Morningstar Fund Report | 11/04/2025

Guinness Asian Equity Income I USD Accumulation

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	12.1	-6.3	6.4	14.8	-3.0
	+/-Cat	7.6	-3.3	4.4	4.6	-0.5
	+/-B’mrk	4.5	-8.9	-4.5	1.2	-0.7


Category: Asia-Pacific ex-Japan Equity Income
Category Benchmark: MSCI AC Asia Pacific ex Jap...

Key Stats
NAV 09/04/2025		USD 10.87
Day Change		-0.62%
Morningstar Category™		Asia-Pacific ex-Japan Equity Income
ISIN		IE00BMYPN051
Fund Size (Mil) 08/04/2025		USD 247.93
Share Class Size (Mil) 08/04/2025		USD 0.00
Max Initial Charge		-
Ongoing Charge 31/01/2025		0.89%

Investment Objective: Guinness Asian Equity Income I USD Accumulation

The investment objective of the Fund is to provide investors with both income and long-term capital appreciation.

Returns

Trailing Returns (GBP)	09/04/2025
YTD	-11.69
3 Years Annualised	0.89
5 Years Annualised	-
10 Years Annualised	-

12 Month Yield

0.00

Management

Manager Name Start Date
Mark Hammonds 19/12/2013
Edmund Harriss 19/12/2013
Inception Date 16/12/2020

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI AC Pacific Ex Japan NR USD	MSCI AC Asia Pacific ex Japan HDY NR USD

Portfolio Profile for Guinness Asian Equity Income I USD Accumulation	31/03/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	99.74	0.00	99.74
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	0.26	0.00	0.26
Other	0.00	0.00	0.00

Top 5 Regions	%
Asia - Emerging	48.63
Asia - Developed	33.48
Australasia	9.97
United States	7.92
Canada	0.00

Top 5 Sectors		%
	Financial Services	35.12
	Technology	19.79
	Consumer Cyclical	15.91
	Real Estate	10.69
	Consumer Defensive	5.54

Top 5 Holdings	Sector	%
China Merchants Bank Co Ltd Class H	Financial Services	3.75
China Construction Bank Corp Cla...	Financial Services	3.56
Ping An Insurance (Group) Co. of...	Financial Services	3.49
Industrial And Commercial Bank O...	Financial Services	3.42
DBS Group Holdings Ltd	Financial Services	3.37

Increase Decrease New since last portfolio
Guinness Asian Equity Income I USD Accumulation

Growth Of 1000 (GBP)

31/03/2025

	Fund: Guinness Asian Equity Income I USD Accumulation
	Category: Asia-Pacific ex-Japan Equity Income
	Category Index: MSCI AC Asia Pacific ex Japan HDY NR USD

Annual Returns (GBP)			31/03/2025
	2021	2022	2023	2024	31/03
Price Return	12.11	-6.33	6.45	14.81	-2.99
+/- Category	7.63	-3.33	4.45	4.64	-0.48
+/- Category Index	4.49	-8.89	-4.52	1.17	-0.67
% Rank in Category	5	63	16	10	68

Trailing Returns (GBP)			09/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-0.62	1.51	-4.07
1 Week	-9.59	0.70	-4.18
1 Month	-11.50	-0.18	-4.30
3 Months	-11.89	1.32	-2.51
6 Months	-9.33	3.15	-1.43
YTD	-11.69	-0.01	-3.02
1 Year	0.37	6.82	1.23
3 Years Annualised	0.89	2.03	-2.48
5 Years Annualised	-	-	-
10 Years Annualised	-	-	-

Category: Asia-Pacific ex-Japan Equity Income
Category Index: MSCI AC Asia Pacific ex Japan HDY NR USD

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	-2.99	-	-	-
2024	0.85	4.84	6.02	2.42
2023	2.14	-2.94	4.11	3.14
2022	-1.94	-1.32	-7.34	4.47
2021	8.03	1.72	-5.28	7.70

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Above Average	Average
5-Year	-	-	Not Rated
10-Year	-	-	Not Rated
Overall	Above Average	Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	13.96 %
3-Yr Mean Return	5.21 %


3-Yr Sharpe Ratio	0.08

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	MSCI AC Asia Pacific ex Japan HDY NR USD	Morningstar APAC xJpn TME NR USD
3-Yr Beta	1.03	0.94
3-Yr Alpha	-1.64	1.88

Investment Style Details

31/03/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	USD 20834	-


Market Capitalisation	% of Equity
Giant	37.42
Large	38.85
Medium	21.12
Small	2.61
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	11.46	0.95
Price/Book	1.22	0.86
Price/Sales	1.44	0.98
Price/Cash Flow	11.43	1.67
Dividend-Yield Factor	5.25	1.16

