JOHCM Asia ex Japan Small and Mid Cap Fund J O Hambro Capital Management (JOHCM)

Fund Description

Fund manager Cho-Yu Kooi, based in our Singapore office, shares the same investment philosophy and approach as Samir Mehta, manager of the all-cap JOHCM Asia ex Japan Fund, both fund managers having worked alongside one another for many years prior to joining JOHCM in 2011. She employs a fundamental-based, predominantly bottom-up investment approach. She focuses on Asian companies with quality, sustainable, long-term growth hallmarks. These are businesses that can grow over economic and liquidity cycles and which generate high returns on the financial capital that they employ.The Fund generally consists of stocks with a market capitalisation of less than US$6 billion while close attention is paid to liquidity.

Investment Strategy

The team’s investment philosophy is based on the following beliefs:

There are pricing inefficiencies in Asian stock markets, the greatest of which are at the individual stock level. This is, therefore, where Cho Yu focuses her investment resources, with approximately 70% of total value added expected to come from fundamental stock selection
Value creation in a company is driven by long-term growth and the ability to generate returns above its cost of capital. They, therefore, focus on companies displaying long-term sustainable quality growth characteristics
Detailed analysis and regular interaction with company management is vital. The team’s analysis gives them the conviction to take a long-term investment view, meaning that turnover is low. Asian markets are frequently driven by macroeconomic and political factors that are separate from stock-specific considerations. These markets have a history of giving high returns but also with high volatility. The team aims to blend their growth stock focus with cyclical exposure that is valuation-driven and based on top-down views.

Reasons To Invest

The team has long experience of investing in smaller Asian companies. Both fund managers have approximately 20 years investment experience working in Asia and have spent nearly half of their investment careers working together
Most of the team’s past performance has come from stock selection across a wide range of market capitalisations. They are benchmark agnostic and many of their positions are in off the beaten track names that are not widely owned by our competitors. Within a programme of Asian / Emerging Markets managers, the team’s Asian small cap portfolio should therefore contribute diversification benefits to clients
The team has decided to limit capacity in the small and mid-cap strategy to US$1bn, and to focus on broad regional mandates (with or without Australia). Capping the level of assets enables them to access attractive investment opportunities and to preserve the consistency of their style for their clients. Avoiding asset gathering behaviour ensures that they can grow with our clients and not at their expense
The team has a proven ability to generate outperformance in both rising and falling markets. With the region’s history of positive but volatile returns, this is essential to delivering consistent outperformance to investors
Turnover in the strategy is low and the team conducts thorough due diligence before making a buy decision. This means that they avoid costly and unnecessary trading which will help enhance returns to clients

Cho-Yu Kooi

Senior Fund Manager

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

Other Asian Equity Funds

JOHCM Asia ex Japan Fund

Based in our Singapore office, Samir Mehta employs a fundamental-based, predominantly bottom-up investment approach. He focuses on Asian companies with quality, sustainable, long-term growth hallmarks. These are businesses that can grow over economic and liquidity cycles and which generate high returns on the financial capital that they employ.

Back

Investment Objective

The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of Asia ex-Japan Small and Mid Cap equity securities. The Fund aims to achieve its investment objective primarily through investment in equity securities of companies with a small or middle market capitalisation all of which will be domiciled or exercising the predominant part of their economic activities in the Asia ex-Japan region. The Fund will generally invest in stocks of companies with a market capitalisation of less than US$6 billion, with trading liquidity a key consideration.

Fund details

Data as at 28 February 2021

Fund size

GBP 18.19m

Strategy size

GBP 22.84m (as at 31 December 2020)

Benchmark

MSCI AC Asia ex Japan Small Cap NR 12pm adjusted

Domicile

Ireland

Denomination

GBP, EUR, USD

Share classes

A GBP	(Launch date) 30-September-2011
A EUR	(Launch date) 30-September-2011
A USD	(Launch date) 30-September-2011
B GBP	(Launch date) 30-September-2011
B EUR	(Launch date) 30-September-2011
B USD	(Launch date) 30-September-2011

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 codes

	ISIN	SEDOL
A GBP	IE00B6R5LS41	B6R5LS4
A EUR	IE00B6R5VD95	B6R5VD9
A USD	IE00B6R5QW32	B6R5QW3
B GBP	IE00B6R63P81	B6R63P8
B EUR	IE00B6R5HM01	B6R5HM0
B USD	IE00B6R5YM91	B6R5YM9

Fund ratings and awards

Data as at 28 February 2021

Notes

©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Overall Ratings and Morningstar Analyst Ratings are as at 31/10/2020.

