The Guinness Global Innovators Fund is designed to provide investors with exposure to companies benefiting from innovations in technology, communication, globalisation or innovative management strategies. The Fund is managed for capital growth, and holds a concentrated portfolio of large and medium-sized companies in any industry and in almost any region.
Launched in 2014, the Fund is a UCITS version of our global equity strategy as successfully applied to a mutual fund for US investors since 2003.
We invest in companies we believe can create value through original thinking. There are many forms of innovation, not just disruptive products from scientific and technological advances. We believe innovation is the intelligent application of ideas and can be found in virtually all industries and at different stages in the company lifecycle. Companies in more mature industries can make improvements in existing products to boost sales and customer loyalty; or they can apply smarter management and improved processes for faster and more efficient product delivery.
We believe innovative companies that develop competitive strengths (and maintain good capital discipline) will deliver the key factors behind superior shareholder returns:
- Higher than average return on investment
- Persistent growth over a business cycle
We maintain a high conviction portfolio of around 30 equally-weighted stocks, with low turnover and no benchmark-driven constraints on sector or regional weightings.
Awards & Ratings | |
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Guinness Global Innovators Fund Elite Rated Fund FundCalibre |
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Guinness Global Innovators Fund A-Rated Fund (Germany) Scope |
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Guinness Global Innovators Fund A-Rated Fund (Austria) Scope |
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Guinness Global Innovators Fund A-Rated Fund (Switzerland) Scope |
Gestionnaires
Liens
Update | Mar '21
Webcast | Apr '21
Insight | Sep '20
Guinness Global Innovators – Opportunities in Innovation
In their recently published paper, co-managers of the Guinness Global Innovators Fund Dr Ian Mortimer and Matthew Page examine the nine core innovation themes – along with their respective constituent sub-themes – that they believe present the most exciting long-term investment opportunities.
Press | Dec '20 | This is Money
Guinness Global Innovators Fund: With a 139% return over five years, the fund looks to the future to back winning companies
Jeff Prestridge takes a look at Guinness Global Innovators for This is Money – the Fund that has delivered a 139% total return over 5 years by investing in winning companies set to benefit from nine core innovation themes.
- Why invest in the Guinness Global Innovators Fund?
- Fund managers
- How do we run the Fund
- How do we construct the portfolio
Why invest in the Guinness Global Innovators Fund?
The Fund is designed to provide investors with exposure to global equities through a high conviction, low turnover portfolio of companies that we believe can create value through original thinking.
- We believe innovative companies outperform
- Top line growth can come about by shorter time to market, increased sales or successful product launches. Bottom line improvements can come from reduced development or production costs. Innovative companies should achieve a higher return on capital than their peers and therefore outperform the index over a cycle.
- High conviction
- The Fund typically invests in just 30 companies, with each company having an equal weighting. This provides a good balance between the benefits of diversification while also allowing each company to add meaningfully to performance. We don’t have a long tail of small positions and by definition we can never just ‘hug’ the benchmark index.
- Fundamentally driven
- We focus on ‘bottom-up’ stock selection rather than trying to make decisions based on an expected outlook for the world economy. We like to invest in innovative companies that have the ability to earn above average return on capital. Sentiment and hype can often drive up valuations of some innovative companies; we maintain a strict value discipline to make sure we don’t overpay for future growth.
- Low turnover
- We prefer to invest over the long term. We also recognise the increased costs of trading in and out of companies unnecessarily. Typically we will hold a company in the portfolio for between 3 and 4 years.
- Repeatable and independent
- Ian Mortimer and Matthew Page have managed funds in accordance with this investment process since 2010, and the strategy has been applied since 2003. The process is clear, robust, transparent and scalable. It filters out much of the noise and hype that surrounds companies to focus on the true signals that drive company valuations. By performing their own company research and analysis, using their own proprietary modelling systems, the managers try to avoid some of the behavioural biases associated with being unduly influenced by market sentiment.
