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

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 28 February 2023

Fund size

GBP 203.61m

Strategy size

GBP 1.72bn (as at 30 September 2022)

Benchmark

MSCI Emerging Markets NR 12pm adjusted

Domicile

Ireland

Denomination

GBP, EUR, USD

Share classes

A GBP	(Launch date) 30-June-2011
A USD	(Launch date) 30-June-2011
A EUR	(Launch date) 30-June-2011
B GBP	(Launch date) 30-June-2011
B USD	(Launch date) 30-June-2011
B EUR	(Launch date) 30-June-2011

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 codes

	ISIN	SEDOL
A GBP	IE00B4002N46	B4002N4
A USD	IE00B4M6CN00	B4M6CN0
A EUR	IE00B3ZBLW75	B3ZBLW7
B GBP	IE00B41RZ573	B41RZ57
B USD	IE00B4XXMP29	B4XXMP2
B EUR	IE00B4TRCR07	B4TRCR0

Fund ratings and awards

Data as at 28 February 2023

Notes

©2022 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 30/09/2022.

Fees and charges

Initial charge	Up to 5%
Annual mgmt charge (A)	0.90%
Annual mgmt charge (B)	1.50%
Performance fee	15% on excess if Fund outperforms benchmark, calculated daily. Any underperformance carried forward. This fee applies to all share classes.

Administration

Status	UCITS
Investment manager	J O Hambro Capital Management Limited
Transfer agent and registrar	RBC Investor Services Limited
Depositary	RBC Investor Services 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 28 February 2023

In July 2022, we wrote a piece assessing what macroeconomic and market data from emerging markets could tell us about the global economic cycle. After several months of broad optimism and a far less positive mood last month, we decided to revisit the topic. Followers of our strategy will know that we feel that there is a subset of emerging markets that are very exposed to the strength of the global economy, and whose economic data can give visibility into aggregate demand.
Two of the largest and most open emerging economies are Korea and Taiwan. As well as being highly open to trade, they are also major exporters of manufactured goods, including vehicles and materials. China, meanwhile, has a large domestic sector but remains the world’s largest exporter. All three of these countries are investment grade bond issuers with large and sustained current account surpluses, meaning they have limited sensitivity to global market risk, but high sensitivity to the global economic cycle.

South Korea’s exports in the year to February fell 7.5%, although this number was an improvement on a more bearish consensus, while the same measure for Taiwan was down 17.1%, and Taiwanese export orders fell 19.3% to January. Korean industrial production in the year to January was down 12.7%, and for Taiwan, industrial production fell by 20.5%. PMIs in both countries remain firmly below 50. Given the weight of exporters in these two economies and their equity markets, revisions to earnings expectations for MSCI Korea and MSCI Taiwan are sharply negative.

Chinese data is obviously heavily skewed by the developing post-covid bounce in the economy. PMIs have moved to extreme levels, but exports in the first two months of the year were down 6.8% year-on-year (YoY), pointing to further regional weakness.

The situation in the export-heavy economies of Central Europe looks less alarming. Polish exports were about flat YoY in December, and Hungarian exports were up 6.1%, while PMI and industrial production data shows past weakness turning to a more positive outlook, particularly Hungary’s February manufacturing PMI print of 56.5.

Mexico is another major EM exporter. Mexico continues to perform strongly as an economy, including in the external sector. Exports in January were a record $586.9bn, up 18.3% YoY, while remittances from citizens living overseas (predominantly in the US) were up 12.5% YoY. Manufacturing PMIs (Mexico has two versions) both show ongoing industrial expansion, supported by positive industrial production and manufacturing production growth. Mexican companies are benefiting from this environment, seeing ongoing earnings revisions.

This is a highly mixed picture, showing the ongoing strength of the US economy, a weak recovery in Europe, and an ongoing slowdown in the Asian regional economy. Nevertheless, we continue to see a major opportunity in EM in more domestically driven economies like Indonesia and India, as well as in domestic sectors of export and commodity economies like Brazil, Mexico and South Africa. In the exporters, Mexico is our favourite of all the emerging markets, and our largest overweight; we are zero-weight central Europe and heavily underweight Korea and Taiwan.

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 28 February 2023

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

Return history (%)

Data as at 28 February 2023

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.

