AS AT 30 JUNE 2025.
This is a marketing communication. For Professional Clients and, in Switzerland, for Qualified Investors only. BNY Mellon Investments Switzerland GmbH is a financial services
provider in Switzerland and is required to categorise clients, excluding financial intermediaries, in accordance with the Financial Services Act (FinSA). For the purposes of this
communication, we have categorised you as a professional client. Professional clients are entitled to provide notification in writing if they wish to be re-categorised.
BNY Mellon Global Equity Income Fund
INVESTMENT MANAGER PERFORMANCE DISCLOSURE
Newton Investment Management: Past performance is not a guide to future performance. The value of investments and the income received can fall
Newton seeks to deliver strong as well as rise and investors may not get back the original amount invested.
outcomes to its clients by taking an Please refer to the prospectus, KID and other fund documents for a full list of risks and before making any
active, multidimensional and engaged investment decisions. Documents are available in English and in selected local languages where the fund is
investment approach, applied across its registered. Go to bny.com/investments.
active equity, income, absolute-return Returns may increase or decrease as a result of currency fluctuations.
(including fixed-income), multi-asset
and thematic strategies, and strategies with FUND COMMENTARY
sustainability characteristics.
INVESTMENT OBJECTIVE
The Fund generated a positive return, net of fees, but underperformed its
benchmark in June.
To generate annual distributions and to achieve long-
term capital growth by investing predominantly in equity
and equity-related global securities. Global equities ended the first half of 2025 positively as tensions in the Middle
East eased. Earlier in June, Israel’s surprise attack on Iranian military and
nuclear facilities prompted Tehran to launch retaliatory strikes, which unnerved
PERFORMANCE BENCHMARK investors worldwide. Despite a US attack on Iran’s nuclear programme, however,
The Fund will measure its performance against the FTSE stocks rebounded after the two sides agreed a ceasefire. Further support came
World TR Index (the "Benchmark"). from expectations that the US Federal Reserve would continue to cut interest
The Fund is actively managed, which means the rates and apparent progress in trade negotiations.
Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment
objective and policies disclosed in the Prospectus. While The main factor in the Fund’s underperformance was its significant underweight
the Fund's holdings may include constituents of the
Benchmark, the selection of investments and their
in technology. Strong growth-orientated technology stocks Nvidia, Microsoft and
weightings in the portfolio are not influenced by the Meta Platforms, which the Fund cannot own, were key detractors. However,
Benchmark. The investment strategy does not restrict holdings in Tokyo Electron and Texas Instruments contributed positively, as did
the extent to which the Investment Manager may deviate
from the Benchmark. not owning Apple. Elsewhere, Chroma ATW, Estee Lauder and Cisco Systems
made positive contributions too.
GENERAL INFORMATION
Total net assets (million) $ 569.93
Performance Benchmark FTSE World TR
Among the biggest individual detractors were Kenvue and Molson Coors. Drug
Lipper sector Lipper Global - Equity Global Income company Kenvue’s share price slumped when its chief executive officer
Fund type ICVC highlighted upcoming seasonal challenges. Drinks company Molson Coors
Fund domicile Ireland
Fund manager Robert Hay / Jon Bell continued to suffer from the industry-wide drop in sales volumes, driven by trade
Base currency USD uncertainty. As pharmaceutical companies continued to be dogged by pricing
Fund launch 29 Jul 2010 weakness and tariff-related issues, GlaxoSmithKline, AstraZeneca and Sanofi
Currencies available EUR, USD, GBP, CHF, SGD
were also notable detractors.
We bought new holdings in Deutsche Lufthansa, Smurfit Westrock and
UnitedHealth, and added to Bristol-Myers Squibb. Meanwhile, we sold Novartis
and Nike.
After recent weakness, we topped up Inditex, Nari Technology, Diamondback
Energy and Exelon. We continued to build positions in CH Robinson Worldwide
and Shenzhen Mindray.
We trimmed the holdings in Expand Energy, Publicis and Hong Kong Exchanges
and Clearing. Finally, we sold Valterra Platinum, which we had acquired when it
was spun out of Fund holding Anglo-American; the yield is insufficient for this
Fund.
OUTLOOK
As global interest rates have peaked, we have reduced the Fund’s banking
exposure. However, rates are likely to move downwards slowly, and we believe
that they will not reach the lows seen after the global financial crisis, given
stubbornly high core inflation. In our view, the era of ‘free money’ that was so
supportive for growth stocks is over.
Valuation risk and concentration risk in equity markets remain elevated, with the
largest companies trading on very high multiples. At the same time, the
valuations of income stocks remain compelling. As an income strategy, the Fund
is positioned differently to the global equity market. We believe the Fund is well
BNY Mellon Global Funds, plc placed to deliver superior returns over the longer term.
BNY Mellon Investment Management EMEA
Limited - Client Services
Tel: +44 20 7163 2367
Fax: +44 20 7163 2039
Email:[email protected]
Web: www.bny.com
BNY Mellon Global Equity Income Fund: As at 30 June 2025
Performance shown for USD W (Acc.)
