JOHCM European Select Values Fund

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Fund Description

Fund manager Robrecht Wouters has a highly selective, valuation-oriented investment style, which focuses on undervalued pan-European companies that generate high returns on capital. His stock-picking approach is unconstrained by benchmark weightings and combines traditional ‘value’ investing (focusing on attractive valuations) and ‘quality’ characteristics, such as high return on capital employed.

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

Investment Strategy
  • Robrecht uses a disciplined, bottom-up stock selection process to find companies that he believes to be fundamentally undervalued
  • The investment approach is highly selective, focusing on cash flow generation and return on equity
  • The quality of the companies’ business models, rather than changes in earnings per share, is also essential; Robrecht believes that, over time, value companies with high ROCE and strong cash flow should outperform
  • In Robrecht’s view, a portfolio with higher quality companies and ideas, which are strong in conviction, provides greater potential for capital appreciation
  • Please note that this fund, under UCITS regulations, makes use of derivatives for the purpose of efficient portfolio management only. For further information on his derivatives use, please contact JOHCM Investor Relations.
Reasons To Invest
  • Robrecht has a very strong long-term track record and is a true value stock picker
  • The focus on quality and value factors typically leads to a low absolute volatility of returns despite the portfolio being fairly concentrated, with typically 40-50 stocks
  • The fund is aimed at investors who want to invest in a long-term, absolute return-orientated fund
  • Robrecht Wouters

    Senior Fund Manager

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  • Luis Fañanas

    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.

Other European Equity Funds

JOHCM Continental European Fund

Paul Wild manages this long-established fund with a pragmatic investment process that combines top-down economic and sector views with bottom-up stock picking. The Fund’s core style and risk profile has enabled it to outperform in both up and down markets and helped to build a market-leading performance track record since the Fund’s launch in 2

Read More
JOHCM European Concentrated Value Fund

The Fund was launched in Q1 2015 as a large-cap, concentrated version of the highly successful JOHCM European Select Values Fund (ESV). Managed by experienced European equity investors Robrecht Wouters, long-standing lead manager of the ESV fund, and Luis Fananas, the duo have a highly selective, valuation-oriented investment approach which foc

Read More
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Investment Objective

The Fund aims to achieve long-term capital appreciation by investing in the equity securities of companies listed primarily on exchanges in Europe, including the UK.

Fund details

Data as at 30 April 2020
Fund size GBP 621.9m
Strategy size GBP 904.54m (as at 31 December 2019)
Benchmark MSCI Europe NR 12pm adjusted
Domicile Ireland
Denomination GBP, EUR
Share classes
A GBP (Launch date) 07-May-2003
A EUR (Launch date) 07-May-2003
B GBP (Launch date) 07-May-2003
B EUR (Launch date) 07-May-2003
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 GBP IE0032904223 3290422
A EUR IE0032904330 3290433
B GBP IE0032904009 3290400
B EUR IE0032904116 3290411

Fund ratings and awards

Data as at 30 April 2020
  • 3 Stars
  • 4 star
  • FE_RobrechtWouters
Notes

©2019 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 30/11/2019.

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
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 30 April 2020

Whilst the world and its media remained in the firm grip of the Covid-19 pandemic and the imposed social and economic lockdowns trigger a self-induced economic recession of unknown proportions, equity markets continued to recover strongly in April. From their mid-March lows, stock markets have now rallied by over 20%. Central bank and government economic stimulus packages were expanded, and the rates of new daily infections progressively declined in many countries – the intended positive effect of the mid-March lockdowns – providing the foundation to start planning for an easing of restrictions in most European countries. 

 

 

Strategy Highlights

The Fund outperformed its benchmark, mainly benefiting from strong stock-specific contributions. Two material positive performers were French publishing and travel retail conglomerate Lagardere and Dutch natural ingredients provider Corbion. 

