JOHCM Global Select Fund

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Fund Description

Fund managers Christopher Lees and Nudgem Richyal believe stock markets are inefficient and aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. Their distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behaviour of each share price to determine whether the most important driver of each prospective investment is stock specific, sector or country-based. The Fund invests in both developed and emerging markets, with the fund managers frequently drawing upon the stocks ideas generated by our regional equity teams. 

 

Investment Strategy
  • Christopher and Nudgem have a growth at a reasonable price (GARP) investment philosophy, which is sometimes described as core with a growth bias. They aim for consistency of returns, by exploiting multiple market anomalies/inefficiencies.
  • Growth and value disciplines are combined to help avoid the volatility that can occur in a single-style strategy, therefore to obtain better risk-adjusted returns over the medium and long term
  • Mean reversion and trend are proven predictors of risk and return
  • They look for stocks, sectors and countries that have displayed long term underperformance (3 to 5 years) followed by short term outperformance (6 to 12 months).
  • They believe that markets are not efficient and correlations/betas change over time. They have a four-dimensional investment process (stocks, sectors, countries, time/change), with factors weighted to what actually drives each share price.
Reasons To Invest
  • More and more investors realise that “uncorrelated alpha” is more effective to obtain by combining different managers, rather than different asset classes
  • As a high alpha, benchmark-unconstrained fund, this is a good satellite to a core of index funds
  • Clients with a home country bias will probably find that the Fund improves their risk/reward metrics
  • Christopher and Nudgem’s GARP style, all capitalisation portfolio, active sector and country allocations, are useful to clients without the resources to dedicate to growth/value, large cap/small cap, sector/geography decisions

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.

Investors should note that this strategy may invest in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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.
 

Other Global Equity Funds

JOHCM Global Opportunities Fund (offshore)

The JOHCM Global Opportunities Fund is a high conviction, benchmark-unconstrained stock picking fund that invests in both developed and emerging markets. Fund managers Ben Leyland and Robert Lancastle bring to bear the same successful investment philosophy and process that established the JOHCM UK Opportunities Fund as a leading UK equities fun

Read More
JOHCM Global Opportunities Fund (onshore)

The JOHCM Global Opportunities Fund is a high conviction, benchmark-unconstrained stock picking fund that invests in both developed and emerging markets. Fund managers Ben Leyland and Robert Lancastle bring to bear the same successful investment philosophy and process that established the JOHCM UK Opportunities Fund as a leading UK equities fun

Read More
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Investment Objective

The JOHCM Global Select Fund aims to achieve its objective by investing in a portfolio of global equity securities listed on any Recognised Market. Under normal market environments it is the intention to be near-fully invested, and at no time will less than 80% of the Fund’s total net assets be invested in such securities. The benchmark of the Fund is the MSCI ACWI Index but the Fund will be managed on an ‘unconstrained basis’ with no restrictions in terms of regional or sector allocation versus this benchmark.

Fund details

Data as at 30 September 2020
Fund size GBP 1.39bn
Strategy size GBP 3.04bn (as at 30 June 2020)
Benchmark MSCI AC World NR 12pm adjusted
Domicile Ireland
Denomination GBP, EUR
Share classes
A GBP (Launch date) 30-September-2008
A EUR (Launch date) 30-September-2008
A USD (Launch date) 19-March-2013
B GBP (Launch date) 30-September-2008
B EUR (Launch date) 30-August-2008
B USD (Launch date) 24-August-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 IE00B3DBRN27 B3DBRN2
A EUR IE00B3DBRP41 B3DBRP4
A USD IE00B3T31Z22 B3T31Z2
B GBP IE00B3DBRL03 B3DBRL0
B EUR IE00B3DBRM10 B3DBRM1
B USD IE00B5L7L670 B5L7L67

Fund ratings and awards

Data as at 30 September 2020
  • 5 Stars
  • 2 star
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) 1.50%
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

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.

Investors should note that this strategy may invest in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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.
 

