JOHCM Global Select Shariah Fund

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Fund Description

The Fund is managed in accordance with Shariah principles and invests in a concentrated portfolio of Shariah compliant global equity securities. Fund managers Nudgem Richyal and Christopher Lees 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.

  • 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.
  • Nudgem Richyal

    Senior Fund Manager

    small image path

The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.

For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.

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 Select Fund

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 shar...

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 Shariah Fund aims to achieve its objective by investing in a portfolio of Shariah compliant 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 Islamic 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 January 2023
Benchmark MSCI ACWI Islamic NR 12pm adjusted
Domicile Ireland
Denomination USD
Share classes

Please click here

Unit type Distribution
Valuation point Daily (12pm, UK time)
Dealing frequency Daily 9-5pm

Fees and charges

Initial charge up to 5%

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 Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.

For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.

Strategy Highlights

As at 31 July 2022

The behaviour of global financial markets in July reminds us of the axiom ‘never short a dull market’.
The market moved more favourably for our portfolio during the month, as yields seem to have topped out, temporarily at least. With this pause in yields, growth as a style had a better month than value.

A strong July tends to accompany an up-year in markets, with the caveat that a strong July also increases the odds of a correction in the next five months. Other good ‘data mining’ news includes the fact that we observed three days of +1% gains in the S&P 500  following a 75 basis point rise in the Fed Funds target rate on 27 July. Eighty percent of the time the market is up in three to six months’ time in such cases. This bullish observation only goes back to 2002 and may not hold due to the small sample size.

Unfortunately, we managed to lag the bounce In July. However, we believe the changes that we have made to the portfolio and the evolution of market behaviour should continue to help our performance. Investors might bear in mind that the third quarter of the year is usually the weakest of any year. This year is likely to be especially volatile given the US mid-term elections in November. 
 
The energy and electricity situation in Europe continues to deteriorate. Much of the pressure is self-inflicted and revolves around the misunderstanding that transitions take time. European policymakers want to wish themselves a cleaner and greener energy base ignoring the time, effort, money and potential hit on the consumer this involves. There is a non-negligible risk that the aggregate GHG emissions and carbon footprints of our benchmark actually worsen in the next few quarters as European firms switch from gas to diesel or coal. Why don’t they switch on nuclear? Sadly, the water levels are too low to help cool the nuclear reactors that are currently in operation let alone those that have been idled. The low water levels are a problem for barge transport which complicates the shift to coal.

The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.

For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.

The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.

For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.

The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.

For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.

Fund statistics

Data as at 31 January 2023

Top 10 holdings and active weights

Data as at 31 January 2023
Top 10 holdings
Microsoft 4.23%
Alphabet 3.12%
Globant 2.86%
ADOBE 2.81%
BANK SYARIAH INDONESIA 2.55%
DYNATRACE 2.46%
HPSP CO 2.43%
Hitachi 2.42%
MARVELL TECHNOLOGY 2.42%
EO TECHNICS 2.37%
Top 10 active weights
Alphabet +3.12%
Globant +2.86%
BANK SYARIAH INDONESIA +2.55%
DYNATRACE +2.46%
HPSP CO +2.43%
EO TECHNICS +2.37%
Novo Nordisk +2.37%
Ebara +2.34%
SWCC Showa Holdings Co., Ltd. +2.30%
GALP Energia +2.24%

The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.

For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.

Fund Group

Fund

As at noon Share class Currency Domicile ISIN number NAV per share Change   KIID

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23
A distributing GBP 1.2881 1.9828 3.4453 3.1410 1.8309 2.1053 3.2723 3.4292
A accumulating GBP 2.8152 4.3509 7.6541 7.1149 4.2268 4.9097 7.7197 8.2427
B distributing GBP  1.1897 1.8271 3.1746 2.8895 1.6822 1.9315 3.0000 3.1395
B accumulating GBP 2.6020 4.0228 7.0604 6.5526 3.8884 4.5096 7.0851 7.5529
Y distributing GBP 0.8697 1.3383 2.3274 2.1211 1.2376 1.4237 2.2134 2.3200
Y accumulating GBP 1.1364 1.7602 3.0924 2.8757 1.7088 1.9315 3.1230 3.3359

Dividends are quoted and paid in pence per share

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

The quarterly table above shows the last two years net dividends (on an accounting rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.
 

Funds paying semi-annual dividends

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

JOHCM UK Dynamic Fund (Onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 31 Aug 2023 pence per share 4.7348
A - accumulating GBP 31 Aug 2023 pence per share  7.2848
B - distributing GBP 31 Aug 2023 pence per share  4.2666
B - accumulating GBP 31 Aug 2023 pence per share 8.0119
Y - distributing GBP 31 Aug 2023 pence per share 2.9766
Y - accumulating GBP 31 Aug 2023 pence per share 4.2119
X - distributing GBP 31 Aug 2023 pence per share 2.4775
X - accummulating GBP 31 Aug 2023 pence per share 2.8519
M - distributing GBP 31 Aug 2023 pence per share 0.6975
M - accumulating GBP 31 Aug 2023 pence per share 0.6975
K - distributing GBP 31 Aug 2023 pence per share 0.6130
K - accumulating  GBP 31 Aug 2023 pence per share 0.6128