Fees and charges

Initial charge	Up to 5%
Annual mgmt charge (A)	0.90%
Annual mgmt charge (B)	1.50%
Performance fee	15% on excess if Fund outperforms benchmark, calculated daily. Any underperformance carried forward. This fee applies to all share classes.

Administration

Status	UCITS
Investment manager	J O Hambro Capital Management Limited
Transfer agent and registrar	RBC Investor Services Limited
Depositary	RBC Investor Services Limited

Strategy Highlights

As at 28 February 2021

Asian equities added to their gains in February on the back of increased optimism over vaccination progress and the passage of the Biden administration’s US$1.9 trillion fiscal stimulus package. However, the latter half of February saw heavy profit-taking on growth-oriented stocks as investors fretted that the accommodative fiscal and monetary policies could trigger much higher inflation in the coming year and lead to central banks withdrawing their quantitative easing programs and raising interest rates. On the other hand, this reflation scenario gave oil and other commodity prices a leg up and enabled the share prices of energy, materials and financial stocks to post strong gains.

The Fund underperformed in February as several of our growth-oriented holdings in China/Hong Kong and Taiwan suffered heavy profit-taking. Our minimal exposure to the cyclical sectors of commodities and financials also weighed on performance. India was a bright spot for us as the Union Budget unveiled by the government in early February put a greater focus on supply-side reforms with the objective of kick-starting the investment cycle which is critical for the country’s medium-term growth prospects. With its announcement of the establishment of a development financial institution and bad bank, the Indian government has also signaled that it will address the lingering bad loan problems in the banking system. We remain constructive on the long-term investment outlook in India and will maintain our overweight stance on the market. Also worth highlighting is Indonesia where our holdings have been laggards for a while now. During the month, they benefited from investor rotation out of high growth stocks which have done well to those which have been ignored.

Investors have been spooked by the recent surge in US 10-year bond yields due to higher inflation expectations in the US, associating it to a replay of the taper tantrum in 2013 when a disruptive tightening of monetary policies in Asia led to a sell-off of equities in the region. We still believe that while Asia’s growth acceleration this year will cause inflation to rise, it will stay benign and allow regional central banks to maintain their accommodative monetary stance to spur an economic recovery. As Morgan Stanley’s economist points out, currently, six out of ten Asia ex-Japan economies are in deflation or have inflation below 1%; and three out of five inflation-targeting central banks have inflation running below their targets. As such, reflation is welcome and indeed, it will be helpful for balance sheet repair given the rising indebtedness brought about by the pandemic. Furthermore, most Asian economies’ macro stability indicators such as current account balance, real policy rate and real 10-year yield differentials relative to the US, and foreign exchange reserve coverage have improved from their pre-taper tantrum levels in 2013. Against this backdrop, we have made minimal changes to our portfolio holdings and will ride out the short-term volatility in equity markets.

Fund Reporting

Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

A GBP	A EUR	A USD
B GBP	B EUR	B USD

Percentage growth of the fund versus benchmark

Data as at 28 February 2021

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

Return history (%)

Data as at 28 February 2021

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. 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 16 - Mar 17	Mar 17 - Mar 18	Mar 18 - Mar 19	Mar 19 - Mar 20	Mar 20 - Mar 21
Fund	11.37%	8.41%	-16.09%	12.07%	32.34%

Monthly returns (%)

