Guinness
Guinness European Equity Income Fund
Europe Large-cap Income
Dec 2024 → Aug 2026
Our archive holds 8 letters from this strategy, behind 7 investment theses and positions in 41 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 had already taken large amounts of profit at the end of June, for the third time this year, through our rebalancing process.
The bottom performers were Partners Group (-17.4%), Royal Unibrew (-14.7%), and Kaufman & Broad (-7.7%).
Also held
Its investment theses
- UnileverJul 2026Unilever is highlighted for buybacks, reiterated guidance, structurally higher margins after the Foods separation, and AI-driven efficiency gains.
- Rational AGMar 2026Rational is a professional kitchen equipment maker with operating leverage, growing recurring revenues, aligned ownership, and an attractive valuation.
- Metso OyjDec 2025Metso is a services-heavy mining equipment leader with improving margins, clear growth targets, and strong exposure to an emerging gold and copper capex upcycle.
- Industria de Diseño Textil SA (Inditex)Dec 2025Inditex is a cash-rich global retailer with durable high returns and lower reinvestment needs, enabling faster compounding and shareholder returns.
- SPIE SADec 2025SPIE is a defensive, cash-generative technical services leader with strong exposure to electrification tailwinds, margin expansion, and attractive valuation.
- BE Semiconductor Industries NVDec 2025BE Semiconductor is a market leader in hybrid bonding with high returns, strong balance sheet, and secular AI packaging tailwinds.
- Jumbo SADec 2025Jumbo is a high-ROCE, net-cash value retailer with prudent expansion, strong cash returns, and an attractive dividend.