JOHCM Global Emerging Markets Opportunities Fund J O Hambro Capital Management (JOHCM)

Fund Description

For fund managers James Syme, Paul Wimborne and Ada Chan, identifying the right countries in which to invest is the most important influence on investment performance. Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks within their favoured countries. The result is a large-cap biased portfolio of typically 50-60 stocks.

James, Paul and Ada believe country allocation is the major driver of outperformance in emerging markets
Through an exhaustive monthly country allocation process that covers all 20+ countries within the MSCI Emerging Markets Index, the fund managers produce country allocation targets for each country within the index based on a five-factor analysis: Growth, Liquidity, Currency, Management/Politics and Valuation of equity market
Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks trading on attractive valuations within the fund managers’ favoured countries
Over time, they expect that top-down and bottom-up decisions will each contribute 50% of total value added

Reasons To Invest

Emerging markets are playing an increasingly important role in investors’ asset allocation decisions. They have witnessed dynamic expansion in recent years but should continue to drive global economic growth in the years ahead
Established, transparent investment process that has a long-term track record of outperformance
Strong emphasis on risk management and a consistent investment style tilt through the market cycle

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

Senior Fund Manager

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Back

Investment Objective

The JOHCM Global Emerging Markets Opportunities Fund aims to achieve long-term capital appreciation from investing in a portfolio of equity securities of companies in emerging markets around the world.

Fund details

Data as at 30 April 2024

Fund size

GBP 203.7m

Strategy size

GBP 2.03bn (as at 31 December 2023)

Benchmark

MSCI Emerging Markets NR 12pm adjusted

Domicile

Ireland

Denomination

GBP, EUR, USD

Share classes

Please click here

Unit type

Distribution

Minimum investment

A	GBP 1,000
B	GBP 1,000

Valuation point

Daily (12pm, UK time)

Dealing frequency

Daily 9-5pm

Fund ratings and awards

Data as at 30 April 2024

For our latest fund ratings and awards, please view our latest factsheet here

Fees and charges

Initial charge	Up to 5%
Performance fee	Please review the latest factsheet for more information our fees and charges here

Administration

Status	UCITS
Investment manager	J O Hambro Capital Management Limited
Transfer agent and registrar	Northern Trust International Fund Administration Services (Ireland) Limited
Depositary	Northern Trust Fiduciary Services (Ireland) Limited

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Strategy Highlights

As at 30 April 2024

The emerging market equity asset class is highly sensitive to a strong US dollar. This occurs both through the direct effect of weaker emerging market currencies on US dollar returns, and from a broader effect where a weaker US dollar represents capital flowing from the US dollar system into the rest of the world, where it has a powerful stimulative effect on both emerging economies and their equity markets.

Within emerging markets, the effect is generally thought to have a more positive effect on emerging markets that run current account deficits, as these countries are most sensitive to capital flows. Emerging markets can generally be thought of as existing in four quadrants in terms of their economic development paths: domestic demand-led commodity exporters (Latin America, South Africa); domestic demand-led commodity importers (India, Pakistan, Turkey, Philippines, Egypt); export-led commodity exporters (Saudi Arabia, UAE, Qatar); and export-led commodity importers (China, Korea, Taiwan). It is the first two groups that have historically had the highest sensitivity to the US dollar, for example, during the ‘Taper Tantrum’ in Q2 2013.

It is important, though, to not underestimate the currency sensitivities of the Asian exporters. The US is a major endpoint for exports from China, Korea and Taiwan, and a strong US Dollar can reflect strong US end demand, as seen in the last few years. However, a strong US Dollar (and hence weak Asian currencies) can also push up the cost of imported inputs (like commodities and components), putting pressure on company profit margins. The more global competition a company faces, the stronger this pressure becomes. Further, the increase in the cost of imported goods puts upward pressure on inflation, leading to tighter monetary policy in East Asia. Finally, the US Dollar remains a funding currency for borrowers and capital markets even in countries with current account surpluses, so a stronger dollar leads to some degree of financial stress.

These effects can be seen in the structure of market returns. The ten-year correlation of monthly equity market returns to currency moves against the US Dollar is 0.30 for Korea’s KOSPI Index, 0.46 for Taiwan’s TWSE Index and 0.49 for the MSCI China Index (compared to 0.61 for Brazil’s Bovespa Index and -0.10 for Japan’s Nikkei 225 Index).

