The Fund was launched in Q1 2015 as a large-cap, concentrated version of the highly successful JOHCM European Select Values Fund (ESV). Managed by experienced European equity investors Robrecht Wouters, long-standing lead manager of the ESV fund, and Luis Fananas, the duo have a highly selective, valuation-oriented investment approach which focuses on undervalued pan-European large-cap companies that generate high returns on capital. Their stock-picking approach is unconstrained by benchmark weightings and combines traditional ‘value’ investing and ‘quality’ characteristics, such as high return on capital employed. The Fund will typically hold around 25 high conviction positions with a low portfolio turnover. The Fund will typically have sizeable sector biases, usually avoiding commodity-like industries and capital-intensive sectors such as financials.
Investment Strategy
Drawing upon their exhaustive analysis of individual stocks, Robrecht and Luis seek to find large-cap European stocks that they believe to be fundamentally undervalued in absolute terms (trading at a discount of 25+% to their intrinsic value)
They believe that, over time, 'value' stocks of companies with high returns on capital employed and strong cash flow should outperform
In their view, a portfolio comprising quality companies, characterised by established and superior business models, and high conviction investment ideas provides greater potential for capital appreciation
Please note that this fund, under UCITS regulations, may make use of derivatives for the purpose of efficient portfolio management. For further information on how derivatives are used in the management of the fund, please contact JOHCM Investor Relations.
Reasons To Invest
Since assuming leadership of the JOHCM European Select Values Fund in August 2008, Robrecht has established a reputation as a highly capable European stock picker
The Fund is aimed at long-term investors wishing to gain exposure to large-cap European equities via a low volatility approach that emphasises absolute value
Robrecht Wouters
Senior Fund Manager
Luis Fañanas
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.
Other European Equity Funds
JOHCM Continental European Fund
Paul Wild manages this long-established fund with a pragmatic investment process that combines top-down economic and sector views with bottom-up stock picking. The Fund’s core style and risk profile has enabled it to outperform in both up and down markets and helped to build a market-leading performance track record since the Fund’s launch in 2
Fund manager Robrecht Wouters has a highly selective, valuation-oriented investment style, which focuses on undervalued pan-European companies that generate high returns on capital. His stock-picking approach is unconstrained by benchmark weightings and combines traditional ‘value’ investing (focusing on attractive valuations) an...
The Fund aims to achieve long-term capital appreciation by investing in the equity securities of companies listed primarily on exchanges in Europe, including the UK.
15% on excess if Fund outperforms benchmark, calculated daily. Any underperformance carried forward. This fee applies to all share classes.
Administration
Investment manager
J O Hambro Capital Management
Transfer agent and registrar
RBC Investor Services Limited
Depositary
RBC Investor Services Limited
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.
Strategy Highlights
As at 31 August 2021
After the recent summer rally in bond markets, the 10-year European Generic Government Bond index yields less than -0.40%. Bonds guarantee investors a loss at redemption and this backdrop fuels continued liquidity flows into European equities - especially growth names (whatever the valuation). It is ironic that an active asset allocation call is followed by a passive equity allocation.
The MSCI Europe index posted a +2.00% rise in August and is now up +19.64% YTD. Liquidity driven market rallies make it difficult for fundamental, value-oriented strategies such as ours to outperform. In August the Fund returned +1.57%. However, the Fund’s relative underperformance can be accounted for by setbacks at Swatch Group (a luxury product manufacturer).
After a strong run, Swatch Group’s share price declined -16% after Xi Jinping’s call for wealth redistribution in China threatened luxury goods. Policy developments in this area could impact Swatch’s Covid-19 recovery and long-term growth rate but whilst it is valued at only 10x its underlying free cash flow, we believe growth is not valued at the company anyway… We added gently to our position.
Portfolio activity was limited this month. We did, however, sell out of Wolters Kluwer after 16 years of ownership. The tailwinds of negative interest rates and the search for extremely defensive growth has propelled the stock +45% YTD and it now trades on a free cash flow multiple of over 25x; even after stretching certain assumptions we could no longer justify holding on.
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.
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.
Percentage growth of the fund versus benchmark
Data as at 31 August 2021
A GBP share class, since launch (31 March 2015)
Return history (%)
Data as at 31 August 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.
