JOHCM Global Emerging Markets Opportunities Fund J O Hambro Capital Management (JOHCM)

Fund Description

For fund managers James Syme, Paul Wimborne and Ada Chan, identifying the right countries in which to invest is the most important influence on investment performance. Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks within their favoured countries. The result is a large-cap biased portfolio of typically 50-60 stocks.

James, Paul and Ada believe country allocation is the major driver of outperformance in emerging markets
Through an exhaustive monthly country allocation process that covers all 20+ countries within the MSCI Emerging Markets Index, the fund managers produce country allocation targets for each country within the index based on a five-factor analysis: Growth, Liquidity, Currency, Management/Politics and Valuation of equity market
Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks trading on attractive valuations within the fund managers’ favoured countries
Over time, they expect that top-down and bottom-up decisions will each contribute 50% of total value added

Reasons To Invest

Emerging markets are playing an increasingly important role in investors’ asset allocation decisions. They have witnessed dynamic expansion in recent years but should continue to drive global economic growth in the years ahead
Established, transparent investment process that has a long-term track record of outperformance
Strong emphasis on risk management and a consistent investment style tilt through the market cycle

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

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.

Back

Investment Objective

The JOHCM Global Emerging Markets Opportunities Fund aims to achieve long-term capital appreciation from investing in a portfolio of equity securities of companies in emerging markets around the world.

Fund details

Data as at 31 July 2024

Fund size

GBP 192.07m

Strategy size

GBP 1.75bn (as at 31 December 2023)

Benchmark

MSCI Emerging Markets 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 July 2024

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

Fees and charges

Initial charge	Up to 5%
Performance fee	Please review the latest factsheet for more information our fees and charges here

Administration

Status	UCITS
Investment manager	J O Hambro Capital Management Limited
Transfer agent and registrar	Northern Trust International Fund Administration Services (Ireland) Limited
Depositary	Northern Trust Fiduciary Services (Ireland) Limited

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 June 2024

As an asset class, emerging equity markets are substantially driven by two broad global drivers: global end-demand and trade, and US dollar interest rates and liquidity. While individual markets will have their own business and credit cycles and political environments, these are always interacting with the main global drivers. One of the challenges for investors in the asset class at the present time is the differing signals these are sending.
Indicators of global demand look supportive for emerging markets. In many key emerging countries, manufacturing PMIs continued to look strong in June, while key Asian exporters Korea, Taiwan and Vietnam are seeing strength in new export orders. June Manufacturing PMIs were 52.0 in Korea, 53.2 in Taiwan and 51.1 in Mexico, with exports growing in all three countries.

In the more domestically-driven emerging economies, recent PMIs were 57.5 for India (May), 52.5 for Brazil (June) and 50.7 for Indonesia (June), all indicating growth. Consumer confidence data in these three markets also looks robust. Elsewhere, China has two PMI data series with some conflicting messages, but both measures show weaker export and domestic orders; in the Gulf, PMIs look very strong, with UAE, Saudi Arabia and Qatar all above 54 for June.

So far so good, but the other half of the story is about the continuing strength of the US dollar and caution about the future direction of US monetary policy. Against the DXY basket of developed market currencies, the US dollar has strengthened by 3.5% year to date, while medium- and longer-dated US government bonds have seen yields rise by about 0.4% since the start of the year.
No other major emerging market central bank has yet felt the need to follow Bank Indonesia’s surprise 0.25% policy interest rate hike seen in June, but, following the US, yield curves across EM remain higher year-to-date, and the expected timing of policy interest rate cuts in markets like Brazil and Mexico keeps being pushed out.

Meanwhile, the stronger US dollar has seen corresponding weakness in emerging market currencies like the Brazilian Real (-11.6% against the US dollar in the second quarter), Mexican Peso (-10.6%) and Indonesian Rupiah (-3.3%), which reduces returns to international investors. Although Mexico saw a surprisingly strong election win for the left-wing Morena party in the quarter, the Mexican Peso weakened alongside other similar emerging market currencies.

