Guinness Global Energy Fund / Guinness Asset Management Limited on Valero Energy Corporation
Thesis
Valero is the fund's independent refining exposure in the United States and is the largest US refiner. The company has a significant presence on the US Gulf Coast and is benefiting from a recovery in refining margins. The position sits within Guinness's broader view that energy equities remain attractively valued despite strong year-to-date performance.
“Valero has a reasonably large presence on the US Gulf Coast and is benefitting from a recovery in refining margins.”