The latter’s share price recovered strongly (+20%) as first quarter results proved the Covid-19-induced share price fall to be unwarranted. With Lagardere, however, speculative action was the main driver of share price performance. With over 40% from earnings coming from travel retail (in public transport locations and airports), Lagardere’s share price was unsurprisingly hit hard in February and early March. But from the mid-March lows, its share price doubled back to the pre-lock down levels as activist shareholders proposed radical changes to the board and the company’s ‘commandite’ structure. The incumbent board reacted by mobilising ‘friendly’ new high profile investors to join and defend their position. Whilst we are in favour of the activist agenda, Lagardere’s fully restored share price and valuation led us to sell our investment (+55% in April) and reinvest part of the proceeds in existing investments that are also directly affected by Covid-19, e.g. Elior (school and corporate catering) and JC Decaux (out-of-home advertising), but whose share prices have barely recovered.     

We also completed/purchased three new investments over the month, exploiting cyclical valuation opportunities created by the economic dislocation: Randstad (temporary employment and HR services), Continental AG (# 2 automotive component supplier) and Infineon (semiconductors). This economic downturn is unprecedented, and the speed and slope of recovery are big unknowns. It is also important to consider that, in the short term, the furlough schemes introduced by several governments will help significantly cut negative operating leverage in the current, most painful, quarter. 

With these investments we are focusing longer term on companies that are leaders in their respective industries, that generate over-the-cycle after-tax returns of 20+%, and trade on mid-to-high single-digit mid-cycle free cash flow multiples. Whilst the Randstad investment case is a simple mid-cycle margin valuation exercise that indicates 50+% upside to intrinsic value, both Continental and Infineon are strongly positioned to exploit structural growth trends of digitisation/electrification in their respective industries, adding growth visibility to their value cases. They therefore offer more upside longer term, especially Continental with 90% upside potential, in our view, and Infineon with 60% upside potential, based on our analysis.

These new investments increase the ‘quality’ percentage exposure of the Fund (high after-tax return business models) but also cyclicality. However, given where we are at this point in time and the price cycle, we believe the risk/return balance to be very favourable for the patient investor.  

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
B GBP B EUR
xx EUR - Non Dist

 

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 30 April 2020

A GBP share class, since launch (5 May 2003)

Return history (%)

Data as at 30 April 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.
 


Mar 15 - Mar 16 Mar 16 - Mar 17 Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20
Fund 4.05% 25.25% -0.50% -1.39% -24.48%

Monthly returns (%)