The strong US economy is good for emerging market exports (and remittances) but less good for US dollar liquidity. In the current environment, we continue to find opportunities in some emerging markets where growth (particularly corporate earnings growth) remains attractive, even if the current US liquidity environment is a headwind. These particularly include Mexico, Brazil and Indonesia - each of these has seen strong upward revisions to corporate earnings expectations year-to-date. Although local currency weakness has been a drag on returns in each of these, we remain confident that US dollar softness, when it comes, will create the conditions for strong returns from these markets.

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 July 2024

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

Return history (%)

Data as at 31 July 2024

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. You should not base your decision to invest on this document. 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.

	Jun 19 - Jun 20	Jun 20 - Jun 21	Jun 21 - Jun 22	Jun 22 - Jun 23	Jun 23 - Jun 24
Fund	-3.72%	23.53%	-11.45%	3.43%	7.70%

Monthly returns (%)

Data as at 31 July 2024

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual	Since inception
Fund	2011							-2.90	-7.42	-9.23	10.91	-6.08		-15.00
Benchmark	2011							-2.13	-9.44	-10.12	10.93	-6.42	1.36	-16.19
Fund	2012	6.82	6.17	-5.29	-2.08	-8.95	-0.61	4.08	-0.36	4.65	-0.46	0.92	1.47	5.29
Benchmark	2012	9.39	5.02	-3.98	-2.73	-6.86	1.97	3.27	-2.02	3.95		1.59	4.03	13.27
Fund	2013	4.31	2.79	-1.85	-1.44	2.58	-8.64	2.04	-3.17	2.30	6.16	-1.00	-1.13	2.10
Benchmark	2013	3.65	2.67	-1.74	-1.74	-0.28	-6.87	1.83	-3.88	2.63	5.52	-3.62	-2.35	-4.79
Fund	2014	-6.05	2.81	0.24	-1.07	6.71	-0.22	3.04	2.40	-4.37	3.79	2.47	-2.94	6.23
Benchmark	2014	-6.61	2.57	2.75	-0.26	4.71	0.16	3.45	3.37	-4.88	2.10	1.26	-4.19	3.74
Fund	2015	7.69	-0.91	3.27	4.35	-1.80	-7.05	-6.65	-7.12	-1.44	8.26	-0.22	-1.35	-4.41
Benchmark	2015	4.33	0.32	2.70	3.75	-2.70	-6.20	-6.29	-7.65	-1.87	6.41	-1.32	-1.49	-10.61
Fund	2016	-6.50	2.32	7.63	-2.44	-1.25	12.99	8.34	3.76	2.90	3.61	-6.62	0.73	26.34
Benchmark	2016	-3.99	3.64	9.36	-0.88	-3.35	11.91	7.43	3.58	2.27	6.62	-6.72	1.52	34.03
Fund	2017	5.27	2.78	3.63	-1.47	4.72	0.55	3.93	3.48	-3.36	6.28	-2.14	1.96	28.23
Benchmark	2017	4.22	3.46	2.40	-1.85	4.13	-0.50	4.79	4.08	-4.26	4.96	-1.09	2.82	25.15
Fund	2018	-1.17	-2.48	-3.37	3.95	0.97	-1.40	1.42	-1.11	-1.42	-6.05	4.51	-3.62	-9.82
Benchmark	2018	3.20	-2.08	-4.01	2.49	-0.63	-3.22	2.43	-1.84	-0.65	-7.08	4.71	-2.67	-9.57
Fund	2019	3.84	-1.17	5.23	1.13	-1.34	4.98	1.80	-3.95	1.10	-3.27	-1.05	4.18	11.48
Benchmark	2019	5.45	-0.49	1.60	3.28	-4.44	5.72	3.08	-5.33	1.12	-0.91	0.31	4.90	14.44
Fund	2020	-2.10	-3.81	-14.12	11.27	0.83	7.65	-0.46	0.31	2.14	0.37	6.35	5.76	12.47
Benchmark	2020	-3.77	-3.70	-12.29	8.99	1.23	8.44	1.77	2.21	-0.28	2.15	6.49	4.44	14.60
Fund	2021	1.11	0.93	1.58	0.32	0.97	2.17	-5.13	1.45	-1.89	-1.72	-0.13	3.58	2.99
Benchmark	2021	3.10	-1.33	-0.52	1.88	-1.34	3.87	-7.21	3.48	-1.51	-1.07	-1.01	0.72	-1.43
Fund	2022	-0.38	-4.53	-0.21	-0.42	1.97	-4.27	0.43	4.80	-3.56	-4.33	6.23	-0.56	-5.36
Benchmark	2022	-1.90	-2.44	-0.10	-1.42	-0.04	-2.55	-1.01	5.37	-7.64	-7.13	10.29	-1.00	-10.29
Fund	2023	3.05	-3.29	1.52	-1.21	-1.30	2.19	3.08	-3.82	-0.87	-4.44	3.05	3.92	1.39
Benchmark	2023	4.90	-4.65	0.79	-1.96	-0.52	1.08	4.46	-4.44	0.44	-3.08	3.61	3.21	3.29
Fund	2024	-4.86	6.01	3.95	1.24	-2.66	3.64	-3.18						3.68	74.14
Benchmark	2024	-4.14	5.08	2.86	1.32	-1.05	4.40	-1.27						7.07	63.05

