Guinness
Guinness Greater China Fund
China Large-cap
Dec 2024 → Aug 2026
Our archive holds 10 letters from this strategy, behind 11 investment theses and positions in 38 companies. Every quote below is copied verbatim from the letter it came from.
10 letters in 3 years · follow all of Guinness for every strategy.
Performance
as of Jul 31, 2026 · net of fees · EUR
- YTD+8.7%index +20.4%
- 1Y+17.7%index +30.8%
- 3Y · total+19.2%index +71.2%
- 5Y · total+3.3%index +45.3%
- 10Y · total+72.0%index +158%
Index: MSCI Golden Dragon TR
| YTD | 1Y | 3Ytotal | 5Ytotal | 10Ytotal | |
|---|---|---|---|---|---|
| Guinness Greater China Fund | +8.7% | +17.7% | +19.2% | +3.3% | +72.0% |
| MSCI Golden Dragon TR | +20.4% | +30.8% | +71.2% | +45.3% | +158% |
Calendar years
- 2025+15.0%index +18.5%
- 2024+11.5%index +30.7%
- 2023−12.9%index −4.3%
- 2022−17.9%index −17.2%
- 2021+7.7%index −2.6%
- 2020+8.1%index +17.6%
- 2019+32.8%index +26.1%
- 2018−21.5%index −10.5%
- 2017+32.2%index +26.3%
- 2016+5.5%index +8.6%
Disclaimer
These figures are copied from the manager’s latest letter, as of Jul 31, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
China Merchants Bank was sold.
We initiated a position in Weichai Power,
We initiated a position in Weichai Power,
Also held
- Haitian International
- Sany Heavy Industry
- Shandong Himile Mechanical
- Nari Technology
- Hongfa Technology
- Taiwan Semiconductor
- Hangzhou First Applied Materials
- Elite Material
- Taiwan Semiconductor Manufacturing Company
- Sino Biopharmaceutical
- AIA Group
- TSMC
- NetEase
- China Overseas Land
- Midea Group
- China Overseas Land & Investment
- Haier Smart Home
- Weichai Power
- Tencent
- Shenzhen Inovance Technology
- Shenzhou International
Its investment theses
- Himile MechanicalJul 2026Himile Mechanical combines a cash-generative tyre mould business with precision components exposure to turbines, grid demand and AI-related power needs.
- Nari Technology Co., Ltd.Mar 2026Nari Technology provides critical grid software and equipment and is well positioned to benefit from China's rising grid capex and global electrification demands.
- Weichai Power Co., Ltd.Mar 2026Weichai Power is a leading heavy-duty engine maker positioned to benefit from data center power demand and high-margin aftermarket services.
- Hongfa Technology Co., Ltd.Dec 2025Hongfa Technology Co., Ltd. is the world’s largest relay maker positioned to benefit from increasing relay content in vehicles, EV fast-charging, and power grid upgrades for AI.
- MeituanDec 2025Meituan is China’s leading food delivery platform with diversified services and potential earnings recovery and customer growth once subsidy competition eases.
- Elite Material Co., Ltd.Dec 2025Elite Material Co., Ltd. is a leading CCL supplier benefiting from AI-driven multilayer PCB demand, tight industry supply, and strong hyperscaler relationships.
- Suofeiya Home Collection Co., Ltd.Dec 2025Suofeiya Home Collection Co., Ltd. is a cabinetry maker with resilient returns and attractive valuation despite real estate-driven headwinds and near-term sales declines.
- BYD Co., Ltd.Dec 2025BYD Co., Ltd. is the world’s largest EV maker with technology and cost advantages, in-house batteries, and scale that support superior margins and competitive pricing.
- BYDJun 2025BYD is the world's largest electric vehicle company by sales volume, holding a 27% market share in China and making significant strides in export markets, particularly in Germany and the UK, while benefiting from technological leadership and cost advantages.
- MeituanJun 2025Meituan is China's largest food delivery platform, leveraging a strong network of merchants, customers, and drivers to withstand competitive pressures from JD.com and remain a favorable investment despite potential margin pressures.