Guinness
Guinness Global Innovators Fund
Global Mega-cap Growth
Dec 2024 → Jul 2026
Our archive holds 12 letters from this strategy, behind 14 investment theses and positions in 33 companies. Every quote below is copied verbatim from the letter it came from.
12 letters in 3 years — follow all of Guinness for every strategy.
What it bought and sold
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.
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.
In Q2 2026, we made two switches in the portfolio, purchasing AMD and Nasdaq and selling Adobe and Intuit.
We sold our position in Adobe and, as part of our one-in-one-out process, replaced it with a new position in AMD.
We sold our position in Adobe and, as part of our one-in-one-out process, replaced it with a new position in AMD.
Also held
Its investment theses
- Advanced Micro DevicesJul 2026AMD is a high-performance AI semiconductor company benefiting from AI infrastructure build-out, server CPU share gains and margin expansion.
- NasdaqJul 2026Nasdaq is a data, analytics and exchange infrastructure company with recurring revenues, margin expansion potential and an attractive valuation.
- Applied MaterialsJul 2026Applied Materials benefits from AI-driven semiconductor capex and is seen as well positioned to capture share across the chip manufacturing stack.
- KLAJul 2026KLA is a process-control leader whose inspection and metrology demand is supported by advanced-node and AI-related semiconductor complexity.
- Lam ResearchJul 2026Lam Research is supported by accelerating memory demand, resilient China revenues, and a growing high-margin services business.
- Advanced Micro DevicesJun 2026AMD is positioned to benefit from AI infrastructure growth, rising server CPU demand, and operating leverage, supported by strong leadership and a broader full-stack semiconductor strategy.
- Adobe Systems IncDec 2025Adobe Systems Inc is a leading creative software provider with growing AI adoption, resilient subscription economics, and an attractive valuation despite near-term monetization skepticism.
- Tencent Holdings LtdDec 2025Tencent Holdings Ltd is a diversified Chinese internet leader anchored by WeChat with strong margins and multiple growth drivers at an attractive valuation.
- Lam Research CorpDec 2025Lam Research Corp is a leading semiconductor equipment maker benefiting from AI-driven capex with strong margins, a sticky services business, and a durable competitive moat.
- Salesforce IncDec 2025Salesforce Inc is the leading CRM software provider investing in AI agents, with resilient fundamentals and growing AI-driven pipeline despite near-term monetization concerns.