Fund managers

Dr Ian Mortimer, CFA
Ian Mortimer a rejoint Guinness Asset Management en décembre 2006 et assume la fonction de cogestionnaire des fonds Guinness Global Equity Income Fund et Guinness Global Innovators Fund.
Avant de rejoindre Guinness, Ian Mortimer a obtenu en 2006 un doctorat en physique expérimentale à la Christ Church de l’Université d’Oxford. Il s’est auparavant vu décerner en 2003 un Master en physique avec félicitations (First Class Honours degree) par l’University College de l’Université de Londres.
Il est en outre diplômé en gestion d’investissement (IMC) et en analyse financière (CFA).

Matthew Page, CFA
Matthew Page a rejoint Guinness Asset Management en 2005 et assume la fonction de cogestionnaire des fonds Guinness Global Equity Income Fund et Guinness Global Innovators Fund..
Avant de rejoindre Guinness, Matthew Page a travaillé en 2004 au sein des départements spécialisés dans les changes et le revenu fixe de Goldman Sachs dans le cadre de son programme dédié aux jeunes diplômés.
Matthew Page est titulaire d’un Master en physique du New College de l’Université d’Oxford. Il est en outre diplômé en gestion d’investissement (IMC) et en analyse financière (CFA).
How do we run the Fund?
- The company no longer qualifies as innovative
- Their balance sheet becomes stretched
- The valuation becomes too rich, or no longer offers compelling upside
- There is a change in a company’s capital budgeting approach
- Our original investment thesis no longer holds
- We find a more compelling investment idea
How do we construct the portfolio
The Guinness Global Innovators Fund is a concentrated portfolio of around 30 equally weighted stocks. This provides a number of useful attributes:
- It reduces stock-specific risk, as we will not be overweight in a small number of favourite companies.
- We will not have a long tail of small holdings in the portfolio, which can be a distraction and a potential drag on performance.
- It instils a strong sell discipline as we must typically sell a position in order to make way for a new one; and we must constantly assess the companies we own in the portfolio in comparison to the rest of the universe available to us.
- We are truly index independent. All companies held are weighted equally without regard to their weighting in the benchmark index, so our portfolio has a high active weight.
Fonds | Global Innovators Fund | Base | Total return, in GBP | ||
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L’indice de référence | MSCI World Index | date (fin de période) | 30.06.2018 | ||
Sector | IA Global (2) | date de lancement | 31.10.2014 |
Merci de n’oublier pas que les performances passées ne constituent pas une indication des performances futures. La valeur de votre investissement peut évoluer à la hausse comme à la basse et peut être influencée par la fluctuation des devises et les conditions générales des marchés, et il se peut que vous ne récupériez pas votre capital de départ.
The returns stated below are a simulation based on the actual returns of Guinness Atkinson Global Innovators Fund, a mutual fund for US investors. Both funds are managed in accordance with the same investment process and with the same portfolios. See Note 1.
la performance cumulative (GBP, %) | |||||
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La stratégie (rendements de fonds enregistré aux États-Unis) | À ce jour | 1 an | 3 ans | 5 ans | Lancement de la stratégie (01.05.03) |
Fonds | 2,86 | 13,91 | 65,85 | 120,71 | 544,06 |
L’indice | 3,24 | 9,90 | 54,68 | 89,70 | 359,59 |
Secteur (2) | 2,47 | 9,12 | 43,99 | 70,09 | 282,59 |
la performance annualisée (GBP, %) | |||||
---|---|---|---|---|---|
La stratégie (rendements de fonds enregistré aux États-Unis) | 1 an | 3 ans | 5 ans | 10 ans | Lancement de la stratégie (01.05.03) |
Fonds | 13,91 | 18,35 | 17,15 | 15,49 | 13,06 |
L’indice | 9,90 | 15,63 | 13,65 | 11,33 | 10,57 |
Secteur (2) | 9,12 | 12,91 | 11,20 | 8,64 | 9,25 |
la performance d’année civile (GBP, %) | |||||
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La stratégie (rendements de fonds enregistré aux États-Unis) | 2013 | 2014 | 2015 | 2016 | 2017 |
Fonds | 42,59 | 18,86 | 1,96 | 27,68 | 22,00 |
L’indice | 25,00 | 12,07 | 5,45 | 29,01 | 12,42 |
Secteur (2) | 21,65 | 7,09 | 2,77 | 23,33 | 14,02 |
la performance d’année discrete (à ce jour)(GBP, %) | |||||
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La stratégie (rendements de fonds enregistré aux États-Unis). 12 mois se terminant en: | juin '14 | juin '15 | juin '16 | juin '17 | juin '18 |
Fonds | 21,54 | 9,50 | 10,13 | 32,17 | 13,91 |
L’indice | 10,62 | 10,86 | 15,02 | 22,32 | 9,90 |
Secteur (2) | 8,96 | 8,41 | 6,66 | 23,71 | 9,12 |
Source: Financial Express, bid to bid basis, total return, in GBP.
