Guinness European Equity Income Fund

Portfolio ManagerNick Edwards

3rd November 2020

Guinness European Equity Income Fund

This document is presented to you in your capacity as a Professional Client and is not for general distribution to Retail Clients. Should you receive this document as a Retail Client you should disregard its content and take no action based upon it.

Produced by MSCI ESG Research as of May, 12 2020

Portfolio Advisor

1Portfolio manager

Source: Guinness Asset Management

Nicholas Edwards

• Joined Guinness Asset Management in 2018

• Previously worked at Mirabaud and in European equities since 2001, latterly as a member of the Strategy team.

• Graduated from London Business School with a Master’s degree in Finance. Prior to which Nicholas holds an MA Hons degree from the University of Edinburgh.

European Equity Income

2013 2014 2015 2016 2017 2018 2019 2020

Ian Mortimer Manager

Matthew Page Manager

Nick Edwards - - - - - Analyst Manager

2Equity Income strategies from Guinness Asset Management

Source: Guinness Asset Management and Financial Express, as at 30.09.2019. Performance vs peers for European Equity Income, Asian Equity Income, Emerging Markets Equity Income is relative to all income/dividend focused peers in their respective IA and FE sectors. The peers may not be exhaustive, but we have endeavoured to give as full a list as possible.

Matthew Page, CFAPortfolio ManagerGlobal Equity Income

Ian Mortimer, CFAPortfolio ManagerGlobal Equity Income

Nick EdwardsPortfolio ManagerEuropean Equity Income

Joseph StephensAnalystGlobal Equity Income

Sagar ThankiAnalystGlobal Equity Income

Edmund HarrissPortfolio ManagerAsian Equity IncomeEM Equity Income

Mark Hammonds, CFAPortfolio ManagerAsian Equity IncomeEM Equity Income

Sharukh MalikAnalystAsian Equity IncomeEM Equity Income

Emerging Markets Equity Income

Launch: 23rd December 2016

Sector: IA Global Emerging Markets

Quartile Since Launch: 2nd

Asian Equity Income

Launch: 19th December 2013

Sector: IA Asia ex-Japan

Quartile Since Launch: 1st

European Equity Income

Launch: 19th December 2013

Sector: IA Europe ex-UK


Global Equity Income

Launch: 31st December 2010

Sector: IA Global Equity Income


3

▪ Quality income process

▪ Positioning & attributes

▪ Fund performance

▪ Stronger out of the crisis

▪ Key long-term drivers of European equity returns

Quality Income

4

▪ Historical total return of stocks within the S&P500 between 1972 and 2019

Importance of dividend growth

Source: NED David Research.

12.9% 12.8% 12.3% 11.9%10.9%

8.6%

Dividend growers& initiators

All dividend-paying stocks

S&P 500 Index Dividend payerswith no change in

dividends

Non dividend-paying stocks

Dividend cuttersor eliminators

5Persistent return on capital is a good predictor of dividend growth

Source: Guinness Asset Management, CS HOLT

6Fund philosophy

Conviction

The Fund typically has 30 equally weighted positions

We target a low turnover with average of 3 – 5 year investment horizon

Quality

We focus on companies with a long history of persistent high return on capital

We avoid highly leveraged companies

Value

We try to identify companies that are cheap vs market, peers, and their own history

Fund investment process is fundamentally driven from the bottom-up

Dividend

The Fund targets a moderate dividend yield (we do not screen for high dividend yield companies)

The Fund aims to grow the dividend stream year-on-year

Concentrated portfolio of high return on capital companies, at attractive valuations, with a moderate dividend yield and good potential for dividend growth


7Quality investment universe criteria

Our universe definition ignores yield - our focus is on quality, stable, profitable companies

Europe ex-UK companies

c.2,000

Persistent high return on capital companies c.250

Investment universe

c.200

1Sustainable competitive advantageScreened for 8 years of CFROI greater than 8%

2Strong balance sheet and critical massDebt to equity < 1. Market cap > €0.5bn.


8Why CFROI > 8%?

