JOHCM Japan Fund

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Fund Description

Experienced investors Scott McGlashan and Ruth Nash employ a 'value' stock-picking approach in the Japanese stock market, focusing in particular on small and mid-cap sections of the market to build a concentrated portfolio of typically 40-60 undervalued stocks with strong balance sheets. 

As part of our commitment to managing fund capacity and preserving liquidity, we are no longer marketing the Fund to new intermediaries.

 

Investment Strategy
  • Built from the bottom up
  • Aims to invest in under-researched and therefore under-priced companies
  • Seeks to achieve long-term capital growth; will typically consist of 40-60 stocks
  • Is likely to have a small/mid-cap bias
  • Benchmarked against the Topix Total Return Index; however, the tracking error is expected to be high
Reasons To Invest
  • Under Prime Minister Abe’s radical reflationary policies, the Japanese economy is showing signs of a sustainable recovery, while Japanese companies are generally in good health yet remain attractively valued in a historical context
  • The Japanese stock market has seen analyst coverage shrink over the past 20 years. This offers an opportunity to investors who are prepared to look beyond the top 100 stocks
  • Having followed this market for many years, Scott and Ruth are able to draw on an extensive knowledge base and a network of locally-based contacts to enable them to identify under-researched and mispriced stocks
  • Scott McGlashan

    Senior Fund Manager

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  • Ruth Nash

    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.

The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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Investment Objective

To provide long-term capital growth through investing in a concentrated portfolio of Japanese stocks, with a bias towards the small and mid-cap areas of the Japanese stock market.

Please note that for capacity reasons the Fund is 'soft-closed' to new direct investors.

Fund details

Data as at 28 February 2021
Fund size GBP 98.52m
Benchmark TOPIX TR adjusted
Domicile Ireland
Denomination GBP, EUR, JPY
Share classes
A EUR (Launch date) 28-May-2004
A GBP (Launch date) 28-May-2004
A YEN (Launch date) 28-April-2004
B EUR (Launch date) 28-May-2004
B GBP (Launch date) 28-May-2004
B YEN (Launch date) 28-May-2004
A hedged GBP (Launch date) 13-April-2010
B hedged GBP (Launch date) 01-April-2010
Unit type Distribution
XD Date 31 December
Payment date 28 February
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 EUR IE0034388805 3438880
A GBP IE0034388797 3438879
A YEN IE0034388912 3438891
B EUR IE0034388573 3438857
B GBP IE0034388466 3438846
B YEN IE0034388680 3438868
A hedged GBP IE00B5LD7P60 B5LD7P6
B hedged GBP IE00B6386R19 B6386R1

Fund ratings and awards

Data as at 28 February 2021
  • 1Star_Seal_OverallRating star
  • RaynerSpencerMills
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) 1.25%
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.

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

 The Nikkei Index ought to be an irrelevance; it is weighted by price, rather than by market cap, which means that companies such as Fast Retailing (the owner of the Uniqlo clothing brand) commands a weighting of just under 13%, whereas Toyota, the biggest company in Japan, has a weighting of less than 1%. Nevertheless, the Nikkei is the index that tends to make the headlines and so it was in February, when, after 30 years, if finally cleared the ¥30,000 level. The market cap-weighted Topix Total Return Index also traded above levels last seen 30 years ago.

The strength of the market reflects growing optimism about global economic recovery and a positive reaction to Japan’s third quarter results season. Although aggregate sales for the quarter to December declined by 4%, pre-tax profits were up 21% and the revision index hit an all-time high. 

Third quarter GDP numbers, at 12.7% annualised growth, were also better than expected and industrial production numbers showed that, by the end of January, production levels had recovered over 90% of their COVID-19 slump. The Japanese economy is clearly starting to benefit from the recovery in global trade. 

