’s holdings during the first quarter, selling our positions in Sonova, Checkpoint and DiaSorin, whilst initiating positions in Adyen, Nasdaq and BESI.”
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  • ExitedAdobe
    July 2026
    “In light of these ongoing headwinds and the lack of clarity over how Adobe might have to adapt their model in the future, we saw better opportunities elsewhere and decided to exit the position.”
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  • New positionMR DIY Malaysia
    July 2026
    “In the quarter, we made one change in the portfolio, buying MR DIY Malaysia, a discount retailer in the home improvements segment.”
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  • TrimmedPartners Group
    July 2026

    Listed in Guinness’s reported holdings.

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  • ExitedCheckpoint
    July 2026
    “We made three changes to the Fund’s holdings during the first quarter, selling our positions in Sonova, Checkpoint and DiaSorin, whilst initiating positions in Adyen, Nasdaq and BESI.”
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  • New positionPublic Service Enterprise Group
    July 2026
    “During the second quarter, we sold one position (Engie) and replaced it with a new position, Public Service Enterprise Group.”
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  • ExitedChina Merchants Bank
    July 2026
    “China Merchants Bank was sold.”
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  • New positionWeichai Power
    July 2026
    “We initiated a position in Weichai Power,”
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  • New positionHimile Mechanical
    July 2026
    “We initiated a position in Weichai Power,”
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  • ExitedJanus Henderson Group plc
    July 2026
    “The Fund’s holding in Janus Henderson (+9%) was realised in June following completion of the company’s acquisition by a consortium led by Trian Fund Management and General Catalyst.”
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  • New positionSSE plc
    July 2026
    “We purchased SSE, a leading UK integrated utility offering exposure to the UK electricity network build-out and broader electrification.”
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  • New positionGames Workshop
    June 2026
    “In May, we sold Recordati and purchased shares in Games Workshop.”
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  • ExitedRecordati
    June 2026
    “In May, we sold Recordati and purchased shares in Games Workshop.”
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  • ExitedAdobe
    June 2026
    “We sold our position in Adobe and, as part of our one-in-one-out process, replaced it with a new position in AMD.”
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Showing the 30 most recent of 31 recorded moves.

Companies held · 223

Every company Guinness has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 94

  • TE Connectivity
    August 2026

    TE Connectivity is a leading connector supplier benefiting from higher EV content per vehicle and attractive exposure to industrial end markets.

    Read the full thesis
  • Amphenol Corporation
    August 2026

    Amphenol Corporation benefits from rising EV content per vehicle through electrical connector and sensor demand.

    Read the full thesis
  • Welltower Inc.
    August 2026

    Welltower benefits from rising senior-housing occupancy, constrained supply, and an operating model that captures pricing and occupancy upside directly.

    Read the full thesis
  • Ventas, Inc.
    August 2026

    Ventas benefits from the same senior-housing tailwinds as Welltower, with strong NOI growth, attractive acquisitions, and operating leverage from ownership.

    Read the full thesis
  • Arthur J. Gallagher
    August 2026

    Arthur J. Gallagher has a defensible core business and is using AI to improve productivity rather than face disintermediation.

    Read the full thesis
  • LSEG
    August 2026

    LSEG is shifting to usage-based pricing to monetise AI and protect its software economics.

    Read the full thesis
  • Eaton
    August 2026

    Eaton is benefiting from the long-term tailwind of data centre and grid infrastructure build-out.

    Read the full thesis
  • Nasdaq
    August 2026

    Nasdaq is a financial infrastructure and software business whose shift toward recurring, mission-critical revenue is supporting strong margins, cash flow, and medium-term growth.

    Read the full thesis
  • Tradeweb Markets
    August 2026

    Tradeweb Markets is an electronic fixed-income and multi-asset marketplace benefiting from secular electronification, network effects, capital-light growth, and strong free cash flow.

    Read the full thesis
  • Nationwide Building Society
    August 2026

    Nationwide Building Society is held through perpetual core capital deferred shares because they offer close to 8% yield on a very well capitalised mutual with strong retail funding and a persistent structural discount.

    Read the full thesis
  • Unilever
    July 2026

    Unilever is highlighted for buybacks, reiterated guidance, structurally higher margins after the Foods separation, and AI-driven efficiency gains.

    Read the full thesis
  • NextEra Energy
    July 2026

    NextEra Energy combines regulated utility expansion with data centre-driven demand growth and a long-term earnings growth outlook above 8% through 2035.

    Read the full thesis

Showing the 48 most recent of 94 theses. Browse them by company to see the rest.

Letter archive · 122

2026

2025

2024

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