▪ A CFROI >8% is well above the median return on capital of Europe ex-UK companies over the last 20 years


▪ Cash flow return on investment (CFROI) is a metric developed by Credit Suisse HOLT that seeks to calculate cash flow return on investment adjusted for inflation and on a standardised global/industry basis.

▪ This process identifies best of breed companies within Europe

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Median CFROI of Europe ex-UK companies

Median Our hurdle rate

9Why 8 years, and why 8 consecutive years?

US economic cycles 1854-2009

▪ Ensures we only capture companies whose returns have remained consistently high through recessionary periods

▪ Looking at 8 consecutive years avoids companies with highly cyclical returns on capital

▪ Looking at 8 consecutive years rather than an average avoids companies with high average but unreliable returns.

Source: US - NBER, Europe - Economic Cycle Research data on Germany, France, Italy

Length of cycle Occurrences

> 10 years 1

8-10 years 3

6-8 years 4

4-6 years 6

2-4 years 19

Total no. of cycles 33

Most economic cycles since 1854 have lasted less than 8 years

European cycles 1957- 2018

Length of cycle Occurrences

> 10 years 2

8-10 years 3

6-8 years 4

4-6 years 8

2-4 years 4

Total no. of cycles 21

10Identifying consistent creators of shareholder value

Our universe includes companies like this… …but excludes companies like these


Value destruction

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CF

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Time

Value creation

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Value creation

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6% cost of

capital

6% cost of

capital

6% cost of

capital

CFROI >8% for 8 years is a powerful indicator of continuing high returns: there is a over 90% chance that qualifying companies will achieve this score in the following year, and ~80% chance of companies achieving this score over four years.

Good company Average company

Poor company

Powerful indicator

11Universe characteristics – good sector distribution

Source: Guinness Asset Management, CS HOLT, Bloomberg

▪ Few highly cyclical companies in universe (energy, materials)

▪ Few highly regulated industries (utilities, telecoms): difficult to achieve high CFROI

▪ Good geographic diversification; Germany, France and Switzerland have the largest weightings

0%

10%

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30%

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60%

70%

80%

90%

100%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

GICS sector (current)

Utilities

Communication Services

Information Technology

Financials

Health Care

Consumer Staples

Consumer Discretionary

Industrials

Materials

Energy

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Country of domicile

Other

Portugal

Luxembourg

Austria

Greece

Denmark

Belgium

Norway

Ireland

Switzerland

Germany

France

12Investment process: systematic, repeatable, robust

Improving return on capital profile businessesInvestment universe of c200 persistently high return on capital businesses

Prioritisation / Idea generationBusiness strength, Valuation, Dividend

Portfolio additionDiscount to intrinsic value, sustainable dividend,

better risk/return than a current holding

Fundamental analysisSources of capital, Capital allocation, Proprietary modelling, Assessment of

return potential, Risk analysis.

Watch listLike the business, don’t like the

valuation

RejectWeak business, poor allocator of

capital, industry in decline, unsustainable dividend

Understand performanceDid total return evolve as expected?


13Portfolio construction

Holdings & sizing▪ 30 companies in portfolio (typically)

▪ Equally weighted

▪ Rebalancing effect: Trim winners, top up underperformers

▪ One in, one out: Strong sell discipline, no long tail of small positions

▪ Limit stock specific risk: No large weights in just one or two positions

▪ High active share: Genuinely index agnostic

▪ Maximum 30% in any one sectorDiversification

▪ Low turnover of positions

▪ 3 – 5 year average holding periodTurnover

▪ Fundamentally driven stock selection – index agnostic

▪ Consider macro factors at the company level. Macro/Top-down


14

Positioning & Attributes

Fund Positioning

15Portfolio Breakdown – Attributes

Source: Guinness Asset Management, qualitative assessment

Holdings

Identifiable Barriers to Entry Intangibles, Switching Costs, Scale, Network Effects, Regulation

Market Leadership Positions Dominates a market or niche, number 1, 2 or 3 position. Balance sheet strength.

Widening Moat Market share gains. R&D spend. New Products. Widening margins. Eye on capital cycle / new entrants.

Aligned Incentives Active shareholders. Capital allocators. Returns based incentives. Business owner culture. Stakeholder focus.