Jun 16 - Jun 17
Jun 17 - Jun 18
Jun 18 - Jun 19
Jun 19 - Jun 20
Jun 20 - Jun 21
Fund
16.54%
-0.83%
2.36%
-12.66%
24.49%
Monthly returns (%)
Data as at 31 August 2021
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual
Since inception
Fund
2015
-0.60
3.32
-5.26
2.36
-9.34
-1.66
8.90
3.10
-4.21
-4.50
Benchmark
2015
-0.17
2.72
-5.06
2.90
-8.20
-4.44
8.06
3.01
-5.07
-7.14
Fund
2016
-4.92
0.33
3.07
0.11
2.02
-2.71
3.97
0.41
-1.33
-1.46
-0.53
3.40
1.99
Benchmark
2016
-7.85
-1.73
2.70
2.48
1.80
-5.50
4.11
1.62
-1.57
0.29
0.97
5.16
1.68
Fund
2017
1.35
3.65
3.03
2.37
1.39
-0.64
-1.47
-1.21
2.93
1.84
-0.63
-0.27
12.87
Benchmark
2017
0.93
2.09
3.01
2.21
1.80
-1.92
-0.86
-1.25
3.60
2.21
-1.10
-0.23
10.81
Fund
2018
1.47
-3.60
-2.52
1.63
2.36
-1.10
2.05
0.46
0.91
-6.03
-0.38
-5.77
-10.50
Benchmark
2018
1.91
-3.83
-2.32
4.54
1.06
-1.42
3.11
-2.09
0.47
-5.64
-0.97
-5.37
-10.57
Fund
2019
5.57
3.52
1.32
2.33
-6.20
5.54
0.46
-2.02
0.47
-2.61
0.67
8.77
Benchmark
2019
6.36
3.77
2.29
3.67
-5.24
4.53
0.48
-1.01
3.11
1.48
2.90
1.65
26.18
Fund
2020
-1.91
-8.85
-14.78
11.39
3.30
2.75
-0.75
2.48
-3.79
-5.69
13.46
4.19
-1.72
Benchmark
2020
-0.60
-8.75
-15.32
8.92
1.79
2.31
-0.08
2.58
-2.42
-4.84
14.89
1.70
-3.12
Fund
2021
1.12
2.06
4.32
2.95
3.04
-0.09
-0.43
1.57
15.40
21.37
Benchmark
2021
0.12
2.04
6.26
1.73
3.03
1.25
1.80
2.00
19.64
36.84
Source and notes
JOHCM/MSCI Barra/FTSE Group/Bloomberg/Lipper.
Data shown net of fees, net income reinvested. Please note that all fund performance is shown against the MSCI Europe NR 12pm adjusted. 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.
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.
Fund statistics
Data as at 31 August 2021
Fund size
GBP 98.99m
Number of holdings
25
Top 10 holdings and active weights
Data as at 31 August 2021
Top 10 holdings
Liberty Global
7.45%
Oracle
6.90%
Danone
5.62%
Heineken
4.84%
Wartsila
4.80%
Metro Wholesale & Foods
4.66%
Anheuser-Busch
4.54%
Thyssen Krupp
4.53%
UNITED INTERNET
4.27%
CONTINENTAL
4.08%
Top 10 active weights
Liberty Global
+7.45%
Oracle
+6.90%
Danone
+5.20%
Heineken
+4.74%
Wartsila
+4.74%
Metro Wholesale & Foods
+4.66%
Thyssen Krupp
+4.53%
UNITED INTERNET
+4.23%
Anheuser-Busch
+4.12%
CONTINENTAL
+3.95%
Sector breakdown
Data as at 31 August 2021
Portfolio
Benchmark
Relative
Consumer Staples
24.80%
12.37%
12.43%
Communication Services
17.95%
3.85%
14.11%
Industrials
15.19%
14.98%
0.21%
Materials
11.17%
8.21%
2.96%
Health Care
10.15%
14.60%
-4.45%
Consumer Discretionary
7.97%
11.74%
-3.77%
Information Technology
6.90%
8.98%
-2.07%
Utilities
2.95%
4.28%
-1.32%
Energy
0.00%
4.14%
-4.14%
Financials
0.00%
15.48%
-15.48%
Real Estate
0.00%
1.37%
-1.37%
Cash
2.90%
0.00%
2.90%
Market cap breakdown
Data as at 31 August 2021
Portfolio
Benchmark
Relative
Large Cap
87.85%
99.75%
-11.90%
Medium Cap
9.25%
0.25%
9.00%
Small Cap
0.00%
0.00%
0.00%
Cash
2.90%
0.00%
2.90%
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.
