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 31 July 2020
Fund size GBP 145.46m
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 31 July 2020
  • 2 Stars
  • 1 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 30/06/2020.

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.

Investment Background

As at 31 July 2020

The Topix Total Return index fell in July, affected by concerns about the growing tensions between the US and China and a resurgence of Covid-19 cases in Japan.

Having been praised for its low number of cases in the first wave of the pandemic, it was disappointing that Japan suffered a surge in cases in July. Up to the end of June, Japanese cases were less than 18,600. In the course of July, that total almost doubled. However, the evidence so far is that these new cases appear relatively mild and Japan’s death toll is still just over 1000.

Towards the end of the month, companies started to report their first quarter earnings numbers. The first quarter numbers usually have little informational value. This time, however, they have taken on greater significance as we get a first glimpse of trading conditions during Japan’s state of emergency. One early observation is that the earnings numbers are deviating significantly (both to the upside and the downside) from the analyst forecasts.

 

Strategy Highlights

It was another month of significant outperformance by momentum stocks and the Fund lagged the benchmark again. It has been clear for some time that investors are prepared to pay a premium for earnings visibility. The problem is that the price they are paying is very high and that visibility can be illusory.

For the companies we own which have reported thus far, there have been more positive than negative surprises. Hitachi, Mitsubishi Electric and TDK all announced numbers which were significantly above analyst forecasts. Daibiru, one of our real estate companies, reported zero vacancies at its office buildings in central Osaka. Shin-etsu, the manufacturer of semiconductor silicon and PVC, saw a modest 15% decline in operating profits in the first quarter. Some companies are actually benefiting from the pandemic: Tokyotokeiba, our horse racing play, reported a 43% increase in sales during the quarter and its operating profit margin was over 50%.

At times of uncertainty, there is a certain level of comfort in buying the stocks everyone else is buying. For us, however, the starting point is always valuation. This is not to suggest that our portfolio is simply a selection of cheap cyclical names; companies such as Tokyotokeiba, Technopro (engineer dispatch) and Fukui Computer Systems (CAD design systems) could be described as growth names. We own a number of electronics companies, which are leaders in their fields and yet (as in the case of Hitachi), trade on single digit PE multiples. Whilst price insensitive buyers continue to dominate the market, these stocks receive limited attention. For investors prepared to take a longer-term view, this is an unprecedented opportunity.

 

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 31 July 2020
A GBP share class, since launch (28 May 2004)

Return history (%)

Data as at 31 July 2020

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. We recommend that you read the Prospectus and Key Investor Information available from the address overleaf or from our website.
 


Jun 15 - Jun 16 Jun 16 - Jun 17 Jun 17 - Jun 18 Jun 18 - Jun 19 Jun 19 - Jun 20
Fund -2.13% 31.53% 7.96% -9.11% -4.98%

Monthly returns (%)

Data as at 31 July 2020
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 -19.65 106.91
Benchmark 2020 -1.83 -8.38 -1.96 5.02 7.84 -0.22 -7.74 -8.07 163.64

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 31 July 2020
Fund size GBP 145.46m
Number of holdings 49

Top 10 holdings and active weights

Data as at 31 July 2020
Top 10 holdings
Sony 4.00%
Toyota Industries 3.84%
Sumitomo Mitsui Financial 3.81%
Kyowa Exeo Corporation 3.75%
Hitachi 3.64%
KDDI 2.83%
TDK CORP 2.60%
PENTA-OCEAN CONSTRUCTION 2.53%
Toyobo Co 2.53%
KYUDENKO CORP 2.51%
Top 10 active weights
Kyowa Exeo Corporation +3.70%
Toyota Industries +3.63%
Hitachi +2.92%
Sumitomo Mitsui Financial +2.90%
Toyobo Co +2.50%
PENTA-OCEAN CONSTRUCTION +2.50%
KYUDENKO CORP +2.47%
Maeda +2.37%
TDK CORP +2.33%
TAIYO YUDEN CO +2.31%