Market Opportunity Long runway. Secular growth. Not forgetting about the supply side.

Commodity industries Materials, Energy.

Regulated Industries Utilities, Telecoms.

Banks Leverage, regulation.

Stro

ng

Self

det

erm

inat

ion

Exte

rnal

fac

tors

16Portfolio breakdown

Source: Guinness Asset Management, Bloomberg (data as at 30.09.2020).

By receipt of this presentation document in either hard or soft copy, the recipient agrees not to copy, disclose, disseminate or use this information other than in their own fund selection process. Note: this portfolio data is Confidential Information that, until the 15th day of each month, is not in the public domain.

(USD)

PE PE

20Y 21Y

Kering SA Consumer Discretionary 85.1 FP 3.1% 27.9 20.2

Nestle SA Consumer Staples 344.4 SW 3.3% 24.5 22.7

Danone SA Consumer Staples 44.1 FP 3.7% 17.4 16.0

Salmar ASA Consumer Staples 6.6 NO 3.5% 21.7 17.0

Unilever NV Consumer Staples 161.8 NA 3.1% 19.0 18.0

Bakkafrost P/F Consumer Staples 4.0 NO 3.5% 35.3 19.0

Euronext NV Financials 8.7 FP 3.0% 19.2 19.0

Helvetia Holding AG Financials 4.6 SW 3.5% 11.4 8.8

Amundi SA Financials 14.4 FP 3.7% 15.6 14.1

AXA SA Financials 44.0 FP 3.7% 9.1 6.8

Mapfre SA Financials 4.6 SM 3.4% 8.1 7.0

Deutsche Boerse AG Financials 32.9 GR 3.7% 24.5 24.0

Novo Nordisk A/S Health Care 161.1 DC 3.5% 24.0 20.9

Fresenius SE & Co KGaA Health Care 24.7 GR 3.9% 13.2 11.7

Recordati Industria Chimica e Farmaceutica SpAHealth Care 10.8 IM 3.4% 23.8 21.6

Roche Holding AG Health Care 298.3 SW 3.6% 15.9 15.0

Konecranes Oyj Industrials 2.7 FH 2.9% 18.7 11.6

Epiroc AB Industrials 17.3 SS 3.0% 27.0 23.9

Thales SA Industrials 16.0 FP 3.7% 15.6 10.9

Deutsche Post AG Industrials 56.7 GR 3.0% 17.9 13.8

ABB Ltd Industrials 55.6 SW 3.2% 33.8 21.6

Siemens AG Industrials 105.2 GR 2.7% 18.2 14.9

Aalberts NV Industrials 4.0 NA 3.1% 23.3 14.6

Schneider Electric SE Industrials 70.4 FP 3.2% 25.2 19.6

Assa Abloy AB Industrials 26.4 SS 3.2% 27.5 20.5

TietoEVRY Oyj Information Technology 3.3 FH 3.2% 13.8 11.6

Capgemini SE Information Technology 21.5 FP 3.1% 16.3 13.8

ASML Holding NV Information Technology 159.0 NA 3.6% 46.1 32.6

Sika AG Materials 35.5 SW 2.9% 36.7 30.2

Smurfit Kappa Group PLC Materials 9.6 ID 3.5% 13.7 12.0

Average mkt. cap 61.1 Total portfolio 18.2 14.7

Median mkt. cap 25.6

MSCI Europe ex-UK Index 21.6 16.1

Fund premium/(discount) -15.9% -8.4%

Name Country % NAVMkt. capSector

17Portfolio allocation – Sector Over/ Underweight

Source: Guinness Asset Management, Bloomberg (data as at 30.09.2020)

0% 5% 10% 15% 20% 25% 30% 35%

Industrials

Financials

Consumer Staples

Materials


Real Estate

Energy

Health Care


Utilities

Consumer Discretionary

Sector Exposures

Portfolio Index

15%

5%

4%

0%

0%

-1%

-2%

-4%

-4%

-5%

-8%

-10% 0% 10% 20%

Over/Underweight

0% 5% 10% 15% 20% 25%

Finland

Norway

Ireland

Netherlands

Denmark

UK

France

Sweden

Austria

Poland

Luxembourg

Italy

Belgium

Spain

Germany

Switzerland

Regional Exposures

Portfolio Index

-10% -5% 0% 5% 10%

Over/Underweight

18Fund vs MSCI Value & Growth

Source: Guinness Asset Management, Bloomberg data (data as at 30.09.2020).

