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
  • Christopher Lees

    Senior Fund Manager

    small image path
  • Nudgem Richyal

    Senior Fund Manager

    small image path

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.

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 31 October 2022
Fund size GBP 1.42bn
Strategy size GBP 3.07bn (as at 30 September 2022)
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 31 October 2022
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) 0.75%
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

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 31 October 2022

The portfolio underperformed its benchmark index in October. The MSCI All Countries World index rose 1.33% in sterling during the month, rebounding from its selloff in September. This earnings reporting season has been less bad than feared, but above-forecast earnings are not really being rewarded, while earnings misses are being heavily punished.

This crisis is very different to anything we have seen previously as ‘safe haven’ government bonds have fallen along with equities this year, as inflation reached 40-year highs in many parts of the world, prompting central banks to hike interest rates much more than expected, leading to fears of a global recession and financial crisis. The classic balanced portfolio of 60% equities and 40% bonds struggles to deliver when the correlation between equities and bonds is positive. When inflation is above 5%, the positive correlation is likely to be highly positive. When inflation is between 3-5%, the relationship remains positive. The correlation changes from positive to negative when inflation is below 3%. 

The global inflation story is now morphing, with different regions having quite different experiences. As the US slips towards recession or soft-landing, it is seeing a gradual lessening of price pressures. China never moved out of ‘COVID zero’ pandemic-management mode and its challenge is not inflation, but deflation. Asian emerging market economies have adopted quick fixes like price subsidies that must now be dropped. Non-Asian emerging markets reacted to the problem early and look better set to move on and start a new cycle. Europe will soon be in recession, but its energy vulnerability means that a full stagflationary episode, while unlikely, cannot be ruled out.

We think most equity markets are in a bottoming process, likely to be followed by a year end rally, then range bound 2023-2025 with risk on/off rotations as the dollar peaks. Our base case scenario is that this interest rate shock/crisis ‘valuation’ bear market is morphing into a recessionary ‘profits’ bear market but not into widespread financial crisis/contagion, which would see markets fall by more than 50%, as in 2008. 

Our current scenario analysis is 50% bullish and 50% bearish. Short term reasons to be bearish include a recession potentially becoming a financial crisis/contagion. Medium term reasons to be bullish include the Fed regaining credibility with inflation/interest rates stabilising next year.
Scenario 1 (35% probability) Equity markets rally led by ‘quality growth’ stocks. It’s probably nearer the end than the beginning of the Bear market for our Scenario 1 type of stocks, eg economically resilient quality growth stocks already down around 50% year to date.
Scenario 2 (15% probability) Equity markets rally led by ‘cyclical value’ stocks. It’s probably nearer the beginning than the end of the Bear market for Scenario 2 type of stocks because the recessionary earnings cuts are next, eg economically cyclical areas like commodities, and the “last person standing” areas of the equity market that have not sold off yet.
Scenario 3 (50% probability) Equity markets keep falling if recession becomes financial crisis/contagion and policy makers do not react. Relative to benchmark, healthcare is now the biggest position in the fund, as some of our healthcare stocks are low beta (defensive) Scenario 3 type stocks, and some are high beta Scenario 1 type stocks.

The fund has started buying into the following new ‘neighbourhoods’ where we see positive relative fundamentals and valuations, plus stabilising relative share price trends:
A) Quality growth stocks already down 50% year to date;
B) Emerging markets that are surprisingly outperforming the S&P500 year to date despite the strong US dollar (eg Brazil and Indonesia);
C) We will keep looking for the next opportunities when the US dollar turns.

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.

KIIDs
(Key Investor Information Documents)

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

 

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Percentage growth of the fund versus benchmark

Data as at 31 October 2022
A GBP share class, since launch (30 September 2008)

Return history (%)

Data as at 31 October 2022

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 17 - Sep 18 Sep 18 - Sep 19 Sep 19 - Sep 20 Sep 20 - Sep 21 Sep 21 - Sep 22
Fund 16.14% 9.56% 15.68% 25.97% -15.93%

Monthly returns (%)

Data as at 31 October 2022
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 2.05 4.68 -3.02 5.50 0.13 4.96 -1.65 3.33 4.61 0.79 25.99
Benchmark 2021 0.64 -0.33 3.29 4.18 -1.11 3.83 0.32 3.66 -1.28 1.83 2.28 1.59 20.38
Fund 2022 -13.80 -1.41 4.96 -6.37 0.25 -7.48 4.33 0.09 -4.61 -1.46 -23.96 332.20
Benchmark 2022 -5.93 -1.26 5.66 -2.75 -1.88 -4.82 4.94 2.42 -4.80 1.33 -7.58 323.74

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.

