Guinness
Guinness Emerging Markets Equity Income Fund
Emerging markets Large-cap Income
Dec 2024 → Aug 2026
Our archive holds 8 letters from this strategy, behind 7 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.
8 letters in 3 years — follow all of Guinness for every strategy.
What it bought and sold
We also sold our position in the Taiwanese health supplement and biotechnology company Grape King in Q1.
In the quarter, we made one change in the portfolio, buying MR DIY Malaysia, a discount retailer in the home improvements segment.
Also held
- Coca-Cola Femsa
- Elite Material
- Suofeiya Home
- Zhejiang Supor Co.
- Arca Continental
- China Construction Bank
- Hon Hai
- Tech Mahindra
- Unilever
- TSMC
- Tata Consultancy
- British American Tobacco
- Largan Precision
- Catcher Technology
- Hon Hai Precision Industry Co Ltd
- B3 SA - Brasil Bolsa Balcao
- Novatek Microelectronics Corp
- China Medical System Holdings Ltd
- Largan Precision Co Ltd
- Kweichow Moutai Co Ltd
- Elite Material Co Ltd
- Suofeiya Home Collection Co Ltd
- Bank Rakyat Indonesia Persero Tbk PT
- Novatek Microelectronics
- Bajaj Auto
- Nien Made Enterprise
- NetEase
- Hon Hai Precision Industry
- Credicorp
Its investment theses
- MR DIY MalaysiaJul 2026MR DIY Malaysia is a discount home-improvement retailer with dominant market share, store expansion runway and strong operational efficiency.
- Taiwan Semiconductor Manufacturing Co LtdJul 2026Taiwan Semiconductor Manufacturing benefits from AI and data centre demand and retains a dominant bottleneck position in advanced chip supply chains.
- Suofeiya Home Collection Co LtdDec 2025Suofeiya Home Collection Co Ltd is a Chinese home furnishings maker with resilient returns and margin improvement potential, trading at an attractive valuation despite real estate headwinds.
- Elite Material Co LtdDec 2025Elite Material Co Ltd is a leading CCL maker with dominant high-grade market share, strong management reinvestment, and AI-driven demand supporting growth and dividends.
- ANTA Sports Products LtdDec 2025ANTA Sports Products Ltd is a leading Chinese sportswear brand with consistent high returns, pricing power, and expansion opportunities across Southeast Asia.
- China Medical System Holdings LtdDec 2025China Medical System Holdings Ltd is a leading pharma licensor with strong R&D, sales network, and a value-unlocking Dermavon spin-off, recovering after regulatory headwinds.
- ANTA Sports Products LimitedNov 2025ANTA Sports Products Limited is a leading Chinese sportswear company executing a multi-brand global expansion with vertical integration, R&D-driven innovation, strategic acquisitions, ESG credentials, star endorsements, and strong growth across Southeast Asia and digital channels.