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 30 April 2020

Fund size

GBP 98.68m

Strategy size

GBP 447.01m (as at 31 December 2019)

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 30 April 2020

Notes

©2019 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 30/11/2019.

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

Investment Background

As at 30 April 2020

Whilst the world and its media remained in the firm grip of the Covid-19 pandemic and the imposed social and economic lockdowns trigger a self-induced economic recession of unknown proportions, equity markets continued to recover strongly in April. From their mid-March lows, stock markets have now rallied by over 20%. Central bank and government economic stimulus packages were expanded, and the rates of new daily infections progressively declined in many countries – the intended positive effect of the mid-March lockdowns – providing the foundation to start planning for an easing of restrictions in most European countries.

Strategy Highlights

The Fund outperformed its benchmark, mainly benefiting from strong stock-specific contributions including from Liberty Global, United Internet, Thyssenkrupp and Imerys.

We also completed/purchased two new investments over the month, exploiting cyclical valuation opportunities created by the economic dislocation: Continental (# 2 automotive component supplier) and Infineon (semiconductors). This economic downturn is unprecedented, and the speed and slope of recovery are big unknowns. It is also important to consider that, in the short term, the furlough schemes introduced by several governments will help significantly cut negative operating leverage in the current, most painful, quarter.

With these investments we are focusing longer term on companies that are leaders in their respective industries, that generate over-the-cycle after-tax returns of 20+%, and trade on mid-to-high single-digit mid-cycle free cash flow multiples. Both Continental and Infineon are strongly positioned to exploit structural growth trends of digitisation/electrification in their respective industries, adding growth visibility to their value cases. They therefore offer more upside longer term, especially Continental with 90% upside potential, in our view, and Infineon with 60% upside potential, based on our analysis.

These new investments increase the ‘quality’ percentage exposure of the Fund (high after-tax return business models) but also cyclicality. However, given where we are at this point in time and the price cycle, we believe the risk/return balance to be very favourable for the patient investor.

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 30 April 2020

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

Return history (%)

Data as at 30 April 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.

	Mar 15 - Mar 16	Mar 16 - Mar 17	Mar 17 - Mar 18	Mar 18 - Mar 19	Mar 19 - Mar 20
Fund	-6.10%	12.27%	-0.58%	3.94%	-25.16%

Monthly returns (%)

Data as at 30 April 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									-15.13	-9.17
Benchmark	2020	-0.60	-8.75	-15.32	8.92									-16.34	-1.23

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 30 April 2020

Fund size	GBP 98.68m
Number of holdings	26

Top 10 holdings and active weights

Data as at 30 April 2020

Top 10 holdings

Oracle	5.84%
Liberty Global	5.75%
UNITED INTERNET	5.58%
SAP	5.24%
Heineken	4.97%
Metro Wholesale & Foods	4.70%
Danone	4.63%
Sanofi	4.61%
Reckitt Benckiser	4.35%
Vivendi	4.07%

Top 10 active weights

Oracle	+5.84%
Liberty Global	+5.75%
UNITED INTERNET	+5.53%
Heineken	+4.85%
Metro Wholesale & Foods	+4.68%
Danone	+4.06%
Vivendi	+3.83%
Grifols	+3.80%
SAP	+3.67%
Reckitt Benckiser	+3.56%

Sector breakdown

Data as at 30 April 2020

	Portfolio	Benchmark	Relative
Consumer Staples	21.81%	15.58%	6.23%
Communication Services	17.59%	4.18%	13.41%
Information Technology	17.02%	6.91%	10.11%
Industrials	16.92%	12.85%	4.07%
Health Care	12.32%	17.09%	-4.77%
Materials	8.65%	7.20%	1.45%
Consumer Discretionary	3.37%	9.60%	-6.23%
Energy	0.00%	5.20%	-5.20%
Financials	0.00%	15.23%	-15.23%
Real Estate	0.00%	1.33%	-1.33%
Utilities	0.00%	4.84%	-4.84%
Cash	2.33%	0.00%	2.33%