Data as at 30 April 2020
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2003 0.80 4.66 4.55 7.71 0.25 5.29 0.24 2.63 29.00
Benchmark 2003 -0.05 1.39 2.63 2.60 -2.15 3.38 2.80 4.29 15.73
Fund 2004 3.33 3.00 -3.93 2.58 -3.25 3.82 -5.37 -0.54 2.97 2.66 5.77 2.17 13.26
Benchmark 2004 0.29 0.67 -2.87 2.72 -1.62 2.78 -3.46 1.74 3.72 1.99 4.64 1.22 12.07
Fund 2005 1.64 3.70 -0.58 -3.66 4.20 3.58 7.79 -0.82 2.76 -6.23 7.01 6.04 27.38
Benchmark 2005 -0.15 3.30 -0.49 -3.44 5.14 2.62 6.34 -1.39 4.48 -3.67 5.02 3.74 22.94
Fund 2006 5.37 3.11 4.55 1.61 -6.84 0.75 -0.30 0.80 4.69 2.22 1.48 2.86 21.60
Benchmark 2006 3.03 2.48 3.82 0.52 -6.19 2.24 1.18 1.26 2.65 2.08 1.05 2.16 17.11
Fund 2007 3.89 0.26 4.62 4.01 2.85 -4.02 -2.17 2.75 -0.16 -2.01 3.45 13.83
Benchmark 2007 0.78 0.50 2.45 5.04 2.93 -2.05 -2.80 -0.42 4.57 2.89 -1.67 1.66 14.38
Fund 2008 -10.29 -0.87 -2.44 1.67 -0.71 -12.64 -6.39 7.37 -10.12 -14.15 -0.66 14.73 -32.36
Benchmark 2008 -11.69 3.60 -0.62 5.21 1.76 -10.02 -0.89 3.56 -13.26 -15.78 1.57 13.49 -24.30
Fund 2009 -7.35 -6.80 8.10 12.61 2.32 -0.89 9.73 9.42 7.73 0.35 1.29 4.21 46.05
Benchmark 2009 -10.67 -10.38 5.38 12.00 2.75 -3.15 8.45 8.93 6.44 -2.42 1.17 3.35 20.64
Fund 2010 -3.39 4.22 8.47 -2.54 -6.02 -2.90 3.57 -2.76 10.34 4.42 -1.45 10.47 22.73
Benchmark 2010 -6.13 2.66 7.93 -3.17 -6.55 -4.29 6.50 -3.58 9.44 2.90 -4.10 7.87 7.76
Fund 2011 -1.63 1.79 2.99 3.51 0.59 -6.32 -7.47 -4.96 9.43 -7.01 1.44 -8.68
Benchmark 2011 1.14 1.32 0.97 3.94 -1.89 -0.24 -4.89 -10.36 -5.77 10.92 -7.02 2.18 -10.87
Fund 2012 3.77 5.14 0.37 -3.29 -6.28 3.22 2.05 3.16 2.11 2.07 1.90 2.63 17.55
Benchmark 2012 4.36 5.26 -1.86 -3.44 -6.96 4.35 2.81 3.18 1.64 2.02 2.34 1.47 15.47
Fund 2013 9.16 3.77 1.79 -1.02 3.16 -2.34 8.78 -1.52 0.41 4.50 -0.86 0.89 29.27
Benchmark 2013 8.45 1.08 -0.11 1.72 3.08 -4.81 6.57 -1.96 1.49 5.49 -0.61 0.80 22.49
Fund 2014 -4.06 4.49 1.77 0.05 2.46 -2.42 -2.60 2.30 -2.59 -1.27 6.31 -1.66 2.24
Benchmark 2014 -3.99 5.78 0.14 0.91 1.58 -2.09 -1.94 1.59 -1.67 -1.00 4.08 -3.13 -0.22
Fund 2015 2.61 2.74 2.69 0.29 2.43 -7.11 2.20 -4.65 -0.97 4.56 1.97 0.18 6.47
Benchmark 2015 4.08 2.64 2.09 -0.18 1.76 -6.01 1.94 -5.33 -3.00 5.11 1.12 -0.99 2.57
Fund 2016 -1.27 4.00 3.03 -0.39 -0.26 4.72 6.10 1.78 0.37 3.29 -5.54 5.83 23.16
Benchmark 2016 -4.32 1.18 3.26 1.17 -0.41 2.37 6.24 2.19 -0.01 4.75 -4.08 5.61 18.75
Fund 2017 1.76 1.48 4.18 1.63 4.07 -0.41 0.12 1.26 -1.08 1.51 -1.57 0.90 14.55
Benchmark 2017 1.42 0.84 3.69 0.71 5.23 -1.33 0.85 1.74 -0.69 1.93 -1.06 0.52 14.53
Fund 2018 0.38 -3.32 -3.71 1.53 1.33 -1.21 2.81 0.95 -0.02 -5.82 -1.27 -5.34 -13.25
Benchmark 2018 1.01 -3.51 -2.99 5.11 0.51 -0.35 3.74 -1.45 -0.55 -5.60 -0.61 -4.80 -9.60
Fund 2019 2.81 1.84 1.45 5.42 -4.83 5.62 0.49 -4.90 -0.91 -5.73 0.47 0.81 1.77
Benchmark 2019 3.74 1.79 2.14 4.26 -2.57 5.85 2.61 -2.04 0.95 -1.67 1.96 1.36 19.58
Fund 2020 -4.45 -6.49 -11.78 8.41 -14.55 402.18
Benchmark 2020 -1.67 -7.40 -12.09 6.86 -14.46 241.14

Source and notes

JOHCM/MSCI Barra/FTSE Group/Bloomberg/Lipper.

Data shown net of fees, net income reinvested.Please note that fund performance is shown against the MSCI Europe NR 12pm adjusted in GBP. Performance of other share classes may vary and is available on request. Data for the period 7 May 2003 to 31 December 2012 is shown against the FTSE Eurofirst 300 TR Index. 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.
 

