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| Asia Pacific Dividend Builder – June 2017 | Download | ||
| Dividend Builder Fund – June 2017 | Download | ||
| Global Innovators – June 2017 | Download | ||
| Asia Pacific Dividend Builder – May 2017 | Download | ||
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| Asia Pacific Dividend Builder – April 2017 | Download | ||
| Dividend Builder Fund – April 2017 | Download | ||
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| Asia Pacific Dividend Builder – March 2017 | Download | ||
| Dividend Builder Fund – March 2017 | Download | ||
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| Alternative Energy – February 2017 | Download | ||
| Asia Pacific Dividend Builder – February 2017 | Download | ||
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| Asia Pacific Dividend Builder - December 2016 | Download | ||
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| Alternative Energy - October 2016 | Download | ||
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Asia Pacific Dividend Builder Outlook (January 2018)
The Fund had a good year, capturing 98% of the market rise in 2017 and rising 36.70% compared to the market rise of 37.41%, as measured by the MSCI AC Pacific ex Japan Index. We'd like to share what happened in Asia, what happened in the fund, and our outlook for 2018.
The Fund had a good year, capturing 98% of the market rise in 2017 and rising 36.70% compared to the market rise of 37.41%, as measured by the MSCI AC Pacific ex Japan Index. We'd like to share what happened in Asia, what happened in the fund, and our outlook for 2018.
A Revolutionary Idea: A Renminbi In Your Wallet (January 2018)
The single most important bilateral relationship in the world today must be that of the United States and China. In 1972, when Nixon went to meet Mao, China, economically, was on its knees. Today, it is the second largest economy in the world, the second largest holder of US government debt and now, willingly or not, it holds the balance of economic power. If Russia went bankrupt tomorrow economically, the world could wear it. The same cannot be said for China.
The single most important bilateral relationship in the world today must be that of the United States and China. In 1972, when Nixon went to meet Mao, China, economically, was on its knees. Today, it is the second largest economy in the world, the second largest holder of US government debt and now, willingly or not, it holds the balance of economic power. If Russia went bankrupt tomorrow economically, the world could wear it. The same cannot be said for China.
Global Energy Outlook (January 2018)
2017 saw a year of rebalancing for oil, albeit slower than first hoped, as energy companies demonstrated improved resilience to the oil price environment. We’d like to share with you some big picture thoughts on 2017 events and our outlook for 2018 and beyond.
2017 saw a year of rebalancing for oil, albeit slower than first hoped, as energy companies demonstrated improved resilience to the oil price environment. We’d like to share with you some big picture thoughts on 2017 events and our outlook for 2018 and beyond.
The Pursuit of Average (2018)
Much of the investment management industry makes a point of being average. Does any other industry or human endeavor seek average? No one seeks to provide or procure average medical care; no airline advertises an average safety record. Yet average is fully embraced by many investment firms. We believe this seeking of average is not just misguided but comes at a cost to investors. This white paper presents both empirical and academic evidence that rebuts some of the arguments that underpin passive investing and offer some quantification of the opportunity cost of seeking average.
Much of the investment management industry makes a point of being average. Does any other industry or human endeavor seek average? No one seeks to provide or procure average medical care; no airline advertises an average safety record. Yet average is fully embraced by many investment firms. We believe this seeking of average is not just misguided but comes at a cost to investors. This white paper presents both empirical and academic evidence that rebuts some of the arguments that underpin passive investing and offer some quantification of the opportunity cost of seeking average.
Innovation Matters (2018)
Innovative companies tend to enjoy greater profits, faster growth, higher profit margins and/or higher returns on capital than their peers. Not surprising, these benefits can result in greater stock market performance. This explains the title of this report: Innovation matters.
Innovative companies tend to enjoy greater profits, faster growth, higher profit margins and/or higher returns on capital than their peers. Not surprising, these benefits can result in greater stock market performance. This explains the title of this report: Innovation matters.
Global Innovators Fund: Investment Process and Fund Performance (December 2017)
One word about the performance of our Global Innovators Fund: Excellent. You don’t have to take our word for it; we provide all the details on page 4. That said, we know that performance by itself is somewhat meaningless. Serious investors are more concerned with the how than the what. As happy as we are with our performance we gain more satisfaction in the how. We believe that our systematic investment methodology provides a strong foundation for the Fund. Sustainability of performance is important to us. So what has gotten us to excellent? Read on to find out.
One word about the performance of our Global Innovators Fund: Excellent. You don’t have to take our word for it; we provide all the details on page 4. That said, we know that performance by itself is somewhat meaningless. Serious investors are more concerned with the how than the what. As happy as we are with our performance we gain more satisfaction in the how. We believe that our systematic investment methodology provides a strong foundation for the Fund. Sustainability of performance is important to us. So what has gotten us to excellent? Read on to find out.
Global Energy Outlook (January 2017)
2016 was a year of rebalancing for the oil market, as a combination of demand growth and declining production from the US and the rest of non-Organisation of Petroleum Exporting Countries (OPEC) more than offset a rise in production from OPEC. Nevertheless, OPEC chose in September 2016 to signal their first production cut since 2008, in an attempt to accelerate the oil market’s rebalance and to support the price. We’d like to share with you some big picture thoughts on 2016 events and our outlook for 2017 and beyond.