Notes
(1) Simulated past performance. Guinness Global Innovators Fund (Dublin UCITS version) launches on 31.10.14, so no actual performance numbers are available. The investment team has been running the Guinness Atkinson Global Innovators Fund (mutual fund for US investors) in accordance with the same methodology continuously since May 2003 and therefore we believe the performance numbers quoted are a fair reflection of what the performance of this Fund would have been. The past performance of the Guinness Atkinson Global Innovators Fund is not indicative of the future performance of Guinness Global Innovators Fund.
(2) Guinness Atkinson Global Innovators Fund is a mutual fund for US investors and is not included in the IMA Global sector. The sector’s average performance is included for a comparison of the Fund with the average performance of global equity funds available in the UK.
Latest Guinness Global Innovators Report
Mar '21
Feb '21
Jan '21
Dec '20
Nov '20
Oct '20
Sep '20
Aug '20
Jul '20
Jun '20
Insights
Sep '20
Guinness Global Innovators – Opportunities in Innovation
In their recently published paper, co-managers of the Guinness Global Innovators Fund Dr Ian Mortimer and Matthew Page examine the nine core innovation themes – along with their respective constituent sub-themes – that they believe present the most exciting long-term investment opportunities.
Feb '18
The IT sector in 2018 – growth driver, or expensive and overhyped?
Matthew Page and Ian Mortimer take look at the IT sector over 2018
Sep '17
Some thoughts on equally-weighted portfolios
Matthew Page explores the reasons behind running a concentrated, equally-weighted portfolio.
Nov '16
Implications of the US election result Ian Mortimer and Matthew Page discuss the consequence of the US election results.
Feb '16
2015 performance & portfolio review Ian Mortimer & Matthew Page discuss how the portfolio performed in 2015
Oct '14
Innovation matters
Ian Mortimer explains the importance of innovation in the success of companies and explores some examples.
Nov '12
To meet or not to meet
Matthew Page discusses the merits of meeting company management
Press
Dec '20
Guinness Global Innovators Fund: With a 139% return over five years, the fund looks to the future to back winning companies
Jeff Prestridge takes a look at Guinness Global Innovators for This is Money – the Fund that has delivered a 139% total return over 5 years by investing in winning companies set to benefit from nine core innovation themes.
Oct '20
Best in Class: Guinness Global Innovators
Darius McDermott takes a look at the Guinness Global Innovators Fund for FT Adviser, and explains why the fund’s investment philosophy, process, and performance warrant the Best in Class designation – especially at a time when the secular trends that underpin its universe are accelerating faster than ever.
Aug '20
Investing in global innovators
Dr Ian Mortimer and Matthew Page – co-managers of Guinness Global Innovators – recently sat down with FundCalibre to discuss their newly Elite Rated Fund. They walked James Yardley through the nine core innovation themes of the Fund, gave examples of the types of companies they look to include in the portfolio, and explained how the team goes about identifying long-term, sustainable innovation themes, whilst avoiding the fads.