The Fund outperformed its benchmark in February, which proved to be another good month for value stocks. The rise in bond yields meant that the banking sector finally started to show signs of life and Sumitomo Mitsui Financial Group was one of our top performers during the month. Surprisingly, perhaps, in a month in which Japan’s state of emergency was extended, service sector companies performed well. Indeed, Tokyu Corporation, the Tokyo based railway, outperformed the market by just under 16% in February. 

We added J Front Retailing, the department store, to the portfolio this month. We were impressed that, despite the sharp downturn in customer traffic, they have been profitable for the past two quarters. As the market looks forward to a re-opening of the economy and as year-on-year sales comparisons become easier, we expect the stock’s discount to book value to reduce. We also added Toyota and Mitsubishi Chemical to the portfolio, increasing our cyclical exposure. We funded these purchases by reducing our technology exposure slightly. 

Until recently, investors have continued to buy a select handful of ever more expensive growth names on the basis that they were the only reliable source of earnings growth in the Japanese market. The third quarter results season has challenged that assumption; there are now many companies offering good earnings growth and trading at significantly lower valuations. Japan’s value rally has been slow to start, but it has much further to go.

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.

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 JPY A A-Hedge GBP
B GBP B EUR B JPY B B-Hedge GBP

 

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.

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 (28 May 2004)

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. We recommend that you read the Prospectus and Key Investor Information available from the address overleaf or from our website.
 


Mar 16 - Mar 17 Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20 Mar 20 - Mar 21
Fund 22.22% 16.29% -17.75% 13.91% -2.24%

Monthly returns (%)

