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 ...

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 28 February 2021
Fund size GBP 1.61bn
Strategy size GBP 3.47bn (as at 31 December 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 28 February 2021
  • 2Star_Seal_OverallRating 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 31/10/2020.

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 28 February 2021

A strong performance in our technology holdings (Lam Research, Micron Technology and Paypal), helped the Fund outperform its benchmark in February. On the negative side, some of our holdings within healthcare (Peptidream) and consumer staples (The a2 Milk Company) lagged. Renewable energy holdings saw some profit taking after a strong run, with Orsted and Vestas the main laggards in this area. 

We are currently 75% bullish, 25% bearish. The highest probability outcome is still one of the biggest ever equity bull markets, followed by one of the biggest ever equity bear markets, but we will keep an open mind in a fast-changing world. Our top-down monthly scorecard (sectors and countries) continues to get more cyclical at the margin, and our updated scenario analysis is:

•    Scenario 1 (45% down from 50%) – an equity market rally with existing leadership i.e. growth, quality, momentum stocks (fears of coronavirus mutations prolonging lockdowns will probably prolong some current trends).

•    Scenario 2 (30% up from 20%) – an equity market rally with new leadership i.e. cyclicals and small-mid cap stocks (starting to happen as we move into the post-Trump, post-Brexit, post-vaccine world of 2021 and beyond).

•    Scenario 3 (25% down from 30%) – equity markets fall 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).

Many clients and investors seem to be stuck on the ‘growth’ versus ‘value’ debate, so we explain to them that the truth is somewhere in the middle. Value investing only works if one avoids value traps (which was the main story of 2020), and growth investing only works if one avoids growth traps (which is the emerging story in a post-vaccine world). 

Within our three mega-trends of deglobalisation, digitisation and decarbonisation, we are buying cyclical-growth stocks that are transforming themselves into better businesses (i.e. probably not value traps), and we are reducing structural/defensive growth stocks (i.e. potential growth traps). 

The new stocks/themes we are buying can best be described as Scenario 1.5 type stocks - i.e. currently priced as deep cyclicals (Scenario 2 in our process) enjoying a short-cycle upswing, but they are transforming into longer-cycle structural growth stocks (Scenario 1 in our process), so should ultimately be re-rated as growth stocks if their transitions are successful. 

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 28 February 2021
A GBP share class, since launch (30 September 2008)

Return history (%)

Data as at 28 February 2021

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.


Mar 16 - Mar 17 Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20 Mar 20 - Mar 21
Fund 21.82% 14.59% -1.71% 20.03% 27.93%

Monthly returns (%)

Data as at 28 February 2021
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 -1.65 8.22 2.35 27.93
Benchmark 2020 0.76 -6.80 -9.86 9.77 4.79 2.82 -0.78 4.74 -0.19 -2.05 8.80 1.64 12.50
Fund 2021 1.94 0.42 2.36 361.83
Benchmark 2021 0.64 -0.33 0.31 282.05

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 28 February 2021
Fund size GBP 1.61bn
Number of holdings 46

Top 10 holdings and active weights

Data as at 28 February 2021
Top 10 holdings
Naver 2.82%
Recruit Holdings 2.70%
PRA Health Sciences 2.62%
Mediatek 2.60%
Microsoft 2.54%
SBI Holdings 2.35%
Oracle 2.30%
Aptiv 2.29%
Intercontinental Exchange 2.27%
Micron 2.24%
Top 10 active weights
Naver +2.75%
PRA Health Sciences +2.62%
Recruit Holdings +2.58%
Mediatek +2.52%
SBI Holdings +2.34%
Medpace holdings +2.22%
Aptiv +2.22%
Atlassian Corp Plc Class A +2.21%
Cree Inc +2.19%
Intercontinental Exchange +2.17%

Sector breakdown

Data as at 28 February 2021
Portfolio Benchmark Relative
Information Technology 35.01% 21.78% 13.22%
Health Care 15.25% 11.43% 3.82%
Industrials 10.69% 9.68% 1.01%
Financials 10.54% 14.15% -3.61%
Consumer Discretionary 8.38% 12.93% -4.54%
Materials 6.36% 4.99% 1.36%
Consumer Staples 3.35% 6.76% -3.41%
Communication Services 2.82% 9.61% -6.79%
Utilities 1.61% 2.74% -1.12%
Energy 0.00% 3.40% -3.40%
Real Estate 0.00% 2.53% -2.53%
Cash 5.98% 0.00% 5.98%

Market cap breakdown

Data as at 28 February 2021
Portfolio Benchmark Relative
Large Cap 76.66% 93.76% -17.10%
Medium Cap 17.35% 6.23% 11.12%
Small Cap 0.00% 0.00% 0.00%
Cash 5.98% 0.00% 5.98%