The strength of the US Dollar and pressure in bond markets led Indonesia to conduct a surprise 0.25% policy interest rate hike last month to support the Indonesian Rupiah. China, Korea and Taiwan face less pressure, but the PBoC held Chinese interest rates steady last month despite slowing credit growth, while the Bank of Korea expressed ‘serious concerns’ about the weakness of the Korean Won. The unusual combination of higher commodity prices with a strong US Dollar increases the challenges for East Asia (and creates opportunities in other emerging markets such as Brazil, Mexico, Indonesia and the UAE, all of which we are overweight).

East Asian export-led emerging markets have some protection against a stronger US Dollar, but they still ultimately remain emerging markets. With input price pressure and accelerating competition, we generally remain cautious on this group of markets, and our focus within them remains on domestic growth stories in China and global leading-edge technology exporters in Korea and Taiwan.

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Fund Reporting

Factsheet

Monthly Portfolio Review

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Percentage growth of the fund versus benchmark

Data as at 30 April 2024

A GBP share class, since launch (30 June 2011)

Return history (%)

Data as at 30 April 2024

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. You should not base your decision to invest on this document. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

	Mar 19 - Mar 20	Mar 20 - Mar 21	Mar 21 - Mar 22	Mar 22 - Mar 23	Mar 23 - Mar 24
Fund	-16.51%	44.15%	-5.71%	0.89%	5.06%

Monthly returns (%)

Data as at 30 April 2024

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual	Since inception
Fund	2011							-2.90	-7.42	-9.23	10.91	-6.08		-15.00
Benchmark	2011							-2.13	-9.44	-10.12	10.93	-6.42	1.36	-16.19
Fund	2012	6.82	6.17	-5.29	-2.08	-8.95	-0.61	4.08	-0.36	4.65	-0.46	0.92	1.47	5.29
Benchmark	2012	9.39	5.02	-3.98	-2.73	-6.86	1.97	3.27	-2.02	3.95		1.59	4.03	13.27
Fund	2013	4.31	2.79	-1.85	-1.44	2.58	-8.64	2.04	-3.17	2.30	6.16	-1.00	-1.13	2.10
Benchmark	2013	3.65	2.67	-1.74	-1.74	-0.28	-6.87	1.83	-3.88	2.63	5.52	-3.62	-2.35	-4.79
Fund	2014	-6.05	2.81	0.24	-1.07	6.71	-0.22	3.04	2.40	-4.37	3.79	2.47	-2.94	6.23
Benchmark	2014	-6.61	2.57	2.75	-0.26	4.71	0.16	3.45	3.37	-4.88	2.10	1.26	-4.19	3.74
Fund	2015	7.69	-0.91	3.27	4.35	-1.80	-7.05	-6.65	-7.12	-1.44	8.26	-0.22	-1.35	-4.41
Benchmark	2015	4.33	0.32	2.70	3.75	-2.70	-6.20	-6.29	-7.65	-1.87	6.41	-1.32	-1.49	-10.61
Fund	2016	-6.50	2.32	7.63	-2.44	-1.25	12.99	8.34	3.76	2.90	3.61	-6.62	0.73	26.34
Benchmark	2016	-3.99	3.64	9.36	-0.88	-3.35	11.91	7.43	3.58	2.27	6.62	-6.72	1.52	34.03
Fund	2017	5.27	2.78	3.63	-1.47	4.72	0.55	3.93	3.48	-3.36	6.28	-2.14	1.96	28.23
Benchmark	2017	4.22	3.46	2.40	-1.85	4.13	-0.50	4.79	4.08	-4.26	4.96	-1.09	2.82	25.15
Fund	2018	-1.17	-2.48	-3.37	3.95	0.97	-1.40	1.42	-1.11	-1.42	-6.05	4.51	-3.62	-9.82
Benchmark	2018	3.20	-2.08	-4.01	2.49	-0.63	-3.22	2.43	-1.84	-0.65	-7.08	4.71	-2.67	-9.57
Fund	2019	3.84	-1.17	5.23	1.13	-1.34	4.98	1.80	-3.95	1.10	-3.27	-1.05	4.18	11.48
Benchmark	2019	5.45	-0.49	1.60	3.28	-4.44	5.72	3.08	-5.33	1.12	-0.91	0.31	4.90	14.44
Fund	2020	-2.10	-3.81	-14.12	11.27	0.83	7.65	-0.46	0.31	2.14	0.37	6.35	5.76	12.47
Benchmark	2020	-3.77	-3.70	-12.29	8.99	1.23	8.44	1.77	2.21	-0.28	2.15	6.49	4.44	14.60
Fund	2021	1.11	0.93	1.58	0.32	0.97	2.17	-5.13	1.45	-1.89	-1.72	-0.13	3.58	2.99
Benchmark	2021	3.10	-1.33	-0.52	1.88	-1.34	3.87	-7.21	3.48	-1.51	-1.07	-1.01	0.72	-1.43
Fund	2022	-0.38	-4.53	-0.21	-0.42	1.97	-4.27	0.43	4.80	-3.56	-4.33	6.23	-0.56	-5.36
Benchmark	2022	-1.90	-2.44	-0.10	-1.42	-0.04	-2.55	-1.01	5.37	-7.64	-7.13	10.29	-1.00	-10.29
Fund	2023	3.05	-3.29	1.52	-1.21	-1.30	2.19	3.08	-3.82	-0.87	-4.44	3.05	3.92	1.39
Benchmark	2023	4.90	-4.65	0.79	-1.96	-0.52	1.08	4.46	-4.44	0.44	-3.08	3.61	3.21	3.29
Fund	2024	-4.86	6.01	3.95	1.24									6.14	78.28
Benchmark	2024	-4.14	5.08	2.86	1.32									4.98	59.87