Source and notes

JOHCM/MSCI/Bloomberg/Lipper.

Data shown net of fees, net income reinvested. Performance of other share classes may vary and is available on request. Please note that all fund performance is shown against the MSCI Emerging Markets NR 12pm adjusted in GBP. 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. 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. You should not base your decision to invest on this document. 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 July 2024

Fund size	GBP 192.07m
Number of holdings	51

Top 10 holdings and active weights

Data as at 31 July 2024

Top 10 holdings

Taiwan Semiconductor	9.27%
Tencent	8.37%
Samsung Electronics	4.31%
Meituan	3.23%
Mahindra & Mahindra	3.19%
Itau Unibanco	3.13%
TRIP COM GROUP	2.90%
BANK MANDIRI	2.88%
Emaar Properties	2.82%
Barrick Gold	2.77%

Top 10 active weights

Tencent	+4.31%
Barrick Gold	+2.77%
Mahindra & Mahindra	+2.76%
Itau Unibanco	+2.74%
BANK MANDIRI	+2.69%
Emaar Properties	+2.61%
TRIP COM GROUP	+2.58%
ALDAR PROPERTIES	+2.53%
CEMEX	+2.44%
FIRSTRAND	+2.36%

Sector breakdown

Data as at 31 July 2024

	Portfolio	Benchmark	Relative
Financials	25.46%	22.30%	3.16%
Information Technology	15.50%	24.34%	-8.84%
Consumer Discretionary	14.31%	12.26%	2.05%
Communication Services	8.55%	8.81%	-0.26%
Consumer Staples	7.87%	5.30%	2.57%
Real Estate	7.05%	1.47%	5.58%
Materials	7.04%	6.90%	0.14%
Industrials	4.81%	6.95%	-2.14%
Energy	4.13%	5.14%	-1.00%
Utilities	2.41%	3.07%	-0.66%
Health Care	0.80%	3.47%	-2.67%
Cash	2.07%	0.00%	2.07%

Market cap breakdown

Data as at 31 July 2024

	Portfolio	Benchmark	Relative
Large Cap	81.42%	79.56%	1.86%
Medium Cap	15.01%	20.44%	-5.43%
Small Cap	0.84%	0.00%	0.84%
Cash	2.72%	0.00%	2.72%