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 30 April 2020
Fund size GBP 621.9m
Number of holdings 40

Top 10 holdings and active weights

Data as at 30 April 2020
Top 10 holdings
Oracle 4.24%
Corbion 4.10%
Liberty Global 4.04%
Metro Wholesale & Foods 3.88%
SBM Offshore 3.84%
Heineken 3.40%
Sanofi 3.28%
Danone 3.26%
CONTINENTAL 3.20%
UNITED INTERNET 3.10%
Top 10 active weights
Oracle +4.24%
Corbion +4.10%
Liberty Global +4.04%
Metro Wholesale & Foods +3.86%
SBM Offshore +3.84%
Heineken +3.28%
CONTINENTAL +3.08%
UNITED INTERNET +3.06%
Vivendi +2.77%
Danone +2.68%

Sector breakdown

Data as at 30 April 2020
Portfolio Benchmark Relative
Consumer Staples 19.12% 15.58% 3.55%
Industrials 17.10% 12.85% 4.25%
Communication Services 13.98% 4.18% 9.80%
Materials 13.26% 7.20% 6.06%
Information Technology 12.34% 6.91% 5.43%
Health Care 10.15% 17.09% -6.94%
Consumer Discretionary 9.06% 9.60% -0.54%
Energy 3.84% 5.20% -1.35%
Financials 0.00% 15.23% -15.23%
Real Estate 0.00% 1.33% -1.33%
Utilities 0.00% 4.84% -4.84%
Cash 1.15% 0.00% 1.15%

Market cap breakdown

Data as at 30 April 2020
Portfolio Benchmark Relative
Large Cap 51.15% 95.82% -46.69%
Medium Cap 25.33% 4.14% 20.19%
Small Cap 22.37% 0.05% 21.44%
Cash 1.15% 0.00% 0.00%

