WS EkinsGuinness Dynamic Growth Fund
Overview
Summary
- Dynamic asset allocation between equities, bonds, commodities and cash
- Aim is to capture equity market upside in bull markets but to reduce drawdowns (peak to trough falls) in bear markets
- All exposure achieved through Exchange Traded Funds which have low costs and low dealing charges
- Avoids style bias – both asset allocation and equity focus change according to market conditions
- Suitable as a potential diversifier within a broader portfolio due to generally low correlation and lower volatility than Equities
- Can also be a core holding for investors who prefer not to make asset allocation changes themselves
Investment Approach
The two most important drivers for investment decisions are fundamental value and market trends. Fundamental value determines the potential over the medium/long term but can be a poor indicator of price movements in the short term. Market trends (including momentum and overbought signals) can be a good leading indicator of future price movements but can be dangerous if fundamental value is ignored. Neither analytic should be used in isolation but it is logical to select investments based objectively according to a combination of fundamental value and market trends which are independent of opinion, forecasts and emotion.
Performance
(as at 30 April 2026)
Performance shown is the total return (net of fees & costs) for the Accumulation B share class. Inception date was 12 July 2017. The Fund is not managed against any benchmark. The Investment Association Flexible Sector and UK Consumer Price Inflation are shown as Comparator benchmarks as per FCA PS 19-04. The IA Flexible Sector contains a wide array of funds with a flexible mandate, hence the comparator, but many of them have different investment objectives and profiles. Past performance is not a reliable indicator of future performance. Source: Ekins Guinness LLP.
Key Facts
Structure & Administration
| Structure |
UCITS / ISA |
Authorised Corporate Director |
Depositary | Custodian | Auditor |
Income / Accumulation |
Dividend Payment Dates |
Valuation & Cut Off |
Comparator Benchmark |
|---|---|---|---|---|---|---|---|---|---|
|
UK Authorised OEIC |
Yes |
Waystone Management (UK) Limited |
BNY Mellon |
BNY Mellon |
KPMG |
Both |
31 January & 31 July |
12 noon daily |
MSCI World Index |
Share Classes
| Share Class |
Minimum Holding |
Managment & Administration Fee |
Ongoing Charges Figure |
ISIN | SEDOL |
|---|---|---|---|---|---|
|
Z Accumulation GBP |
£200,000 |
0.45% |
0.60% |
GB00BLFFGD12 |
BLFFGD1 |
|
Z Income GBP |
£200,000 |
0.45% |
0.60% |
GB00BLFFGC05 |
BLFFGC0 |
|
B Accumulation GBP |
£5,000 |
0.70% |
0.85% |
GB00BD8YW428 |
BD8YW42 |
|
B Income GBP |
£5,000 |
0.70% |
0.85% |
GB00BD8YW758 |
BD8YW75 |
Managers
Charles Ekins
Charles is the founder and Chief Executive of Ekins Guinness LLP. Previously he was Chief Investment Officer at Valu-Trac Investment Management, prior to which he spent 19 years at Morgan Grenfell (Deutsche) Asset Management where he was a portfolio manager, member of the Investment Policy Committee and client director. He read Maths with Computing Science at Bristol University and has an MBA from the City University Business School. Charles is a Director of the Herald Worldwide Technology Fund (Dublin OEIC).
Jasper Falk
Jasper has over 20 years experience in Investment Banking. He established and managed JPMorgan’s Global Inflation trading business which assisted Pension Funds and Asset Manager clients in hedging and managing their liabilities. He was also a member of the Fixed Income Management Committee. Jasper read Engineering and Management Studies at St Catharine’s College Cambridge, and holds the Financial Times Non-Executive Director Diploma.
Holdings
(as at 30 April 2026)
Portfolio Holdings
Equity Analysis
Investment Commentary
as at 30 April 2026
The Fund rose 4.7% in April as Equity markets recovered from the March falls.
Year-to-date the Fund has returned 5.6%. Since launch on 12th July 2017 the Fund has returned 84.9% which compares with a return of 65.5% from the Investment Association (IA) Flexible Sector.
Against the IA Flexible Sector, the Fund is ranked in the top quartile over the year-to-date, 1 year, 3 years, 5 years, 7 years and since inception.
Against all 656 funds in the four IA Mixed Asset Sectors (Flexible Sector plus the 0-35% Shares, 0-60% Shares & 40-85% Shares Sectors), the Fund is ranked in the top decile over 1, 3 and 5 years.
In April World Equities rose 6.4% in GBP terms. Technology (+14.1%) and Communication Services (+13.0%) were the standout sectors, having underperformed across February and March. The weakest sectors were Energy (-5.0%) and Healthcare (-3.2%). Energy was driven by the weaker oil price which in turn was driven by the constantly changing expectations in the Middle East. Gold fell 3% in GBP terms in April, and Gilts were slightly down.
Equity markets overall are being driven by the strong corporate earnings growth especially in the US and especially in technology. Brent Oil is still at USD 96 but the S&P 500 is at a clear new high record.
The asset allocation remains slightly defensive. The Equity allocation is only 53%, with 18% in Commodities and Gold. Although the Oil price is falling again, other Commodities are still strong. There is also 24% in short dated bonds while we wait to see how events pan out. The dilemma for Equity investors remains the fact that earnings are very strong but valuations are still rich.
The Technology sector, both in terms of its outperformance of the World Index and its weighting in the Fund, is dominant. The recovery of Technology following weakness during the initial stages of the Iran crisis has been exceptional, and the sector has good momentum which is backed by strong earnings growth. Future expectations of earnings growth over the next 12 months have increased, which underpins the sector.
The Fund is therefore currently in one of its phases where there is significant concentration at the sector level. Nearly 50% of the Equity allocation is Tech, with another 10% in Communication Services. The allocation of 11% in Energy will probably fall because the rally following the significant previous sell-off is fading. The dominance of Technology is such that there are many sectors which by definition are underperforming at present.
There will be some attractive opportunities coming up at some point possibly later this year. Healthcare, Staples, Financials and Utilities have underperformed significantly, but even Materials and Industrials have been weak. We will try and capture those opportunities as they arise.
Documents
Links to external sites
Umbrella Documents
Reports
How to Invest
via Platforms
Directly
The WS EkinsGuinness Dynamic Growth Fund is available on the following platforms:
| Allfunds | Aegon | AJ Bell | Ascentric |
|---|---|---|---|
|
Aviva |
Barclays |
FNZ |
Hargreaves Lansdown |
|
Interactive Investor |
Novia |
Nucleus |
Pershing |
|
Quilter |
Transact |
Zurich |
|
Contact Ekins Guinness LLP
- Call 01264 738989