0.0 0.0 0.0 0.03.5

7.3 9.413.1

16.8 18.3

30.0

0.05.0

10.015.020.025.030.035.0

Fund vs MSCI Europe Value & Growth weights %

MSCI Europe Value MSCI Europe Growth Guinness European Equity Income

19Portfolio allocation over time

Source: Guinness Asset Management, Bloomberg (data as at 30.09.2020)

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Utilities

Materials



Industrials

Health care

Financials

Energy

Consumer staples

Consumer discretionary

Cash

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Ireland

Luxembourg

Sweden

Switzerland

Italy

Norway

UK

Netherlands

Finland

Germany

Denmark

France

Spain

Austria

Cash

20Portfolio statistics – are we doing what we say we will do?

Source: Guinness Asset Management, Bloomberg, CS HOLT (data as at 30.09.2020).

Fund MSCI

Europe ex-

Div yield

(2021e)

3.4%

(gross)

3.0%

(gross)

Payout

ratio %

42% 66%

Fund MSCI Europe

ex-UK

P/E (2021) 14.7 16.1

FCF % 8.6 6.5

Fund MSCI Europe

ex-UK

Average 8yr

CFROI

16% 11%

ROE % 20% 7%

Weighted

average debt

/ equity

78% 226%

Conviction

Typically 30 equally weighted positions in the portfolio

Low turnover: average 3 – 5 year investment horizon

Quality

Focus on companies with a long history of persistent high return on capital

Avoid highly leveraged companies

Value

Identify companies that are cheap vs market, peers, or their own history

Fundamentally driven bottom-up process

Dividend

Target a moderate dividend yield (do not screen for high dividend yield companies)

Aim to grow the dividend stream year-on-year

Pos i tions 30

Top 10 %NAV

Bottom 10 %NAV

35%

32%

Active Share 85%

Sustainable income – MSCI ESG Ratings 21

Source: Guinness Asset Management, MSCI data.

Performance 22

Performance

Fund vs. MSCI Europe Indices 23


13.3%

21.7%

39.4%

52.1% 54.8%59.2% 60.6%

76.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

MSCI UKnet total

returnIndex

MSCIEuropeValueIndex

MSCIEurope

HighDividend

MSCIEurope

EuroIndex

MSCIEurope ex

UK

MSCIEuropeMidcapIndex

GuinnessEuropean

EquityIncome

MSCIEuropeGrowthIndex

5Y to Q3 end 2020 %

24Largest drawdowns in global equity markets since fund launch (19.12.13)


-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

MSCI Europe ex UK (total return in GBP)

1 2 3 4 5 6 8

7

9

25Performance of fund vs benchmark in the largest drawdowns since fund launch

Source: Guinness Asset Management, Bloomberg (all data total return in GBP, Z Class, 0.35% OCF)

Start date End dateMSCI Europe Ex

UK

Guinness

European Equity

Income

Fund relative

performanceReason for sell off

1 GUEEZGI ID Equity 09/06/2014 07/08/2014 -9.5% -9.5% 0.1% Rate concerns / Ebola / Russia tension

2 GUEEZGI ID Equity 09/09/2014 16/10/2014 -11.1% -10.8% 0.4% Fed prepares to raise rates

3 GUEEZGI ID Equity 27/11/2014 07/01/2015 -5.9% -4.1% 1.8% European deflation concerns

4 GUEEZGI ID Equity 13/04/2015 23/09/2015 -14.8% -12.7% 2.1% Greece new bailout bid

5 GUEEZGI ID Equity 30/12/2015 11/02/2016 -11.7% -8.7% 2.9% Migration questions EU stability

6 GUEEZGI ID Equity 11/10/2016 22/11/2016 -6.1% -5.6% 0.5% Rates to rise in the US

7 GUEEZGI ID Equity 24/01/2018 26/03/2018 -8.5% -7.5% 0.9% Inflation / rate hike scare

8 GUEEZGI ID Equity 26/09/2018 27/12/2018 -13.1% -10.2% 2.9% Italian budget deficit debacle

9 GUEEZGI ID Equity 19/02/2020 16/03/2020 -27.7% -29.8% -2.1% Coronavirus

26Peer group analysisFund percentile rank versus Income peers (5 years, in GBP)