Data as at 28 February 2021

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual	Since inception
Fund	2011										9.50	-6.21	1.27	4.00
Benchmark	2011										7.20	-6.37	-0.31	0.06
Fund	2012	5.74	2.94	0.54	0.18	-2.66	-1.46	-0.37	2.51	5.71	2.40	4.44	1.76	23.55
Benchmark	2012	7.96	7.99	-4.27	-3.21	-3.27	1.17	-0.43	1.20	4.32	-0.60	3.25	2.84	17.30
Fund	2013	6.69	5.61	2.87	1.70	5.34	-8.94	0.07	-8.77	0.61	5.69	-4.16	-1.20	3.94
Benchmark	2013	5.97	5.56	0.73	0.53	3.07	-8.88	1.17	-4.41	1.92	3.46	-2.76	-0.97	4.47
Fund	2014	-3.34	2.53	3.62	-1.56	4.45	0.43	2.37	5.13	0.94	2.32	3.43	-0.50	21.30
Benchmark	2014	-1.65	2.67	1.37	-0.78	3.56	0.02	2.30	3.52	-1.22	-0.78	0.44	-1.10	8.45
Fund	2015	7.61	0.06	5.55	-0.61	5.57	-4.54	-1.10	-6.20	2.74	3.48	1.46	1.49	15.60
Benchmark	2015	5.49	-0.41	5.80	5.36	2.35	-7.94	-7.76	-9.11	2.11	5.26	0.27	1.72	1.40
Fund	2016	-4.08	1.59	0.67	-1.05	-2.19	9.34	8.12	4.27	1.26	4.73	-8.99	-1.40	11.37
Benchmark	2016	-5.44	2.41	4.74	-0.77	-2.38	9.98	5.74	2.66	2.69	3.75	-5.57	-0.18	17.80
Fund	2017	3.33	3.34	1.48	-2.32	0.19	-1.35	4.20	2.62	-2.87	1.13	-1.53	0.18	8.41
Benchmark	2017	2.81	5.64	2.52	-2.72	2.13	-0.41	1.41	3.30	-3.26	6.05	0.77	2.01	21.70
Fund	2018	-1.92	-2.38	-1.91	-0.19	8.87	-1.70	-2.60	-7.39	-2.17	-11.05	9.75	-2.91	-16.09
Benchmark	2018	0.66	-2.51	-2.88	2.87	2.77	-5.39	0.05	0.27	-4.14	-10.28	6.24	-1.76	-14.15
Fund	2019	2.09	2.93	3.12	3.99	-0.79	6.85	5.29	-4.01	-2.99	-0.24	-2.66	-1.46	12.07
Benchmark	2019	0.99	1.05	3.45	0.53	-2.65	2.46	1.25	-4.57	0.99	-1.50	-0.17	1.99	3.60
Fund	2020	-1.65	0.46	-10.79	11.58	9.71	8.76	-0.39	2.06	-0.97	-2.00	6.95	6.86	32.34
Benchmark	2020	-4.03	-2.45	-15.61	13.12	3.19	9.11	1.22	4.31	2.10	-0.92	9.18	3.96	21.98
Fund	2021	5.52	-0.11											5.40	196.57
Benchmark	2021	0.59	5.18											5.80	121.91

Source and notes

JOHCM/MSCI/Bloomberg/Lipper.

Data shown net of fees, net income reinvested in GBP terms. Benchmark: MSCI AC Asia ex Japan Small Cap NR 12pm adjusted Performance of other share classes may vary and is available on request.

Disclaimer

Fund statistics

Data as at 28 February 2021

Fund size	GBP 18.19m
Number of holdings	58

Top 10 holdings and active weights

Data as at 28 February 2021

Top 10 holdings

CHINA EDU GRP HLDGS	3.76%
eMemory Technology	3.34%
PT Sumber Alfaria Trijaya	3.06%
PING AN HEALTHCARE & TEC	2.98%
ASMedia Technology	2.88%
PARADE TECHNOLOGIES	2.68%
DIXON TECHNOLOGIES INDIA	2.52%
ALCHIP TECHNOLOGIES	2.37%
WEIMOB	2.35%
Union Medical Healthcare Ltd	2.35%

Top 10 active weights

CHINA EDU GRP HLDGS	+3.76%
eMemory Technology	+3.13%
PT Sumber Alfaria Trijaya	+3.06%
PING AN HEALTHCARE & TEC	+2.98%
ASMedia Technology	+2.88%
WEIMOB	+2.35%
Union Medical Healthcare Ltd	+2.35%
DIXON TECHNOLOGIES INDIA	+2.34%
ABB India Ltd	+2.32%
PARADE TECHNOLOGIES	+2.32%

Sector breakdown

Data as at 28 February 2021

	Portfolio	Benchmark	Relative
Information Technology	34.91%	20.22%	14.68%
Consumer Discretionary	23.97%	12.77%	11.20%
Industrials	20.65%	15.02%	5.63%
Consumer Staples	13.16%	4.87%	8.28%
Health Care	5.88%	8.97%	-3.09%
Financials	1.97%	9.06%	-7.09%
Communication Services	0.94%	4.27%	-3.33%
Energy	0.00%	1.68%	-1.68%
Materials	0.00%	10.44%	-10.44%
Real Estate	0.00%	10.03%	-10.03%
Utilities	0.00%	2.67%	-2.67%
Cash	-1.47%	0.00%	-1.47%