JOHCM UK Dynamic Fund (Offshore)

Share class Currency Pay date Dividend paid in  Dividend rate
Y GBP 31 Aug 2023 pence per share 2.2517
Y EUR 31 Aug 2023 pence per share 2.1310
Y USD 31 Aug 2023 pence per chare 2.3831

JOHCM Global Select Shariah Fund 

Share class Currency Pay date Dividend paid in  Dividend rate
A USD 31 Aug 2023 pence per share 0.3187

Funds paying annual dividends

Distribution of income occur on or before 28 February

JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 0.0000
A EUR 28 Feb 2023 cents per share 0.0000
A USD 28 Feb 2023 cents per share 0.0000
B GBP 28 Feb 2023 pence per share 0.0000
B EUR 28 Feb 2023 cents per share 0.0000
B USD 28 Feb 2023 cents per share 0.0000
Z GBP 28 Feb 2023 cents per share 1.2559
Z USD 28 Feb 2023 cents per share 0.0088

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 0.0000
A EUR 28 Feb 2023 cents per share 0.0000
A USD 28 Feb 2023 cents per share 0.0000
B GBP 28 Feb 2023 pence per share 0.0000
B EUR 28 Feb 2023 cents per share 0.0000
B USD 28 Feb 2023 cents per share 0.0000
Z GBP 28 Feb 2023 cents per share 0.0000


JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 10.0915
A EUR 28 Feb 2023 cents per share 7.9953
A - hedge GBP 28 Feb 2023 pence per share 2.9851
B GBP 28 Feb 2023 pence per share 7.7618
B EUR 28 Feb 2023 cents per share 6.4068
B - hedge USD 28 Feb 2023 cents per share 1.1526
Y GBP 28 Feb 2023 pence per share 3.7378
Y - hedge GBP 28 Feb 2023 pence per share 3.2781
Y EUR 28 Feb 2023 cents per share 3.0566

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2023 pence per share 4.8151
A EUR 28 Feb 2023 cents per share 2.6779
B GBP 28 Feb 2023 pence per share 2.0318
B EUR 28 Feb 2023 cents per share 0.8256
Y EUR 28 Feb 2023 cents per share 0.8964


JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 3.9725
A EUR 28 Feb 2023 cents per share 3.7874
A USD 28 Feb 2023 cents per share 2.7065
B GBP 28 Feb 2023 pence per share 3.5330
B EUR 28 Feb 2023 cents per share 3.4128
B USD 28 Feb 2023 cents per share 3.0881
Y GBP 28 Feb 2023 pence per share 4.9039
Y USD 28 Feb 2023 cents per share 2.8124
Z GBP 28 Feb 2023 cents per share 7.3245

JOHCM Global Opportunities Fund (onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 2.5742
A - hedged GBP 28 Feb 2023 pence per share 2.3240
X GBP 28 Feb 2023 cents per share 2.4772

JOHCM Global Opportunities Fund (offshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 4.4298
A EUR 28 Feb 2023 cents per share 4.1956
A USD 28 Feb 2023 cents per share 3.3076
B EUR 28 Feb 2023 cents per share 3.8301
B USD 28 Feb 2023 cents per share 3.1239
A - hedged EUR 28 Feb 2023 cents per share 1.6538
X GBP 28 Feb 2023 cents per share 3.7875
Z GBP 28 Feb 2023 cents per share 1.7774
X - hedged GBP 28 Feb 2023 cents per share 2.1090
X EUR 28 Feb 2023 cents per share 1.9147

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2023 pence per share 2.5774
A EUR 28 Feb 2023 cents per share 2.0747
A USD 28 Feb 2023 cents per share 1.0629
B GBP 28 Feb 2023 pence per share 0.0000
B EUR 28 Feb 2023 cents per share 0.0000
B USD 28 Feb 2023 cents per share 0.0000
Z GBP 28 Feb 2023 pence per share 4.2279


JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 4.6405
B GBP 28 Feb 2023 pence per share 2.4239
X GBP 28 Feb 2023 pence per share 2.5898

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2023 pence per share 6.1160
A - accumulating GBP 28 Feb 2023 pence per share 9.5564
B - distributing GBP 28 Feb 2023 pence per share 5.7397
B - accumulating GBP 28 Feb 2023 pence per share 8.8440
Y - accumulating GBP 28 Feb 2023 pence per share 5.3515
Y - distributing GBP 28 Feb 2023 pence per share 4.1220

 

Net dividends quoted in the local share class currency.

If you would like more information, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com. Email us at oeicdealing@johcm.co.uk.

Views & News

  • 05 Dec 2023

    Tokyo Story

    Japan's Surging Appeal as Investors Look for Diversification amid China's Economic Troubles

    Read More
  • 27 Jan 2023

    Looking into 2023

    Senior Fund Managers Christopher Lees and Nudgem Richyal share what they are most excited about for 2023

    Read More
  • 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

  • Out of China…into Where?

    27 Oct 2023 | 29 mins

  • Nudgem Richyal

    Senior Fund Manager

    small image path

The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.

For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.

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 Select Fund

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 shar...

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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