2016 was a year of rebalancing for the oil market, as a combination of demand growth and declining production from the US and the rest of non-Organisation of Petroleum Exporting Countries (OPEC) more than offset a rise in production from OPEC. Nevertheless, OPEC chose in September 2016 to signal their first production cut since 2008, in an attempt to accelerate the oil market’s rebalance and to support the price. We’d like to share with you some big picture thoughts on 2016 events and our outlook for 2017 and beyond.
Natural Gas vs. Renewables (April 2016)
Recent falls in oil and natural gas prices have moved the goal posts for the costs that renewable energy installations need to achieve to be economically competitive. In Natural Gas vs. Renewables, we take a detailed look at renewable vs. traditional energy technologies and costs throughout the world.
Recent falls in oil and natural gas prices have moved the goal posts for the costs that renewable energy installations need to achieve to be economically competitive. In Natural Gas vs. Renewables, we take a detailed look at renewable vs. traditional energy technologies and costs throughout the world.
Global Energy Outlook (January 2016)
Guinness Atkinson's Energy team provides a year in review for 2015 and their outlook on energy for 2016, looking at the market's supply and demand and aiming to inform investors about factors impacting the Global Energy market.
Guinness Atkinson's Energy team provides a year in review for 2015 and their outlook on energy for 2016, looking at the market's supply and demand and aiming to inform investors about factors impacting the Global Energy market.
The Guide to Dividend Investing: Think Income as Your Outcome (July 2015)
Our guide to dividend investing discusses the importance of dividend investing, the effects of higher interest rates, and why dividend investing can work even in declining markets
Our guide to dividend investing discusses the importance of dividend investing, the effects of higher interest rates, and why dividend investing can work even in declining markets
A Revolutionary Idea: Renminbi in Every Pocket (April 2013)
Just as it was unimaginable in 1979 to envision that China would become the world’s number two economy with a clear trajectory to number one, it is for many unimaginable to think that the renminbi may rival, or one day possibly surpass, the US dollar as the world’s reserve currency. While it may seem revolutionary at the moment, we believe that over time it will become common practice to hold assets—including cash—denominated in the renminbi.
Just as it was unimaginable in 1979 to envision that China would become the world’s number two economy with a clear trajectory to number one, it is for many unimaginable to think that the renminbi may rival, or one day possibly surpass, the US dollar as the world’s reserve currency. While it may seem revolutionary at the moment, we believe that over time it will become common practice to hold assets—including cash—denominated in the renminbi.
Why Dividends Matter (March 2012)
Profits are a matter of opinion, dividends are a matter of fact. Dividends are paid from real earnings and in "hard" dollars - they cannot be manipulated by creative accounting. A dollar paid out to the investor is just that.
Profits are a matter of opinion, dividends are a matter of fact. Dividends are paid from real earnings and in "hard" dollars - they cannot be manipulated by creative accounting. A dollar paid out to the investor is just that.
10 Over 10 Investment Strategy (March 2012)
The aim of this paper is to introduce the 10 over 10 investment strategy that underpins the Guinness Atkinson Inflation Managed Dividend Fund, and we show how we narrow down the universe from 14,000+ global companies down to 30-40 that we consider best suited to meet the objective of the fund.
The aim of this paper is to introduce the 10 over 10 investment strategy that underpins the Guinness Atkinson Inflation Managed Dividend Fund, and we show how we narrow down the universe from 14,000+ global companies down to 30-40 that we consider best suited to meet the objective of the fund.
Investing in China's Currency, the Renminbi Yuan
The Guinness Atkinson Renminbi Yuan & Bond Fund provides access to China's currency, the renminbi yuan, by holding renminbi cash and seeking to earn interest while you wait for currency appreciation, all while aiming to keep credit risks very low.
The Guinness Atkinson Renminbi Yuan & Bond Fund provides access to China's currency, the renminbi yuan, by holding renminbi cash and seeking to earn interest while you wait for currency appreciation, all while aiming to keep credit risks very low.
| Dividend Builder Fund Review - January 19, 2016 | Watch |
| Why Energy Equities? Why Now? - November 18, 2015 | Watch |
| Global Innovators Fund Q3 2015 Webcast - November 1, 2015 | Watch |
| Oil Price and the Impact on Energy Equities - November 19, 2014 | Watch |
| Energy at a Turning Point? 4 Reasons for Growing Optimism - May 20, 2014 | Watch |
| Strategic Asian Investment Opportunities - February 13, 2014 | Watch |
| Seeking an Innovative Dividend Strategy? - January 23, 2014 | Watch |
| Valuations in Energy Equities - October 8, 2013 | Watch |
There are several reasons why investors should be thinking about energy equity exposure. Read along as we explore the arguments.
On Wednesday, May 8th, President Trump announced his decision to cease the United States' participation in the Joint Comprehensive Plan of Action (JCPOA). Read our take on how this may or may not impact oil prices.