Strategy Highlights

As at 30 September 2020

The portfolio outperformed the benchmark in September as some of our Japanese holdings performed very strongly in response to the smooth transition in prime minister from Shinzo Abe to Yoshihide Suga. The biggest contributors to performance were Rakuten (building a new 5G network) and SBI Holdings (building a new digital/mega bank). Both companies have business models that are aligned with the new premier’s policies. 

Year to date the portfolio has significantly outperformed the benchmark, falling less than the index during the market crisis of the first quarter, then rising more than the index during the second and third quarters.

We remain very happy with the overall shape of the portfolio (sector/geographic positioning) and the majority of our stock holdings. As a result, we did not buy any new positions or exit any existing positions in September. However, several of our weaker positions are currently under review, and we continue to look to buy the dips in any structural winners within three of the biggest structural/fundamental trends we can see globally over the next 5-10 years: decarbonisation, digitisation and deglobalisation. 

As ever, we remain eyes wide open for changing fundamentals and trends, but there were no major changes last month to either our top-down sector/country monthly scorecard or our evidence-based Bayesian probability-adjusted scenario analysis:

•    Scenario 1 (50% probability) - equity market rally with the same leadership i.e. growth, quality, momentum-type stocks (currently happening, and fears of a coronavirus second or third wave will probably prolong the current trends)
•    Scenario 2 (20% probability) - equity market rally with new leadership i.e. cyclical and small/mid cap type stocks (starting to happen as we pass “peak stay at home” but not necessarily sustainable)
•    Scenario 3 (30% probability) - equity markets start falling again, until the LTCM / Lehman type bankruptcies emerge (we hope this does not happen, but hope is not an investment strategy, so we have a portfolio plan for this potentially devastating outcome)

We remain 70% bullish, 30% bearish, while keeping an open mind in a fast-changing world. The global economy is currently improving from depression to recession (i.e. positive rate of change), but nobody really knows if it will continue to improve to a sustainable recovery or stall again. Most economies are now past “peak stay at home,” with governments around the world reopening their economies, but this is leading to coronavirus second/third waves in many places. If the economic recovery does manage to be durable, then stock market leadership might move to the more cyclical/distressed parts of the market. However, if the economic reopening proves unsuccessful, then markets still have a long way to fall from the current high valuation and debt levels. 

This, plus the almost unlimited free money provided by major central banks and the implicit move to Modern Monetary Theory (MMT) in many countries, means we see a much wider set of potential outcomes than usual. Our evidence-based, Bayesian probability-adjusted scenario analysis sees the highest probability scenario being one of the biggest equity bull markets in our lifetimes, followed by one of the biggest equity bear markets in our lifetimes. We would encourage anyone who is vaguely interested in the subject to read an excellent historical book called “The Moneymaker” by Janet Gleeson, about John Law and the last time the world tried something like this. Spoiler alert: the enormous Mississippi bubble then burst, with hunchbacks renting out their backs because there weren’t enough desks for the clerks at the stock exchange to sign all the transactions!

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.

Investors should note that this strategy may invest in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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.
 

KIIDs
(Key Investor Information Documents)

A GBP A EUR A USD
B GBP B EUR B USD

 

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.

Investors should note that this strategy may invest in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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.
 

Percentage growth of the fund versus benchmark

Data as at 30 September 2020
A GBP share class, since launch (30 September 2008)

Return history (%)

Data as at 30 September 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. 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.


Sep 15 - Sep 16 Sep 16 - Sep 17 Sep 17 - Sep 18 Sep 18 - Sep 19 Sep 19 - Sep 20
Fund 32.58% 8.17% 16.14% 9.56% 15.68%

Monthly returns (%)