Sector breakdown

Data as at 31 July 2020
Portfolio Benchmark Relative
Manufacturing 41.53% 55.48% -13.96%
Transport & Communications 14.80% 14.98% -0.18%
Construction 12.83% 2.48% 10.35%
Finance & Insurance 9.80% 8.59% 1.21%
Real Estate 8.53% 1.88% 6.65%
Commerce 5.71% 9.59% -3.87%
Services 4.63% 5.26% -0.63%
Electric Power & Gas 0.00% 1.47% -1.47%
Fishery, Agriculture & Forestry 0.00% 0.09% -0.09%
Mining 0.00% 0.17% -0.17%
Cash 2.16% 0.00% 2.16%

Market cap breakdown

Data as at 31 July 2020
Portfolio Benchmark Relative
Large Cap 30.05% 59.95% -29.90%
Medium Cap 42.59% 29.95% 12.64%
Small Cap 25.20% 10.10% 15.10%
Cash 2.16% 0.00% 2.16%

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 14/08/2020 A GBP Ireland B3RQ272 2.301 0.005
A USD Ireland B435PM6 1.884 0.005
A EUR Ireland B431KK7 2.153 0.013
B GBP Ireland B3ZQS76 2.272 0.006
B USD Ireland BF7NZT0 1.920 0.006
B EUR Ireland B5L49R5 2.188 0.011
Z USD Ireland BVG7681 1.259 0.003
Z GBP Ireland B44PG77 1.634 0.004
JOHCM Asia ex Japan Small and Mid Cap Fund 14/08/2020 A GBP Ireland B6R5LS4 2.365 0.025
A USD Ireland B6R5QW3 2.059 0.024
A EUR Ireland B6R5VD9 1.993 0.027
B GBP Ireland B6R63P8 2.326 0.027
B USD Ireland B6R5YM9 1.979 0.025
B EUR Ireland B6R5HM0 2.273 0.034
Z GBP Ireland B4X3T62 1.788 0.021
JOHCM Continental European Fund 14/08/2020 A GBP Ireland 3300912 4.571 -0.072
A USD Ireland BJ4G0G2 1.358 -0.017
A EUR Ireland 3300923 3.538 -0.045
A Hedged GBP Ireland BSJCJ49 1.193 -0.015
B GBP Ireland 3100543 4.406 -0.070
B USD Ireland BJ4G0H3 1.387 -0.017
B EUR Ireland 3300901 3.562 -0.044
Y GBP Ireland B993PD0 1.684 -0.026
Y EUR Ireland B98YKX9 1.364 -0.017
Y Hedged GBP Ireland BSJCJ50 1.248 -0.015
JOHCM European Concentrated Value Fund 14/08/2020 A EUR Ireland BW0DJY9 0.944 -0.010
B USD Ireland BW0DK13 1.092 -0.012
B EUR Ireland BW0DJZ0 0.939 -0.009
Z AUD Ireland BYNJFM8 1.128 -0.007
Z EUR Ireland BYNJFN9 0.871 -0.007
JOHCM European Select Values Fund 14/08/2020 A GBP Ireland 3290422 4.949 -0.071
A EUR Ireland 3290433 3.054 -0.034
B GBP Ireland 3290400 4.530 -0.066
B EUR Ireland 3290411 2.044 -0.022
Non-Distributing EUR Ireland BSFWK51 1.128 -0.012
X EUR Ireland B4K14L9 1.463 -0.016
JOHCM Global Emerging Markets Opportunities Fund 14/08/2020 A GBP Ireland B4002N4 1.314 -0.007
A USD Ireland B4M6CN0 1.110 -0.006
A EUR Ireland B3ZBLW7 1.371 -0.003
B GBP Ireland B41RZ57 1.262 -0.008
B USD Ireland B4XXMP2 1.449 -0.007
B EUR Ireland B4TRCR0 1.353 -0.004
Y GBP Ireland BYSGJY4 1.584 -0.009
Y USD Ireland BYSGJZ5 1.350 -0.008
Z GBP Ireland B6R54W9 1.656 -0.009
Z CAD Ireland BBPK0L2 1.544 -0.006
Z AUD Ireland B5W6ZB6 1.779 -0.003
JOHCM Global Income Builder Fund 14/08/2020 GBP Ireland BFZWPH7 1.062 -0.007
A SGD Ireland BFZWPG6 1.007 -0.006
A GBP Ireland BFZWPC2 1.017 -0.007
A USD Ireland BFZWPF5 0.993 -0.006
A EUR Ireland BFZWPD3 0.997 -0.003
B EUR Ireland BFZWPJ9 0.973 -0.003
EUR EUR Ireland BKF2GH9 0.883 -0.003