Data as at 28 February 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2004 6.70 -8.25 2.66 -3.08 0.51 1.53 2.31 1.70
Benchmark 2004 7.59 -6.64 1.72 -3.27 1.24 0.31 3.59 3.98
Fund 2005 2.85 -0.19 1.82 -4.23 1.96 2.31 3.11 4.93 12.53 -0.15 7.13 12.94 53.59
Benchmark 2005 1.21 -0.24 0.86 -4.43 3.60 1.99 3.17 4.36 11.06 -0.73 6.19 9.60 42.06
Fund 2006 -0.32 -2.63 4.75 -3.78 -10.34 0.51 -4.28 -0.76 0.84 -4.55 -3.10 0.66 -21.38
Benchmark 2006 1.11 -0.82 3.96 -1.72 -9.62 0.54 -2.32 -0.74 0.28 -1.04 -2.38 2.22 -10.62
Fund 2007 1.47 6.50 -0.98 -2.44 -2.96 -1.93 -2.54 -2.10 -0.17 -2.07 0.18 -1.05 -8.14
Benchmark 2007 0.58 4.18 -1.20 -3.87 2.39 -1.63 -1.88 -2.88 1.46 -1.62 -1.47 -1.69 -7.64
Fund 2008 -2.48 2.45 -1.24 5.84 2.97 -8.99 -3.99 4.91 -6.56 -3.37 6.87 15.94 10.28
Benchmark 2008 -3.35 0.93 -3.47 8.13 2.07 -6.95 -3.40 3.85 -8.18 -5.20 4.71 14.83 1.54
Fund 2009 -2.17 -12.08 4.49 1.26 3.21 3.28 1.42 4.78 -0.24 -6.78 -2.37 4.51 -2.18
Benchmark 2009 -5.37 -11.73 1.73 4.45 1.15 0.58 2.66 5.45 0.44 -5.87 -0.46 2.81 -5.42
Fund 2010 3.07 4.51 6.16 0.87 -6.06 -2.92 -0.08 -3.32 1.88 0.80 5.66 10.03 21.32
Benchmark 2010 1.63 6.47 6.23 -1.68 -2.97 -4.40 0.15 -2.09 2.14 0.70 4.84 8.01 19.73
Fund 2011 -2.81 0.78 -6.96 -4.08 -2.36 7.18 0.75 -5.90 4.53 -2.36 -4.67 1.55 -14.31
Benchmark 2011 -2.36 2.73 -7.90 -3.52 -0.96 5.98 0.98 -7.21 3.83 -3.65 -2.18 1.89 -12.59
Fund 2012 4.31 4.44 1.27 -4.42 -2.00 5.27 -3.58 -2.87 2.55 -1.48 2.29 6.25 11.87
Benchmark 2012 2.77 4.17 0.78 -5.11 -4.61 5.65 -3.31 -2.04 0.82 -1.66 2.05 4.89 3.71
Fund 2013 5.81 6.86 7.58 6.33 -6.34 1.20 0.95 -5.93 6.86 0.41 -0.12 24.76
Benchmark 2013 6.01 6.59 4.75 6.57 -3.63 1.31 1.49 -4.71 4.74 0.24 -0.60 -0.22 24.02
Fund 2014 -2.79 -3.78 -0.56 -4.08 4.32 4.45 1.02 -0.59 0.66 -1.43 1.33 1.07 -0.81
Benchmark 2014 -3.31 -1.84 -0.80 -3.70 4.80 3.70 1.54 -0.20 1.64 -0.12 1.72 -0.42 2.69
Fund 2015 3.45 1.54 5.46 0.05 1.28 -3.53 0.60 -3.04 -5.66 8.61 0.87 1.14 10.43
Benchmark 2015 5.51 3.87 5.89 -0.20 2.10 -4.21 1.24 -4.12 -5.39 9.13 1.57 1.52 17.06
Fund 2016 -5.90 -0.92 1.73 2.21 -1.44 0.45 10.21 1.63 3.26 10.67 -1.93 1.43 22.22
Benchmark 2016 -4.55 0.19 1.40 2.95 -0.87 5.86 8.17 0.95 3.73 8.08 -4.42 1.45 24.37
Fund 2017 1.26 2.37 -2.75 -2.69 3.49 1.75 0.82 1.75 -0.55 6.37 1.59 2.11 16.29
Benchmark 2017 1.91 2.31 -0.37 -2.24 3.85 0.76 0.62 1.80 -1.24 5.93 0.66 0.92 15.69
Fund 2018 -0.79 -1.36 -5.11 5.26 0.31 -2.20 0.56 0.12 1.51 -7.57 1.23 -10.31 -17.75
Benchmark 2018 -0.26 0.03 -3.76 4.20 1.60 -0.88 0.28 0.90 2.82 -7.29 1.14 -7.43 -9.02
Fund 2019 3.85 -1.45 1.11 2.33 -3.12 3.31 5.12 -1.91 4.32 -0.33 0.29 -0.04 13.91
Benchmark 2019 3.25 -0.70 1.65 1.87 -1.04 2.93 4.35 -1.50 3.50 -0.59 1.12 -0.02 15.62
Fund 2020 -3.41 -9.51 -7.60 5.89 5.03 -1.58 -9.12 6.50 6.00 -3.59 8.26 3.26 -2.24
Benchmark 2020 -1.83 -8.38 -1.96 5.02 7.84 -0.22 -7.74 5.26 5.53 -2.82 8.47 1.73 9.52
Fund 2021 -1.25 1.13 -0.13 151.43
Benchmark 2021 -1.84 -1.84 208.30

Source and notes

JOHCM/Bloomberg/Tokyo Stock Exchange/Lipper.

Data shown net of fees, net income reinvested. Please note that all fund performance is shown against the TOPIX TR adjusted. Performance of other share classes may vary and is available on request. Where shown, monthly returns table shows compounded discrete monthly performance.

Disclaimer

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. 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. We recommend that you read the Prospectus and Key Investor Information available from the address overleaf or from our website.
 

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.

