Guinness's Page: Why US equities are still attractively valued

Shunning commodity investments

Despite investment opportunities arising in commodity markets, Guinness Global Equity Income fund manager, Matthew Page continues to allocate to high return-on-capital companies with strong pricing power.

In a recent interview, Page said the fund, which was designed by himself and fellow manager Ian Mortimer in the wake of the Global Financial Crisis to combat economic shocks, does not own anything exposed to commodities, including energy companies. Page highlighted that price sustainability in commodity markets was a contested issue, and that the asset class was not yet a "bet" he was willing to take. His remarks come at a time when bond funds have been returning poor rates, and inflationary pressure has continued to build as conflict in Ukraine persists and oil prices spiral.  Inf...