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
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	A EUR	EUR	Ireland	IE00B3ZBLW75	1.559	-0.01
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	A GBP	GBP	Ireland	IE00B4002N46	1.398	-0.008
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	A USD	USD	Ireland	IE00B4M6CN00	1.187	-0.006
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	B EUR	EUR	Ireland	IE00B4TRCR07	1.537	-0.01
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	B GBP	GBP	Ireland	IE00B41RZ573	1.342	-0.008
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	B USD	USD	Ireland	IE00B4XXMP29	1.55	-0.008
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	Y GBP	GBP	Ireland	IE00BYSGJY42	1.686	-0.009
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	Y USD	USD	Ireland	IE00BYSGJZ58	1.445	-0.008
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund		Z - Class AUD		Ireland	IE00B5W6ZB60
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	Z - Class CAD	CAD	Ireland	IE00BBPK0L23	1.687	-0.011
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	06/09/2024	Z - Class GBP	GBP	Ireland	IE00B6R54W91	1.765	-0.01

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24 (estimated)
A distributing GBP	3.141	1.831	2.105	3.272	3.429	1.561	1.710	3.862524
A accumulating GBP	7.115	4.227	4.910	7.720	8.243	3.821	4.223	9.627698
B distributing GBP	2.890	1.682	1.932	3.000	3.140	1.480	1.561	3.52353
B accumulating GBP	6.553	3.888	4.510	7.085	7.553	3.498	3.860	8.792624
Y distributing GBP	2.121	1.238	1.424	2.213	2.320	1.056	1.158	2.615854
Y accumulating GBP	2.876	1.709	1.932	3.123	3.336	1.547	1.710	3.899444
X distributing GBP	1.570	0.915	1.053	1.638	1.717	0.782	0.857	1.937067
M distributing GBP	0.000	0.000	0.000	0.000	0.000	0.785	1.005	2.272155
M accumulating GBP	0.000	0.000	0.000	0.000	0.000	0.785	1.012	2.30927

Dividends are quoted and paid in pence per share

Distribution of income occur on or before: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on an accounting 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

Distribution of income occur on or before: 31 August and 28 February

JOHCM UK Dynamic Fund (Onshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate (estimated)
A - distributing	GBP	30 Aug 2024	pence per share	4.735399
A - accumulating	GBP	30 Aug 2024	pence per share	7.59417
B - distributing	GBP	30 Aug 2024	pence per share	4.245882
B - accumulating	GBP	30 Aug 2024	pence per share	8.311086
Y - distributing	GBP	30 Aug 2024	pence per share	2.974221
Y - accumulating	GBP	30 Aug 2024	pence per share	4.383506
X - distributing	GBP	30 Aug 2024	pence per share	2.47997
X - accummulating	GBP	30 Aug 2024	pence per share	2.972206
L - distributing	GBP	30 Aug 2024	pence per share	2.444
L - accummulating	GBP	30 Aug 2024	pence per share	2.425166
M - distributing	GBP	30 Aug 2024	pence per share	2.420092
M - accumulating	GBP	30 Aug 2024	pence per share	2.476813
K - distributing	GBP	30 Aug 2024	pence per share	2.472
K - accumulating	GBP	30 Aug 2024	pence per share	2.525192

JOHCM UK Dynamic Fund (Offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling Y Shares	GBP	31 Jul 2024	pence per share	2.4668
Euro Y Shares	EUR	31 Jul 2024	pence per share	2.476
US Dollar Y Shares	USD	31 Jul 2024	pence per chare	2.845

JOHCM Global Select Shariah Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
US Dollar A Shares	USD	31 Jul 2024	pence per share	0.4694

Funds paying annual dividends

Distribution of income occur on or before 28 February

JOHCM Asia ex Japan Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling A Shares	GBP	28 Feb 2024	pence per share	3.0011
US Dollar A Shares	USD	28 Feb 2024	cents per share	2.3900
Euro A Shares	EUR	28 Feb 2024	cents per share	2.9114
Sterling B Shares	GBP	28 Feb 2024	pence per share	1.5626
US Dollar B Shares	USD	28 Feb 2024	cents per share	1.2851
Euro B Shares	EUR	28 Feb 2024	cents per share	1.5605
Sterling Z Shares	GBP	28 Feb 2024	cents per share	3.6312
US Dollar Z Shares	USD	28 Feb 2024	cents per share	2.7222