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 09/04/2021 A EUR Ireland B431KK7 2.779 -0.017
A GBP Ireland B3RQ272 2.856 -0.018
A USD Ireland B435PM6 2.448 -0.018
B GBP Ireland B3ZQS76 2.809 -0.018
B USD Ireland BF7NZT0 2.484 -0.019
B EUR Ireland B5L49R5 2.814 -0.018
Z GBP Ireland B44PG77 2.026 -0.013
Z USD Ireland BVG7681 1.635 -0.011
JOHCM Asia ex Japan Small and Mid Cap Fund 09/04/2021 A GBP Ireland B6R5LS4 2.742 -0.018
A USD Ireland B6R5QW3 2.496 -0.019
A EUR Ireland B6R5VD9 2.398 -0.016
B GBP Ireland B6R63P8 2.683 -0.018
B USD Ireland B6R5YM9 2.388 -0.019
B EUR Ireland B6R5HM0 2.720 -0.017
Z GBP Ireland B4X3T62 2.072 -0.014
JOHCM Continental European Fund 09/04/2021 A GBP Ireland 3300912 5.355 0.018
A USD Ireland BJ4G0G2 1.664 0.007
A EUR Ireland 3300923 4.312 0.016
A Hedged GBP Ireland BSJCJ49 1.458 0.006
B GBP Ireland 3100543 5.168 0.018
B USD Ireland BJ4G0H3 1.699 0.006
B EUR Ireland 3300901 4.344 0.014
Y GBP Ireland B993PD0 1.972 0.007
Y EUR Ireland B98YKX9 1.661 0.006
Y Hedged GBP Ireland BSJCJ50 1.520 0.006
JOHCM European Concentrated Value Fund 09/04/2021 A EUR Ireland BW0DJY9 1.099 0.002
B EUR Ireland BW0DJZ0 1.093 0.001
Z AUD Ireland BYNJFM8 1.234 0.003
Z EUR Ireland BYNJFN9 1.010 0.001
JOHCM European Select Values Fund 09/04/2021 A GBP Ireland 3290422 6.069 0.010
A EUR Ireland 3290433 3.895 0.006
B GBP Ireland 3290400 5.562 0.009
B EUR Ireland 3290411 2.609 0.004
Non-Distributing EUR Ireland BSFWK51 1.447 0.002
X EUR Ireland B4K14L9 1.867 0.002
Y EUR Ireland BMXC8L3 1.047 0.003
JOHCM Global Emerging Markets Opportunities Fund 09/04/2021 A GBP Ireland B4002N4 1.559 -0.010
A USD Ireland B4M6CN0 1.378 -0.010
A EUR Ireland B3ZBLW7 1.692 -0.010
B GBP Ireland B41RZ57 1.500 -0.009
B USD Ireland B4XXMP2 1.802 -0.013
B EUR Ireland B4TRCR0 1.672 -0.011
Y GBP Ireland BYSGJY4 1.878 -0.011
Y USD Ireland BYSGJZ5 1.677 -0.012
Z GBP Ireland B6R54W9 1.961 -0.012
Z CAD Ireland BBPK0L2 1.820 -0.013
Z AUD Ireland B5W6ZB6 2.066 -0.012
JOHCM Global Income Builder Fund 09/04/2021 GBP Ireland BFZWPH7 1.111 0.004
A SGD Ireland BFZWPG6 1.075 0.002
A GBP Ireland BFZWPC2 1.061 0.003
A USD Ireland BFZWPF5 1.085 0.003
A EUR Ireland BFZWPD3 1.081 0.003
B EUR Ireland BFZWPJ9 1.048 0.004
EUR EUR Ireland BKF2GH9 0.960 0.002
GBI GBP Ireland BHR0DJ1 1.085 0.003
JOHCM Global Opportunities Fund (offshore) 09/04/2021 A USD Ireland B89JY23 2.248 -0.002
A EUR Ireland B7MR557 2.399 0.001
A GBP Ireland B89PQM5 2.195 0.001
B GBP Ireland BF7NZS9 2.419 0.002
B USD Ireland B8295C7 2.141 -0.001
B EUR Ireland B80FZF0 2.210 0.001
IHX EUR Ireland BFZWWX2 1.084 0.000
X GBP Ireland BQVC9L0 1.874 0.001
X EUR Ireland BMCZLF8 1.173 0.001
X EUR Ireland BJ5JW42 1.093 0.000
X Hedged GBP Ireland BF29TX5 1.156 -0.001
Z GBP Ireland B83MS15 0.872 0.000
Z GBP Ireland BD6R4D6 1.660 0.001
Z EUR Ireland BDZD4M4 1.078 0.001
JOHCM Global Opportunities Fund (onshore) 09/04/2021 A Accumulating GBP UK BJ5JMC0 1.127 0.000
