Guinness European Equity Income Fund on Deutsche Börse AG
Thesis
Deutsche Börse benefits from higher market activity and volatility through increased trading volumes, while inflation and interest-rate uncertainty support activity in rate markets and its Clearstream settlement and custody business. Q2 net revenue rose 9% year-over-year and EBITDA increased 13%, leading management to raise full-year guidance. The longer-term investment case is based on the shift toward on-exchange trading and clearing, higher demand for custody and collateral services, and growth in scalable software and data businesses.
“These results continue to support the longer-term investment case”