JOHCM European Concentrated Value Fund J O Hambro Capital Management (JOHCM)

Fund Description

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

JOHCM European Select Values Fund

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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Investment Objective

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.

Fund details

Data as at 31 July 2020

Fund size

GBP 106.67m

Strategy size

GBP 333.19m (as at 30 June 2020)

Benchmark

MSCI Europe NR 12pm adjusted

Domicile

Ireland

Denomination

EUR, USD

Share classes

B EUR	(Launch date) 05-January-2016
B USD	(Launch date) 31-March-2015
A EUR	(Launch date) 31-March-2015
B - SGD - Hedge	(Launch date) 31-March-2017

Unit type

Distribution

XD Date

31 December

Payment date

28 February

Minimum investment

A	USB 1,000
B	GBP 1,000

Valuation point

Daily (12pm, UK time)

Dealing frequency

Daily 9-5pm

Fund codes

	ISIN	SEDOL
B EUR	IE00BW0DJZ06	BW0DJZ0
B USD	IE00BW0DK137	BW0DK13
A EUR	IE00BW0DJY98	BW0DJY9
B SGD - Hedge	IE00BDZD4R98	BDZD4R9

Fund ratings and awards

Data as at 31 July 2020

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 30/06/2020.

Fees and charges

Initial charge	Up to 5%
Annual mgmt charge (A)	0.75%
Annual mgmt charge (B)	1.25%
Performance fee	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

Strategy Highlights

As at 31 July 2020

The rebound in European equities lost steam in July. Markets stalled despite improving economic indicators and better than expected corporate earnings (albeit from a low base).

Despite the potentially positive implications of a Huawei ban in Western 5G telecommunication networks and a long-expected 5G capex tailwind, we sold our position in Nokia. Its share price has recovered well this year, and its valuation still appears undemanding.

We have been patient investors in Nokia. However, over time ‘conceptual’ technology risks have become ‘real’ risks (also for other traditional telco equipment vendors). High-speed 5G brings the promise of next-generation network services. With millions of devices extending the network, 5G also introduces standard-based interfaces between hardware and software (needed to manage all these new network devices), and this disaggregation allows components of the telecommunication network to be virtualised.

Just as happened in traditional IT networks, 5G’s network virtualisation solves the lack of vendor choice in equipment (standard hyperscale technologies can enter the network), it removes hardware vendor lock-in risk, and it also dramatically reduce network management costs. Overall, capex and operating costs can be halved.

Initially, incumbent operators have been in denial or sceptical, but new mobile start-ups like Rakuten (in Japan) and recently Dish (in the USA) have been building out end-to-to end virtualised cloud-native mobile networks on the promise of strong competitive advantages. There is little or no involvement of the traditional telco equipment vendors in these projects. As more pure cloud-native operators will emerge, in a typical 3 to 4 player market – for instance, in Germany the number 4 operator Drillish/United Internet (owned by the Fund) is to announce a similar architectural decision soon for its to-be-built network – mobile incumbents will be forced to follow suit. The implications for the traditional telecom equipment hardware vendors cannot be positive.

Fund Reporting

Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

A EUR
B USD	B EUR

Percentage growth of the fund versus benchmark

Data as at 31 July 2020

A GBP share class, since launch (31 March 2015)

Return history (%)

Data as at 31 July 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.

	Jun 15 - Jun 16	Jun 16 - Jun 17	Jun 17 - Jun 18	Jun 18 - Jun 19	Jun 19 - Jun 20
Fund	-4.11%	16.54%	-0.83%	2.36%	-12.66%

Monthly returns (%)

Data as at 31 July 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						-10.59	-4.32
Benchmark	2020	-0.60	-8.75	-15.32	8.92	1.79	2.31	-0.08						-12.95	2.78

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

Fund statistics

Data as at 31 July 2020

Fund size	GBP 106.67m
Number of holdings	25

Top 10 holdings and active weights

Data as at 31 July 2020

Top 10 holdings

UNITED INTERNET	6.55%
Liberty Global	6.35%
Oracle	5.44%
SAP	5.25%
Danone	5.01%
Heineken	4.92%
Deutsche Post	4.51%
Vivendi	4.44%
Metro Wholesale & Foods	4.41%
Grifols	4.23%