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 28/05/2020 A GBP Ireland B3RQ272 2.004 -0.005
A USD Ireland B435PM6 1.534 0.001
A EUR Ireland B431KK7 1.880 -0.005
B EUR Ireland B5L49R5 1.915 -0.004
B USD Ireland BF7NZT0 1.565 0.001
B GBP Ireland B3ZQS76 1.981 -0.005
Z GBP Ireland B44PG77 1.420 -0.003
Z USD Ireland BVG7681 1.023 0.001
JOHCM Asia ex Japan Small and Mid Cap Fund 28/05/2020 A GBP Ireland B6R5LS4 2.120 0.001
A USD Ireland B6R5QW3 1.727 0.007
A EUR Ireland B6R5VD9 1.792 0.001
B GBP Ireland B6R63P8 2.093 0.002
B USD Ireland B6R5YM9 1.665 0.008
B EUR Ireland B6R5HM0 2.048 0.002
Z GBP Ireland B4X3T62 1.607 0.003
JOHCM Continental European Fund 28/05/2020 A GBP Ireland 3300912 4.194 0.042
A USD Ireland BJ4G0G2 1.254 0.013
A EUR Ireland 3300923 3.257 0.033
A Hedged GBP Ireland BSJCJ49 1.097 0.011
B GBP Ireland 3100543 4.047 0.040
B USD Ireland BJ4G0H3 1.279 0.013
B EUR Ireland 3300901 3.282 0.033
X Hedged GBP Ireland BDZD4P7 0.852 0.009
Y GBP Ireland B993PD0 1.544 0.015
Y EUR Ireland B98YKX9 1.255 0.013
Y Hedged GBP Ireland BSJCJ50 1.148 0.012
JOHCM European Concentrated Value Fund 28/05/2020 A EUR Ireland BW0DJY9 0.916 0.004
B USD Ireland BW0DK13 0.988 0.009
B EUR Ireland BW0DJZ0 0.912 0.005
Z AUD Ireland BYNJFM8 1.098 0.003
Z EUR Ireland BYNJFN9 0.843 0.004
JOHCM European Select Values Fund 28/05/2020 A GBP Ireland 3290422 4.795 0.036
A EUR Ireland 3290433 2.969 0.023
B GBP Ireland 3290400 4.395 0.034
B EUR Ireland 3290411 1.989 0.016
Non-Distributing EUR Ireland BSFWK51 1.098 0.009
X EUR Ireland B4K14L9 1.424 0.012
JOHCM Global Emerging Markets Opportunities Fund 28/05/2020 A GBP Ireland B4002N4 1.214 -0.001
A USD Ireland B4M6CN0 0.959 0.003
A EUR Ireland B3ZBLW7 1.271 0.000
B GBP Ireland B41RZ57 1.168 -0.001
B USD Ireland B4XXMP2 1.254 0.003
B EUR Ireland B4TRCR0 1.257 0.000
Y GBP Ireland BYSGJY4 1.463 -0.001
Y USD Ireland BYSGJZ5 1.167 0.003
Z GBP Ireland B6R54W9 1.527 -0.001
Z CAD Ireland BBPK0L2 1.384 -0.003
Z AUD Ireland B5W6ZB6 1.657 -0.005
JOHCM Global Income Builder Fund 28/05/2020 GBP Ireland BFZWPH7 1.084 0.004
A SGD Ireland BFZWPG6 0.995 0.006
A GBP Ireland BFZWPC2 1.039 0.004
A USD Ireland BFZWPF5 0.948 0.006
A EUR Ireland BFZWPD3 1.021 0.004
B EUR Ireland BFZWPJ9 1.000 0.005
EUR EUR Ireland BKF2GH9 0.904 0.004
GBI GBP Ireland BHR0DJ1 1.014 0.004
HEU EUR Ireland BJGW7C3 0.913 0.007
JOHCM Global Opportunities Fund (offshore) 28/05/2020 A GBP Ireland B89PQM5 2.036 0.012
A USD Ireland B89JY23 1.863 0.016
A EUR Ireland B7MR557 2.146 0.011
B GBP Ireland BF7NZS9 2.258 0.013
B USD Ireland B8295C7 1.785 0.015
B EUR Ireland B80FZF0 1.990 0.011
IHX EUR Ireland BFZWWX2 0.908 0.008
X GBP Ireland BQVC9L0 1.736 0.009
X EUR Ireland BJ5JW42 0.979 0.006
X GBP Ireland BK8M212 0.969 0.005
X Hedged GBP Ireland BF29TX5 0.949 0.008
Z GBP Ireland B83MS15 0.804 0.005
Z GBP Ireland BD6R4D6 1.495 0.009
Z EUR Ireland BDZD4M4 0.957 0.005
JOHCM Global Opportunities Fund (onshore) 28/05/2020 A Accumulating GBP UK BJ5JMC0 1.021 0.006
A Distributing GBP UK BJ5JMD1 1.006 0.006
AHA GBP UK BKDV8G1 0.943 0.008
X Accumulating GBP UK BJ5JMF3 0.991 0.006
X Distributing GBP UK BJ5JMG4 1.001 0.006
JOHCM Global Select Fund 28/05/2020 A GBP Ireland B3DBRN2 3.597 0.049
A USD Ireland B3T31Z2 1.817 0.030
A EUR Ireland B3DBRP4 3.223 0.044
B GBP Ireland B3DBRL0 3.482 0.048
B USD Ireland B5L7L67 2.081 0.035
B EUR Ireland B3DBRM1 3.133 0.044
Z GBP Ireland B3DCMB8 2.572 0.035
Z USD Ireland B4V7J00 2.033 0.035
JOHCM Japan Fund 28/05/2020 A GBP Ireland 3438879 2.227 0.020
A EUR Ireland 3438880 1.569 0.014
A Hedged GBP Ireland B5LD7P6 1.413 0.016
A JPY JPY Ireland 3438891 283.496 3.241
B GBP Ireland 3438846 2.174 0.019
B EUR Ireland 3438857 1.521 0.014
B Hedged GBP Ireland B6386R1 1.439 0.017
B JPY JPY Ireland 3438868 280.327 3.364
JOHCM UK Dynamic Fund 28/05/2020 A Accumulating GBP UK B4T7HR5 2.009 0.018
A Distributing GBP UK B4T8552 1.444 0.013
B Accumulating GBP UK B4T7JX5 2.242 0.020
B Distributing GBP UK B4TXJ33 1.320 0.012
X Accumulating GBP UK BJ7HNB8 0.781 0.007
X Distributing GBP UK BJ5JMB9 0.751 0.007
Y GBP UK BDZRJ21 0.905 0.009
Y GBP Ireland BDGKPZ4 0.752 0.007
Y Accumulating GBP UK BDZRJ10 1.157 0.010
JOHCM UK Equity Income Fund 28/05/2020 A Accumulating GBP UK B03KR50 2.885 0.028
A Distributing GBP UK B03KP23 1.401 0.013
B Accumulating GBP UK B03KR83 2.687 0.026
B Distributing GBP UK B03KR61 1.303 0.012
X Distributing GBP UK BYV9S21 0.697 0.007
Y GBP UK B95FCK6 0.944 0.009
Y Accumulating GBP UK B8FCHK5 1.163 0.011
JOHCM UK Growth Fund 28/05/2020 A GBP Ireland 3300934 2.806 0.001
B GBP Ireland 3100554 2.434 0.000
REU EUR Ireland BLLV8D7 1.440 0.000
RUD USD Ireland 1.475 0.005
X USD Ireland BLLV871 1.476 0.005
X EUR Ireland 1.411 0.000
X EUR Ireland BLLV882 1.441 0.000
X GBP Ireland BLLV893 1.390 0.000
JOHCM UK Opportunities Fund 28/05/2020 A Accumulating GBP UK B0LLB64 2.806 0.041
A Distributing GBP UK B3K76Q9 1.887 0.028
B Accumulating GBP UK B0LLB75 2.624 0.039
B Distributing GBP UK B3K76P8 1.790 0.027
X Accumulating GBP UK BQJZQQ5 1.294 0.019
X Distributing GBP UK B95MSF4 1.065 0.016
Y GBP UK B95J5C1 1.269 0.019
Y Accumulating GBP UK B95HP81 1.566 0.023