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Fund statistics

Data as at 31 October 2022
Fund size GBP 1.42bn
Number of holdings 40

Top 10 holdings and active weights

Data as at 31 October 2022
Top 10 holdings
ELEVANCE HEALTH 2.73%
CNH Industrial NV 2.52%
Vertex Pharmaceuticals 2.51%
Nasdaq 2.48%
Linde 2.44%
Keyence Corporation 2.42%
Keysight Technologies 2.41%
United Rentals 2.41%
TPG A 2.38%
Tenaris 2.33%
Top 10 active weights
CNH Industrial NV +2.52%
ELEVANCE HEALTH +2.48%
Nasdaq +2.44%
TPG A +2.38%
United Rentals +2.36%
Vertex Pharmaceuticals +2.36%
Keysight Technologies +2.35%
Tenaris +2.33%
AGCO Corp +2.33%
Keyence Corporation +2.29%

Sector breakdown

Data as at 31 October 2022
Portfolio Benchmark Relative
Health Care 26.31% 13.24% 13.07%
Information Technology 17.95% 20.90% -2.95%
Financials 15.61% 14.81% 0.79%
Industrials 9.41% 9.84% -0.43%
Materials 6.29% 4.63% 1.65%
Consumer Discretionary 4.23% 10.83% -6.60%
Energy 2.33% 5.81% -3.48%
Utilities 2.16% 3.03% -0.88%
Communication Services 2.08% 6.83% -4.75%
Consumer Staples 1.88% 7.57% -5.69%
Real Estate 0.00% 2.50% -2.50%
Cash 11.76% 0.00% 11.76%

Market cap breakdown

Data as at 31 October 2022
Portfolio Benchmark Relative
Large Cap 70.80% 92.62% -21.82%
Medium Cap 17.44% 7.37% 10.07%
Small Cap 0.00% 0.01% -0.01%
Cash 11.76% 0.00% 11.76%