Data as at 30 September 2020
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2008 -9.00 0.33 10.95 1.30
Benchmark 2008 -10.56 -0.24 10.12 -1.74
Fund 2009 -4.94 -8.93 2.85 8.98 -0.61 -3.68 6.70 3.49 4.52 -6.91 0.69 6.78 7.31
Benchmark 2009 -5.61 -9.28 5.36 9.03 0.33 -1.74 7.67 6.26 5.61 -2.56 2.21 4.61 22.06
Fund 2010 -3.96 6.03 7.95 2.31 -5.09 -4.16 1.72 -1.33 10.53 5.94 5.15 5.12 32.89
Benchmark 2010 -4.13 6.20 7.71 -0.30 -4.88 -6.09 3.54 -2.83 6.97 2.79 1.08 7.00 16.85
Fund 2011 -2.43 -0.93 2.30 1.83 -1.17 -0.14 -1.89 -6.13 -8.59 10.72 -3.38 -1.01 -11.40
Benchmark 2011 -1.46 0.90 1.40 0.20 -1.47 1.09 -2.51 -7.99 -3.63 8.27 -5.33 4.03 -7.25
Fund 2012 4.08 4.77 -1.01 -1.82 -5.06 -0.94 6.25 1.71 1.10 -1.23 1.54 -0.36 8.81
Benchmark 2012 4.11 4.27 -0.39 -2.31 -4.45 2.09 3.09 0.46 1.73 -0.43 1.45 0.66 10.38
Fund 2013 8.94 5.36 3.22 -0.69 5.21 -3.40 5.56 -2.28 1.56 4.42 1.47 2.56 36.14
Benchmark 2013 8.14 3.78 1.75 0.52 2.87 -3.57 4.71 -3.66 0.75 4.77 -0.64 0.28 20.82
Fund 2014 -0.98 4.99 -3.97 -2.07 5.83 1.26 0.47 3.56 1.79 -0.88 5.03 -0.85 14.55
Benchmark 2014 -3.32 3.05 0.53 0.05 2.93 -0.04 1.05 2.53 -0.50 1.20 4.36 -0.85 11.30
Fund 2015 4.58 4.44 4.30 -3.79 3.63 -8.93 1.88 -6.34 -8.45 6.51 0.94 1.51 -1.40
Benchmark 2015 2.08 2.37 3.02 -1.08 1.09 -5.84 1.49 -5.26 -3.71 8.09 1.56 -0.23 2.80
Fund 2016 -3.54 5.45 0.14 -1.18 9.48 7.52 0.61 1.90 4.88 -4.58 0.20 21.82
Benchmark 2016 -4.77 4.36 3.24 0.24 -0.05 6.58 7.21 1.42 0.89 5.49 -1.26 3.26 29.27
Fund 2017 4.56 0.38 1.21 -3.78 2.14 -0.30 2.87 2.94 -2.13 4.28 -1.24 3.15 14.59
Benchmark 2017 1.27 3.11 1.02 -2.08 2.92 -0.56 1.51 1.79 -1.70 3.52 -0.05 1.75 13.02
Fund 2018 1.69 1.83 -4.30 4.70 5.78 -0.77 0.42 1.03 -1.05 -6.09 1.98 -6.12 -1.71
Benchmark 2018 0.57 -1.34 -5.14 4.75 3.25 0.15 2.80 2.31 0.03 -6.18 1.88 -7.18 -4.83
Fund 2019 5.21 2.74 3.03 2.68 -0.66 5.29 6.14 -2.32 -1.71 -4.07 3.14 -0.45 20.03
Benchmark 2019 4.91 2.07 2.10 4.54 -2.11 4.60 5.66 -3.05 0.75 -1.97 3.01 0.64 22.76
Fund 2020 1.55 -5.48 -5.57 11.00 7.57 2.71 0.98 2.34 2.24 17.44 314.19
Benchmark 2020 0.76 -6.80 -9.86 9.77 4.79 2.82 -0.78 4.74 -0.19 3.87 251.65

Source and notes

JOHCM/MSCI/Bloomberg/Lipper.

Data shown net of fees, net income reinvested. Please note that all fund performance is shown against the MSCI AC World 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. During the period 1 August 2012 to 19 March 2013 the performance record is based on the pre-existing share class that had a higher management fee.

Disclaimer

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The 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.

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.

Investors should note that this strategy may invest in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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.
 