A Distributing GBP UK BJ5JMD1 1.083 0.000
AHA GBP UK BKDV8G1 1.157 -0.001
X Accumulating GBP UK BJ5JMF3 1.096 0.001
X Distributing GBP UK BJ5JMG4 1.080 0.000
JOHCM Global Select Fund 09/04/2021 A GBP Ireland B3DBRN2 4.625 0.015
A USD Ireland B3T31Z2 2.614 0.005
A EUR Ireland B3DBRP4 4.296 0.013
B GBP Ireland B3DBRL0 4.459 0.014
B USD Ireland B5L7L67 2.984 0.006
B EUR Ireland B3DBRM1 4.158 0.013
Z GBP Ireland B3DCMB8 3.329 0.012
Z USD Ireland B4V7J00 2.945 0.008
JOHCM Japan Fund 09/04/2021 A GBP Ireland B00X0H5 2.520 -0.001
A EUR Ireland 3438880 1.840 -0.001
A Hedged GBP Ireland B5LD7P6 1.815 0.004
A JPY JPY Ireland 3438891 365.482 0.765
B GBP Ireland 3438846 2.460 -0.002
B EUR Ireland 3438857 1.784 -0.001
B Hedged GBP Ireland B6386R1 1.819 0.004
B JPY JPY Ireland 3438868 361.419 0.752
JOHCM UK Dynamic Fund 09/04/2021 A Accumulating GBP UK B4T7HR5 2.621 0.001
A Distributing GBP UK B4T8552 1.832 0.001
B Accumulating GBP UK B4T7JX5 2.912 0.001
B Distributing GBP UK B4TXJ33 1.668 0.001
X Accumulating GBP UK BJ7HNB8 1.021 0.000
X Distributing GBP UK BJ5JMB9 0.954 0.000
Y GBP Ireland BDGKPZ4 0.955 0.001
Y GBP UK BDZRJ21 1.149 0.001
Y Accumulating GBP UK BDZRJ10 1.512 0.001
JOHCM UK Equity Income Fund 09/04/2021 A Accumulating GBP UK B03KR50 3.988 0.013
A Distributing GBP UK B03KP23 1.878 0.006
B Accumulating GBP UK B03KR83 3.698 0.012
B Distributing GBP UK B03KR61 1.739 0.005
X Distributing GBP UK BYV9S21 0.936 0.003
Y GBP UK B95FCK6 1.267 0.004
Y Accumulating GBP UK B8FCHK5 1.609 0.005
JOHCM UK Growth Fund 09/04/2021 A GBP Ireland 3300934 4.125 0.021
B GBP Ireland 3100554 3.596 0.018
REU EUR Ireland BLLV8D7 2.223 0.011
RUD USD Ireland BLLV8C6 2.457 0.009
X USD Ireland BLLV871 2.464 0.009
X EUR Ireland BLLV8B5 2.094 0.011
X EUR Ireland BLLV882 2.229 0.011
X GBP Ireland BLLV893 2.070 0.010
JOHCM UK Opportunities Fund 09/04/2021 A Accumulating GBP UK B0LLB64 3.269 0.016
A Distributing GBP UK B3K76Q9 2.147 0.011
B Accumulating GBP UK B0LLB75 3.044 0.015
B Distributing GBP UK B3K76P8 2.027 0.010
X Accumulating GBP UK BQJZQQ5 1.503 0.007
X Distributing GBP UK B95MSF4 1.216 0.006
Y GBP UK B95J5C1 1.445 0.008
Y Accumulating GBP UK B95HP81 1.828 0.009
Regnan Global Equity Impact Solutions Fund (offshore) 09/04/2021 GBP Ireland BN2BDR9 0.942 0.003
USD Ireland BN2BDV3 0.949 0.002
A GBP Ireland BN2BD80 0.939 0.003
A USD Ireland BN2BDC4 0.946 0.001
A EUR Ireland BN2BD91 0.966 0.004
B GBP Ireland BN2BDD5 0.938 0.003
B USD Ireland BN2BDH9 0.945 0.002
B EUR Ireland BN2BDF7 0.964 0.004
EUR EUR Ireland BN2BDS0 0.968 0.003
HSE EUR Ireland BN2BDT1 0.946 0.002
IHX EUR Ireland BN2BDB3 0.943 0.001
RHX EUR Ireland BN2BDG8 0.942 0.003
Z GBP Ireland BN2BDN5 0.940 0.003
Regnan Global Equity Impact Solutions Fund (onshore) 09/04/2021 A Accumulating GBP UK BMCZDD0 1.094 0.004
DNA GBP UK BMCZDJ6 1.098 0.004
Y Accumulating GBP UK BMCZDK7 1.095 0.004