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

As at noon Share class Currency Domicile Sedol number NAV per share Change
JO Hambro Global Select Shariah Fund 02/12/2022 A USD Ireland BMZQQY2 0.975 0.003
JOHCM (ire) Uk Dynamic Fund 02/12/2022 EUR Y EUR Ireland BP6NT66 0.998 -0.001
USD Y USD Ireland BPP4K90 1.126 0.004
JOHCM Asia ex Japan Fund 02/12/2022 A EUR Ireland B431KK7 2.324 0.007
A GBP Ireland B3RQ272 2.365 0.015
A USD Ireland B435PM6 1.814 0.013
B EUR Ireland B5L49R5 2.330 0.007
B GBP Ireland B3ZQS76 2.303 0.015
B USD Ireland BF7NZT0 1.824 0.012
Z GBP Ireland B44PG77 1.692 0.011
Z USD Ireland BVG7681 1.221 0.008
JOHCM Asia ex Japan Small and Mid Cap Fund 02/12/2022 A EUR Ireland B6R5VD9 2.593 0.001
A GBP Ireland B6R5LS4 2.958 0.012
A USD Ireland B6R5QW3 2.415 0.013
B EUR Ireland B6R5HM0 2.939 0.003
B GBP Ireland B6R63P8 2.872 0.014
B USD Ireland B6R5YM9 2.288 0.012
Z GBP Ireland B4X3T62 2.262 0.011
JOHCM Continental European Fund 02/12/2022 A EUR Ireland 3300923 4.382 0.001
A GBP Ireland 3300912 5.389 0.021
A USD Ireland BJ4G0G2 1.749 0.001
A Hedged GBP Ireland BSJCJ49 1.503 0.001
B EUR Ireland 3300901 4.399 0.002
B GBP Ireland 3100543 5.180 0.020
B USD Ireland BJ4G0H3 1.777 0.001
GBP X GBP Ireland BP6NT77 1.068 0.004
Y EUR Ireland B98YKX9 1.689 0.001
Y GBP Ireland B993PD0 1.986 0.009
Y Hedged GBP Ireland BSJCJ50 1.570 0.002
JOHCM Continental European Fund 02/12/2022 USD Y USD Ireland BPP4K89 1.170 0.006
JOHCM European Select Values Fund 02/12/2022 A EUR Ireland 3290433 3.398 0.028
A GBP Ireland 3290422 5.241 0.060
B EUR Ireland 3290411 2.268 0.017
B GBP Ireland 3290400 4.788 0.055
Non-Distributing EUR Ireland BSFWK51 1.259 0.010
X EUR Ireland B4K14L9 1.618 0.013
Y EUR Ireland BMXC8L3 0.916 0.007
JOHCM Global Emerging Markets Opportunities Fund 02/12/2022 A EUR Ireland B3ZBLW7 1.548 -0.011
A GBP Ireland B4002N4 1.411 -0.005
A USD Ireland B4M6CN0 1.118 -0.004
B EUR Ireland B4TRCR0 1.528 -0.011
B GBP Ireland B41RZ57 1.357 -0.005
B USD Ireland B4XXMP2 1.461 -0.005
Y GBP Ireland BYSGJY4 1.700 -0.007
Y USD Ireland BYSGJZ5 1.354 -0.004
Z CAD Ireland BBPK0L2 1.591 -0.002
Z GBP Ireland B6R54W9 1.792 -0.006
JOHCM Global Income Builder Fund 02/12/2022 A EUR Ireland BFZWPD3 1.080 -0.002
A GBP Ireland BFZWPC2 1.050 0.002
A SGD Ireland BFZWPG6 0.958 -0.002
A USD Ireland BFZWPF5 0.960 0.002
B EUR Ireland BFZWPJ9 1.028 -0.003
Seed EUR Ireland BKF2GH9 0.966 -0.003
Seed GBP Ireland BFZWPH7 1.106 0.002
Seed GBP Ireland BHR0DJ1 1.156 0.002
JOHCM Global Opportunities Fund (offshore) 02/12/2022 A EUR Ireland B7MR557 2.760 -0.002
A GBP Ireland B89PQM5 2.500 0.007
A USD Ireland B89JY23 2.292 0.009
A Hedged EUR Ireland BFZWWX2 1.065 0.004
B EUR Ireland B80FZF0 2.511 -0.002
B GBP Ireland BF7NZS9 2.720 0.008
B USD Ireland B8295C7 2.156 0.008
X EUR Ireland BJ5JW42 1.260 -0.001
X GBP Ireland BQVC9L0 2.139 0.007
X Hedged GBP Ireland BF29TX5 1.156 0.004
Z EUR Ireland BDZD4M4 1.254 -0.001
Z GBP Ireland B83MS15 1.006 0.003
JOHCM Global Opportunities Fund (offshore) 02/12/2022 X Non-distributing NOK NOK Ireland BMFV6C5 10.755 0.028
JOHCM Global Opportunities Fund (onshore) 02/12/2022 A Accumulating GBP UK BJ5JMC0 1.306 0.003
A Accumulating Hedged GBP UK BKDV8G1 1.138 0.003