Fund statistics

Data as at 30 September 2020
Fund size GBP 1.39bn
Number of holdings 41

Top 10 holdings and active weights

Data as at 30 September 2020
Top 10 holdings
SBI Holdings 3.01%
Recruit Holdings 2.85%
Vestas Wind Systems 2.80%
THERMO FISHER SCIENTIFIC 2.80%
Microsoft 2.75%
Koninklijke 2.73%
Agilent Technologies 2.73%
Aptiv 2.71%
NVIDIA 2.70%
Mediatek 2.67%
Top 10 active weights
SBI Holdings +3.00%
Recruit Holdings +2.75%
Vestas Wind Systems +2.74%
Koninklijke +2.67%
Agilent Technologies +2.67%
Aptiv +2.66%
Mediatek +2.60%
Peptidream +2.56%
Atlassian Corp Plc Class A +2.55%
PRA Health Sciences +2.55%

Sector breakdown

Data as at 30 September 2020
Portfolio Benchmark Relative
Information Technology 33.34% 21.65% 11.69%
Health Care 15.30% 12.58% 2.72%
Financials 14.31% 12.57% 1.74%
Industrials 8.17% 9.63% -1.46%
Consumer Discretionary 7.55% 12.87% -5.32%
Materials 7.34% 4.77% 2.57%
Consumer Staples 7.07% 7.96% -0.89%
Communication Services 2.56% 9.33% -6.76%
Utilities 2.52% 3.09% -0.57%
Energy 0.00% 2.84% -2.84%
Real Estate 0.00% 2.70% -2.70%
Cash 1.83% 0.00% 1.83%

Market cap breakdown

Data as at 30 September 2020
Portfolio Benchmark Relative
Large Cap 81.25% 91.55% -10.31%
Medium Cap 16.93% 8.44% 8.48%
Small Cap 0.00% 0.00% 0.00%
Cash 1.83% 0.00% 1.83%

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.

Investors should note that this strategy may invest in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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.
 