After such a strong run this year in stock markets around the world, investors are concerned that something nasty is about to happen. Have markets become too expensive and therefore should we retreat a little before year end?
Is inclusion into MSCI benchmarks a game changer for China A shares? Yes and No.
The Chinese stock markets are big. The combined market capitalization as at June 23, 2017 of the major Chinese stock exchanges in Shanghai and Shenzhen amounts to almost $7.75 trillion which compares to the New York Stock Exchange capitalization of $22 trillion, NASDAQ $9.4 trillion, Tokyo $5.4 trillion and London at $3.18 trillion.
The Chinese leadership is now promising “to make our skies blue again” in a popular move to address an issue that has given rise to public protests across China against the industrial smog that blights so many cities. The solution to a pressing economic problem is now linked to an emotive popular issue. The pollution is the result of coal burning by heavy industry, the very sector that is weighed down by excess capacity and debt, which threaten China’s economic survival.
The Organization of Petroleum Exporting Countries (OPEC) concluded their formal meeting on Wednesday 30th November 2016 with an agreement to cut production levels. This ratifies the ‘Algiers Accord’ which took place on 28th September, when planned cuts were first announced. The announced cut is a clear positive for near term oil prices and will tighten the oil market in 2017.
Sentiment towards the energy sector has generally improved during 2016. Between January 1 and May 31, 2016, we have seen Brent crude oil increase by 34% from $37/barrel(bl) to $50/bl and WTI (West Texas Intermediate) increase by 32% to $49/bl.
There are several factors influencing global oil's supply & demand, with US shale/fracking the primary cause of global oversupply. At the same time, oil demand has continued to grow. What will it take to turn the oil market's oversupply around and bring global oil inventories back to normal levels?
The financial news in early 2016 hasn’t been good. When we say the news hasn’t been good what we really mean is that the news media has been hyperbolic in their treatment of the weak market. But… News flash! The world isn’t ending. In this bulletin we debunk some myths that seem to be driving investor worries.
For Global Energy, it’s darkest before the dawn – but is the time now 1am or 5am?
Historic context is useful to understanding the energy sector.
On August 11th 2015, China surprised us with a change in the RMB fixing mechanism (RMB fix, by which it manages the exchange rate against the US dollar) to a market based methodology. This Bulletin offers our take on the change as well as the impact it will have on several facets of the Chinese economy including, The Renminbi, Offshore RMB bonds, and equities.
The Chinese government has announced a $40 billion “Silk Road” fund to build a network of railways and air links; China launched the Asia Infrastructure Investment Bank in October 2014, and since then there has been a rush to join, not only from China’s neighbors, but also five of the G7 leading economies; and recently, the IMF released estimates, without fanfare, showing the aggregate size of China’s economy is now the largest in the world. The fashion these days is to decry China’s prospects. But China doesn’t seem to be listening.
Dividend growth is a key objective of the Dividend Builder Fund, and we seek to have the Fund grow its dividend at a pace that exceeds the inflation rate. This objective is a distinguishing factor of the Fund’s income strategy, and it is important to many investors. The key to this strategy is investing in high quality companies that consistently create wealth.
The Guinness Atkinson Global Innovators Fund invests in companies with innovation in their DNA. We think innovation is the intelligent application of ideas and can be found in most industries, and not just the technology sector as is often assumed. We believe good companies with a culture of innovation and strong capital discipline can deliver what we believe are the key factors behind superior shareholder returns.
The recent fall in the oil price has caused the share prices of solar stocks to fall. This fall is indicative of a growing negative sentiment towards energy investing, but is not supported by rational analysis of the economics of the solar industry, which the IEA predicts to account for 16% of energy by 2050.
Global energy demand is projected by the International Energy Agency (IEA) to grow steadily over the coming years and future decades as population grows and per capita energy demand continues to rise. Emerging market population growth, together with higher levels of industrialization, urbanization and personal transportation will likely be the key drivers of this theme. While efficiency measures in developed markets could cap the rate of global energy demand growth, it is unlikely that they will be enough to offset a looming energy supply issue.
We prefer to focus on the objective metrics of a company such as long-term profitability, balance sheet metrics, valuation, etc. for two main reasons. First, it is impossible to assess the impact of management or quantify the degree of success or failure that should be attributed to management in any objective way. Second, meeting management can put your objectivity at risk.
Could the rise and rapid expansion of the Sunni enclave known as the Islamic State of Iraq and al-Sham (ISIS) have an impact on the global energy market?
Innovation could technically be applied to anything that is simply new, and because it so commonly is, we are inundated with claims of innovation everywhere we turn. However, there is an underlying assumption that a true innovation will not just be new but transformative, invoking positive change to our lives.
The Ukraine-Russia crisis, as well as Russia’s position as a major energy provider, has renewed the discussion on whether the US should export crude oil. A forty year old decree bans U.S. producers from exporting crude oil, and it needs to be repealed.
Prospectus for all Funds
Statement of Additional Information
Alternative Energy Fund
Asia Focus Fund
Asia Pacific Dividend Builder Fund
China & Hong Kong Fund
Dividend Builder Fund
Global Energy Fund
Global Innovators Fund
Renminbi Yuan & Bond Fund
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