Guinness Global Equity Income Fund on Deutsche Börse AG
Thesis
Deutsche Börse delivered revenues and EBITDA ahead of consensus, with Securities Services supported by record assets under custody, higher settlement activity, strong debt issuance and record collateral balances. Treasury Result also returned to year-over-year growth and management modestly raised its full-year outlook. The fund sees structural growth from clearing and collateral management, increasing electronification of fixed-income markets, passive investing and index products, and expanding data and analytics services. The breadth of the business model is expected to provide resilience across different market environments.
“we continue to see attractive structural growth drivers across the business”
Key risks
- Investment Management Solutions annual recurring revenue growth missed consensus expectations