Market cap breakdown

Data as at 30 April 2020

	Portfolio	Benchmark	Relative
Large Cap	79.59%	94.20%	-14.61%
Medium Cap	18.08%	5.17%	12.91%
Small Cap	0.00%	0.63%	-0.63%
Cash	2.33%	0.00%	2.33%

Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JOHCM Asia ex Japan Fund	28/05/2020	A	GBP	Ireland	B3RQ272	2.004	-0.005
		A	USD	Ireland	B435PM6	1.534	0.001
		A	EUR	Ireland	B431KK7	1.880	-0.005
		B	EUR	Ireland	B5L49R5	1.915	-0.004
		B	USD	Ireland	BF7NZT0	1.565	0.001
		B	GBP	Ireland	B3ZQS76	1.981	-0.005
		Z	GBP	Ireland	B44PG77	1.420	-0.003
		Z	USD	Ireland	BVG7681	1.023	0.001
JOHCM Asia ex Japan Small and Mid Cap Fund	28/05/2020	A	GBP	Ireland	B6R5LS4	2.120	0.001
		A	USD	Ireland	B6R5QW3	1.727	0.007
		A	EUR	Ireland	B6R5VD9	1.792	0.001
		B	GBP	Ireland	B6R63P8	2.093	0.002
		B	USD	Ireland	B6R5YM9	1.665	0.008
		B	EUR	Ireland	B6R5HM0	2.048	0.002
		Z	GBP	Ireland	B4X3T62	1.607	0.003
JOHCM Continental European Fund	28/05/2020	A	GBP	Ireland	3300912	4.194	0.042
		A	USD	Ireland	BJ4G0G2	1.254	0.013
		A	EUR	Ireland	3300923	3.257	0.033
		A Hedged	GBP	Ireland	BSJCJ49	1.097	0.011
		B	GBP	Ireland	3100543	4.047	0.040
		B	USD	Ireland	BJ4G0H3	1.279	0.013
		B	EUR	Ireland	3300901	3.282	0.033
		X Hedged	GBP	Ireland	BDZD4P7	0.852	0.009
		Y	GBP	Ireland	B993PD0	1.544	0.015
		Y	EUR	Ireland	B98YKX9	1.255	0.013
		Y Hedged	GBP	Ireland	BSJCJ50	1.148	0.012
JOHCM European Concentrated Value Fund	28/05/2020	A	EUR	Ireland	BW0DJY9	0.916	0.004
		B	USD	Ireland	BW0DK13	0.988	0.009
		B	EUR	Ireland	BW0DJZ0	0.912	0.005
		Z	AUD	Ireland	BYNJFM8	1.098	0.003
		Z	EUR	Ireland	BYNJFN9	0.843	0.004
JOHCM European Select Values Fund	28/05/2020	A	GBP	Ireland	3290422	4.795	0.036
		A	EUR	Ireland	3290433	2.969	0.023
		B	GBP	Ireland	3290400	4.395	0.034
		B	EUR	Ireland	3290411	1.989	0.016
		Non-Distributing	EUR	Ireland	BSFWK51	1.098	0.009
		X	EUR	Ireland	B4K14L9	1.424	0.012
JOHCM Global Emerging Markets Opportunities Fund	28/05/2020	A	GBP	Ireland	B4002N4	1.214	-0.001
		A	USD	Ireland	B4M6CN0	0.959	0.003
		A	EUR	Ireland	B3ZBLW7	1.271	0.000
		B	GBP	Ireland	B41RZ57	1.168	-0.001
		B	USD	Ireland	B4XXMP2	1.254	0.003
		B	EUR	Ireland	B4TRCR0	1.257	0.000
		Y	GBP	Ireland	BYSGJY4	1.463	-0.001
		Y	USD	Ireland	BYSGJZ5	1.167	0.003
		Z	GBP	Ireland	B6R54W9	1.527	-0.001
		Z	CAD	Ireland	BBPK0L2	1.384	-0.003
		Z	AUD	Ireland	B5W6ZB6	1.657	-0.005
JOHCM Global Income Builder Fund	28/05/2020		GBP	Ireland	BFZWPH7	1.084	0.004
		A	SGD	Ireland	BFZWPG6	0.995	0.006
		A	GBP	Ireland	BFZWPC2	1.039	0.004
		A	USD	Ireland	BFZWPF5	0.948	0.006
		A	EUR	Ireland	BFZWPD3	1.021	0.004
		B	EUR	Ireland	BFZWPJ9	1.000	0.005
		EUR	EUR	Ireland	BKF2GH9	0.904	0.004
		GBI	GBP	Ireland	BHR0DJ1	1.014	0.004
		HEU	EUR	Ireland	BJGW7C3	0.913	0.007
JOHCM Global Opportunities Fund (offshore)	28/05/2020	A	GBP	Ireland	B89PQM5	2.036	0.012
		A	USD	Ireland	B89JY23	1.863	0.016