Source: Financial Express. Europe ex UK income funds in the following sectors: FO Equity – Europe ex UK, IA Europe ex UK, OM Equity – Europe ex UK, OFF MT Equity –Europe ex UK. This group was created by Guinness to show other Europe ex UK income funds. This list may not be exhaustive but have we endeavoured to give as complete a list as possible. Z GBP share class, 0.35% OCF. Data to 30.09.2020.

Risk and performance analysisAnnualised, weekly, in GBP

Return

pa (%)

Volatility

(%)Downside Risk Max drawdown Sortino

Excess

return

Sharpe

ratio

Info

ratioTreynor Jensens Alpha

Guinness European Equity Income 10.06 16.73 17.61 -30.29 0.35 0.60 0.36 0.10 6.45 0.92

Index : MSCI Europe ex UK 9.23 16.86 17.67 -25.02 0.31 0.00 0.32 0.00 5.48 0.00

Sector : IA Europe Excluding UK 9.12 15.49 16.55 -24.43 0.30 -0.45 0.32 -0.08 5.78 0.21

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Dividend distribution history 27

▪ Grown the fund dividend payment every year in Euros.

▪ Annualised growth of 6.3% since launch in Euros (X Class).

▪ Annualised growth of 8.4% since launch in GBP (Z Class)


€ 305 € 323 € 327

€ 382 € 398 € 415

€ -

€ 100

€ 200

€ 300

€ 400

€ 500

2014 2015 2016 2017 2018 2019

Income paid on €10,000 investment at launch (Class X EUR)

£299 £285£315

£403£430 £447

£0

£100

£200

£300

£400

£500

2014 2015 2016 2017 2018 2019

Income paid on £10,000 investment at launch (Class Z GBP)

Dividend & Switches 28


-100%-100%-100%

-82%

-56%

-46%

-24%-21%-19%-19%-11%

0% 0% 0% 1% 3% 3% 3% 4% 5% 6% 7% 7% 8% 8% 9% 10%10%12%14%

-120%

-100%

-80%

-60%

-40%

-20%

0%

20%

Divided Growth 2020 - Current Portfolio

Enablers of Resilience – Communications & Automation

and job creation - Green infrastructure

2021e yield 3.4% vs. >4% in 2019.

Dividend paying companies are a good hedge against inflation

Portfolio Developments 30

Stronger out of the crisis

Portfolio – Stronger out of the crisis 31

▪ Novo Nordisk results highlighted the potential for 10% eps CAGR out to 2030 driven by its core GLP-1 franchise that may now also proveefficacious in reducing COVID risk.

▪ Roche receiving a significant boost to Diagnostics from the crisis amid structural historic underinvestment in multiples countries. While thepharma investor day highlighted 23 drugs in late stage PIII pipeline vs. 10 in 2018.

▪ Schneider’s Aveva announced it will acquire OSI Soft, giving it a strong foothold in the nascent buildings information modelling market(BIM), a market that should in turn benefit from the efficient buildings component of the European recovery package.

▪ CapGemini reported bookings +10.3% as customers look to increase agility, accelerating digital and cloud capex in response the crisis.

▪ Nestle continued its portfolio shift towards healthy and premium with the acquisition of Aimmune Therapeutics which develops treatmentsfor food allergies.

▪ Smurfit Kappa reported price rises at a time that might normally be associated with weaker demand, underscoring the strength of the shiftto sustainable packaging.

▪ Deutsche Post Q2 EBIT +26%, Q3 +58%, with the crisis underscoring the systemic importance of DP’s proprietary express network andairfreight capacity.