	Mar 18 - Mar 19	Mar 19 - Mar 20	Mar 20 - Mar 21	Mar 21 - Mar 22	Mar 22 - Mar 23
Fund	-9.82%	11.48%	12.47%	2.99%	-5.36%

Monthly returns (%)

Data as at 28 February 2023

		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											-0.34	65.09
Benchmark	2023	4.90	-4.65											0.02	47.47

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 28 February 2023

Fund size	GBP 203.61m
Number of holdings	49

Top 10 holdings and active weights

Data as at 28 February 2023

Top 10 holdings

Tencent	7.71%
Samsung Electronics	4.35%
HKEx	4.11%
HDFC Bank	3.84%
Mahindra & Mahindra	3.24%
Anhui Conch Cement	3.19%
State Bank of India	3.16%
Larsen & Toubro	3.16%
Taiwan Semiconductor	3.12%
Ambev	3.07%

Top 10 active weights

HKEx	+4.11%
HDFC Bank	+3.84%
Tencent	+3.44%
Anhui Conch Cement	+3.12%
Mahindra & Mahindra	+3.04%
State Bank of India	+2.98%
Larsen & Toubro	+2.88%
Ambev	+2.88%
PROYA COSMETICS A (HK-C)	+2.81%
TSINGTAO BREWERY H	+2.78%

Sector breakdown

Data as at 28 February 2023

	Portfolio	Benchmark	Relative
Financials	26.72%	21.66%	5.06%
Consumer Staples	12.58%	6.36%	6.22%
Consumer Discretionary	11.74%	13.60%	-1.86%
Materials	11.57%	8.74%	2.83%
Information Technology	10.84%	20.18%	-9.35%
Communication Services	8.19%	10.25%	-2.06%
Real Estate	5.40%	1.98%	3.43%
Industrials	4.55%	5.98%	-1.43%
Utilities	2.72%	2.60%	0.13%
Energy	2.27%	4.77%	-2.50%
Health Care	0.00%	3.88%	-3.88%
Cash	3.41%	0.00%	3.41%

Market cap breakdown

Data as at 28 February 2023

	Portfolio	Benchmark	Relative
Large Cap	73.85%	74.76%	-0.91%
Medium Cap	21.42%	25.23%	-3.81%
Small Cap	1.33%	0.01%	1.32%
Cash	3.40%	0.00%	3.40%

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	28/03/2023	A EUR	EUR	Ireland	IE00B3ZBLW75	1.471	-0.056
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	A GBP	GBP	Ireland	IE00B4002N46	1.375	-0.050
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	A USD	USD	Ireland	IE00B4M6CN00	1.092	-0.035
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	B EUR	EUR	Ireland	IE00B4TRCR07	1.455	-0.055
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	B GBP	GBP	Ireland	IE00B41RZ573	1.324	-0.049
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	B USD	USD	Ireland	IE00B4XXMP29	1.429	-0.046
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	Y GBP	GBP	Ireland	IE00BYSGJY42	1.656	-0.062
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	Y USD	USD	Ireland	IE00BYSGJZ58	1.327	-0.044
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund		Z - Class AUD		Ireland	IE00B5W6ZB60
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	Z - Class CAD	CAD	Ireland	IE00BBPK0L23	1.565	-0.058
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	28/03/2023	Z - Class GBP	GBP	Ireland	IE00B6R54W91	1.730	-0.063

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	06/22	07/22	08/22	09/22	10/22	11/22	12/22	01/23	02/23	03/23
A GBP	0.3848	0.3507	0.3439	0.3982	0.3509	0.3193	0.3826	0.3437	0.3714	0.3249
A EUR	0.3990	0.3571	0.3622	0.4055	0.3547	0.3277	0.3935	0.3438	0.3710	0.3239
A USD	0.3611	0.3151	0.3128	0.3431	0.2930	0.2750	0.3469	N/A	N/A	N/A
A SGD	0.3661	0.3248	0.3189	0.3548	0.3107	0.2865	0.3482	0.3040	0.3310	0.2889
B EUR	0.3820	0.3416	0.3462	0.3872	0.3385	0.3124	0.3748	0.3272	0.3527	0.3077
Seed GBP	0.3562	0.3189	0.3619	0.4193	0.3695	0.3364	0.4031	0.3623	0.3916	0.3427