Fund

As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 20/10/2020 A GBP Ireland B3RQ272 2.514 0.031
A USD Ireland B435PM6 2.035 0.018
A EUR Ireland B431KK7 2.323 0.014
B GBP Ireland B3ZQS76 2.479 0.030
B USD Ireland BF7NZT0 2.071 0.019
B EUR Ireland B5L49R5 2.360 0.015
Z GBP Ireland B44PG77 1.788 0.022
Z USD Ireland BVG7681 1.361 0.012
JOHCM Asia ex Japan Small and Mid Cap Fund 20/10/2020 A GBP Ireland B6R5LS4 2.433 0.050
A USD Ireland B6R5QW3 2.092 0.036
A EUR Ireland B6R5VD9 2.022 0.029
B USD Ireland B6R5YM9 2.006 0.033
B EUR Ireland B6R5HM0 2.299 0.033
B GBP Ireland B6R63P8 2.387 0.048
Z GBP Ireland B4X3T62 1.839 0.038
JOHCM Continental European Fund 20/10/2020 A GBP Ireland 3300912 4.629 0.025
A USD Ireland BJ4G0G2 1.364 0.000
A EUR Ireland 3300923 3.541 -0.002
A Hedged GBP Ireland BSJCJ49 1.194 -0.001
B GBP Ireland 3100543 4.458 0.024
B USD Ireland BJ4G0H3 1.391 -0.001
B EUR Ireland 3300901 3.560 -0.003
Y GBP Ireland B993PD0 1.705 0.009
Y EUR Ireland B98YKX9 1.365 -0.001
Y Hedged GBP Ireland BSJCJ50 1.250 0.000
JOHCM European Concentrated Value Fund 20/10/2020 A EUR Ireland BW0DJY9 0.940 -0.001
B USD Ireland BW0DK13 1.085 0.001
B EUR Ireland BW0DJZ0 0.933 -0.001
Z AUD Ireland BYNJFM8 1.141 0.010
Z EUR Ireland BYNJFN9 0.867 -0.001
JOHCM European Select Values Fund 20/10/2020 A GBP Ireland 3290422 5.073 0.039
A EUR Ireland 3290433 3.093 0.004
B GBP Ireland 3290400 4.640 0.036
B EUR Ireland 3290411 2.068 0.003
Non-Distributing EUR Ireland BSFWK51 1.141 0.001
X EUR Ireland B4K14L9 1.479 0.003
JOHCM Global Emerging Markets Opportunities Fund 20/10/2020 A GBP Ireland B4002N4 1.361 0.009
A USD Ireland B4M6CN0 1.137 0.004
A EUR Ireland B3ZBLW7 1.404 0.001
B GBP Ireland B41RZ57 1.307 0.009
B USD Ireland B4XXMP2 1.483 0.005
B EUR Ireland B4TRCR0 1.385 0.002
Y USD Ireland BYSGJZ5 1.383 0.004
Y GBP Ireland BYSGJY4 1.642 0.011
Z GBP Ireland B6R54W9 1.719 0.012
Z CAD Ireland BBPK0L2 1.577 0.008
Z AUD Ireland B5W6ZB6 1.854 0.019
JOHCM Global Income Builder Fund 20/10/2020 GBP Ireland BFZWPH7 1.063 -0.001
A GBP Ireland BFZWPC2 1.017 -0.002
A USD Ireland BFZWPF5 0.982 -0.005
A EUR Ireland BFZWPD3 0.985 -0.007
A SGD Ireland BFZWPG6 0.984 -0.006
B EUR Ireland BFZWPJ9 0.959 -0.007
EUR EUR Ireland BKF2GH9 0.874 -0.006
GBI GBP Ireland BHR0DJ1 1.016 -0.001
HEU EUR Ireland BJGW7C3 0.941 -0.004
JOHCM Global Opportunities Fund (offshore) 20/10/2020 A GBP Ireland B89PQM5 2.036 0.001
A USD Ireland B89JY23 1.969 -0.007
A EUR Ireland B7MR557 2.115 -0.012
B GBP Ireland BF7NZS9 2.251 0.001
B USD Ireland B8295C7 1.882 -0.007
B EUR Ireland B80FZF0 1.955 -0.011
IHX EUR Ireland BFZWWX2 0.955 -0.003
X GBP Ireland BQVC9L0 1.737 0.000
X EUR Ireland BMCZLF8 1.010 -0.006
X EUR Ireland BJ5JW42 0.965 -0.005
X GBP Ireland BK8M212 0.970 0.001
X Hedged GBP Ireland BF29TX5 1.014 -0.004
Z GBP Ireland B83MS15 0.806 0.000
Z GBP Ireland BD6R4D6 1.499 0.000
Z EUR Ireland BDZD4M4 0.946 -0.005
JOHCM Global Opportunities Fund (onshore) 20/10/2020 A Accumulating GBP UK BJ5JMC0 1.021 0.000
A Distributing GBP UK BJ5JMD1 1.006 0.000
AHA GBP UK BKDV8G1 0.993 -0.004
X Accumulating GBP UK BJ5JMF3 0.992 0.000
X Distributing GBP UK BJ5JMG4 1.002 0.000
JOHCM Global Select Fund 20/10/2020 A GBP Ireland B3DBRN2 4.006 -0.028
A USD Ireland B3T31Z2 2.139 -0.021
A EUR Ireland B3DBRP4 3.535 -0.047
B GBP Ireland B3DBRL0 3.874 -0.027
B USD Ireland B5L7L67 2.449 -0.026
B EUR Ireland B3DBRM1 3.433 -0.044
Z GBP Ireland B3DCMB8 2.888 -0.018
Z USD Ireland B4V7J00 2.412 -0.024
JOHCM Japan Fund 20/10/2020 A GBP Ireland B00X0H5 2.205 -0.015
A EUR Ireland 3438880 1.530 -0.020
A Hedged GBP Ireland B5LD7P6 1.447 -0.014
A JPY JPY Ireland 3438891 290.788 -2.596
B GBP Ireland 3438846 2.148 -0.015
B EUR Ireland 3438857 1.480 -0.019
B Hedged GBP Ireland B6386R1 1.470 -0.014
B JPY JPY Ireland 3438868 286.822 -2.723
JOHCM UK Dynamic Fund 20/10/2020 A Accumulating GBP UK B4T7HR5 1.924 0.011
A Distributing GBP UK B4T8552 1.382 0.007
B Accumulating GBP UK B4T7JX5 2.143 0.012
B Distributing GBP UK B4TXJ33 1.261 0.007
X Accumulating GBP UK BJ7HNB8 0.749 0.004
X Distributing GBP UK BJ5JMB9 0.720 0.004
Y GBP UK BDZRJ21 0.867 0.005
Y GBP Ireland BDGKPZ4 0.721 0.004
Y Accumulating GBP UK BDZRJ10 1.109 0.006
JOHCM UK Equity Income Fund 20/10/2020 A Accumulating GBP UK B03KR50 2.720 0.010
A Distributing GBP UK B03KP23 1.298 0.005
B Accumulating GBP UK B03KR83 2.528 0.009
B Distributing GBP UK B03KR61 1.205 0.005
X Distributing GBP UK BYV9S21 0.646 0.002
Y GBP UK B95FCK6 0.875 0.003
Y Accumulating GBP UK B8FCHK5 1.097 0.004
JOHCM UK Growth Fund 20/10/2020 A GBP Ireland 3300934 2.879 0.007
B GBP Ireland 3100554 2.492 0.005
REU EUR Ireland BLLV8D7 1.455 -0.006
RUD USD Ireland BLLV8C6 1.599 -0.002
X USD Ireland BLLV871 1.601 -0.003
X EUR Ireland BLLV8B5 1.443 0.003
X EUR Ireland BLLV882 1.457 -0.006
X GBP Ireland BLLV893 1.427 0.003
JOHCM UK Opportunities Fund 20/10/2020 A Accumulating GBP UK B0LLB64 2.874 0.012
A Distributing GBP UK B3K76Q9 1.932 0.009
B Accumulating GBP UK B0LLB75 2.692 0.012
B Distributing GBP UK B3K76P8 1.835 0.008
X Accumulating GBP UK BQJZQQ5 1.326 0.007
X Distributing GBP UK B95MSF4 1.091 0.005
Y GBP UK B95J5C1 1.299 0.006
Y Accumulating GBP UK B95HP81 1.603 0.007