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling A Shares	GBP	28 Feb 2024	pence per share	0.0000
US Dollar A Shares	USD	28 Feb 2024	cents per share	0.0000
Euro A Shares	USD	28 Feb 2024	cents per share	0.0000
Sterling B Shares	GBP	28 Feb 2024	pence per share	0.0000
US Dollar B Shares	EUR	28 Feb 2024	cents per share	0.0000
Euro B Shares	USD	28 Feb 2024	cents per share	0.0000
Sterling Z Shares	GBP	28 Feb 2024	cents per share	1.56820

JOHCM Continental European Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Euro A Shares	EUR	28 Feb 2024	pence per share	5.7782
Euro B Shares	EUR	28 Feb 2024	cents per share	3.7784
Euro Y Shares	EUR	28 Feb 2024	pence per share	2.4506
Sterling A Shares	GBP	28 Feb 2024	pence per share	7.1582
Sterling A Shares - Hedge	GBP	28 Feb 2024	cents per share	1.3875
Sterling B Shares	GBP	28 Feb 2024	cents per share	4.5079
Sterling X Shares	GBP	28 Feb 2024	pence per share	1.6701
Sterling Y Shares	GBP	28 Feb 2024	pence per share	2.8389
Sterling Y Shares - Hedge	GBP	28 Feb 2024	cents per share	1.5828
US Dollar A Shares	USD	28 Feb 2024	cents per share	1.8816
US Dollar B Shares - Hedge	USD	28 Feb 2024	pence per share	0.9958
US Dollar Y Shares	USD	28 Feb 2024	pence per share	1.7692

JOHCM European Select Values Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling A Shares	GBP	28 Feb 2024	pence per share	5.5762
Euro A Shares	EUR	28 Feb 2024	cents per share	3.5682
Sterling B Shares	GBP	28 Feb 2024	pence per share	2.6361
Euro B Shares	EUR	28 Feb 2024	cents per share	1.233
Euro X Shares	EUR	28 Feb 2024	cents per share	0.5376
Euro Y Shares	EUR	28 Feb 2024	cents per share	1.1704

JOHCM Global Emerging Markets Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling A Shares	GBP	28 Feb 2024	pence per share	2.2775
US Dollar A Shares	USD	28 Feb 2024	cents per share	1.8887
Euro A Shares	EUR	28 Feb 2024	cents per share	2.4749
Sterling B Shares	GBP	28 Feb 2024	pence per share	1.4135
US Dollar B Shares	USD	28 Feb 2024	cents per share	1.5795
Euro B Shares	EUR	28 Feb 2024	cents per share	1.571
Sterling Y Shares	GBP	28 Feb 2024	pence per share	2.9977
US Dollar Y Shares	USD	28 Feb 2024	cents per share	2.5092
Sterling Z Shares	GBP	28 Feb 2024	cents per share	4.4746
Canadian Dollar Z Shares	CAD	28 Feb 2024	cents per share	4.0653

JOHCM Global Opportunities Fund (onshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A DISTRIBUTING	GBP	28 Feb 2024	pence per share	2.411497
A ACCUMULATING	GBP	28 Feb 2024	pence per share	2.699908
X DISTRIBUTING	GBP	28 Feb 2024	cents per share	2.460528
X ACCUMULATING	GBP	28 Feb 2024	cents per share	2.526286
A ACCUMULATING HEDGED	GBP	28 Feb 2024	cents per share	2.361961

