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 31 July 2020
Fund size GBP 609.55m
Strategy size GBP 864.53m (as at 30 June 2020)
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 31 July 2020
  • 3 Stars
  • 4 star
  • FE_RobrechtWouters
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
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 31 July 2020

The rebound in European equities lost steam in July. Markets stalled despite improving economic indicators and better than expected corporate earnings (albeit from a low base). The Fund performed in line, benefiting from a materially positive contribution from frozen bakery leader Aryzta. Its share price rallied by 35% on the back of further increased shareholder activism and the report of an unsolicited offer.

In July we invested in small cap Swiss solar technology company Meyer Burger (CHF360m market cap post rights issue) by participating in the significant and strategy changing capital increase. Over the last decade this company has become the leading supplier of industry-standard PERC solar cell equipment technology: over 60% of the global solar cell production capacity installed base is Meyer Burger’s PERC equipment. It sold over CHF3bn of equipment since 2012 but burned through CHF500m of cash and did not make money in any of those seven years.

Today, the company has developed its next generation solar cell equipment technology, which delivers very disruptive solar cell efficiency gains. In order to capture the full value and the competitive advantage this intellectual property brings, Meyer Burger decided to change strategy and enter itself into the solar cell and module manufacturing industry (i.e. vertically integrate the industry value chain). Management plans to have an annual cell capacity of 1.4GW equivalent by late 2022 through an upfront investments of CHF150m, funded by the mentioned equity raise (CHF160m), and a further CHF260m of investments in 2021-2022 (funded out of cash flow and debt). By then, the company should generate over CHF400m in sales and, on our estimates, an underlying free cash flow of CHF80-85m. This implies a valuation multiple of less than 4.5x free cash flow. The ambitions are to triple in size (and cash flow) by 2025/26.

A business that starts to compete with its own customers usually is not appealing to us. But we like this investment case for a number of reasons. Firstly, Meyer Burger is in control of its own destiny because it owns the intellectual property and the competitive advantage (until a new disruption happens). Secondly, the company has operational experience in running production as it always installed and test ran its customers’ new capacities. Thirdly, the photovoltaic market is a structurally growing market. Finally, Meyer Burger has already received written letters of intent from several end customers to purchase annually 2GW of cells and modules per year, the equivalent of 1.4x times the 2022/23 planned capacity, thus the commercial risks seem very favourable. With technology, operational and commercial risks favourably aligned, we feel comfortable with the execution risks.

Despite the potentially positive implications of a Huawei ban in Western 5G telecommunication networks and a long-expected 5G capex tailwind, we sold our position in Nokia. Its share price has recovered well this year and its valuation still appears not demanding. We have been patient investors in Nokia. However, over time ‘conceptual’ technology risks have become ‘real’ risks. High-speed 5G brings the promise of next-generation network services. With millions of devices extending the network, 5G also introduces standard-based interfaces between hardware and software (which is needed to manage all these new network devices) and this disaggregation allows components of the telecommunication network to be virtualised. Just as happened in traditional IT networks, 5G’s network virtualisation ‘solves’ the lack of vendor choice in equipment (standard hyperscale technologies can enter the network), it removes hardware vendor lock-in risk, and it also dramatically reduce network management costs. Overall, capex and operating costs can be halved. Initially, incumbent operators have been in denial or sceptical, but new mobile start-ups like Rakuten (in Japan) and recently Dish (USA) are building out end-to-to end virtualised cloud-native mobile networks on the promise of strong competitive advantages. There is little or no involvement of the traditional telco equipment vendors in these projects. As more pure cloud-native operators will emerge in a typical 3-4 player market – for instance in Germany, the number four operator, Drillish/United Internet (owned by the Fund), is to announce a similar architectural decision soon for its to-be-built network; mobile incumbents will be forced to follow suit. The implications for the traditional telecom equipment hardware vendors cannot be positive.

 

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 31 July 2020

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

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.
 


Jun 15 - Jun 16 Jun 16 - Jun 17 Jun 17 - Jun 18 Jun 18 - Jun 19 Jun 19 - Jun 20
Fund 13.44% 26.80% -3.99% 2.82% -14.40%

Monthly returns (%)

Data as at 31 July 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 7.90 2.69 -1.27 -6.52 449.35
Benchmark 2020 -1.67 -7.40 -12.09 6.86 5.77 3.50 -1.34 -7.60 268.47

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 31 July 2020
Fund size GBP 609.55m
Number of holdings 40

Top 10 holdings and active weights

Data as at 31 July 2020
Top 10 holdings
Liberty Global 4.44%
Oracle 4.31%
Danone 4.00%
Corbion 3.91%
Metro Wholesale & Foods 3.63%
UNITED INTERNET 3.53%
Heineken 3.36%
CONTINENTAL 3.28%
Siemens 3.22%
Vivendi 3.17%
Top 10 active weights
Liberty Global +4.44%
Oracle +4.31%
Corbion +3.91%
Metro Wholesale & Foods +3.61%
Danone +3.51%
UNITED INTERNET +3.47%
Heineken +3.24%
CONTINENTAL +3.15%
SBM Offshore +3.01%
Vivendi +2.91%

Sector breakdown

Data as at 31 July 2020
Portfolio Benchmark Relative
Consumer Staples 19.47% 15.01% 4.46%
Industrials 17.96% 13.57% 4.39%
Communication Services 13.97% 4.08% 9.90%
Materials 12.98% 7.86% 5.12%
Information Technology 11.14% 7.64% 3.50%
Consumer Discretionary 9.43% 9.78% -0.35%
Health Care 8.75% 16.32% -7.57%
Energy 3.01% 4.33% -1.33%
Financials 0.00% 14.84% -14.84%
Real Estate 0.00% 1.42% -1.42%
Utilities 0.00% 5.15% -5.15%
Cash 3.30% 0.00% 3.30%

Market cap breakdown

Data as at 31 July 2020
Portfolio Benchmark Relative
Large Cap 54.55% 94.71% -40.16%
Medium Cap 26.58% 4.99% 21.59%
Small Cap 15.77% 0.30% 15.47%
Cash 3.11% 0.00% 3.11%

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.

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Webcasts & Videos

  • JOHCM European Select Values Fund Q2 2020 Update

    09 Jul 2020 | 43 mins

  • 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

  • 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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