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 Q3 20
A distributing GBP 2.7765 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154 1.2632
A accumulating GBP 5.2101 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958 2.6218
B distributing GBP  2.6034 1.8139 1.9597 3.4124 2.6093 1.9017 1.4790 1.0379 1.1739
B accumulating GBP 4.8980 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395 2.4391
Y distributing GBP 1.8670 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534 0.8514
Y accumulating GBP 2.0960 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242 1.0570

Dividends are quoted and paid in pence per share

XD dates: 31 March, 30 June, 30 September and 31 December
Payment dates: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on a XD rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying annual dividends

All funds have a XD date of 31 December 2019 and pay date of 28 February 2020.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 1.8021
A EUR 28 Feb 2020 cents per share 1.7923
A USD 28 Feb 2020 cents per share 1.4855
B GBP 28 Feb 2020 pence per share 0.6266
B EUR 28 Feb 2020 cents per share 0.0638
B USD 28 Feb 2020 cents per share 1.6124

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.1300
A EUR 28 Feb 2020 cents per share 2.8099
A USD 28 Feb 2020 cents per share 2.7475
B GBP 28 Feb 2020 pence per share 1.8821
B EUR 28 Feb 2020 cents per share 1.9280
B USD 28 Feb 2020 cents per share 1.6124

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 0.09794

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 2.4706
A EUR 28 Feb 2020 cents per share 7.4192
A - hedge GBP 28 Feb 2020 pence per share 9.0139
B GBP 28 Feb 2020 pence per share 6.5954
B EUR 28 Feb 2020 cents per share 5.6691
B - hedge USD 28 Feb 2020 cents per share 2.1446
Y GBP 28 Feb 2020 pence per share 3.0314
Y - hedge GBP 28 Feb 2020 pence per share 2.7274
Y EUR 28 Feb 2020 cents per share 3.0314