Market cap breakdown

Data as at 28 February 2021

	Portfolio	Benchmark	Relative
Large Cap	52.35%	42.71%	9.65%
Medium Cap	41.00%	43.56%	-2.56%
Small Cap	8.12%	13.73%	-5.61%
Cash	-1.47%	0.00%	-1.47%

Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JOHCM Asia ex Japan Fund	09/04/2021	A	EUR	Ireland	B431KK7	2.779	-0.017
		A	GBP	Ireland	B3RQ272	2.856	-0.018
		A	USD	Ireland	B435PM6	2.448	-0.018
		B	GBP	Ireland	B3ZQS76	2.809	-0.018
		B	USD	Ireland	BF7NZT0	2.484	-0.019
		B	EUR	Ireland	B5L49R5	2.814	-0.018
		Z	GBP	Ireland	B44PG77	2.026	-0.013
		Z	USD	Ireland	BVG7681	1.635	-0.011
JOHCM Asia ex Japan Small and Mid Cap Fund	09/04/2021	A	GBP	Ireland	B6R5LS4	2.742	-0.018
		A	USD	Ireland	B6R5QW3	2.496	-0.019
		A	EUR	Ireland	B6R5VD9	2.398	-0.016
		B	GBP	Ireland	B6R63P8	2.683	-0.018
		B	USD	Ireland	B6R5YM9	2.388	-0.019
		B	EUR	Ireland	B6R5HM0	2.720	-0.017
		Z	GBP	Ireland	B4X3T62	2.072	-0.014
JOHCM Continental European Fund	09/04/2021	A	GBP	Ireland	3300912	5.355	0.018
		A	USD	Ireland	BJ4G0G2	1.664	0.007
		A	EUR	Ireland	3300923	4.312	0.016
		A Hedged	GBP	Ireland	BSJCJ49	1.458	0.006
		B	GBP	Ireland	3100543	5.168	0.018
		B	USD	Ireland	BJ4G0H3	1.699	0.006
		B	EUR	Ireland	3300901	4.344	0.014
		Y	GBP	Ireland	B993PD0	1.972	0.007
		Y	EUR	Ireland	B98YKX9	1.661	0.006
		Y Hedged	GBP	Ireland	BSJCJ50	1.520	0.006
JOHCM European Concentrated Value Fund	09/04/2021	A	EUR	Ireland	BW0DJY9	1.099	0.002
		B	EUR	Ireland	BW0DJZ0	1.093	0.001
		Z	AUD	Ireland	BYNJFM8	1.234	0.003
		Z	EUR	Ireland	BYNJFN9	1.010	0.001
JOHCM European Select Values Fund	09/04/2021	A	GBP	Ireland	3290422	6.069	0.010
		A	EUR	Ireland	3290433	3.895	0.006
		B	GBP	Ireland	3290400	5.562	0.009
		B	EUR	Ireland	3290411	2.609	0.004
		Non-Distributing	EUR	Ireland	BSFWK51	1.447	0.002
		X	EUR	Ireland	B4K14L9	1.867	0.002
		Y	EUR	Ireland	BMXC8L3	1.047	0.003
JOHCM Global Emerging Markets Opportunities Fund	09/04/2021	A	GBP	Ireland	B4002N4	1.559	-0.010
		A	USD	Ireland	B4M6CN0	1.378	-0.010
		A	EUR	Ireland	B3ZBLW7	1.692	-0.010
		B	GBP	Ireland	B41RZ57	1.500	-0.009
		B	USD	Ireland	B4XXMP2	1.802	-0.013
		B	EUR	Ireland	B4TRCR0	1.672	-0.011
		Y	GBP	Ireland	BYSGJY4	1.878	-0.011
		Y	USD	Ireland	BYSGJZ5	1.677	-0.012
		Z	GBP	Ireland	B6R54W9	1.961	-0.012
		Z	CAD	Ireland	BBPK0L2	1.820	-0.013
		Z	AUD	Ireland	B5W6ZB6	2.066	-0.012
JOHCM Global Income Builder Fund	09/04/2021		GBP	Ireland	BFZWPH7	1.111	0.004
		A	SGD	Ireland	BFZWPG6	1.075	0.002
		A	GBP	Ireland	BFZWPC2	1.061	0.003
		A	USD	Ireland	BFZWPF5	1.085	0.003
		A	EUR	Ireland	BFZWPD3	1.081	0.003
		B	EUR	Ireland	BFZWPJ9	1.048	0.004
		EUR	EUR	Ireland	BKF2GH9	0.960	0.002
		GBI	GBP	Ireland	BHR0DJ1	1.085	0.003
JOHCM Global Opportunities Fund (offshore)	09/04/2021	A	USD	Ireland	B89JY23	2.248	-0.002
		A	EUR	Ireland	B7MR557	2.399	0.001
		A	GBP	Ireland	B89PQM5	2.195	0.001
		B	GBP	Ireland	BF7NZS9	2.419	0.002
		B	USD	Ireland	B8295C7	2.141	-0.001
		B	EUR	Ireland	B80FZF0	2.210	0.001
		IHX	EUR	Ireland	BFZWWX2	1.084	0.000
		X	GBP	Ireland	BQVC9L0	1.874	0.001
		X	EUR	Ireland	BMCZLF8	1.173	0.001
		X	EUR	Ireland	BJ5JW42	1.093	0.000
		X Hedged	GBP	Ireland	BF29TX5	1.156	-0.001
		Z	GBP	Ireland	B83MS15	0.872	0.000
		Z	GBP	Ireland	BD6R4D6	1.660	0.001
