Nobody knows

Samir Mehta, manager of the JOHCM Asia ex Japan Fund, provides his latest thinking on the coronavirus-driven market turbulence.

  • Samir Mehta
21 Mar 2020
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View PDF   Download PDF  
  • The turmoil across the globe is the direct result of the after-effects of the 2008/9 crisis now compounded by COVID-19.
  • Welcome to the world of zombie companies whose measure of success will be the new ROE – Return on Employment.
  • In the portfolio, we have raised some cash by selling companies that we think are structurally damaged due to the crisis while adding to businesses that are likely to come through the other side of the crisis much stronger.


Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s 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.

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