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 December 2020
Equities continued their 'vaccine rally’ in December, with the MSCI Europe index (12pm adjusted) rising 1.7% in euro terms and closing the year with a loss of ‘only’ -3.1%. From the March lows, European equities rallied by over 49%! The start of vaccinations provides a realistic prospect of normalisation of daily life later this year and allows investors to look through the current record infections and newly imposed pandemic restrictions. Hence, investors are reassessing the value of businesses on the ’normalised’ cash flow power. It should be no surprise, therefore, that cyclicals and Covid-affected defensives performed strongly again and helped the Fund to perform well, with a +4.19% increase in December.
The most significant contributors to this month’s performance included industrial conglomerate group ThyssenKrupp. It rallied a further 44%, with the market starting to realise that the company is the world’s leading hydrogen electrolyser supplier. Elsewhere, food service group Metro’s share price advanced 20% on good results and decent 2021 guidance.
Portfolio activity was limited to the sale of our investment in German semiconductor supplier Infineon. We purchased Infineon at 8x mid-cycle free cash flow during the 2020 market lows of April when negative sentiment and panic obscured rational thinking. But today, after a 110+% rally in the stock, the value opportunity has closed. The sentiment pendulum has swung passed the point of reason and the stock is entering momentum territory.
We recycled the Infineon proceeds across laggards within the Fund. On aggregate today, the Fund's upside to intrinsic value stands today at +67% after applying a consistent 9% discount rate in valuing our companies’ underlying cash flows (for unlevered equity).
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 December 2020
A GBP share class, since launch (31 March 2015)
Return history (%)
Data as at 31 December 2020
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.
Dec 15 - Dec 16
Dec 16 - Dec 17
Dec 17 - Dec 18
Dec 18 - Dec 19
Dec 19 - Dec 20
Fund
1.99%
12.87%
-10.50%
8.77%
-1.72%
Monthly returns (%)
Data as at 31 December 2020
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
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 December 2020
Fund size
GBP 117.91m
Number of holdings
25
Top 10 holdings and active weights
Data as at 31 December 2020
Top 10 holdings
Liberty Global
6.36%
Oracle
6.02%
Danone
5.48%
Heineken
5.23%
CONTINENTAL
4.73%
Thyssen Krupp
4.54%
Vivendi
4.08%
Deutsche Post
4.06%
ROLLS-Royce
4.02%
Metro Wholesale & Foods
4.00%
Top 10 active weights
Liberty Global
+6.36%
Oracle
+6.02%
Heineken
+5.12%
Danone
+5.06%
CONTINENTAL
+4.56%
Thyssen Krupp
+4.54%
Metro Wholesale & Foods
+4.00%
ROLLS-Royce
+3.90%
Vivendi
+3.81%
Deutsche Post
+3.56%
Sector breakdown
Data as at 31 December 2020
Portfolio
Benchmark
Relative
Consumer Staples
21.95%
13.48%
8.47%
Industrials
18.71%
14.48%
4.23%
Materials
14.32%
8.21%
6.10%
Communication Services
13.29%
3.92%
9.36%
Health Care
10.36%
14.43%
-4.07%
Information Technology
8.52%
7.62%
0.91%
Consumer Discretionary
4.73%
11.54%
-6.81%
Utilities
3.86%
4.99%
-1.13%
Real Estate
0.00%
1.45%
-1.45%
Energy
0.00%
4.34%
-4.34%
Financials
0.00%
15.54%
-15.54%
Cash
4.27%
0.00%
4.27%
Market cap breakdown
Data as at 31 December 2020
Portfolio
Benchmark
Relative
Large Cap
81.70%
99.58%
-17.88%
Medium Cap
14.03%
0.42%
13.61%
Small Cap
0.00%
0.00%
0.00%
Cash
4.27%
0.00%
4.27%
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
Q3 18
Q4 18
Q1 19
Q2 19
Q3 19
Q4 19
Q1 20
Q2 20
Q3 20
A distributing GBP
2.7765
1.9368
2.0957
3.6523
2.7970
2.0409
1.5930
1.1154
1.2632
A accumulating GBP
5.2101
3.6835
4.0293
7.1000
5.5449
4.1082
3.2391
2.2958
2.6218
B distributing GBP
2.6034
1.8139
1.9597
3.4124
2.6093
1.9017
1.4790
1.0379
1.1739
B accumulating GBP
4.8980
3.4588
3.7777
6.6508
5.1861
3.8367
3.0210
2.1395
2.4391
Y distributing GBP
1.8670
1.3028
1.4102
2.4582
1.8832
1.3744
1.0730
0.7534
0.8514
Y accumulating GBP
2.0960
1.4823
1.6220
2.8588
2.2334
1.6547
1.3051
0.9242
1.0570
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 2019 and pay date of 28 February 2020.