		Z	EUR	Ireland	BDZD4M4	1.078	0.001
JOHCM Global Opportunities Fund (onshore)	09/04/2021	A Accumulating	GBP	UK	BJ5JMC0	1.127	0.000
		A Distributing	GBP	UK	BJ5JMD1	1.083	0.000
		AHA	GBP	UK	BKDV8G1	1.157	-0.001
		X Accumulating	GBP	UK	BJ5JMF3	1.096	0.001
		X Distributing	GBP	UK	BJ5JMG4	1.080	0.000
JOHCM Global Select Fund	09/04/2021	A	GBP	Ireland	B3DBRN2	4.625	0.015
		A	USD	Ireland	B3T31Z2	2.614	0.005
		A	EUR	Ireland	B3DBRP4	4.296	0.013
		B	GBP	Ireland	B3DBRL0	4.459	0.014
		B	USD	Ireland	B5L7L67	2.984	0.006
		B	EUR	Ireland	B3DBRM1	4.158	0.013
		Z	GBP	Ireland	B3DCMB8	3.329	0.012
		Z	USD	Ireland	B4V7J00	2.945	0.008
JOHCM Japan Fund	09/04/2021	A	GBP	Ireland	B00X0H5	2.520	-0.001
		A	EUR	Ireland	3438880	1.840	-0.001
		A Hedged	GBP	Ireland	B5LD7P6	1.815	0.004
		A JPY	JPY	Ireland	3438891	365.482	0.765
		B	GBP	Ireland	3438846	2.460	-0.002
		B	EUR	Ireland	3438857	1.784	-0.001
		B Hedged	GBP	Ireland	B6386R1	1.819	0.004
		B JPY	JPY	Ireland	3438868	361.419	0.752
JOHCM UK Dynamic Fund	09/04/2021	A Accumulating	GBP	UK	B4T7HR5	2.621	0.001
		A Distributing	GBP	UK	B4T8552	1.832	0.001
		B Accumulating	GBP	UK	B4T7JX5	2.912	0.001
		B Distributing	GBP	UK	B4TXJ33	1.668	0.001
		X Accumulating	GBP	UK	BJ7HNB8	1.021	0.000
		X Distributing	GBP	UK	BJ5JMB9	0.954	0.000
		Y	GBP	Ireland	BDGKPZ4	0.955	0.001
		Y	GBP	UK	BDZRJ21	1.149	0.001
		Y Accumulating	GBP	UK	BDZRJ10	1.512	0.001
JOHCM UK Equity Income Fund	09/04/2021	A Accumulating	GBP	UK	B03KR50	3.988	0.013
		A Distributing	GBP	UK	B03KP23	1.878	0.006
		B Accumulating	GBP	UK	B03KR83	3.698	0.012
		B Distributing	GBP	UK	B03KR61	1.739	0.005
		X Distributing	GBP	UK	BYV9S21	0.936	0.003
		Y	GBP	UK	B95FCK6	1.267	0.004
		Y Accumulating	GBP	UK	B8FCHK5	1.609	0.005
JOHCM UK Growth Fund	09/04/2021	A	GBP	Ireland	3300934	4.125	0.021
		B	GBP	Ireland	3100554	3.596	0.018
		REU	EUR	Ireland	BLLV8D7	2.223	0.011
		RUD	USD	Ireland	BLLV8C6	2.457	0.009
		X	USD	Ireland	BLLV871	2.464	0.009
		X	EUR	Ireland	BLLV8B5	2.094	0.011
		X	EUR	Ireland	BLLV882	2.229	0.011
		X	GBP	Ireland	BLLV893	2.070	0.010
JOHCM UK Opportunities Fund	09/04/2021	A Accumulating	GBP	UK	B0LLB64	3.269	0.016
		A Distributing	GBP	UK	B3K76Q9	2.147	0.011
		B Accumulating	GBP	UK	B0LLB75	3.044	0.015
		B Distributing	GBP	UK	B3K76P8	2.027	0.010
		X Accumulating	GBP	UK	BQJZQQ5	1.503	0.007
		X Distributing	GBP	UK	B95MSF4	1.216	0.006
		Y	GBP	UK	B95J5C1	1.445	0.008
		Y Accumulating	GBP	UK	B95HP81	1.828	0.009
Regnan Global Equity Impact Solutions Fund (offshore)	09/04/2021		GBP	Ireland	BN2BDR9	0.942	0.003
			USD	Ireland	BN2BDV3	0.949	0.002
		A	GBP	Ireland	BN2BD80	0.939	0.003
		A	USD	Ireland	BN2BDC4	0.946	0.001
		A	EUR	Ireland	BN2BD91	0.966	0.004
		B	GBP	Ireland	BN2BDD5	0.938	0.003
		B	USD	Ireland	BN2BDH9	0.945	0.002
		B	EUR	Ireland	BN2BDF7	0.964	0.004
		EUR	EUR	Ireland	BN2BDS0	0.968	0.003
		HSE	EUR	Ireland	BN2BDT1	0.946	0.002
		IHX	EUR	Ireland	BN2BDB3	0.943	0.001
		RHX	EUR	Ireland	BN2BDG8	0.942	0.003
		Z	GBP	Ireland	BN2BDN5	0.940	0.003
Regnan Global Equity Impact Solutions Fund (onshore)	09/04/2021	A Accumulating	GBP	UK	BMCZDD0	1.094	0.004
		DNA	GBP	UK	BMCZDJ6	1.098	0.004
		Y Accumulating	GBP	UK	BMCZDK7	1.095	0.004