Top 10 active weights

UNITED INTERNET	+6.49%
Liberty Global	+6.35%
Oracle	+5.44%
Heineken	+4.80%
Danone	+4.52%
Metro Wholesale & Foods	+4.39%
Vivendi	+4.18%
Grifols	+4.12%
Deutsche Post	+4.04%
CONTINENTAL	+3.59%

Sector breakdown

Data as at 31 July 2020

	Portfolio	Benchmark	Relative
Consumer Staples	20.86%	15.01%	5.85%
Communication Services	19.36%	4.08%	15.29%
Industrials	17.80%	13.57%	4.23%
Information Technology	13.85%	7.64%	6.21%
Health Care	10.60%	16.32%	-5.72%
Materials	8.73%	7.86%	0.87%
Consumer Discretionary	3.71%	9.78%	-6.06%
Energy	0.00%	4.33%	-4.33%
Financials	0.00%	14.84%	-14.84%
Real Estate	0.00%	1.42%	-1.42%
Utilities	0.00%	5.15%	-5.15%
Cash	5.07%	0.00%	5.07%

Market cap breakdown

Data as at 31 July 2020

	Portfolio	Benchmark	Relative
Large Cap	75.45%	98.07%	-22.62%
Medium Cap	19.48%	1.93%	17.55%
Small Cap	0.00%	0.00%	0.00%
Cash	5.08%	0.00%	5.08%

Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JOHCM Asia ex Japan Fund	14/08/2020	A	GBP	Ireland	B3RQ272	2.301	0.005
		A	USD	Ireland	B435PM6	1.884	0.005
		A	EUR	Ireland	B431KK7	2.153	0.013
		B	GBP	Ireland	B3ZQS76	2.272	0.006
		B	USD	Ireland	BF7NZT0	1.920	0.006
		B	EUR	Ireland	B5L49R5	2.188	0.011
		Z	USD	Ireland	BVG7681	1.259	0.003
		Z	GBP	Ireland	B44PG77	1.634	0.004
JOHCM Asia ex Japan Small and Mid Cap Fund	14/08/2020	A	GBP	Ireland	B6R5LS4	2.365	0.025
		A	USD	Ireland	B6R5QW3	2.059	0.024
		A	EUR	Ireland	B6R5VD9	1.993	0.027
		B	GBP	Ireland	B6R63P8	2.326	0.027
		B	USD	Ireland	B6R5YM9	1.979	0.025
		B	EUR	Ireland	B6R5HM0	2.273	0.034
		Z	GBP	Ireland	B4X3T62	1.788	0.021
JOHCM Continental European Fund	14/08/2020	A	GBP	Ireland	3300912	4.571	-0.072
		A	USD	Ireland	BJ4G0G2	1.358	-0.017
		A	EUR	Ireland	3300923	3.538	-0.045
		A Hedged	GBP	Ireland	BSJCJ49	1.193	-0.015
		B	GBP	Ireland	3100543	4.406	-0.070
		B	USD	Ireland	BJ4G0H3	1.387	-0.017
		B	EUR	Ireland	3300901	3.562	-0.044
		Y	GBP	Ireland	B993PD0	1.684	-0.026
		Y	EUR	Ireland	B98YKX9	1.364	-0.017
		Y Hedged	GBP	Ireland	BSJCJ50	1.248	-0.015
JOHCM European Concentrated Value Fund	14/08/2020	A	EUR	Ireland	BW0DJY9	0.944	-0.010
		B	USD	Ireland	BW0DK13	1.092	-0.012
		B	EUR	Ireland	BW0DJZ0	0.939	-0.009
		Z	AUD	Ireland	BYNJFM8	1.128	-0.007
		Z	EUR	Ireland	BYNJFN9	0.871	-0.007
JOHCM European Select Values Fund	14/08/2020	A	GBP	Ireland	3290422	4.949	-0.071
		A	EUR	Ireland	3290433	3.054	-0.034
		B	GBP	Ireland	3290400	4.530	-0.066
		B	EUR	Ireland	3290411	2.044	-0.022
		Non-Distributing	EUR	Ireland	BSFWK51	1.128	-0.012
		X	EUR	Ireland	B4K14L9	1.463	-0.016
JOHCM Global Emerging Markets Opportunities Fund	14/08/2020	A	GBP	Ireland	B4002N4	1.314	-0.007
		A	USD	Ireland	B4M6CN0	1.110	-0.006
		A	EUR	Ireland	B3ZBLW7	1.371	-0.003
		B	GBP	Ireland	B41RZ57	1.262	-0.008
		B	USD	Ireland	B4XXMP2	1.449	-0.007
		B	EUR	Ireland	B4TRCR0	1.353	-0.004
		Y	GBP	Ireland	BYSGJY4	1.584	-0.009
		Y	USD	Ireland	BYSGJZ5	1.350	-0.008
		Z	GBP	Ireland	B6R54W9	1.656	-0.009
		Z	CAD	Ireland	BBPK0L2	1.544	-0.006
		Z	AUD	Ireland	B5W6ZB6	1.779	-0.003
JOHCM Global Income Builder Fund	14/08/2020		GBP	Ireland	BFZWPH7	1.062	-0.007
		A	SGD	Ireland	BFZWPG6	1.007	-0.006
		A	GBP	Ireland	BFZWPC2	1.017	-0.007
		A	USD	Ireland	BFZWPF5	0.993	-0.006
		A	EUR	Ireland	BFZWPD3	0.997	-0.003
		B	EUR	Ireland	BFZWPJ9	0.973	-0.003
		EUR	EUR	Ireland	BKF2GH9	0.883	-0.003
		GBI	GBP	Ireland	BHR0DJ1	1.007	-0.006
		HEU	EUR	Ireland	BJGW7C3	0.953	-0.005
JOHCM Global Opportunities Fund (offshore)	14/08/2020	A	GBP	Ireland	B89PQM5	2.028	-0.016
		A	USD	Ireland	B89JY23	1.984	-0.014
		A	EUR	Ireland	B7MR557	2.132	-0.010
		B	USD	Ireland	B8295C7	1.899	-0.014
		B	EUR	Ireland	B80FZF0	1.973	-0.009
		B	GBP	Ireland	BF7NZS9	2.245	-0.018
		IHX	EUR	Ireland	BFZWWX2	0.964	-0.007
		X	GBP	Ireland	BQVC9L0	1.731	-0.013
		X	EUR	Ireland	BJ5JW42	0.972	-0.005
		X	GBP	Ireland	BK8M212	0.965	-0.008
		X Hedged	GBP	Ireland	BF29TX5	1.023	-0.007
		Z	GBP	Ireland	B83MS15	0.802	-0.006
		Z	GBP	Ireland	BD6R4D6	1.491	-0.012
		Z	EUR	Ireland	BDZD4M4	0.952	-0.005
JOHCM Global Opportunities Fund (onshore)	14/08/2020	A Accumulating	GBP	UK	BJ5JMC0	1.016	-0.008
		A Distributing	GBP	UK	BJ5JMD1	1.001	-0.007
		AHA	GBP	UK	BKDV8G1	1.000	-0.007
		X Accumulating	GBP	UK	BJ5JMF3	0.986	-0.008
		X Distributing	GBP	UK	BJ5JMG4	0.996	-0.008
JOHCM Global Select Fund	14/08/2020	A	USD	Ireland	B3T31Z2	2.057	-0.005
		A	EUR	Ireland	B3DBRP4	3.401	-0.001
		A	GBP	Ireland	B3DBRN2	3.808	-0.013
		B	GBP	Ireland	B3DBRL0	3.686	-0.011
		B	USD	Ireland	B5L7L67	2.355	-0.006
		B	EUR	Ireland	B3DBRM1	3.305	0.000
		Z	GBP	Ireland	B3DCMB8	2.731	-0.008
		Z	USD	Ireland	B4V7J00	2.308	-0.006
JOHCM Japan Fund	14/08/2020	A	GBP	Ireland	3438879	2.124	-0.003
		A	EUR	Ireland	3438880	1.491	0.002
		A Hedged	GBP	Ireland	B5LD7P6	1.425	-0.003
		A JPY	JPY	Ireland	3438891	286.219	-0.700
		B	GBP	Ireland	3438846	2.071	-0.003
		B	EUR	Ireland	3438857	1.444	0.003
		B Hedged	GBP	Ireland	B6386R1	1.449	-0.003
		B JPY	JPY	Ireland	3438868	282.724	-0.696
JOHCM UK Dynamic Fund	14/08/2020	A Accumulating	GBP	UK	B4T7HR5	1.968	-0.035
		A Distributing	GBP	UK	B4T8552	1.414	-0.025
		B Accumulating	GBP	UK	B4T7JX5	2.194	-0.038
		B Distributing	GBP	UK	B4TXJ33	1.292	-0.022
		X Accumulating	GBP	UK	BJ7HNB8	0.766	-0.013
		X Distributing	GBP	UK	BJ5JMB9	0.736	-0.013
		Y	GBP	Ireland	BDGKPZ4	0.737	-0.013
		Y	GBP	UK	BDZRJ21	0.886	-0.016
		Y Accumulating	GBP	UK	BDZRJ10	1.134	-0.020
JOHCM UK Equity Income Fund	14/08/2020	A Accumulating	GBP	UK	B03KR50	2.818	-0.051
		A Distributing	GBP	UK	B03KP23	1.358	-0.024
		B Accumulating	GBP	UK	B03KR83	2.622	-0.047
		B Distributing	GBP	UK	B03KR61	1.262	-0.023
		X Distributing	GBP	UK	BYV9S21	0.676	-0.012
		Y	GBP	UK	B95FCK6	0.915	-0.017
		Y Accumulating	GBP	UK	B8FCHK5	1.136	-0.021
JOHCM UK Growth Fund	14/08/2020	A	GBP	Ireland	3300934	2.850	-0.031
		B	GBP	Ireland	3100554	2.470	-0.027
		REU	EUR	Ireland	BLLV8D7	1.458	-0.011
		RUD	USD	Ireland	BLLV8C6	1.602	-0.016
		X	USD	Ireland	BLLV871	1.604	-0.016
		X	EUR	Ireland		1.434	-0.016
		X	EUR	Ireland	BLLV882	1.460	-0.011
		X	GBP	Ireland	BLLV893	1.413	-0.015
JOHCM UK Opportunities Fund	14/08/2020	A Accumulating	GBP	UK	B0LLB64	2.875	-0.044
		A Distributing	GBP	UK	B3K76Q9	1.933	-0.029
		B Accumulating	GBP	UK	B0LLB75	2.695	-0.040
		B Distributing	GBP	UK	B3K76P8	1.838	-0.027
		X Accumulating	GBP	UK	BQJZQQ5	1.323	-0.020
		X Distributing	GBP	UK	B95MSF4	1.089	-0.017
		Y	GBP	UK	B95J5C1	1.299	-0.020
		Y Accumulating	GBP	UK	B95HP81	1.604	-0.024