JOHCM Global Opportunities Fund (offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling A Shares	GBP	28 Feb 2024	pence per share	4.1679
US Dollar A Shares	USD	28 Feb 2024	cents per share	3.958
Euro A Shares	EUR	28 Feb 2024	cents per share	4.5388
Euro A Shares - Hedge	EUR	28 Feb 2024	cents per share	1.8065
Sterling B Shares	GBP	28 Feb 2024	cents per share	4.0053
US Dollar B Shares	USD	28 Feb 2024	cents per share	3.2958
Euro B Shares	EUR	28 Feb 2024	cents per share	3.6494
Sterling X Shares	GBP	28 Feb 2024	cents per share	3.6351
Euro X Shares	EUR	28 Feb 2024	cents per share	2.1128
Sterling X Shares - Hedge	GBP	28 Feb 2024	cents per share	1.9782
Sterling Z Shares	GBP	28 Feb 2024	cents per share	1.8735
Euro Z Shares	EUR	28 Feb 2024	cents per share	2.3066

JOHCM Global Select Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling A Shares	GBP	28 Feb 2024	pence per share	2.915
US Dollar A Shares	USD	28 Feb 2024	cents per share	1.5321
Euro A Shares	EUR	28 Feb 2024	cents per share	2.6999
Sterling B Shares	GBP	28 Feb 2024	pence per share	0.0000
US Dollar B Shares	USD	28 Feb 2024	cents per share	0.0000
Euro B Shares	EUR	28 Feb 2024	cents per share	0.0000
Sterling Z Shares	GBP	28 Feb 2024	pence per share	4.2729

JOHCM UK Growth Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Sterling A Shares	GBP	28 Feb 2024	pence per share	5.1881
Sterling B Shares	GBP	28 Feb 2024	pence per share	2.8603
Sterling X Shares	GBP	28 Feb 2024	pence per share	2.8694

JOHCM UK Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	28 Feb 2024	pence per share	6.322169
A - accumulating	GBP	28 Feb 2024	pence per share	10.185733
B - distributing	GBP	28 Feb 2024	pence per share	5.90282
B - accumulating	GBP	28 Feb 2024	pence per share	9.378544
Y - accumulating	GBP	28 Feb 2024	pence per share	4.26672
Y - distributing	GBP	28 Feb 2024	pence per share	5.711236

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

05 Sep 2024
As Deflation Grips, What Next for China?

Demand for foreign goods is declining, but domestic producers are benefiting
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09 Aug 2024
Carry On Trading

The sharp unwinding of the yen-dollar carry trade hurts some emerging markets, helps others
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08 Jul 2024
It’s the Dollar, Stupid

The strength of the US dollar has impacted emerging market currencies, delayed expected interest rate cuts and reduced returns to international investors
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04 Jun 2024
Remember Remittances

Remittances have been the largest source of external finance flows to developing countries ex-China
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09 May 2024
Double Dollar

The dollar is stronger than it’s been in 20 years. What’s the impact on emerging markets?
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15 Apr 2024
Strong Economies, Falling Rates

Rates in Mexico and Brazil are coming down. Despite cautious guidance, we believe further cuts will be ahead of consensus
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19 Mar 2024
Another Look at Emerging Markets

As investors move away from China, we look at some interesting alternatives
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07 Mar 2024
The Emirati Edge

The UAE has made major strides in diversifying its economy away from hydrocarbons, leveraging astute diplomacy to develop global services and property sectors
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09 Feb 2024
Foreign Investors Are Voting to Leave China

Technical indicators reveal the negative effect of foreigners disinvesting Chinese Stocks
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Webcasts & Videos

US Election Special: Ready for Another World Order?

08 Nov 2024 02:30 PM | 30 mins
Asia Reborn

06 Sep 2024 | 30 mins
Out of China…into Where?

27 Oct 2023 | 29 mins

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

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.

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As Deflation Grips, What Next for China?

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| Emerging Markets Equities

As Deflation Grips, What Next for China?

| Emerging Markets Equities

As Deflation Grips, What Next for China?

| Emerging Markets Equities

As Deflation Grips, What Next for China?

| Emerging Markets Equities

As Deflation Grips, What Next for China?

| Emerging Markets Equities

As Deflation Grips, What Next for China?

| Emerging Markets Equities

As Deflation Grips, What Next for China?

| Emerging Markets Equities

As Deflation Grips, What Next for China?