A Distributing GBP UK BJ5JMD1 1.228 0.003
X Accumulating GBP UK BJ5JMF3 1.275 0.003
X Distributing GBP UK BJ5JMG4 1.231 0.003
JOHCM Global Select Fund 02/12/2022 A USD Ireland B3T31Z2 2.099 0.012
A EUR Ireland B3DBRP4 3.891 0.006
A GBP Ireland B3DBRN2 4.146 0.021
B EUR Ireland B3DBRM1 3.723 0.005
B GBP Ireland B3DBRL0 3.949 0.020
B USD Ireland B5L7L67 2.367 0.014
Z GBP Ireland B3DCMB8 3.012 0.015
JOHCM Uk Dynamic Fund 02/12/2022 Y GBP Ireland BDGKPZ4 1.002 0.003
JOHCM UK Dynamic Fund (onshore) 02/12/2022 A Accumilating GBP UK B4T7HR5 2.905 0.008
A Distributing GBP UK B4T8552 1.921 0.005
B Accumulating GBP UK B4T7JX5 3.201 0.009
B Distributing GBP UK B4TXJ33 1.734 0.004
X Accumulating GBP UK BJ7HNB8 1.136 0.003
X Distributing GBP UK BJ5JMB9 1.004 0.003
Y GBP UK BDZRJ21 1.207 0.003
Y Accumulating GBP UK BDZRJ10 1.679 0.005
JOHCM UK Equity Income Fund 02/12/2022 A Accumulating GBP UK B03KR50 4.287 -0.040
A Distributing GBP UK B03KP23 1.857 -0.017
B Accumulating GBP UK B03KR83 3.943 -0.037
B Distributing GBP UK B03KR61 1.706 -0.016
X Distributing GBP UK BYV9S21 0.928 -0.009
Y GBP UK B95FCK6 1.255 -0.012
Y Accumulating GBP UK B8FCHK5 1.733 -0.017
JOHCM UK Growth Fund 02/12/2022 A GBP Ireland 3300934 3.735 0.010
B GBP Ireland 3100554 3.230 0.009
Non-distributing EUR Ireland BLLV8D7 2.041 -0.002
Non-distributing USD Ireland BLLV8C6 1.999 0.007
X EUR Ireland BLLV882 2.058 -0.002
X EUR Ireland BLLV8B5 1.883 0.006
X GBP Ireland BLLV893 1.864 0.005
X USD Ireland BLLV871 2.017 0.007
JOHCM UK Opportunities Fund 02/12/2022 A Accumulating GBP UK B0LLB64 3.245 0.007
A Distributing GBP UK B3K76Q9 2.077 0.005
B Accumulating GBP UK B0LLB75 2.997 0.007
B Distributing GBP UK B3K76P8 1.945 0.004
X Accumulating GBP UK BQJZQQ5 1.496 0.003
X Distributing GBP UK B95MSF4 1.180 0.003
Y GBP UK B95J5C1 1.401 0.004
Y Accumulating GBP UK B95HP81 1.818 0.004
Regnan Global Equity Impact Solutions Fund (offshore) 02/12/2022 Y CAD CAD Ireland BMWMY49 0.949 0.012
Regnan Global Equity Impact Solutions Fund (offshore) 02/12/2022 A EUR Ireland BN2BD91 0.910 0.007
A GBP Ireland BN2BD80 0.876 0.009
A USD Ireland BN2BDC4 0.795 0.010
A Hedged EUR Ireland BN2BDB3 0.758 0.009
B EUR Ireland BN2BDF7 0.897 0.006
B GBP Ireland BN2BDD5 0.868 0.010
B USD Ireland BN2BDH9 0.784 0.010
B Hedged EUR Ireland BN2BDG8 0.742 0.009
Seed EUR Ireland BN2BDS0 0.925 0.007
Seed GBP Ireland BN2BDR9 0.891 0.010
Seed USD Ireland BN2BDV3 0.803 0.009
Seed Hedge EUR Ireland BN2BDT1 0.766 0.009
Z GBP Ireland BN2BDN5 0.888 0.010
Regnan Global Equity Impact Solutions Fund (onshore) 02/12/2022 A Accumulating GBP UK BMCZDD0 1.034 0.012
F Accumulating GBP UK BMCZDJ6 1.049 0.012
Y Accumulating GBP UK BMCZDK7 1.037 0.012
Regnan Sustainable Water and Waste Fund (offshore) 02/12/2022 A EUR Ireland BLPKC72 0.922 -0.003
A USD Ireland BLPKC94 0.862 0.001
A GBP Ireland BLPKC61 0.930 0.000
B EUR Ireland BLPKCC7 0.923 -0.003
B GBP Ireland BLPKCB6 0.932 0.000
B USD Ireland BLPKF84 0.863 0.001
Y GBP Ireland BLPKF95 0.932 0.000
Y EUR Ireland BLPKFC8 0.923 -0.003
Y USD Ireland BLPKFF1 0.862 0.001
Regnan Sustainable Water and Waste Fund (onshore) 02/12/2022 A Accumulating GBP UK BMYXD32 1.001 0.002
F Accumulating GBP UK BMYXQ55 1.009 0.001
Y Accumulating GBP UK BMYXQ55 1.009 0.001