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 06/19 07/19 08/19 09/19 10/19 11/19 12/19 01/20 02/20 03/20
A  GBP 0.4143 0.5095 0.4572 0.4716 0.4537 0.4537 0.4276 0.4668 0.4491 0.4176
A EUR 0.4075 0.4935 0.4441 0.4695 0.4650 0.4650 0.4426 0.4862 0.4680 0.4171
A USD   0.3902 0.4598 0.4114 0.4324 0.4384 0.4384 0.4117 0.4592 0.4372 0.3853
A SGD  0.3905 0.4672 0.4228 0.4429 0.4398 0.4398 0.4164 0.4573 0.4418 0.4079
B EUR 0.4025 0.4870 0.4379 0.4627 0.4579 0.4579 0.4355 0.4775 0.4595 0.4088
Seed 0.4297 0.5287 0.4746 0.4897 0.4714 0.4714 0.0411 0.4859 0.4677 0.3691

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 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
A distributing GBP 3.6600 2.7765 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930
A accumulating GBP 6.7535 5.2101 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391
B distributing GBP  3.4380 2.6034 1.8139 1.9597 3.4124 2.6093 1.9017 1.4790
B accumulating GBP 6.3593 4.8980 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210
Y distributing GBP 2.4607 1.8670 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730
Y accumulating GBP 2.7171 2.0960 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051

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.

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Webcasts & Videos

  • JOHCM European Select Values Fund Q1 2020 Update

    09 Apr 2020 | 48 mins

  • JOHCM European Select Values Fund Q4 2019 Update

    27 Jan 2020 | 30 mins

  • JOHCM European Select Values Fund Q3 2019 Update

    24 Oct 2019 | 27 mins

  • JOHCM European Select Values Fund Q2 2019 Update

    22 Jul 2019 | 26 mins

  • Robrecht Wouters

    Senior Fund Manager

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  • Luis Fañanas

    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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