▪ Sika raised guidance from the market leader in sustainable construction chemicals, benefitting from the digital fast forward and climatefocused fiscal spending.

▪ Kering reported strong online traction in Asia across WeChat and Instagram highlighting how companies like Kering that use technology welllook set to come out to the crisis stronger.

▪ Siemens spun out its Siemens Energy division giving us more exposure to its high-quality high return Digital Industries automation andsoftware business. Similarly ABB capital markets day in November could reveal further portfolio opportunities.

▪ Euronext to acquire MTS Borsa Italiana from LSE as part of Refinitive competition measures, giving it critical scale in clearing and electronicfixed income.

▪ Konecranes to merge with Cargotec creating a world leader in lifting and automation services with all divisions #1 or #2 market positions,and service representing 40% of total sales.

Portfolio Developments 32

Long-term drivers of European equity returns

The rise of the greens looks set to continue 33

Source: Eurostat, https://www.politico.eu/article/the-eu-budget-and-recovery-deal-in-charts/

▪ ECB “target green spread”

▪ All CDU / Chancellor candidates support…

➢ EU €750bn Recovery fund, integration, CMU

➢ Green – ECB, Carbon price, net zero 2050

▪ Kingmakers in the European parliament

▪ No two parties now able to command a majority

https://www.politico.eu/article/the-eu-budget-and-recovery-deal-in-charts/

34World class innovation

Source: http://uis.unesco.org/apps/visualisations/research-and-development-spending/

http://uis.unesco.org/apps/visualisations/research-and-development-spending/

35Consolidation & improving returns

Consolidation

Industrial

Gases

Logistics

Lifts

Exchanges

Telecoms

Industrials

& Autos

36Platform availability – 0.35% OCF Z Class Offer

Share classes*

Class Currency Max TER (OCF) Description Acc / dist ISIN

Z GBP 0.35% Founder share class Dist IE00BGHQF300

Pricing & dealing

Pricing Daily

Performance fee None

Valuation point 11pm Dublin time

Dealing cut off 3pm Dublin time

Domicile Ireland

The Fund

Fund launch date 19 December 2013

Fund managersNick Edwards, Matthew Page & Dr Ian Mortimer

BenchmarkMSCI Europe ex-UK Index

Leverage None

Currency hedging

None

Structure & legal

Fund structure Dublin OEIC (UCITS IV)

AdministratorLink Fund Administrators (Ireland) Ltd.

Custodian JP Morgan

Temporary permissions regime

Yes

Reporting statusReporting Fund for UK tax purposes

*

Source: Guinness Asset Management. *Y class rebated down to 0.35% on Fidelity FundsNetwork.

Founder Z share class will close to new investment when the Fund reaches £50m in AUM.

Q&A 37

Questions Please

38Guinness European Equity Income Fund - all share classes

0.35% OCF 0.99% OCF 1.24% OCF 1.99% OCF

Currency GBP GBP / USD / EUR GBP / USD / EUR GBP / USD / EUR

Initial charge 0% 0% 0% 5%

Max total expense ratio (OCF)