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 03/22 04/22 05/22 06/22 07/22 08/22 09/22 10/22 11/22 12/22
A  GBP 0.3251 0.3709 0.3481 0.3848 0.3507 0.3439 0.3982 0.3509 0.3193 0.3826
A EUR 0.3443 0.3889 0.3655 0.3990 0.3571 0.3622 0.4055 0.3547 0.3277 0.3935
A USD   0.0349 0.3634 0.3242 0.3611 0.3151 0.3128 0.3431 0.2930 0.2750 0.3469
A SGD  0.3256 0.3641 0.3321 0.3661 0.3248 0.3189 0.3548 0.3107 0.2865 0.3482
B EUR 0.3306 0.3731 0.3503 0.3820 0.3416 0.3462 0.3872 0.3385 0.3124 0.3748
Seed GBP 0.3416 0.3470 0.3262 0.3562 0.3189 0.3619 0.4193 0.3695 0.3364 0.4031

Net dividends quoted in the local share class currency.

If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22
A distributing GBP 1.1154 1.2632 1.0771 1.1681 2.3283 3.0863 1.2881 1.9828 3.4453 3.1410
A accumulating GBP 2.2958 2.6218 2.2581 2.4649 4.9447 6.6368 2.8152 4.3509 7.6541 7.1149
B distributing GBP  1.0379 1.1739 0.9997 1.0825 2.1559 2.8539 1.1897 1.8271 3.1746 2.8895
B accumulating GBP 2.1395 2.4391 2.0980 2.2869 4.5836 6.1431 2.6020 4.0228 7.0604 6.5526
Y distributing GBP 0.7534 0.8514 0.7263 0.7879 1.5709 2.0833 0.8697 1.3383 2.3274 2.1211
Y accumulating GBP 0.9242 1.0570 0.5363 0.9944 1.9953 2.6787 1.1364 1.7602 3.0924 2.8757

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 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 0.0000

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.

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  • Christopher Lees

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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.

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 ...

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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. derive 10% or more of their total revenue directly from extraction, exploration, distribution, or refinement of fossil fuels (coal, oil and natural gas), or fossil fuel-based power generation.  

* Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases we consider credible.

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. 

The Investment Manager treats climate change mititgation and adaptation as a material factor within its investment approach in accordance with the EU’s Taxonomy Regulation (Regulation (EU) 2020/852 and amending Regulation (EU) 2019/2088). Climate change poses fundamental risks and opportunities that can affect the long-term performance and value of investments.

The Investment Manager accounts for and promotes climate change mitigation and adaption factors by utilising the following methods:

•    There is a preference for companies with low exposure to fossil fuels, through the Fund actively not investing in companies where extraction, exploration, distribution, or refinement of fossil fuels (coal, oil and natural gas) or fossil fuel-based power generation account for 10% or more of total revenue.

•    The Investment Manager may though disapply these selection criteria to support transitional initiatives, where companies have a transitioning or decarbonising business strategy, aligned with the long-term temperature goal of the Paris Agreement on Climate Change. 

•    The Investment Manager undertakes active engagement with certain companies that have significantly below average sustainability characteristics but a high propensity for transformation, and therefore supports change. 

Due to a lack of reliable, timely and verifiable data, the Investment Manager is unable to make a full assessment of the Fund’s investments against the TR’s Technical Screening Criteria (“TSC”).  As such, it has been determined that 0% of the Fund’s investments are in economic activities that qualify as environmentally sustainable under the TR. 

The Investment Manager is keeping this situation under review and will provide an updated statement on the percentage of the Fund’s alignment with the TR’s TSC once sufficient data is available.

The do no significant harm principle only applies to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.

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. JOHCM has met the expected standard of reporting under the UK Stewardship Code in 2021 and has been approved as a signatory.  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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