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.

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

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.

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.

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 31 March 2023

Fund size

GBP 23.86m

Strategy size

GBP 23.23m (as at 30 September 2022)

Benchmark

MSCI AC Asia ex Japan Small Cap 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 31 March 2023

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

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	The Northern Trust Company (UK Branch), 50 Bank Street, London E14 5NT
Depositary	Northern Trust Investor Services Limited, 50 Bank Street, London E14 5NT

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 2023

Despite US recession concerns amid aggressive monetary tightening and the risk of a credit crunch given the upheaval in the regional banking sector, US equities managed to post healthy gains as investors were relieved that first quarter corporate earnings came in better than their lowered expectations. Unfortunately, Asian equities did not share much of the joy, especially in China, as US-China geopolitical tensions resurfaced with the Biden administration potentially imposing fresh curbs on investments in China. Investors were also sceptical that the strong first quarter GDP growth of 4.5% in China will continue to strengthen for the remainder of the year, according to consensus estimates. Taiwan also succumbed to profit-taking after a strong first quarter performance as the technology sector demand recovery has been steadily pushed out into the latter part of the year. Indonesia, India and the Philippines bucked the negative trend as their more domestic demand-oriented economies are perceived to be better placed to weather the global market volatility. The MSCI AC Asia ex-Japan Small Cap Index ended the month marginally higher, up in USD terms, but was down in GBP terms as GBP appreciated relative to the USD.

The fund underperformed the benchmark in April, pulled lower by our overweight stance in China and Hong Kong. While our overweight positions in Indonesia and India, and underweight in Taiwan helped to offset some of the losses, it was not sufficient. We believe that the sharp sell-off in several of our China and Hong Kong holdings is unwarranted as their profitability has bottomed and will be much stronger going forward after streamlining their operations and learning to navigate the challenging years of sporadic Covid lockdowns. During the month, we made minimal changes to the portfolio.

In early May, the US regional banking crisis returned and First Republic Bank had to be rescued and sold to JPMorgan Chase. We may not have seen the last of the turmoil in the sector. As the US Federal Reserve continue its inflation fight and keeps interest rates higher for longer, deposits will continue to be withdrawn from the regional banks to seek higher returns in money market funds or the safety of larger banks unless they pay up to retain the deposits. However, this puts them in a bind as it will be hard to pass on the much higher interest costs to their borrowers. This, coupled with worries about higher default rates as the economy weakens and problems in the commercial real estate sector, has led banks to continue tightening their lending standards. As wage growth remains strong in a tight labour market and the economy, while a bit weaker, is resilient, the chance of interest rate cuts in the near term seems remote. The above backdrop does not bode well for corporate profitability and investment. Hence, we remain underweight in the export-oriented and technology-centric markets of Korea and Taiwan.

The silver lining to the challenging global economic backdrop is that commodity prices have corrected, which is beneficial for the inflation outlook in Asia. We expect inflation in Asia to trend lower towards the authorities’ comfort levels in the second half of this year. This will enable them to pivot their focus towards growth and deploy easier monetary and fiscal policies if domestic demand disappoints. Furthermore, we expect China’s economic recovery to gain strength, driven primarily by domestic consumption, and provide spill-over benefits to the rest of the region. As such, we maintain our preference for the more domestic demand-oriented markets of China, India and ASEAN.

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 31 March 2023

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

Return history (%)

Data as at 31 March 2023

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 18 - Mar 19	Mar 19 - Mar 20	Mar 20 - Mar 21	Mar 21 - Mar 22	Mar 22 - Mar 23
Fund	-3.19%	-8.83%	53.12%	5.07%	4.72%

Monthly returns (%)

Data as at 31 March 2023

		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	-3.24	2.98	2.17	7.97	-2.98	4.19	1.10	-1.93	4.55	0.59	22.12
Benchmark	2021	0.59	5.18	2.70	4.65	-1.40	5.33	-1.96	2.46	0.79	-1.29	1.27	2.34	22.31
Fund	2022	-8.28	-4.21	-0.14	2.34	-1.84	2.47	0.93	4.68	-3.36	-4.62	5.62	0.20	-6.91
Benchmark	2022	-5.98	-1.64	3.44	-0.45	-2.15	-5.22	1.49	6.68	-6.80	-6.79	8.10	-0.39	-10.55
Fund	2023	3.94	-3.67	-1.44										-1.30	215.71
Benchmark	2023	3.66	-1.08	-1.24										1.27	132.38

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

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.

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 31 March 2023

Fund size	GBP 23.86m
Number of holdings	55

Top 10 holdings and active weights

Data as at 31 March 2023

Top 10 holdings

SUMBER ALFARIA TRIJAYA	4.43%
MAX HEALTHCARE INSTITUTE	3.69%
CHINA EDU GRP HLDGS	3.58%
EC HEALTHCARE	3.26%
L'Occitane	3.26%
Raffles Medical	3.24%
UNO MINDA	3.02%
ABB INDIA	2.81%
INDUSTRI JAMU FARMASI	2.73%
ARWANA CITRAMULIA TBK PT	2.58%

