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Guinness

Dec 2024 → Jul 2026 · Publishes monthly · 16 funds

Our archive holds 110 letters from Guinness, behind 84 investment theses and positions in 191 companies. Every quote below is copied verbatim from the letter it came from.

Guinness’s own letters page
110
Letters
191
Companies
24
Moves
84
Theses

What they bought and sold · 24 moves

  • 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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  • 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 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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  • ExitedChina Merchants Bank
    July 2026
    “China Merchants Bank was sold.”
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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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  • 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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  • 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 positionHimile Mechanical
    July 2026
    “We initiated a position in Weichai Power,”
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  • New positionWeichai Power
    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 positionGames Workshop
    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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  • New positionAMD
    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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  • ExitedRecordati
    June 2026
    “In May, we sold Recordati and purchased shares in Games Workshop.”
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Companies held · 191

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

Theses · 84

  • Unilever
    July 2026

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

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  • 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.

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  • SSE
    July 2026

    SSE offers exposure to UK grid build-out and electrification with a fully funded investment plan driving regulated asset base growth and earnings visibility.

    Read the full thesis
  • PepsiCo
    July 2026

    PepsiCo offers improving North American volume trends, a compounding international business and an attractive valuation with a strong dividend.

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  • Advanced Micro Devices
    July 2026

    AMD is a high-performance AI semiconductor company benefiting from AI infrastructure build-out, server CPU share gains and margin expansion.

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  • Nasdaq
    July 2026

    Nasdaq is a data, analytics and exchange infrastructure company with recurring revenues, margin expansion potential and an attractive valuation.

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  • Applied Materials
    July 2026

    Applied Materials benefits from AI-driven semiconductor capex and is seen as well positioned to capture share across the chip manufacturing stack.

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  • KLA
    July 2026

    KLA is a process-control leader whose inspection and metrology demand is supported by advanced-node and AI-related semiconductor complexity.

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  • Lam Research
    July 2026

    Lam Research is supported by accelerating memory demand, resilient China revenues, and a growing high-margin services business.

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  • Diploma
    July 2026

    Diploma is a decentralized distributor with strong margins, high capital returns, resilience, and attractive relative valuation.

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  • WSP Global
    July 2026

    WSP Global is a diversified engineering and advisory compounder with strong backlog, margin expansion, and infrastructure and energy-transition tailwinds.

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  • Inficon
    July 2026

    Inficon is a high-margin, cash-generative picks-and-shovels supplier to semiconductor and vacuum-coating equipment markets with secular AI and capex tailwinds.

    Read the full thesis

Showing the 48 most recent of 84 theses. Browse them by company to see the rest.

Letter archive · 110

2026

2025

2024

Funds · 16

  • Guinness Global Energy Fund12
  • Guinness Global Equity Income Fund12
  • Guinness Global Innovators Fund12
  • Guinness Sustainable Energy Fund11
  • Guinness Asian Equity Income Fund10
  • Guinness Global Quality Mid Cap Fund10
  • Guinness Greater China Fund9
  • Guinness Emerging Markets Equity Income Fund7
  • Guinness European Equity Income Fund7
  • Guinness Global Money Managers Fund6
  • Guinness China A Share Fund4
  • Guinness Global Real Assets Fund4
  • Guinness Multi-Asset Funds2
  • Guinness Pan-European Equity Income Fund2
  • Guinness1
  • Guinness China RMB Income Fund1

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