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 98.52m
Number of holdings 50

Top 10 holdings and active weights

Data as at 28 February 2021
Top 10 holdings
Sumitomo Mitsui Financial 4.97%
Toyota Industries 4.03%
Hitachi 3.99%
Mitsui & Co 3.70%
Honda Motors CO 2.98%
Tokio Marine 2.97%
Toyota Motor 2.95%
Sony 2.88%
Kyudenko Corp 2.62%
Daibiru Corporation 2.59%
Top 10 active weights
Sumitomo Mitsui Financial +3.97%
Toyota Industries +3.74%
Hitachi +3.07%
Mitsui & Co +2.99%
Kyudenko Corp +2.59%
Daibiru Corporation +2.58%
Kyowa Exeo Corporation +2.45%
Maeda +2.44%
Tokio Marine +2.30%
Nomura Real Estate Holdings +2.23%

Sector breakdown

Data as at 28 February 2021
Portfolio Benchmark Relative
Manufacturing 43.26% 56.01% -12.75%
Transport & Communications 15.67% 14.10% 1.57%
Construction 11.34% 2.28% 9.05%
Finance & Insurance 10.73% 8.86% 1.87%
Commerce 7.99% 9.44% -1.46%
Real Estate 7.88% 2.00% 5.88%
Services 1.21% 5.75% -4.54%
Electric Power & Gas 0.00% 1.29% -1.29%
Fishery, Agriculture & Forestry 0.00% 0.09% -0.09%
Mining 0.00% 0.18% -0.18%
Cash 1.93% 0.00% 1.93%

Market cap breakdown

Data as at 28 February 2021
Portfolio Benchmark Relative
Large Cap 35.80% 61.20% -25.39%
Medium Cap 40.63% 29.56% 11.07%
Small Cap 21.64% 9.24% 12.40%
Cash 1.93% 0.00% 1.93%

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.

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

  • 26 Mar 2020

    Not on the ground in Japan

    Observations from the study, rather than on the ground in Japan, from the JOHCM Japan team.  

    Read More
  • 19 Feb 2020

    On the Ground in Japan

    Corporate Japan is changing. The JOHCM Japan Fund team on how Japan is going for gold and good governance. 

    Read More
  • 10 Jun 2019

    On the ground in Japan: Happy New Era!

    Ruth Nash, Senior Fund Manager of the JOHCM Japan Fund, gives us her thoughts on a recent trip to Japan. 

    Read More
  • 21 Nov 2018

    On the Ground in Japan

    Ruth Nash, manager of the JOHCM Japan Fund, provides an insight into the prospects for Japanese equities after a recent trip.  

    Read More

Webcasts & Videos

  • JOHCM Japan Fund Q3 2020 Update

    20 Oct 2020 | 29 mins

  • JOHCM Japan Fund Q2 2020 Update

    15 Jul 2020 | 26 mins

  • JOHCM Japan Fund Q1 2020 Update

    27 Apr 2020 | 24 mins

  • JOHCM Japan Fund Q2 2019 Update

    26 Jul 2019 | 25 mins

  • Scott McGlashan

    Senior Fund Manager

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  • Ruth Nash

    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.

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.

Back

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 order to reduce the adverse environmental impact of the Fund’s portfolio, J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid investment in sectors that contribute to climate change.  In addition, it seeks to avoid companies which undermine a cohesive and fair society. 

In addition to considering key ESG performance indicators, the Fund applies exclusions to the selection of underlying assets to support the avoidance of harms. The Investment Manager excludes investments in any companies which derive 30% or more of their revenue from:  

•    thermal coal mining; 

•    fossil fuel-based power generation; or 

•    oil and gas (both conventional and unconventional) extraction and production. 

These selection criteria may not be disapplied or overridden by the Investment Manager. 

The team recognises that ESG factors can create risks and opportunities for companies and look for companies who may benefit from this by incorporating ESG factors into valuation and construction. 

In order to measure and monitor the environmental characteristics of the Fund, the Investment Manager will review the carbon footprint of the portfolio and environmental data published by its investee companies.  For the social characteristics of the Fund, the Investment Manager will review whether investee companies have implemented appropriate policies and structures to support sustainable business practices.   

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 TOPIX Total Return 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 our exclusionary screens, the Investment Manager utilises the business involvement screening service offered by our third-party provider, ISS. As such, we rely upon ISS’s business involvement definitions, data and assessments.  Further details are available on 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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