0.35% 0.99% 1.24% 1.99%

Accumulation or Distribution

Distribution Accumulation Distribution Accumulation Distribution Accumulation

Country registrations*UK, CH, LUX, FIN, SWE,

SGPUK, CH, LUX, FIN, SWE,



SGP EUR class: ESUK, CH, LUX, FIN, SWE,

SGP EUR class: ESUK, CH, LUX, FIN, SWE,

SGP EUR class: ES

Name Z Y Acc Y Dist X Acc X Dist C Acc

ISIN codes GBP: IE00BGHQF300GBP: IE00BYVHVZ98USD: IE00BYVHW233EUR: IE00BYVHW019

GBP:IE00BYVHWJ06

USD:IE00BYVHW340

EUR:IE00BYVHW126

GBP: IE00BGHQDY74USD: IE00BGHQF292EUR: IE00BGHQF078

GBP: IE00BGHQDX67USD: IE00BGHQF185EUR: IE00BGHQDZ81

GBP: IE00BVYPNS63 USD: IE00BVYPNT70

EUR: IE00BGHQDW50

Bloomberg tickers GBP: GUEEZGI IDGBP: GUEEYGA IDUSD: GUEEYUA IDEUR: GUEEYEA ID

GBP: GUEEYGD IDUSD: GUEEYUD IDEUR: GUEEYED ID

GBP: GUEEXGA IDUSD: GUEEXUA IDEUR: GUEEXEA ID

GBP: GUEEXGI IDUSD: GUEEXUI IDEUR: GUEEXEI ID

GBP: GUEECGA ID USD: GUEECUA ID EUR: GUEECEA ID

*Country codes: UK: United Kingdom; CH: Switzerland; LUX: Luxembourg; FIN: Finland; SWE: Sweden; SGP: Singapore (professional only); ES: Spain


39Contact details

Sales, marketing and investor relations

Charlie Riddell [email protected] +44 (0) 20 7222 3473

Flurry Wright [email protected] +44 (0) 20 7222 5703

Deborah Kay [email protected] +44 (0) 20 7222 2037

Alex Hall [email protected] +44 (0) 20 7042 6525

Padraig Staunton

Charlie Crole

[email protected]

[email protected]

+44 (0) 20 7222 3719

+44 (0) 20 7222 5703

Investment management team

Ian Mortimer [email protected] +44 (0) 20 7222 3115

Matthew Page [email protected] +44 (0) 20 7222 3085

Nick Edwards [email protected] +44 (0) 20 7042 6511

Guinness Asset Management Ltd.

18 Smith Square, London SW1P 3HZ

[email protected]

+44 (0) 20 7222 5703

For your protection, calls to these numbers will be recorded

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Issued by Guinness Asset Management Limited, authorised and regulated by the Financial Conduct Authority.

This report is primarily designed to inform you about Guinness European Equity Income Fund. Any investment decision should take account of the subjectivity of the comments contained in the report. It is provided for information only and all the information contained in it is believed to be reliable but may be inaccurate or incomplete; any opinions stated are honestly held at the time of writing, but are not guaranteed. The contents of the document should not therefore be relied upon. It should not be taken as a recommendation to make an investment in the Fund or to buy or sell individual securities, nor does it constitute an offer for sale.

Risk

The Guinness European Equity Income Fund is an equity fund. Investors should be willing and able to assume the risks of equity investing. The value of an investment and the income from it can fall as well as rise as a result of market and currency movement, and you may not get back the amount originally invested. Details on the risk factors are included in the Fund’s documentation, available on our website. Shareholders should note that all or part of the fees and expenses will be charged to the capital of the Fund. This will have the effect of lowering the capital value of your investment.

Documentation

The documentation needed to make an investment, including the Prospectus, the Key Investor Information Document (KIID) and the Application Form, is available from the website guinnessfunds.com, or free of charge from:-

▪ the Manager: Link Fund Manager Solutions (Ireland) Ltd, 2 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland;

the Promoter and Investment Manager: Guinness Asset Management Ltd, 18 Smith Square, London SW1P 3HZ.

Residency

In countries where the Fund is not registered for sale or in any other circumstances where its distribution is not authorised or is unlawful, the Fund should not be distributed to resident Retail Clients. THIS INVESTMENT IS NOT FOR SALE TO U.S. PERSONS.

Structure & regulation

The Fund is a sub-fund of Guinness Asset Management Funds PLC (the “Company”), an open-ended umbrella-type investment company, incorporated in Ireland and authorised and supervised by the Central Bank of Ireland, which operates under EU legislation. The Fund has been approved by the Financial Conduct Authority for sale in the UK. If you are in any doubt about the suitability of investing in this Fund, please consult your investment or other professional adviser.

Switzerland

This is an advertising document. The prospectus and KIID for Switzerland, the articles of association, and the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland, Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, Switzerland, Tel. +41 22 705 11 77, www.carnegie-fund-services.ch. The paying agent is Banque Cantonale de Genève, 17 Quai de l'Ile, 1204 Geneva, Switzerland.

Telephone calls will be recorded and monitored.

03/11/2020, GBP

Disclaimer

Documents

Guinness European Equity Income Fund