Source and notes

JOHCM/MSCI/Bloomberg/Lipper.

Data shown net of fees, net income reinvested. Performance of other share classes may vary and is available on request. Please note that all fund performance is shown against the MSCI Emerging Markets NR 12pm adjusted in GBP. Performance of other share classes may vary and is available on request. Where shown, monthly returns table shows compounded discrete monthly performance.

Disclaimer

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. You should not base your decision to invest on this document. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Fund statistics

Data as at 30 April 2024

Fund size	GBP 203.7m
Number of holdings	50

Top 10 holdings and active weights

Data as at 30 April 2024

Top 10 holdings

Taiwan Semiconductor	8.65%
Tencent	7.20%
Larsen & Toubro	4.75%
Samsung Electronics	3.66%
TRIP COM GROUP	3.37%
Grupo Fin Banorte	3.24%
Itau Unibanco	3.20%
Meituan	3.12%
Mahindra & Mahindra	3.10%
BANK MANDIRI	3.07%

Top 10 active weights

Larsen & Toubro	+4.35%
Tencent	+3.13%
CEMEX	+3.06%
TRIP COM GROUP	+2.99%
Grupo Fin Banorte	+2.88%
BANK MANDIRI	+2.85%
Itau Unibanco	+2.80%
FIRSTRAND	+2.78%
Mahindra & Mahindra	+2.76%
ENN Energy Holdings	+2.65%

Sector breakdown

Data as at 30 April 2024

	Portfolio	Benchmark	Relative
Financials	26.25%	22.28%	3.97%
Information Technology	13.87%	22.74%	-8.87%
Consumer Discretionary	12.38%	12.88%	-0.50%
Consumer Staples	9.45%	5.55%	3.90%
Industrials	7.81%	6.97%	0.85%
Materials	7.50%	7.31%	0.19%
Communication Services	7.43%	9.05%	-1.62%
Real Estate	5.95%	1.56%	4.39%
Energy	4.76%	5.42%	-0.66%
Utilities	2.75%	2.86%	-0.11%
Health Care	0.97%	3.40%	-2.43%
Cash	0.88%	0.00%	0.88%

Market cap breakdown

Data as at 30 April 2024

	Portfolio	Benchmark	Relative
Large Cap	83.62%	78.46%	5.15%
Medium Cap	14.94%	21.53%	-6.60%
Small Cap	0.58%	0.00%	0.58%
Cash	0.87%	0.00%	0.87%

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Fund Group	Fund	As at noon	Share class	Currency	Domicile	ISIN number	NAV per share	Change	KIID
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	A EUR	EUR	Ireland	IE00B3ZBLW75	1.653	0.001
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	A GBP	GBP	Ireland	IE00B4002N46	1.511	0.001
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	A USD	USD	Ireland	IE00B4M6CN00	1.224	0.003
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	B EUR	EUR	Ireland	IE00B4TRCR07	1.633	0.001
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	B GBP	GBP	Ireland	IE00B41RZ573	1.454	0.001
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	B USD	USD	Ireland	IE00B4XXMP29	1.601	0.004
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	Y GBP	GBP	Ireland	IE00BYSGJY42	1.822	0.001
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	Y USD	USD	Ireland	IE00BYSGJZ58	1.489	0.003
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund		Z - Class AUD		Ireland	IE00B5W6ZB60
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	Z - Class CAD	CAD	Ireland	IE00BBPK0L23	1.756	0.002
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	14/05/2024	Z - Class GBP	GBP	Ireland	IE00B6R54W91	1.903	0.001