GBI GBP Ireland BHR0DJ1 1.007 -0.006
HEU EUR Ireland BJGW7C3 0.953 -0.005
JOHCM Global Opportunities Fund (offshore) 14/08/2020 A GBP Ireland B89PQM5 2.028 -0.016
A USD Ireland B89JY23 1.984 -0.014
A EUR Ireland B7MR557 2.132 -0.010
B USD Ireland B8295C7 1.899 -0.014
B EUR Ireland B80FZF0 1.973 -0.009
B GBP Ireland BF7NZS9 2.245 -0.018
IHX EUR Ireland BFZWWX2 0.964 -0.007
X GBP Ireland BQVC9L0 1.731 -0.013
X EUR Ireland BJ5JW42 0.972 -0.005
X GBP Ireland BK8M212 0.965 -0.008
X Hedged GBP Ireland BF29TX5 1.023 -0.007
Z GBP Ireland B83MS15 0.802 -0.006
Z GBP Ireland BD6R4D6 1.491 -0.012
Z EUR Ireland BDZD4M4 0.952 -0.005
JOHCM Global Opportunities Fund (onshore) 14/08/2020 A Accumulating GBP UK BJ5JMC0 1.016 -0.008
A Distributing GBP UK BJ5JMD1 1.001 -0.007
AHA GBP UK BKDV8G1 1.000 -0.007
X Accumulating GBP UK BJ5JMF3 0.986 -0.008
X Distributing GBP UK BJ5JMG4 0.996 -0.008
JOHCM Global Select Fund 14/08/2020 A USD Ireland B3T31Z2 2.057 -0.005
A EUR Ireland B3DBRP4 3.401 -0.001
A GBP Ireland B3DBRN2 3.808 -0.013
B GBP Ireland B3DBRL0 3.686 -0.011
B USD Ireland B5L7L67 2.355 -0.006
B EUR Ireland B3DBRM1 3.305 0.000
Z GBP Ireland B3DCMB8 2.731 -0.008
Z USD Ireland B4V7J00 2.308 -0.006
JOHCM Japan Fund 14/08/2020 A GBP Ireland 3438879 2.124 -0.003
A EUR Ireland 3438880 1.491 0.002
A Hedged GBP Ireland B5LD7P6 1.425 -0.003
A JPY JPY Ireland 3438891 286.219 -0.700
B GBP Ireland 3438846 2.071 -0.003
B EUR Ireland 3438857 1.444 0.003
B Hedged GBP Ireland B6386R1 1.449 -0.003
B JPY JPY Ireland 3438868 282.724 -0.696
JOHCM UK Dynamic Fund 14/08/2020 A Accumulating GBP UK B4T7HR5 1.968 -0.035
A Distributing GBP UK B4T8552 1.414 -0.025
B Accumulating GBP UK B4T7JX5 2.194 -0.038
B Distributing GBP UK B4TXJ33 1.292 -0.022
X Accumulating GBP UK BJ7HNB8 0.766 -0.013
X Distributing GBP UK BJ5JMB9 0.736 -0.013
Y GBP Ireland BDGKPZ4 0.737 -0.013
Y GBP UK BDZRJ21 0.886 -0.016
Y Accumulating GBP UK BDZRJ10 1.134 -0.020
JOHCM UK Equity Income Fund 14/08/2020 A Accumulating GBP UK B03KR50 2.818 -0.051
A Distributing GBP UK B03KP23 1.358 -0.024
B Accumulating GBP UK B03KR83 2.622 -0.047
B Distributing GBP UK B03KR61 1.262 -0.023
X Distributing GBP UK BYV9S21 0.676 -0.012
Y GBP UK B95FCK6 0.915 -0.017
Y Accumulating GBP UK B8FCHK5 1.136 -0.021
JOHCM UK Growth Fund 14/08/2020 A GBP Ireland 3300934 2.850 -0.031
B GBP Ireland 3100554 2.470 -0.027
REU EUR Ireland BLLV8D7 1.458 -0.011
RUD USD Ireland BLLV8C6 1.602 -0.016
X USD Ireland BLLV871 1.604 -0.016
X EUR Ireland 1.434 -0.016
X EUR Ireland BLLV882 1.460 -0.011
X GBP Ireland BLLV893 1.413 -0.015
JOHCM UK Opportunities Fund 14/08/2020 A Accumulating GBP UK B0LLB64 2.875 -0.044
A Distributing GBP UK B3K76Q9 1.933 -0.029
B Accumulating GBP UK B0LLB75 2.695 -0.040
B Distributing GBP UK B3K76P8 1.838 -0.027
X Accumulating GBP UK BQJZQQ5 1.323 -0.020
X Distributing GBP UK B95MSF4 1.089 -0.017
Y GBP UK B95J5C1 1.299 -0.020
Y Accumulating GBP UK B95HP81 1.604 -0.024