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	04/20	05/20	06/20	07/20	08/20	09/20	10/20	11/20	12/20	01/21	02/21	03/21	04/21
A GBP	0.4276	0.4164	0.4095	0.4554	0.4276	0.3871	0.4592	0.4016	0.4363	0.4312	0.3200	0.3071	0.3763
A EUR	0.4180	0.4202	0.4065	0.4551	0.4180	0.3838	0.4431	0.3928	0.4289	0.4233	0.3205	0.3138	0.3899
A USD	0.4154	0.3897	0.3833	0.4212	0.4154	0.3885	0.4393	0.3865	0.4335	0.4393	0.3270	0.3191	0.3864
A SGD	0.4224	0.4070	0.3970	0.4323	0.4224	0.3895	0.4425	0.3899	0.4296	0.4274	0.3217	0.3140	0.3844
B EUR	0.4083	0.4115	0.3978	0.4351	0.4083	0.3745	0.4319	0.3826	0.4174	0.4115	0.3114	0.3046	0.3781
Seed	0.4464	0.4342	0.4272	0.4752	0.4464	0.3402	0.3929	0.3484	0.3806	0.3757	0.2846	0.2787	0.3464

Net dividends quoted in the local share class currency.

If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21
A distributing GBP	1.9368	2.0957	3.6523	2.7970	2.0409	1.5930	1.1154	1.2632	1.0771	1.1681
A accumulating GBP	3.6835	4.0293	7.1000	5.5449	4.1082	3.2391	2.2958	2.6218	2.2581	2.4649
B distributing GBP	1.8139	1.9597	3.4124	2.6093	1.9017	1.4790	1.0379	1.1739	0.9997	1.0825
B accumulating GBP	3.4588	3.7777	6.6508	5.1861	3.8367	3.0210	2.1395	2.4391	2.0980	2.2869
Y distributing GBP	1.3028	1.4102	2.4582	1.8832	1.3744	1.0730	0.7534	0.8514	0.7263	0.9944
Y accumulating GBP	1.4823	1.6220	2.8588	2.2334	1.6547	1.3051	0.9242	1.0570	0.5363	0.7879

Dividends are quoted and paid in pence per share

XD dates: 31 March, 30 June, 30 September and 31 December
Payment dates: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on a XD rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying annual dividends

All funds have a XD date of 31 December 2020 and pay date of 28 February 2021.