Long-Term Projected Earnings Growth	5.77	0.69
Historical Earnings Growth	14.94	1.86
Sales Growth	-2.93	-4.55
Cash-Flow Growth	-14.34	-4.14
Book-Value Growth	4.30	0.93

Asset Allocation

31/03/2025

	% Long	% Short	% Net Assets
Stock	99.74	0.00	99.74
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	0.26	0.00	0.26
Other	0.00	0.00	0.00

World Regions

31/03/2025

	% of Equity	Relative to Category
United States	7.92	5.70
Canada	0.00	-
Latin America	0.00	-
United Kingdom	0.00	0.00
Eurozone	0.00	0.00
Europe - ex Euro	0.00	-
Europe - Emerging	0.00	-
Africa	0.00	-
Middle East	0.00	-
Japan	0.00	0.00
Australasia	9.97	0.65
Asia - Developed	33.48	0.69
Asia - Emerging	48.63	1.53

Sector Weightings

31/03/2025

	% of Equity	Relative to Category
Consumer Cyclical	15.91	1.81
Financial Services	35.12	1.29
Real Estate	10.69	1.87
Consumer Defensive	5.54	0.85
Healthcare	4.51	4.39
Utilities	2.53	0.86
Communication Services	3.29	0.36
Industrials	2.64	0.41
Technology	19.79	0.79

Top 10 Holdings

31/03/2025

	Portfolio NEW
Total Number of Equity Holdings	36
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	33.15

Name	Sector	Country	% of Assets
China Merchants Bank Co Ltd Class H		China	3.75
China Construction Bank Corp Class H		China	3.56
Ping An Insurance (Group) Co. of Chin...		China	3.49
Industrial And Commercial Bank Of Chi...		China	3.42
DBS Group Holdings Ltd		Singapore	3.37
NetEase Inc ADR		China	3.28
BOC Hong Kong Holdings Ltd		China	3.26
PT Bank Rakyat Indonesia (Persero) Tb...		Indonesia	3.14
Inner Mongolia Yili Industrial Group ...		China	2.95
Zhejiang Supor Co Ltd Class A		China	2.93

Increase Decrease New since last portfolio
Category: Asia-Pacific ex-Japan Equity Income

Management

Name of Company	Guinness Asset Management Limited
Phone	020 7222 5703
Website	Guinnessgi.com
Address	18 Smith Square
	London SW1P 3HZ
	United Kingdom

Domicile	Ireland
Legal Structure	Open Ended Investment Company
UCITS	Yes
Inception Date	16/12/2020

Fund Advisor(s)
Guinness Asset Management Limited

Fund Manager	Mark Hammonds
Manager Start Date	19/12/2013

Education

2007, University of Cambridge, B.A./B.S.



Biography
Mark joined Guinness Asset Management in 2012 and is co-manager of the Guinness Emerging Markets Equity Income Fund. Prior to joining Guinness, Mark worked at Ernst & Young, where he qualified as a Chartered Accountant. Mark graduated from Corpus Christi College, University of Cambridge, in 2007 with a First Class degree in Management Studies. He is a CFA Charterholder.

Fund Manager	Edmund Harriss
Manager Start Date	19/12/2013
Career Start Year	1993

Education

1989, University of York, B.A.

1991, University of Oxford, M.M.



Biography
Edmund has managed Asian Funds since 1994 both from London and from Hong Kong. Edmund worked for ten years from 1993 for Guinness Flight, which became Investec after the merger in 1998. After joining the Far East Investment Desk in 1994, he served as a member of the investment team managing the China & Hong Kong Fund (now the Guinness Atkinson China & Hong Kong Fund, for US investors). He moved to Hong Kong and became the Fund’s lead manager in 1998. In addition, Edmund has managed the Guinness Atkinson Asia Focus Fund (for US investors) since 2003, and the Guinness Atkinson Asia Pacific Dividend Fund (for US investors) since its inception in 2006. Edmund graduated from Christ Church, University of Oxford, with a Master’s degree in Management Studies and has a Bachelor’s degree in History from the University of York. He is also an Associate of the Society of Investment Professionals. Edmund is manager of the Guinness China & Hong Kong Fund, and lead manager of the Guinness Asian Equity Income Fund.

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	n/a
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	0.99%
Ongoing Charge	0.89%

Purchase Details

Minimum Investments
Initial	-
Additional	-
Savings	-

Tax Free Savings Schemes
ISAs	No