		A	EUR	Ireland	B7MR557	2.146	0.011
		B	GBP	Ireland	BF7NZS9	2.258	0.013
		B	USD	Ireland	B8295C7	1.785	0.015
		B	EUR	Ireland	B80FZF0	1.990	0.011
		IHX	EUR	Ireland	BFZWWX2	0.908	0.008
		X	GBP	Ireland	BQVC9L0	1.736	0.009
		X	EUR	Ireland	BJ5JW42	0.979	0.006
		X	GBP	Ireland	BK8M212	0.969	0.005
		X Hedged	GBP	Ireland	BF29TX5	0.949	0.008
		Z	GBP	Ireland	B83MS15	0.804	0.005
		Z	GBP	Ireland	BD6R4D6	1.495	0.009
		Z	EUR	Ireland	BDZD4M4	0.957	0.005
JOHCM Global Opportunities Fund (onshore)	28/05/2020	A Accumulating	GBP	UK	BJ5JMC0	1.021	0.006
		A Distributing	GBP	UK	BJ5JMD1	1.006	0.006
		AHA	GBP	UK	BKDV8G1	0.943	0.008
		X Accumulating	GBP	UK	BJ5JMF3	0.991	0.006
		X Distributing	GBP	UK	BJ5JMG4	1.001	0.006
JOHCM Global Select Fund	28/05/2020	A	GBP	Ireland	B3DBRN2	3.597	0.049
		A	USD	Ireland	B3T31Z2	1.817	0.030
		A	EUR	Ireland	B3DBRP4	3.223	0.044
		B	GBP	Ireland	B3DBRL0	3.482	0.048
		B	USD	Ireland	B5L7L67	2.081	0.035
		B	EUR	Ireland	B3DBRM1	3.133	0.044
		Z	GBP	Ireland	B3DCMB8	2.572	0.035
		Z	USD	Ireland	B4V7J00	2.033	0.035
JOHCM Japan Fund	28/05/2020	A	GBP	Ireland	3438879	2.227	0.020
		A	EUR	Ireland	3438880	1.569	0.014
		A Hedged	GBP	Ireland	B5LD7P6	1.413	0.016
		A JPY	JPY	Ireland	3438891	283.496	3.241
		B	GBP	Ireland	3438846	2.174	0.019
		B	EUR	Ireland	3438857	1.521	0.014
		B Hedged	GBP	Ireland	B6386R1	1.439	0.017
		B JPY	JPY	Ireland	3438868	280.327	3.364
JOHCM UK Dynamic Fund	28/05/2020	A Accumulating	GBP	UK	B4T7HR5	2.009	0.018
		A Distributing	GBP	UK	B4T8552	1.444	0.013
		B Accumulating	GBP	UK	B4T7JX5	2.242	0.020
		B Distributing	GBP	UK	B4TXJ33	1.320	0.012
		X Accumulating	GBP	UK	BJ7HNB8	0.781	0.007
		X Distributing	GBP	UK	BJ5JMB9	0.751	0.007
		Y	GBP	UK	BDZRJ21	0.905	0.009
		Y	GBP	Ireland	BDGKPZ4	0.752	0.007
		Y Accumulating	GBP	UK	BDZRJ10	1.157	0.010
JOHCM UK Equity Income Fund	28/05/2020	A Accumulating	GBP	UK	B03KR50	2.885	0.028
		A Distributing	GBP	UK	B03KP23	1.401	0.013
		B Accumulating	GBP	UK	B03KR83	2.687	0.026
		B Distributing	GBP	UK	B03KR61	1.303	0.012
		X Distributing	GBP	UK	BYV9S21	0.697	0.007
		Y	GBP	UK	B95FCK6	0.944	0.009
		Y Accumulating	GBP	UK	B8FCHK5	1.163	0.011
JOHCM UK Growth Fund	28/05/2020	A	GBP	Ireland	3300934	2.806	0.001
		B	GBP	Ireland	3100554	2.434	0.000
		REU	EUR	Ireland	BLLV8D7	1.440	0.000
		RUD	USD	Ireland		1.475	0.005
		X	USD	Ireland	BLLV871	1.476	0.005
		X	EUR	Ireland		1.411	0.000
		X	EUR	Ireland	BLLV882	1.441	0.000
		X	GBP	Ireland	BLLV893	1.390	0.000
JOHCM UK Opportunities Fund	28/05/2020	A Accumulating	GBP	UK	B0LLB64	2.806	0.041
		A Distributing	GBP	UK	B3K76Q9	1.887	0.028
		B Accumulating	GBP	UK	B0LLB75	2.624	0.039
		B Distributing	GBP	UK	B3K76P8	1.790	0.027
		X Accumulating	GBP	UK	BQJZQQ5	1.294	0.019
		X Distributing	GBP	UK	B95MSF4	1.065	0.016
		Y	GBP	UK	B95J5C1	1.269	0.019
		Y Accumulating	GBP	UK	B95HP81	1.566	0.023