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 04/20 05/20 06/20 07/20 08/20 09/20 10/20 11/20 12/20 01/21 02/21 03/21 04/21
A  GBP 0.4276 0.4164 0.4095 0.4554 0.4276 0.3871 0.4592 0.4016 0.4363 0.4312 0.3200 0.3071 0.3763
A EUR 0.4180 0.4202 0.4065 0.4551 0.4180 0.3838 0.4431 0.3928 0.4289 0.4233 0.3205 0.3138 0.3899
A USD   0.4154 0.3897 0.3833 0.4212 0.4154 0.3885 0.4393 0.3865 0.4335 0.4393 0.3270 0.3191 0.3864
A SGD  0.4224 0.4070 0.3970 0.4323 0.4224 0.3895 0.4425 0.3899 0.4296 0.4274 0.3217 0.3140 0.3844
B EUR 0.4083 0.4115 0.3978 0.4351 0.4083 0.3745 0.4319 0.3826 0.4174 0.4115 0.3114 0.3046 0.3781
Seed 0.4464 0.4342 0.4272 0.4752 0.4464 0.3402 0.3929 0.3484 0.3806 0.3757 0.2846 0.2787 0.3464

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 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
A distributing GBP 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681
A accumulating GBP 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649
B distributing GBP  1.8139 1.9597 3.4124 2.6093 1.9017 1.4790 1.0379 1.1739 0.9997 1.0825
B accumulating GBP 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869
Y distributing GBP 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534 0.8514 0.7263 0.9944
Y accumulating GBP 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242 1.0570 0.5363 0.7879

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 2020 and pay date of 28 February 2021.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 1.3082
Z USD 28 Feb 2021 cents per share 1.0517

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0174
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 0.5072

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.4259

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 5.8996
A EUR 28 Feb 2021 cents per share 4.5760
A - hedge GBP 28 Feb 2021 pence per share 1.5657
B GBP 28 Feb 2021 pence per share 3.5824
B EUR 28 Feb 2021 cents per share 2.9017
B - hedge USD 28 Feb 2021 cents per share 0.7325
Y GBP 28 Feb 2021 pence per share 2.3739
Y - hedge GBP 28 Feb 2021 pence per share 1.7895
Y EUR 28 Feb 2021 cents per share 1.9265

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 5.8627
A EUR 28 Feb 2021 cents per share 3.6253
B GBP 28 Feb 2021 pence per share 3.1469
B EUR 28 Feb 2021 cents per share 1.4223

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2021 cents per share 1.0427
B USD 28 Feb 2021 cents per share 0.7018
B EUR 28 Feb 2021 cents per share 0.5797
Z EUR 28 Feb 2021 cents per share 1.5956

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 1.6723
A EUR 28 Feb 2021 cents per share 1.7483
A USD 28 Feb 2021 cents per share 1.4737
B GBP 28 Feb 2021 pence per share 0.8550
B EUR 28 Feb 2021 cents per share 0.9178
B USD 28 Feb 2021 cents per share 1.0224
Y GBP 28 Feb 2021 pence per share 2.2520
Y USD 28 Feb 2021 cents per share 2.0030
Z GBP 28 Feb 2021 cents per share 3.5880

JOHCM Global Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 4.7894
A EUR 28 Feb 2021 cents per share 5.0441
A USD 28 Feb 2021 cents per share 4.8886
B GBP 28 Feb 2021 pence per share 5.3099
B EUR 28 Feb 2021 cents per share 4.6750
B USD 28 Feb 2021 cents per share 4.6865
A - hedged EUR 28 Feb 2021 cents per share 2.2077
X GBP 28 Feb 2021 cents per share 4.0923
Z GBP 28 Feb 2021 cents per share 1.8925
X - hedged GBP 28 Feb 2021 cents per share 2.3159
X EUR 28 Feb 2021 cents per share 2.2293

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 2.1310

JOHCM Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 2.8241
A EUR 28 Feb 2021 cents per share 1.9872
A JPY 28 Feb 2021 yen per share 382.8007
A - hedged GBP 28 Feb 2021 pence per share 1.8023
B GBP 28 Feb 2021 pence per share 1.6848
B EUR 28 Feb 2021 cents per share 1.1929
B JPY 28 Feb 2021 yen per share 231.4128
B - hedged GBP 28 Feb 2021 pence per share 1.0995

JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.5474
A - accumulating GBP 28 Feb 2021 pence per share 6.3294
B - distributing GBP 28 Feb 2021 pence per share 4.1566
B - accumulating GBP 28 Feb 2021 pence per share 7.0581
Y - distributing GBP 28 Feb 2021 pence per share 2.8496
Y - accumulating GBP 28 Feb 2021 pence per share 3.6465
Y GBP 28 Feb 2021 pence per share 2.2768

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 2.2139
B GBP 28 Feb 2021 pence per share 0.6152
X GBP 28 Feb 2021 pence per share 0.3146

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.7354
A - accumulating GBP 28 Feb 2021 pence per share 7.0433
B - distributing GBP 28 Feb 2021 pence per share 4.4936
B - accumulating GBP 28 Feb 2021 pence per share 6.5893
Y - accumulating GBP 28 Feb 2021 pence per share 3.9303
Y - distributing GBP 28 Feb 2021 pence per share 3.1829

 

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

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  • 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.
 

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

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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 ...

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Environmental and Social Characteristics

Amongst other characteristics, the Fund promotes environmental and social characteristics and invests in companies that apply good corporate governance.  JOHCM Funds (Ireland) Limited, the Fund’s manager has therefore categorised the Fund as meeting the provisions set out in Article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”).  

In looking for investments, J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid investing in companies which contribute to significant social and/or environmental harms, and thereby fail environmental, social and governance (“ESG”) key performance indicators which are directly integrated within all aspects of the investment process. 

In order to achieve this, the Fund applies exclusions to the selection of underlying assets as part of its investment process, including an exclusion for businesses that are rated as ‘Severe’ by Sustainalytics, ‘CCC’ by MSCI ESG or assessed as ‘non-compliant’ with the UN Global Compact. 

In order to support the reduction of adverse environmental impacts of the Fund’s portfolio, and in particular its contribution to climate change, the Investment Manager excludes investments in companies that: 

  1. extract or explore for fossil fuels; 
  2. derive 10% or more of their total revenue from fossil fuel-based power generation, or fossil fuel distribution or refinement; or 
  3. the mining of uranium for the purpose of nuclear power generation. 

These selection criteria may not be disapplied or overridden by the Investment Manager unless it is a fossil fuel company with a Paris Agreement-aligned climate transition plan and it produces robust climate-related financial disclosures annually, which in both cases the Investment Manager considers credible. 

Also excluded, to avoid contributing to social harms, are companies that: 

  • produce tobacco; 
  • manufacture controversial weapons; 
  • derive 10% or more of their total revenue from the production of alcoholic beverages; 
  • derive 10% or more of their total revenue from the manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering; 
  • derive 10% or more of their total revenue from the manufacture of non-controversial weapons or armaments; or 
  • derive 10% or more of their total revenue from the manufacture or distribution of pornography. 

Additionally, the Investment Manager recognises that ESG factors can create risks and opportunities for companies and as such incorporates ESG risks into their analytical framework and portfolio construction.  

In order to measure and monitor the environmental and social characteristics of the Fund, the Investment Manager will review a variety of internally- and externally-generated ESG data produced by its third-party data providers and published by its investee companies. This allows the Investment Manager to review performance against those environmental and social characteristics across all four dimensions of the investment process. 

Governance

Investee companies must follow good governance practices. This requires investee companies to adhere to minimum standards in various areas including sound management structures, employee relations, remuneration of staff and tax compliance. The Investment Manager is a signatory to the UK Stewardship Code 2012, is requesting to be a signatory to the UK Stewardship Code 2020 (together the “Code”) and is a signatory to the UN Principles for Responsible Investment (the “UNPRI”). As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter. 

Index

The Fund uses the MSCI ACWI Standard Index for performance fee calculation purposes only and it is not, nor is it intended to be, aligned and/or consistent with the environmental and social characteristics promoted by the Fund. 

Periodic Reports

A description of the extent to which environmental and social characteristics are met will be available as part of the annual report which will be published on this website once available. The Fund’s most recent annual report does not include any information pursuant to SFDR.  

Implementing exclusionary screens

In implementing the exclusionary screens, the Investment Manager utilises the business involvement screening service offered by its third-party provider, ISS. As such, it relies upon ISS’s business involvement definitions, data and assessments.  We utilise the UN Global Compact assessment of another third-party provider, Sustainalytics.  Further details are available upon request. 

The exclusion criteria referred to above will be applied prior to making any investment and the Fund’s portfolio will be monitored for any investments which breach these exclusion criteria on a periodic basis.   

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