JOHCM Asia ex Japan Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	0.0000
A	EUR	28 Feb 2021	cents per share	0.0000
A	USD	28 Feb 2021	cents per share	0.0000
B	GBP	28 Feb 2021	pence per share	0.0000
B	EUR	28 Feb 2021	cents per share	0.0000
B	USD	28 Feb 2021	cents per share	0.0000
Z	GBP	28 Feb 2021	cents per share	1.3082
Z	USD	28 Feb 2021	cents per share	1.0517

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	0.0174
A	EUR	28 Feb 2021	cents per share	0.0000
A	USD	28 Feb 2021	cents per share	0.0000
B	GBP	28 Feb 2021	pence per share	0.0000
B	EUR	28 Feb 2021	cents per share	0.0000
B	USD	28 Feb 2021	cents per share	0.0000
Z	GBP	28 Feb 2021	cents per share	0.5072

JOHCM Concentrated Global Share Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	0.4259

JOHCM Continental European Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	5.8996
A	EUR	28 Feb 2021	cents per share	4.5760
A - hedge	GBP	28 Feb 2021	pence per share	1.5657
B	GBP	28 Feb 2021	pence per share	3.5824
B	EUR	28 Feb 2021	cents per share	2.9017
B - hedge	USD	28 Feb 2021	cents per share	0.7325
Y	GBP	28 Feb 2021	pence per share	2.3739
Y - hedge	GBP	28 Feb 2021	pence per share	1.7895
Y	EUR	28 Feb 2021	cents per share	1.9265

JOHCM European Select Values Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	5.8627
A	EUR	28 Feb 2021	cents per share	3.6253
B	GBP	28 Feb 2021	pence per share	3.1469
B	EUR	28 Feb 2021	cents per share	1.4223

JOHCM European Concentrated Value Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	EUR	28 Feb 2021	cents per share	1.0427
B	USD	28 Feb 2021	cents per share	0.7018
B	EUR	28 Feb 2021	cents per share	0.5797
Z	EUR	28 Feb 2021	cents per share	1.5956

JOHCM Global Emerging Markets Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	1.6723
A	EUR	28 Feb 2021	cents per share	1.7483
A	USD	28 Feb 2021	cents per share	1.4737
B	GBP	28 Feb 2021	pence per share	0.8550
B	EUR	28 Feb 2021	cents per share	0.9178
B	USD	28 Feb 2021	cents per share	1.0224
Y	GBP	28 Feb 2021	pence per share	2.2520
Y	USD	28 Feb 2021	cents per share	2.0030
Z	GBP	28 Feb 2021	cents per share	3.5880

JOHCM Global Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	4.7894
A	EUR	28 Feb 2021	cents per share	5.0441
A	USD	28 Feb 2021	cents per share	4.8886
B	GBP	28 Feb 2021	pence per share	5.3099
B	EUR	28 Feb 2021	cents per share	4.6750
B	USD	28 Feb 2021	cents per share	4.6865
A - hedged	EUR	28 Feb 2021	cents per share	2.2077
X	GBP	28 Feb 2021	cents per share	4.0923
Z	GBP	28 Feb 2021	cents per share	1.8925
X - hedged	GBP	28 Feb 2021	cents per share	2.3159
X	EUR	28 Feb 2021	cents per share	2.2293

JOHCM Global Select Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	0.0000
A	EUR	28 Feb 2021	cents per share	0.0000
A	USD	28 Feb 2021	cents per share	0.0000
B	GBP	28 Feb 2021	pence per share	0.0000
B	EUR	28 Feb 2021	cents per share	0.0000
B	USD	28 Feb 2021	cents per share	0.0000
Z	GBP	28 Feb 2021	cents per share	2.1310

JOHCM Japan Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	2.8241
A	EUR	28 Feb 2021	cents per share	1.9872
A	JPY	28 Feb 2021	yen per share	382.8007
A - hedged	GBP	28 Feb 2021	pence per share	1.8023
B	GBP	28 Feb 2021	pence per share	1.6848
B	EUR	28 Feb 2021	cents per share	1.1929
B	JPY	28 Feb 2021	yen per share	231.4128
B - hedged	GBP	28 Feb 2021	pence per share	1.0995