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 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22
A distributing GBP	1.2632	1.0771	1.1681	2.3283	3.0863	1.2881	1.9828	3.4453	3.1410	1.8309
A accumulating GBP	2.6218	2.2581	2.4649	4.9447	6.6368	2.8152	4.3509	7.6541	7.1149	4.2268
B distributing GBP	1.1739	0.9997	1.0825	2.1559	2.8539	1.1897	1.8271	3.1746	2.8895	1.6822
B accumulating GBP	2.4391	2.0980	2.2869	4.5836	6.1431	2.6020	4.0228	7.0604	6.5526	3.8884
Y distributing GBP	0.8514	0.7263	0.7879	1.5709	2.0833	0.8697	1.3383	2.3274	2.1211	1.2376
Y accumulating GBP	1.0570	0.5363	0.9944	1.9953	2.6787	1.1364	1.7602	3.0924	2.8757	1.7088

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 semi-annual dividends

All funds have a XD date of 1 July 2022 and pay date of 31 August 2022.

JOHCM UK Dynamic Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Y	GBP	31 Aug 2022	pence per share	2.1779

Funds paying annual dividends

All funds have a XD date of 31 December 2021 and pay date of 28 February 2022.

JOHCM Asia ex Japan Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	0.0000
A	EUR	28 Feb 2022	cents per share	0.0000
A	USD	28 Feb 2022	cents per share	0.0000
B	GBP	28 Feb 2022	pence per share	0.0000
B	EUR	28 Feb 2022	cents per share	0.0000
B	USD	28 Feb 2022	cents per share	0.0000
Z	GBP	28 Feb 2022	cents per share	1.2717
Z	USD	28 Feb 2022	cents per share	1.0094

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class	Currency	Pay date	Dividend paid in
A	GBP	28 Feb 2022	pence per share
A	EUR	28 Feb 2022	cents per share
A	USD	28 Feb 2022	cents per share
B	GBP	28 Feb 2022	pence per share
B	EUR	28 Feb 2022	cents per share
B	USD	28 Feb 2022	cents per share
Z	GBP	28 Feb 2022	cents per share

JOHCM Concentrated Global Share Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	0.0000

JOHCM Continental European Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	8.6863
A	EUR	28 Feb 2022	cents per share	7.2518
A - hedge	GBP	28 Feb 2022	pence per share	2.3783
B	GBP	28 Feb 2022	pence per share	5.7899
B	EUR	28 Feb 2022	cents per share	5.0477
B - hedge	USD	28 Feb 2022	cents per share	1.8425
Y	GBP	28 Feb 2022	pence per share	3.4475
Y - hedge	GBP	28 Feb 2022	pence per share	2.6955
Y	EUR	28 Feb 2022	cents per share	3.0103

JOHCM European Select Values Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	3.4279
A	EUR	28 Feb 2022	cents per share	2.2816
B	GBP	28 Feb 2022	pence per share	0.4023
B	EUR	28 Feb 2021	cents per share	0.1956
Y	EUR	28 Feb 2022	cents per share	0.6184

JOHCM European Concentrated Value Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	EUR	28 Feb 2022	cents per share	0.8126
B	EUR	28 Feb 2022	cents per share	0.3158
Z	EUR	28 Feb 2022	cents per share	1.5455

JOHCM Global Emerging Markets Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	2.8311
A	EUR	28 Feb 2022	cents per share	3.1858
A	USD	28 Feb 2022	cents per share	2.4633
B	GBP	28 Feb 2022	pence per share	1.8347
B	EUR	28 Feb 2022	cents per share	2.1208
B	USD	28 Feb 2022	cents per share	2.1654
Y	GBP	28 Feb 2022	pence per share	3.6898
Y	USD	28 Feb 2022	cents per share	3.1258
Z	GBP	28 Feb 2022	cents per share	5.3164

JOHCM Global Opportunities Fund (onshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	2.5871
A	EUR	28 Feb 2022	cents per share	5.0441
A	USD	28 Feb 2022	cents per share	4.8886
B	EUR	28 Feb 2022	cents per share	4.6750
B	USD	28 Feb 2022	cents per share	4.6865
A - hedged	GBP	28 Feb 2022	pence per share	2.6653
A - hedged	EUR	28 Feb 2022	cents per share	2.2077
X	GBP	28 Feb 2022	cents per share	2.4784
X	EUR	28 Feb 2022	cents per share	2.2293