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23
A distributing GBP	1.2881	1.9828	3.4453	3.1410	1.8309	2.1053	3.2723	3.4292
A accumulating GBP	2.8152	4.3509	7.6541	7.1149	4.2268	4.9097	7.7197	8.2427
B distributing GBP	1.1897	1.8271	3.1746	2.8895	1.6822	1.9315	3.0000	3.1395
B accumulating GBP	2.6020	4.0228	7.0604	6.5526	3.8884	4.5096	7.0851	7.5529
Y distributing GBP	0.8697	1.3383	2.3274	2.1211	1.2376	1.4237	2.2134	2.3200
Y accumulating GBP	1.1364	1.7602	3.0924	2.8757	1.7088	1.9315	3.1230	3.3359

Dividends are quoted and paid in pence per share

Distribution of income occur on or before: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on an accounting rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.

Funds paying semi-annual dividends

Distribution of income occur on or before: 31 August and 28 February

JOHCM UK Dynamic Fund (Onshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	31 Aug 2023	pence per share	4.7348
A - accumulating	GBP	31 Aug 2023	pence per share	7.2848
B - distributing	GBP	31 Aug 2023	pence per share	4.2666
B - accumulating	GBP	31 Aug 2023	pence per share	8.0119
Y - distributing	GBP	31 Aug 2023	pence per share	2.9766
Y - accumulating	GBP	31 Aug 2023	pence per share	4.2119
X - distributing	GBP	31 Aug 2023	pence per share	2.4775
X - accummulating	GBP	31 Aug 2023	pence per share	2.8519
M - distributing	GBP	31 Aug 2023	pence per share	0.6975
M - accumulating	GBP	31 Aug 2023	pence per share	0.6975
K - distributing	GBP	31 Aug 2023	pence per share	0.6130
K - accumulating	GBP	31 Aug 2023	pence per share	0.6128

JOHCM UK Dynamic Fund (Offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Y	GBP	31 Aug 2023	pence per share	2.2517
Y	EUR	31 Aug 2023	pence per share	2.1310
Y	USD	31 Aug 2023	pence per chare	2.3831

JOHCM Global Select Shariah Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	USD	31 Aug 2023	pence per share	0.3187

Funds paying annual dividends

Distribution of income occur on or before 28 February

JOHCM Asia ex Japan Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	0.0000
A	EUR	28 Feb 2023	cents per share	0.0000
A	USD	28 Feb 2023	cents per share	0.0000
B	GBP	28 Feb 2023	pence per share	0.0000
B	EUR	28 Feb 2023	cents per share	0.0000
B	USD	28 Feb 2023	cents per share	0.0000
Z	GBP	28 Feb 2023	cents per share	1.2559
Z	USD	28 Feb 2023	cents per share	0.0088

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class	Currency	Pay date	Dividend paid in
A	GBP	28 Feb 2023	pence per share
A	EUR	28 Feb 2023	cents per share
A	USD	28 Feb 2023	cents per share
B	GBP	28 Feb 2023	pence per share
B	EUR	28 Feb 2023	cents per share
B	USD	28 Feb 2023	cents per share
Z	GBP	28 Feb 2023	cents per share

JOHCM Continental European Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	10.0915
A	EUR	28 Feb 2023	cents per share	7.9953
A - hedge	GBP	28 Feb 2023	pence per share	2.9851
B	GBP	28 Feb 2023	pence per share	7.7618
B	EUR	28 Feb 2023	cents per share	6.4068
B - hedge	USD	28 Feb 2023	cents per share	1.1526
Y	GBP	28 Feb 2023	pence per share	3.7378
Y - hedge	GBP	28 Feb 2023	pence per share	3.2781
Y	EUR	28 Feb 2023	cents per share	3.0566

JOHCM European Select Values Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	4.8151
A	EUR	28 Feb 2023	cents per share	2.6779
B	GBP	28 Feb 2023	pence per share	2.0318
B	EUR	28 Feb 2023	cents per share	0.8256
Y	EUR	28 Feb 2023	cents per share	0.8964