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 5.9865
A EUR 28 Feb 2020 cents per share 3.9287
B GBP 28 Feb 2020 pence per share 2.9895
B EUR 28 Feb 2020 cents per share 1.4341

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2020 cents per share 1.6278
B USD 28 Feb 2020 cents per share 1.1828
B EUR 28 Feb 2020 cents per share 1.0740

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.3106
A EUR 28 Feb 2020 cents per share 3.6734
A USD 28 Feb 2020 cents per share 2.8168
B GBP 28 Feb 2020 pence per share 2.4157
B EUR 28 Feb 2020 cents per share 2.7523
B USD 28 Feb 2020 cents per share 2.7885
Y GBP 28 Feb 2020 pence per share 4.2322
Y USD 28 Feb 2020 cents per share 3.6147

JOHCM Global Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 5.0670
A EUR 28 Feb 2020 cents per share 5.6662
A USD 28 Feb 2020 cents per share 4.9928
B GBP 28 Feb 2020 pence per share 5.6608
B EUR 28 Feb 2020 cents per share 5.2893
B USD 28 Feb 2020 cents per share 4.8215

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 2.8206
A EUR 28 Feb 2020 cents per share 2.6793
A USD 28 Feb 2020 cents per share 1.5358
B GBP 28 Feb 2020 pence per share 0.3902
B EUR 28 Feb 2020 cents per share 0.3720
B USD 28 Feb 2020 cents per share 0.2511

JOHCM Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.1582
A EUR 28 Feb 2020 cents per share 2.3586
A JPY 28 Feb 2020 yen per share 437.0683
A - hedged GBP 28 Feb 2020 pence per share 2.1461
B GBP 28 Feb 2020 pence per share 1.9398
B EUR 28 Feb 2020 cents per share 1.4400
B JPY 28 Feb 2020 yen per share 271.9972
B - hedged GBP 28 Feb 2020 pence per share 1.3891

JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2020 pence per share 8.3375
A - accumulating GBP 28 Feb 2020 pence per share 1.1143
B - distributing GBP 28 Feb 2020 pence per share 7.6644
B - accumulating GBP 28 Feb 2020 pence per share 1.2491
Y - distributing GBP 28 Feb 2020 pence per share 5.2184
Y - accumulating GBP 28 Feb 2020 pence per share 6.4131
Y GBP 28 Feb 2020 pence per share 4.3172

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 7.3614
B GBP 28 Feb 2020 pence per share 5.0086

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2020 pence per share 6.4553
A - accumulating GBP 28 Feb 2020 pence per share 9.3148
B - distributing GBP 28 Feb 2020 pence per share 6.1496
B - accumulating GBP 28 Feb 2020 pence per share 8.7487
Y - accumulating GBP 28 Feb 2020 pence per share 1.6547
Y - distributing GBP 28 Feb 2020 pence per share 4.3346

 

Net dividends quoted in the local share class currency.

If you would like more information, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled). Email us at oeicdealing@johcm.co.uk.

Views & News

  • 19 Mar 2020

    Think like a scientist - but which one and when?

    Updated probability-based scenario analysis from the JOHCM Global Select team

    Read More
  • 02 Mar 2020

    Coronavirus: indiscriminate selling makes for opportunity

    Thoughts on the coronavirus and the subsequent market correction from the JOHCM Global Select Fund team. 

    Read More

Webcasts & Videos

  • Building a more resilient Global Equity portfolio for more uncertain times

    09 Sep 2020 | 58 mins

  • Coronavirus: life after lockdown – what’s next for the global economy?

    02 Jun 2020 | 64 mins

  • JOHCM Global Select Fund Q1 2020 update

    07 Apr 2020 | 58 mins

  • Coronavirus - understanding the disruption, navigating the market correction

    02 Mar 2020 | 44 mins

  • Christopher Lees

    Senior Fund Manager

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  • Nudgem Richyal

    Senior Fund Manager

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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.

Investors should note that this strategy may invest in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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.
 

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