JOHCM UK Dynamic Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	28 Feb 2021	pence per share	4.5474
A - accumulating	GBP	28 Feb 2021	pence per share	6.3294
B - distributing	GBP	28 Feb 2021	pence per share	4.1566
B - accumulating	GBP	28 Feb 2021	pence per share	7.0581
Y - distributing	GBP	28 Feb 2021	pence per share	2.8496
Y - accumulating	GBP	28 Feb 2021	pence per share	3.6465
Y	GBP	28 Feb 2021	pence per share	2.2768

JOHCM UK Growth Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2021	pence per share	2.2139
B	GBP	28 Feb 2021	pence per share	0.6152
X	GBP	28 Feb 2021	pence per share	0.3146

JOHCM UK Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	28 Feb 2021	pence per share	4.7354
A - accumulating	GBP	28 Feb 2021	pence per share	7.0433
B - distributing	GBP	28 Feb 2021	pence per share	4.4936
B - accumulating	GBP	28 Feb 2021	pence per share	6.5893
Y - accumulating	GBP	28 Feb 2021	pence per share	3.9303
Y - distributing	GBP	28 Feb 2021	pence per share	3.1829

Net dividends quoted in the local share class currency.

If you would like more information, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled). Email us at oeicdealing@johcm.co.uk.

Views & News

24 Oct 2017
Acorns to oak trees

Cho-Yu Kooi, manager of the JOHCM Asia ex Japan Small and Mid Cap Fund, provides an update on the Fund's positioning and some of the portfolio holdings.
Read More

Webcasts & Videos

JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q3 2020 Update

22 Oct 2020 | 29 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q2 2020 Update

29 Jul 2020 | 31 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q1 2020 Update

21 Apr 2020 | 35 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q4 19 Update

06 Feb 2020 | 28 mins

Cho-Yu Kooi

Senior Fund Manager

Other Asian Equity Funds

JOHCM Asia ex Japan Fund

Back

Environmental and Social Characteristics

Amongst other characteristics, the Fund promotes environmental and social characteristics and invests in companies that apply good corporate governance. JOHCM Funds (Ireland) Limited, the Fund’s manager, has therefore categorised the Fund as meeting the provisions set out in Article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”).

J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid sectors which contribute to significant social and environmental harms. The Investment Manager uses ESG performance indicators to assess and monitor its investments as well as within the investment decision-making process.

In addition to considering ESG key performance indicators, the Fund applies exclusions to support the avoidance of harms. In order to reduce the adverse environmental impact of the Fund’s portfolio and in particular its contribution to climate change, the Investment Manager excludes investments in any companies which derive 10% or more of their revenue from thermal coal mining, coal-based power generation, oil and gas extraction and production, or from unconventional oil and gas. Also excluded are companies which derive 10% or more of their revenue from activities which contribute to social harms, in particular, gambling, weapons and tobacco. These selection criteria may not be disapplied or overridden by the Investment Manager.

See full details on the implementation of the exclusions below.

The Investment Manager recognises that ESG factors can create risks and opportunities for companies and looks for companies who may benefit from this by incorporating ESG factors into their analytical framework and portfolio construction.

In order to measure and monitor the environmental characteristics of the Fund, the Investment Manager will review the carbon footprint of the portfolio and environmental data published by its investee companies. For the social characteristics of the Fund, the Investment Manager will review whether investee companies have implemented appropriate policies and structures to support sustainable business practices.

Governance

Investee companies must follow good governance practices. This requires investee companies to adhere to minimum standards in various areas including sound management structures, employee relations, remuneration of staff and tax compliance. The Investment Manager is a signatory to the UK Stewardship Code 2012, is requesting to be a signatory to the UK Stewardship Code 2020 (together the “Code”) and is a signatory to the UN Principles for Responsible Investment (the “UNPRI”). As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter.

Index

The Fund uses the MSCI AC (All Country) Asia ex-Japan Index for performance fee calculation purposes only and it is not, nor is it intended to be, aligned and/or consistent with the environmental and social characteristics promoted by the Fund.

Periodic Reports

A description of the extent to which environmental and social characteristics are met will be available as part of the annual report which will be published on this website once available. The Fund’s most recent annual report does not include any information pursuant to SFDR.

Implementing exclusionary screens

In implementing our exclusionary screens, we utilise the business involvement screening service offered by our third-party provider, ISS. As such, we rely upon ISS’s business involvement definitions, data and assessments. Further details are available on request.

The exclusion criteria referred to above will be applied prior to making any investment and the Fund’s portfolio will be monitored for any investments which breach these exclusion criteria on a periodic basis.