Surging global energy demand. A finite supply of fossil fuels that’s increasingly costly to obtain – both in terms of expense and the environment. With powerful drivers like these, we think an alternative energy revolution is underway.

Now you can participate in the global shift to alternative energy and renewable energy by investing in companies that explore, harness and store solar, wind, hydroelectric, tidal wave, geothermal, biomass and biofuel energy. Our Alternative Energy Fund also invests in companies that develop technology for conserving or enabling more efficient energy use.

Alternative Energy Fund through 04/30/2013
Avg. Annualized
Total Return		 Calendar YTD 1 Year 3 Years 5 Years 10 Years Since
Inception
Monthly through
04/30/2013 		15.79% 3.51% -20.83% -26.00% n/a -17.26%
Quarterly through
03/31/2013 		5.26% -15.09% -23.57% -26.31% n/a -18.56%
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. Total returns reflect a fee waiver in effect and in the absence of this waiver, the total returns would be lower. Performance data does not reflect the 2% redemption fee for shares held less than 30 days and if deducted the fee would reduce the performance quoted.
1
OVERALL MORNINGSTAR RATING THROUGH
04/30/2013 (OUT OF 88 FUNDS)

The Overall Morningstar Rating is derived from the weighted average of the fund's three-, five-, and ten-year (if applicable) performance metrics, which are based on risk-adjusted returns.

Fund Category:
Equity Energy
Period Rating Funds in Category
3-Year 1 88
5-Year 1 69
10-Year   n/a

Morningstar Ratings Disclosure

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentages.)

©2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

TOP TEN HOLDINGS (as of 04/30/2013)
1.Canada Lithium 5.63%
2.Good Energy Group PLC 5.37%
3.Power-One Inc. 5.24%
4.SunPower Corp. 3.99%
5.Huaneng Renewables Corp. Ltd. 3.87%
6.Nordex SE 3.86%
7.China Datang Corp. Renewable Power Co. Ltd 3.75%
8.Gamesa Corp. Tecnologica SA 3.61%
9.Cia Energetica de Minas Gerais 3.58%
10.Ormat Technologies Inc. 3.53%
TOP INDUSTRY SECTORS (as of 04/30/2013)
Wind 48.43%
Solar 25.82%
Efficiency 13.58%
Hydro 6.26%
Geothermal 3.53%
Biofuels 2.10%
GEOGRAPHIC WEIGHT (as of 04/30/2013)
China 28.63%
United States 18.68%
Canada 10.95%
Spain 9.47%
Denmark 5.92%
Germany 5.78%
United Kingdom 5.37%
Brazil 3.58%
Italy 3.40%
France 3.16%
Edward Guinness
Fund Co-Manager

“I can see the potential for 10 to 20 years of strong growth across the renewable energy industry. Energy supply may be the most pressing issue facing the planet today.“

It’s important to Edward Guinness to be part of a company that sets itself apart by thinking creatively. Edward manages our Alternative Energy Fund, which provides one of the best opportunities for the company to leverage its creative mindset. Increase in global energy supply is essential for continued improvements to living…

Read more of Edward Guinness's background >

“I can see the potential for 10 to 20 years of strong growth across the renewable energy industry. Energy supply may be the most pressing issue facing the planet today.“
Edward Guinness Fund Co-Manager

It’s important to Edward Guinness to be part of a company that sets itself apart by thinking creatively. Edward manages our Alternative Energy Fund, which provides one of the best opportunities for the company to leverage its creative mindset.

Increase in global energy supply is essential for continued improvements to living standards throughout the world.  And with the prospect of electric vehicles, we expect electricity consumption in 20 years to be considerably higher than forecast today by the International Energy Agency, as historic demand forecasts have usually proved to be conservative.

Edward watches market trends unblinkingly, paying particular attention to new developments, resource shifts and innovations relating to alternative as well as mainstream energy. His experience and insight in identifying trends and his ability to combine forward thinking with traditional values such as hard work and discipline make him a good match for this fund.

Trend not to be overlooked: Growth in global electricity demand.

Edward's Funds:
Alternative Energy Fund >
Quick Stats


2006  Joined Guinness Atkinson in January and became co-manager of the Alternative Energy Fund since its March 2006 inception

2003  Worked as merger arbitrage analyst for the Arbitrage Associates Fund at the Tiedemann Investment Group in New York

1998  Joined HSBC Investment Bank, where he worked in the Corporate Finance Department in the Energy & Utilities Team and in the Telecoms & Technology Team

1998  Graduated from Cambridge University with a Masters degree in Engineering and Management Studies

 

Matthew Page, CFA
Fund Co-Manager

“The accelerating rate of change that is a part of our daily lives can be a challenge but this change can also present opportunities.“

Matthew Page, CFA foresees the day when we refer to alternative energy as simply energy. But until that moment arrives, he views renewable energy as one of the most distinctive and potentially rewarding investment opportunities available. As Co-Manager of the Alternative Energy Fund, Global Innovators Fund, and Inflation Managed Dividend Fund,…

Read more of Matthew Page, CFA's background >

“The accelerating rate of change that is a part of our daily lives can be a challenge but this change can also present opportunities.“
Matthew Page, CFA Fund Co-Manager

Matthew Page, CFA foresees the day when we refer to alternative energy as simply energy. But until that moment arrives, he views renewable energy as one of the most distinctive and potentially rewarding investment opportunities available.

As Co-Manager of the Alternative Energy Fund, Global Innovators Fund, and Inflation Managed Dividend Fund, Matthew lives with one foot in the future. He is hyper-vigilant when it comes to identifying innovations that will potentially advance the human condition.

Matthew believes that new investment opportunities present themselves to the informed, diligent and observant researcher. He has always found that insight is a product of hard work.

Trend not to be overlooked: Global demographic shifts that are driving demand for income producing assets.

Matthew's Funds:
Alternative Energy Fund >
Global Innovators Fund >
Inflation Managed Dividend Fund >
Quick Stats


2012  Became Co-Manager of the Inflation Managed Dividend Fund

2010  Completed Chartered Financial Analyst (CFA) Program

2010  Became Co-Manager of Global Innovators Fund

2007  Became co-manager of the Guinness Atkinson Alternative Energy Fund

2005  Joined Guinness Atkinson in September

2004  Joined Goldman Sachs on the graduate scheme, working in Foreign Exchange and Fixed Income

2004  Graduated from New College, University of Oxford, with a Masters degree in Physics

Dissertation: “Financial Markets as Complex Dynamical Systems” – an investigation into creating an agent-based model market and analyzing the effect on market volatility by altering constraints on trader strategies