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	11/19	12/19	01/20	02/20	03/20	04/20	05/20	06/20	07/20	08/20
A GBP	0.4537	0.4276	0.4668	0.4491	0.4176	0.4276	0.4164	0.4095	0.4554	0.4276
A EUR	0.4650	0.4426	0.4862	0.4680	0.4171	0.4180	0.4202	0.4065	0.4551	0.4180
A USD	0.4384	0.4117	0.4592	0.4372	0.3853	0.4154	0.3897	0.3833	0.4212	0.4154
A SGD	0.4398	0.4164	0.4573	0.4418	0.4079	0.4224	0.4070	0.3970	0.4323	0.4224
B EUR	0.4579	0.4355	0.4775	0.4595	0.4088	0.4083	0.4115	0.3978	0.4351	0.4083
Seed	0.4714	0.0411	0.4859	0.4677	0.3691	0.4464	0.4342	0.4272	0.4752	0.4464

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
A distributing GBP	2.7765	1.9368	2.0957	3.6523	2.7970	2.0409	1.5930	1.1154
A accumulating GBP	5.2101	3.6835	4.0293	7.1000	5.5449	4.1082	3.2391	2.2958
B distributing GBP	2.6034	1.8139	1.9597	3.4124	2.6093	1.9017	1.4790	1.0379
B accumulating GBP	4.8980	3.4588	3.7777	6.6508	5.1861	3.8367	3.0210	2.1395
Y distributing GBP	1.8670	1.3028	1.4102	2.4582	1.8832	1.3744	1.0730	0.7534
Y accumulating GBP	2.0960	1.4823	1.6220	2.8588	2.2334	1.6547	1.3051	0.9242

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.