JOHCM Global Emerging Markets Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	3.9725
A	EUR	28 Feb 2023	cents per share	3.7874
A	USD	28 Feb 2023	cents per share	2.7065
B	GBP	28 Feb 2023	pence per share	3.5330
B	EUR	28 Feb 2023	cents per share	3.4128
B	USD	28 Feb 2023	cents per share	3.0881
Y	GBP	28 Feb 2023	pence per share	4.9039
Y	USD	28 Feb 2023	cents per share	2.8124
Z	GBP	28 Feb 2023	cents per share	7.3245

JOHCM Global Opportunities Fund (onshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	2.5742
A - hedged	GBP	28 Feb 2023	pence per share	2.3240
X	GBP	28 Feb 2023	cents per share	2.4772

JOHCM Global Opportunities Fund (offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	4.4298
A	EUR	28 Feb 2023	cents per share	4.1956
A	USD	28 Feb 2023	cents per share	3.3076
B	EUR	28 Feb 2023	cents per share	3.8301
B	USD	28 Feb 2023	cents per share	3.1239
A - hedged	EUR	28 Feb 2023	cents per share	1.6538
X	GBP	28 Feb 2023	cents per share	3.7875
Z	GBP	28 Feb 2023	cents per share	1.7774
X - hedged	GBP	28 Feb 2023	cents per share	2.1090
X	EUR	28 Feb 2023	cents per share	1.9147

JOHCM Global Select Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	2.5774
A	EUR	28 Feb 2023	cents per share	2.0747
A	USD	28 Feb 2023	cents per share	1.0629
B	GBP	28 Feb 2023	pence per share	0.0000
B	EUR	28 Feb 2023	cents per share	0.0000
B	USD	28 Feb 2023	cents per share	0.0000
Z	GBP	28 Feb 2023	pence per share	4.2279

JOHCM UK Growth Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	4.6405
B	GBP	28 Feb 2023	pence per share	2.4239
X	GBP	28 Feb 2023	pence per share	2.5898

JOHCM UK Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	28 Feb 2023	pence per share	6.1160
A - accumulating	GBP	28 Feb 2023	pence per share	9.5564
B - distributing	GBP	28 Feb 2023	pence per share	5.7397
B - accumulating	GBP	28 Feb 2023	pence per share	8.8440
Y - accumulating	GBP	28 Feb 2023	pence per share	5.3515
Y - distributing	GBP	28 Feb 2023	pence per share	4.1220

Net dividends quoted in the local share class currency.

If you would like more information, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com. Email us at oeicdealing@johcm.co.uk.

Views & News

09 May 2024
Double Dollar

The dollar is stronger than it’s been in 20 years. What’s the impact on emerging markets?
Read More
15 Apr 2024
Strong Economies, Falling Rates

Rates in Mexico and Brazil are coming down. Despite cautious guidance, we believe further cuts will be ahead of consensus
Read More
19 Mar 2024
Another Look at Emerging Markets

As investors move away from China, we look at some interesting alternatives
Read More
07 Mar 2024
The Emirati Edge

The UAE has made major strides in diversifying its economy away from hydrocarbons, leveraging astute diplomacy to develop global services and property sectors
Read More
09 Feb 2024
Foreign Investors Are Voting to Leave China

Technical indicators reveal the negative effect of foreigners disinvesting Chinese Stocks
Read More
08 Jan 2024
Elections Set the Agenda for 2024

Elections in Russia and the US may be very different in both form and substance, but they will set the tone for emerging markets in what will be a year of elections worldwide
Read More
20 Dec 2023
India’s Digital Miracle

India's digital revolution and its journey to become the world's third-largest economy
Read More
13 Dec 2023
Keeping Positive but Realistic

As India revels in its growth, will high valuations prove resilient amidst the shifting landscape?
Read More
05 Dec 2023
Tokyo Story

Japan's Surging Appeal as Investors Look for Diversification amid China's Economic Troubles
Read More
20 Nov 2023
From Desert Sands to Investment Oasis

A Closer Look at how One Sheikh's Reforms Transformed the UAE
Read More

Webcasts & Videos

2024 A Year of Change

05 Jul 2024 10:00 AM | 45 mins
Out of China…into Where?

27 Oct 2023 | 29 mins
JOHCM Global Emerging Markets Opportunities Fund Q4 2021 Update

24 Jan 2022 | 21 mins
JOHCM Global Emerging Markets Opportunities Fund Q3 2021 Update

26 Oct 2021 | 20 mins

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

Senior Fund Manager

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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