Dec '19
Exclusive Podcast: Ian Mortimer and Matthew Page of Guinness AM on Global Innovators
Ian Mortimer and Matthew Page, co-managers of the Guinness Global Innovators Fund, discuss their definition of ‘innovators’, where they can be found, the investments providing ongoing value, and the future opportunities they are seeking out.
Jul '19
Just four global equity funds seem to have been consistently driven by outstanding skill
The highly competitive IA Global sector appears to be a very challenging area for active funds to operate in.
Dec '18
The best and worst global funds for risk-adjusted returns over 10yrs
FE Trustnet breaks down the best and worst global funds for risk-adjusted returns over the past decade using the Sharpe ratio measure.
Apr '18
The New York Times: Focusing on a Manager’s Best Stock Ideas May Not Be a Good Idea
Conrad de Aenlle look at the benefits of using a concentrated portfolio
Apr '18
Fund update from Mutual Fund Observer: Guinness Global Innovators
Mutual Fund Observer’s David Snowball gives his verdict on the Guinness Global Innovators strategy
Feb '15
US fund drums up interest over here
Jeff Prestridge of the Financial Mail on Sunday profiles a new fund from Guinness that builds on the success of an identical fund in the US.>
Oct '14
Fund launch: Global Innovators
Guinness launches its top-performing global growth strategy in a fund for UK and European investors
Oct '14
“Best performing global fund in the US” made available to UK investors
Trustnet editor Joshua Ausden highlights the very strong numbers behind Guinness’s new global equity fund.
Key documents
Fact sheets | ||||
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For information on the Fund’s current investments, please see the latest fact sheet: | English |
Key facts | |||
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Launch date | 31/10/2014 | ||
Fund managers (start date) | Ian Mortimer (31/10/2014) Matthew Page (31/10/2014) | ||
Benchmark | MSCI World Index | ||
IA sector | IA Global | ||
Structure | OEIC (UCITS) | ||
Domicile | Ireland |
Underlying currency | US Dollar | ||
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Pricing | Daily, forwards | ||
Valuation | 2300 Dublin time | ||
Deal cut off time | 1500 Dublin time | ||
Administrator | Link Fund Administrators (Ireland) Ltd | ||
Custodian | Brown Brothers Harriman | ||
UK Reporting Fund status | Yes | ||
ISA Eligible | Yes |
Share classes |
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Class | OCF current | Max. Initial Charge | Min. Investment | ISIN | SEDOL | Bloomberg |
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Guinness Global Innovators Fund C EUR Acc | 1.99% | 5% | €0 | IE00BQXX3D17 | BQXX3D1 | GGICEUA ID |
Guinness Global Innovators Fund C GBP Acc | 1.99% | 5% | £0 | IE00BQXX3C00 | BQXX3C0 | GGICGBA ID |
Guinness Global Innovators Fund C USD Acc | 1.99% | 5% | $0 | IE00BQXX3F31 | BQXX3F3 | GGICUSA ID |
Guinness Global Innovators Fund I USD Acc | 0.99% | 0% | $10,000,000 | IE00BMYPNG19 | BMYPNG1 | |
Guinness Global Innovators Fund Y EUR Acc | 0.89% | 5% | €0 | IE00BQXX3L90 | BQXX3L9 | GGIYEUA ID |
Guinness Global Innovators Fund Y GBP Acc | 0.89% | 5% | £0 | IE00BQXX3K83 | BQXX3K8 | GGIYGBA ID |
Guinness Global Innovators Fund Y USD Acc | 0.89% | 5% | $0 | IE00BQXX3M08 | BQXX3M0 | GGIYUSA ID |
Guinness Global Innovators Fund Z EUR Acc | 0.74% | 0% | Closed | IE00BQXX3P39 | BQXX3P3 | GGIZEUA ID |
Guinness Global Innovators Fund Z GBP Acc | 0.74% | 0% | Closed | IE00BQXX3N15 | BQXX3N1 | GGIZGBA ID |
Guinness Global Innovators Fund Z USD Acc | 0.74% | 0% | Closed | IE00BQXX3Q46 | BQXX3Q4 | GGIZUSA ID |