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 11/19 12/19 01/20 02/20 03/20 04/20 05/20 06/20 07/20 08/20
A  GBP 0.4537 0.4276 0.4668 0.4491 0.4176 0.4276 0.4164 0.4095 0.4554 0.4276
A EUR 0.4650 0.4426 0.4862 0.4680 0.4171 0.4180 0.4202 0.4065 0.4551 0.4180
A USD   0.4384 0.4117 0.4592 0.4372 0.3853 0.4154 0.3897 0.3833 0.4212 0.4154
A SGD  0.4398 0.4164 0.4573 0.4418 0.4079 0.4224 0.4070 0.3970 0.4323 0.4224
B EUR 0.4579 0.4355 0.4775 0.4595 0.4088 0.4083 0.4115 0.3978 0.4351 0.4083
Seed 0.4714 0.0411 0.4859 0.4677 0.3691 0.4464 0.4342 0.4272 0.4752 0.4464

Net dividends quoted in the local share class currency.

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

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
A distributing GBP 2.7765 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154
A accumulating GBP 5.2101 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958
B distributing GBP  2.6034 1.8139 1.9597 3.4124 2.6093 1.9017 1.4790 1.0379
B accumulating GBP 4.8980 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395
Y distributing GBP 1.8670 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534
Y accumulating GBP 2.0960 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242

Dividends are quoted and paid in pence per share

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

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

Funds paying annual dividends

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


JOHCM Asia ex Japan Fund

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

JOHCM Asia ex Japan Small and Mid Cap Fund

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

JOHCM Concentrated Global Share Fund

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

JOHCM Continental European Fund

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

JOHCM European Select Values Fund

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

JOHCM European Concentrated Value Fund

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

JOHCM Global Emerging Markets Opportunities Fund

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

JOHCM Global Opportunities Fund

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

JOHCM Global Select Fund

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

JOHCM Japan Fund

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

JOHCM UK Dynamic Fund

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

JOHCM UK Growth Fund

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

JOHCM UK Opportunities Fund

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

 

Net dividends quoted in the local share class currency.

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

Views & News

  • 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 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

  • JOHCM Japan Fund Q1 2019 Update

    07 May 2019 | 21 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.

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