5 YEAR CUMULATIVE PERFORMANCE (%) PERFORMANCE SUMMARY (%)
Annualised
1M 3M YTD 1YR 2YR 3YR 5YR
Fund 2.58 5.73 12.37 18.33 12.01 12.54 12.20
Performance 4.55 12.15 10.50 16.84 18.57 18.64 14.88
Benchmark
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fund 4.00 7.18 17.70 -6.25 25.53 4.95 14.55 -3.54 10.96 7.53
Performance -1.37 8.65 24.09 -8.77 27.74 16.33 20.95 -17.54 24.18 17.96
Benchmark
Source: Lipper. Fund performance of this share class is calculated as total return, based on net asset value, including charges, but excluding initial charge, income reinvested gross of
tax, expressed in share class currency.
KEY RISKS ASSOCIATED WITH THIS FUND
The value of investments can fall. Investors may not get back the amount invested. Income from investments may vary and is not
guaranteed.
Currency Risk: This Fund invests in international markets which means it is exposed to changes in currency rates which could affect
the value of the Fund.
Geographic Concentration Risk: Where the Fund invests significantly in a single market, this may have a material impact on the value
of the Fund.
Derivatives Risk: Derivatives are highly sensitive to changes in the value of the asset from which their value is derived. A small
movement in the value of the underlying asset can cause a large movement in the value of the derivative. This can increase the sizes
of losses and gains, causing the value of your investment to fluctuate. When using derivatives, the Fund can lose significantly more
than the amount it has invested in derivatives.
Emerging Markets Risk: Emerging Markets have additional risks due to less-developed market practices.
Market Capitalisation Risk: Investments in the securities of small to medium-sized companies (by market capitalisation) may be
riskier and less liquid (i.e. harder to sell) than large companies. This means that their share prices may have greater fluctuations.
Charges to Capital: The Fund takes its charges from the capital of the Fund. Investors should be aware that this has the effect of
lowering the capital value of your investment and limiting the potential for future capital growth. On redemption, you may not receive
back the full amount you initially invested.
Counterparty Risk: The insolvency of any institutions providing services such as custody of assets or acting as a counterparty to
derivatives or other contractual arrangements, may expose the Fund to financial loss.
Environmental, Social and Governance (ESG) Investment Approach Risk: The Fund follows an ESG investment approach. This means
factors other than financial performance are considered as part of the investment process. This carries the risk that the Fund's
performance may be negatively impacted due to restrictions placed on its exposure to certain sectors or types of investments. The
approach taken may not reflect the opinions of any particular investor. In addition, in following an ESG investment approach, the
Fund is dependent upon information and data from third parties (which may include providers for research reports, screenings,
ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or
inconsistent.
A complete description of risk factors is set out in the Prospectus in the section entitled "Risk Factors".
Any views and opinions are those of the investment manager, unless otherwise noted.
IMPORTANT INFORMATION
For Professional Clients and, in Switzerland, for Qualified Investors only. Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM
EMEA), BNY Mellon Fund Managers Limited (BNYMFM), BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML) or affiliated fund operating companies to undertake
portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA, BNY MFML or the BNY Mellon funds. Portfolio
holdings are subject to change, for information only and are not investment recommendations. Calls may be recorded. For more information visit our Privacy Policy. BNY is the
corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally.
BNY Mellon Global Funds, plc (BNYMGF), is an open-ended investment company with variable capital (ICVC), with segregated liability between sub-funds. Incorporated with
limited liability under the laws of Ireland and authorised by the Central Bank of Ireland as a UCITS Fund. The Management Company is BNY Mellon Fund Management
(Luxembourg) S.A. (BNY MFML), regulated by the Commission de Surveillance du Secteur Financier (CSSF). Registered address: 2-4 Rue Eugène Ruppert L-2453 Luxembourg.
Information on investor rights including the complaints handling policy and investor redress mechanisms is available at bny.com/investments.
The Manager may terminate the arrangements made for the marketing of one or more sub-funds of BNYMGF in one or more EU Member States and shareholders will receive prior
notification in this event.
BNYMGF is authorised overseas but not in the UK. The Financial Ombudsman Service is unlikely to be able to consider complaints related to BNYMGF, its sub-funds, its operator
or its depositary. Any claims for losses relating to the operator and the depositary of BNYMGF are unlikely to be covered under the compensation scheme. A prospective investor
should consider getting financial advice before deciding to invest and should see the BNYMGF prospectus for more information.
In Switzerland, the Company is established as an open-ended umbrella type investment company under Irish law and the Sub-funds are authorised by FINMA for distribution to
non-qualified investors in or from Switzerland. The Swiss representative and paying agent is REYL & Cie Ltd, Rue du Rhône 4, CH-1204 Geneva. Investors in Switzerland can obtain
the documents of the Company, such as the Prospectus, the KIDs, the Memorandum and Articles of Association, the semi-annual and annual reports, each in their latest version
as approved by FINMA, in English, and further information free of charge from the Swiss representative.
Issued in Europe (ex-Switzerland) by BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML), a public limited company (société anonyme) incorporated and existing under
Luxembourg law under registration number B28166 and having its registered address at 2-4 Rue Eugène Ruppert L-2453 Luxembourg. BNY MFML is regulated by the Commission
de Surveillance du Secteur Financier (CSSF). Issued in Switzerland by BNY Mellon Investments Switzerland GmbH, Bärengasse 29, CH-8001 Zürich, Switzerland.
MIS0045-311225
Issued on 22/07/2025