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	06/19	07/19	08/19	09/19	10/19	11/19	12/19	01/20	02/20	03/20
A GBP	0.4143	0.5095	0.4572	0.4716	0.4537	0.4537	0.4276	0.4668	0.4491	0.4176
A EUR	0.4075	0.4935	0.4441	0.4695	0.4650	0.4650	0.4426	0.4862	0.4680	0.4171
A USD	0.3902	0.4598	0.4114	0.4324	0.4384	0.4384	0.4117	0.4592	0.4372	0.3853
A SGD	0.3905	0.4672	0.4228	0.4429	0.4398	0.4398	0.4164	0.4573	0.4418	0.4079
B EUR	0.4025	0.4870	0.4379	0.4627	0.4579	0.4579	0.4355	0.4775	0.4595	0.4088
Seed	0.4297	0.5287	0.4746	0.4897	0.4714	0.4714	0.0411	0.4859	0.4677	0.3691

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	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20
A distributing GBP	3.6600	2.7765	1.9368	2.0957	3.6523	2.7970	2.0409	1.5930
A accumulating GBP	6.7535	5.2101	3.6835	4.0293	7.1000	5.5449	4.1082	3.2391
B distributing GBP	3.4380	2.6034	1.8139	1.9597	3.4124	2.6093	1.9017	1.4790
B accumulating GBP	6.3593	4.8980	3.4588	3.7777	6.6508	5.1861	3.8367	3.0210
Y distributing GBP	2.4607	1.8670	1.3028	1.4102	2.4582	1.8832	1.3744	1.0730
Y accumulating GBP	2.7171	2.0960	1.4823	1.6220	2.8588	2.2334	1.6547	1.3051

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.