JOHCM Asia ex Japan Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
1.8021
A
EUR
28 Feb 2020
cents per share
1.7923
A
USD
28 Feb 2020
cents per share
1.4855
B
GBP
28 Feb 2020
pence per share
0.6266
B
EUR
28 Feb 2020
cents per share
0.0638
B
USD
28 Feb 2020
cents per share
1.6124
JOHCM Asia ex Japan Small and Mid Cap Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
3.1300
A
EUR
28 Feb 2020
cents per share
2.8099
A
USD
28 Feb 2020
cents per share
2.7475
B
GBP
28 Feb 2020
pence per share
1.8821
B
EUR
28 Feb 2020
cents per share
1.9280
B
USD
28 Feb 2020
cents per share
1.6124
JOHCM Concentrated Global Share Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
0.09794
JOHCM Continental European Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
2.4706
A
EUR
28 Feb 2020
cents per share
7.4192
A - hedge
GBP
28 Feb 2020
pence per share
9.0139
B
GBP
28 Feb 2020
pence per share
6.5954
B
EUR
28 Feb 2020
cents per share
5.6691
B - hedge
USD
28 Feb 2020
cents per share
2.1446
Y
GBP
28 Feb 2020
pence per share
3.0314
Y - hedge
GBP
28 Feb 2020
pence per share
2.7274
Y
EUR
28 Feb 2020
cents per share
3.0314
JOHCM European Select Values Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
5.9865
A
EUR
28 Feb 2020
cents per share
3.9287
B
GBP
28 Feb 2020
pence per share
2.9895
B
EUR
28 Feb 2020
cents per share
1.4341
JOHCM European Concentrated Value Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
EUR
28 Feb 2020
cents per share
1.6278
B
USD
28 Feb 2020
cents per share
1.1828
B
EUR
28 Feb 2020
cents per share
1.0740
JOHCM Global Emerging Markets Opportunities Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
3.3106
A
EUR
28 Feb 2020
cents per share
3.6734
A
USD
28 Feb 2020
cents per share
2.8168
B
GBP
28 Feb 2020
pence per share
2.4157
B
EUR
28 Feb 2020
cents per share
2.7523
B
USD
28 Feb 2020
cents per share
2.7885
Y
GBP
28 Feb 2020
pence per share
4.2322
Y
USD
28 Feb 2020
cents per share
3.6147
JOHCM Global Opportunities Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
5.0670
A
EUR
28 Feb 2020
cents per share
5.6662
A
USD
28 Feb 2020
cents per share
4.9928
B
GBP
28 Feb 2020
pence per share
5.6608
B
EUR
28 Feb 2020
cents per share
5.2893
B
USD
28 Feb 2020
cents per share
4.8215
JOHCM Global Select Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
2.8206
A
EUR
28 Feb 2020
cents per share
2.6793
A
USD
28 Feb 2020
cents per share
1.5358
B
GBP
28 Feb 2020
pence per share
0.3902
B
EUR
28 Feb 2020
cents per share
0.3720
B
USD
28 Feb 2020
cents per share
0.2511
JOHCM Japan Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
3.1582
A
EUR
28 Feb 2020
cents per share
2.3586
A
JPY
28 Feb 2020
yen per share
437.0683
A - hedged
GBP
28 Feb 2020
pence per share
2.1461
B
GBP
28 Feb 2020
pence per share
1.9398
B
EUR
28 Feb 2020
cents per share
1.4400
B
JPY
28 Feb 2020
yen per share
271.9972
B - hedged
GBP
28 Feb 2020
pence per share
1.3891
JOHCM UK Dynamic Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A - distributing
GBP
28 Feb 2020
pence per share
8.3375
A - accumulating
GBP
28 Feb 2020
pence per share
1.1143
B - distributing
GBP
28 Feb 2020
pence per share
7.6644
B - accumulating
GBP
28 Feb 2020
pence per share
1.2491
Y - distributing
GBP
28 Feb 2020
pence per share
5.2184
Y - accumulating
GBP
28 Feb 2020
pence per share
6.4131
Y
GBP
28 Feb 2020
pence per share
4.3172
JOHCM UK Growth Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A
GBP
28 Feb 2020
pence per share
7.3614
B
GBP
28 Feb 2020
pence per share
5.0086
JOHCM UK Opportunities Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A - distributing
GBP
28 Feb 2020
pence per share
6.4553
A - accumulating
GBP
28 Feb 2020
pence per share
9.3148
B - distributing
GBP
28 Feb 2020
pence per share
6.1496
B - accumulating
GBP
28 Feb 2020
pence per share
8.7487
Y - accumulating
GBP
28 Feb 2020
pence per share
1.6547
Y - distributing
GBP
28 Feb 2020
pence per share
4.3346
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 Q3 2020 Update
14 Oct 2020 | 44 mins
JOHCM European Select Values Fund Q2 2020 Update
09 Jul 2020 | 43 mins
JOHCM European Select Values Fund Q1 2020 Update
09 Apr 2020 | 48 mins
JOHCM European Select Values Fund Q4 2019 Update
27 Jan 2020 | 30 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...
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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.