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
Q1 19
Q2 19
Q3 19
Q4 19
Q1 20
Q2 20
Q3 20
Q4 20
Q1 21
Q2 21
A distributing GBP
2.0957
3.6523
2.7970
2.0409
1.5930
1.1154
1.2632
1.0771
1.1681
2.3283
A accumulating GBP
4.0293
7.1000
5.5449
4.1082
3.2391
2.2958
2.6218
2.2581
2.4649
4.9447
B distributing GBP
1.9597
3.4124
2.6093
1.9017
1.4790
1.0379
1.1739
0.9997
1.0825
2.1559
B accumulating GBP
3.7777
6.6508
5.1861
3.8367
3.0210
2.1395
2.4391
2.0980
2.2869
4.5836
Y distributing GBP
1.4102
2.4582
1.8832
1.3744
1.0730
0.7534
0.8514
0.7263
0.7879
1.5709
Y accumulating GBP
1.6220
2.8588
2.2334
1.6547
1.3051
0.9242
1.0570
0.5363
0.9944
1.9953
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 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
No news Articles Found
Webcasts & Videos
JOHCM European Select Values Fund Q1 2021 Update
15 Apr 2021 | 40 mins
JOHCM European Select Values Fund Q4 2020 Update
15 Jan 2021 | 32 mins
JOHCM European Select Values Fund Q3 2020 Update
14 Oct 2020 | 44 mins
JOHCM European Select Values Fund Q2 2020 Update
09 Jul 2020 | 43 mins
Robrecht Wouters
Senior Fund Manager
Luis Fañanas
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.
Other European Equity Funds
JOHCM Continental European Fund
Paul Wild manages this long-established fund with a pragmatic investment process that combines top-down economic and sector views with bottom-up stock picking. The Fund’s core style and risk profile has enabled it to outperform in both up and down markets and helped to build a market-leading performance track record since the Fund’s launch in 2
Fund manager Robrecht Wouters has a highly selective, valuation-oriented investment style, which focuses on undervalued pan-European companies that generate high returns on capital. His stock-picking approach is unconstrained by benchmark weightings and combines traditional ‘value’ investing (focusing on attractive valuations) an...
By clicking Proceed I confirm I have read the important information and agree to the terms of use.
This website uses cookies to remember your preferences and help us improve the site. By proceeding, you agree to cookies being placed on your computer. Read our privacy and cookie notices.
For a better experience, we recommend viewing this website in landscape orientation.
14 years’ industry experience, joined Regnan in June 2020.
Tim Crockford leads the Regnan Equity Impact Solutions team. He previously managed the Hermes Impact Opportunities Equity Fund from its launch in December 2017, having co-founded the Hermes Impact team in 2016. Tim joined Hermes Investment Management in 2009 as a research analyst for the European Equities team and became lead portfolio manager of the ESG-integrated Hermes Europe ex-UK Equity Fund in 2015, which he also managed until he left Hermes.
13 years’ industry experience, joined Regnan in May 2020.
Mohsin is a fund manager dedicated to the strategy. He was previously a senior analyst on the Hermes Impact Opportunities Equity Fund, having joined Hermes in 2017. Prior to Hermes, Mohsin was an investment manager in Global Equities at Pictet Asset Management. At Pictet his experience included working on thematic equity funds including Water, Clean Energy and Agriculture.
10 years’ industry experience, joined Regnan in May 2020.
Maxime is an investment analyst dedicated to the strategy. He has a decade of experience in sustainable investment. Previously, as an investment analyst at Hermes from 2016, he participated in the design, launch and management of the Hermes Impact Opportunities Equity Fund. Prior to this he led the integration of ESG and stewardship across investment strategies.
6 years’ industry experience, joined Regnan in April 2020.
Maxine is an investment analyst dedicated to the strategy. She was previously an analyst on the Hermes Impact Opportunities Equity Fund. Maxime transferred to the Hermes Impact team in 2016, having initially joined the Hermes EOS team in 2014. She headed up the chemicals sector team, while also focusing on the financial services, industrials and technology sectors.