Top 10 active weights

SUMBER ALFARIA TRIJAYA	+4.43%
CHINA EDU GRP HLDGS	+3.48%
L'Occitane	+3.26%
EC HEALTHCARE	+3.22%
MAX HEALTHCARE INSTITUTE	+3.21%
Raffles Medical	+3.13%
UNO MINDA	+2.90%
ABB INDIA	+2.81%
INDUSTRI JAMU FARMASI	+2.69%
ARWANA CITRAMULIA TBK PT	+2.58%

Sector breakdown

Data as at 31 March 2023

	Portfolio	Benchmark	Relative
Consumer Staples	20.89%	5.27%	15.61%
Information Technology	20.30%	20.80%	-0.50%
Industrials	19.36%	15.43%	3.93%
Consumer Discretionary	18.19%	11.15%	7.04%
Health Care	11.33%	9.44%	1.89%
Financials	2.65%	8.33%	-5.69%
Materials	2.63%	12.38%	-9.75%
Energy	2.23%	1.66%	0.57%
Communication Services	0.65%	4.55%	-3.90%
Real Estate	0.00%	8.58%	-8.58%
Utilities	0.00%	2.40%	-2.40%
Cash	1.77%	0.00%	1.77%

Market cap breakdown

Data as at 31 March 2023

	Portfolio	Benchmark	Relative
Large Cap	23.39%	0.84%	22.54%
Medium Cap	63.17%	66.96%	-3.79%
Small Cap	11.54%	32.20%	-20.66%
Cash	1.90%	0.00%	1.90%

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
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	A EUR	EUR	Ireland	IE00B6R5VD95	2.428	0.004
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	A EUR	EUR	Ireland	IE00B6R5VD95	2.428	0.004
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	A GBP	GBP	Ireland	IE00B6R5LS41	2.802	0.006
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	A GBP	GBP	Ireland	IE00B6R5LS41	2.802	0.006
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	A USD	USD	Ireland	IE00B6R5QW32	2.308	0.008
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	A USD	USD	Ireland	IE00B6R5QW32	2.308	0.008
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	B EUR	EUR	Ireland	IE00B6R5HM01	2.748	0.005
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	B EUR	EUR	Ireland	IE00B6R5HM01	2.748	0.005
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	B GBP	GBP	Ireland	IE00B6R63P81	2.716	0.005
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	B GBP	GBP	Ireland	IE00B6R63P81	2.716	0.005
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	B USD	USD	Ireland	IE00B6R5YM91	2.182	0.008
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	B USD	USD	Ireland	IE00B6R5YM91	2.182	0.008
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	Z - Class GBP	GBP	Ireland	IE00B4X3T620	2.147	0.004
Asian Equities	JOHCM Asia ex Japan Small and Mid Cap Fund	26/05/2023	Z - Class GBP	GBP	Ireland	IE00B4X3T620	2.147	0.004

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23
A distributing GBP	1.1681	2.3283	3.0863	1.2881	1.9828	3.4453	3.1410	1.8309	2.1053
A accumulating GBP	2.4649	4.9447	6.6368	2.8152	4.3509	7.6541	7.1149	4.2268	4.9097
B distributing GBP	1.0825	2.1559	2.8539	1.1897	1.8271	3.1746	2.8895	1.6822	1.9315
B accumulating GBP	2.2869	4.5836	6.1431	2.6020	4.0228	7.0604	6.5526	3.8884	4.5096
Y distributing GBP	0.7879	1.5709	2.0833	0.8697	1.3383	2.3274	2.1211	1.2376	1.4237
Y accumulating GBP	0.9944	1.9953	2.6787	1.1364	1.7602	3.0924	2.8757	1.7088	1.9315

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 Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.

Funds paying semi-annual dividends

All funds have a XD date of 30 June 2022 and pay date of 31 August 2023.

JOHCM UK Dynamic Fund (Offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Y	GBP	31 Aug 2023	pence per share	1.7010

Funds paying annual dividends

All funds have a XD date of 31 December 2022 and pay date of 28 February 2023.

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 Dynamic Fund (Onshore)

Please note that with effect from 1 January 2022, this fund will make semi-annual distributions.

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	31 Aug 2023	pence per share	3.2905
A - accumulating	GBP	31 Aug 2023	pence per share	4.9754
B - distributing	GBP	31 Aug 2023	pence per share	2.9736
B - accumulating	GBP	31 Aug 2023	pence per share	5.4873
Y - distributing	GBP	31 Aug 2023	pence per share	2.0673
Y - accumulating	GBP	31 Aug 2023	pence per share	2.8745

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

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 Q4 2021 Update

03 Feb 2022 | 35 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q3 2021 Update

27 Oct 2021 | 47 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q2 2021 Update

20 Jul 2021 | 39 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q1 2021 Update

29 Apr 2021 | 30 mins

Cho-Yu Kooi

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.

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.

Summary

This webpage is designed to provide the reader with information about the Asia ex-Japan Small and Mid-Cap Fund (“Fund”) in relation to the EU Sustainable Finance Disclosure Regulation or “SFDR” as referred to throughout this disclosure. JOHCM Funds (Ireland) Limited, the Fund’s Manager, has categorised the Fund as meeting the provisions set out in Article 8 of the SFDR.

The information is required by law and does not form part of the Fund’s marketing materials. Its purpose is to help the reader understand the sustainability objective of this Fund. The reader is advised to read it in conjunction with the Fund’s prospectus that can be found here.

Documents

SFDR Disclosure