JOHCM Global Opportunities Fund (offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	4.5789
A	EUR	28 Feb 2022	cents per share	5.1902
A	USD	28 Feb 2022	cents per share	4.6148
B	GBP	28 Feb 2022	pence per share	5.0376
B	EUR	28 Feb 2022	cents per share	4.7737
B	USD	28 Feb 2022	cents per share	4.3909
A - hedged	EUR	28 Feb 2022	cents per share	2.3372
X	GBP	28 Feb 2022	cents per share	3.9139
Z	GBP	28 Feb 2022	cents per share	1.8229
X - hedged	GBP	28 Feb 2022	cents per share	2.4327
X	EUR	28 Feb 2022	cents per share	2.3658

JOHCM Global Select Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	0.0000
A	EUR	28 Feb 2022	cents per share	0.0000
A	USD	28 Feb 2022	cents per share	0.0000
B	GBP	28 Feb 2022	pence per share	0.0000
B	EUR	28 Feb 2022	cents per share	0.0000
B	USD	28 Feb 2022	cents per share	0.0000
Z	GBP	28 Feb 2022	pence per share	2.9482
Z	USD	28 Feb 2022	cents per share	2.5658

JOHCM UK Dynamic Fund

Please note that with effect from 1 January 2022, this fund will make semi-annual distributions.

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	30 June 2022	pence per share	4.2307
A - accumulating	GBP	30 June 2022	pence per share	6.2512
B - distributing	GBP	30 June 2022	pence per share	3.8318
B - accumulating	GBP	30 June 2022	pence per share	6.9098
Y - distributing	GBP	30 June 2022	pence per share	2.6563
Y - accumulating	GBP	30 June 2022	pence per share	3.6096

JOHCM UK Growth Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2022	pence per share	5.8783
B	GBP	28 Feb 2022	pence per share	3.1115
X	GBP	28 Feb 2022	pence per share	3.1342

JOHCM UK Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	28 Feb 2022	pence per share	5.5257
A - accumulating	GBP	28 Feb 2022	pence per share	8.4140
B - distributing	GBP	28 Feb 2022	pence per share	5.2121
B - accumulating	GBP	28 Feb 2022	pence per share	7.8256
Y - accumulating	GBP	28 Feb 2022	pence per share	3.7193
Y - distributing	GBP	28 Feb 2022	pence per share	4.7060

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

24 Mar 2023
China Re-Opening

There has been a lot of enthusiasm for China re-opening. Is it justified?
Read More
09 Mar 2023
Leading and Lagging the Emerging Market Index

Recent moves within the asset class reveal interesting patterns that may point to potential risk opportunities
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12 Jan 2023
Strong dollar, weak dollar

Emerging markets are dependent on global fund flows, and the currency that flows the most is the dollar
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12 Dec 2022
Emerging Markets Spotlight

No one doubts the exceptional success of the South Korean economy, home to world-leading companies. But for now, it’s still an emerging market
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10 Nov 2022
Why We Like Brazil

Inflation under control, positive economic growth, valuations at half their long-term
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03 Nov 2022
China’s Political Disorder

Given four good reasons to be cautious on China, and only one positive, the walk back to a turn in the equity market may be long one
Read More
08 Oct 2022
Expect the Unexpected

In 2022, the impact of the strong dollar has been very different to what history suggests
Read More
06 Sep 2022
Emerging Markets Spotlight

Rejection of a left-wing constitution reduces risk for equity investors in Chile, but economic problems remain an obstacle
Read More
10 Aug 2022
Emerging Markets Spotlight

Energy exporters, or those with relative energy stability, show signs of prospering
Read More
05 Jul 2022
Emerging Markets Spotlight

The good news from China ... and the bad
Read More

Webcasts & Videos

JOHCM Global Emerging Markets Opportunities Fund Q4 2021 Update

24 Jan 2022 | 21 mins
JOHCM Global Emerging Markets Opportunities Fund Q3 2021 Update

26 Oct 2021 | 20 mins
JOHCM Global Emerging Markets Opportunities Fund Q3 2021 Update

26 Oct 2021 | 20 mins
JOHCM Global Emerging Markets Opportunities Fund Q2 2021 Update

15 Jul 2021 | 21 mins

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

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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