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

  • 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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This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments 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

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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 March 2024
Fund size GBP 121.26m
Strategy size GBP 236.22m (as at 31 December 2023)
Benchmark MSCI Europe NR 12pm adjusted
Domicile Ireland
Denomination GBP, EUR
Share classes

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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

Fees and charges

Initial charge Up to 5%
Performance fee

Please review the latest factsheet for more information our fees and charges here

Administration

Status UCITS
Investment manager J O Hambro Capital Management
Transfer agent and registrar Northern Trust International Fund Administration Services (Ireland) Limited
Depositary Northern Trust Fiduciary Services (Ireland) Limited

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments 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 March 2024

The start-of-the-year rally in European equities, triggered by slowing inflation and stabilising to improving economic conditions, accelerated in March, and the MSCI Europe returned 3.75%. The Fund was unable to keep pace and returned just 1.87%. Apart from a strong contribution of fund heavy-weight Oracle (stock 12% in the month on good results), no stock-specific events or performances stood out. 

We invested in German family-controlled lubricant producer Fuchs Petrolub (market cap €5.4bn). The company produces industrial and automotive lubricants and greases and generated €3.5bn of sales in 2023. Fuchs is a global top-10 player and the largest independent lubricant player: the large competitors are part of integrated oil majors. Fuchs focuses on ‘high tech’, niche lubricant markets for application-specific and tailormade solutions. It sells over 10,000 lubricant specialities to over 100k customers. Just over half (56%) of sales are for industrial applications (fluids for metal forming, cutting and grinding, anti-corrosion), and the rest (44%) is for automotive applications (of which 50% are light vehicles (cars)). A well-diversified customer base (by industry and geography) reduces cyclicality (e.g. in 2020, sales declined by only -7.5%), and Fuchs’ focus on innovation and niches drives market share gains, growth, and healthy profit margins and returns. In 2023, Fuchs’s EBITA reached €429mn (or 12.2% EBITA margin) and these earnings are achieved on €1.5bn of tangible capital, implying pre-tax tangible ROCE of more than 28%. The assets are well invested - Fuchs completed a major €600m geographic expansion program in 2020, just when global demand stalled – which implies significant spare (earnings) capacity: management targets €500mn EBIT in 2025. As implied by its high tangible ROCE, Fuchs is very cash-generative. The company is in a net cash, which adds optionality. Yet, despite its high quality, the ordinary shares (which the family controls) trade on less than 12x 2023 reported free cash flow. Markets worry about the market trend towards electric vehicles, with Fuch’s 22% sales exposure to the internal combustion engine (ICE) car market. The market ignores, however, that electric cars require new, high-value-added battery cooling and transmission fluids, which can allow ‘liquids engineers’ such as Fuchs to grow sales content per vehicle (vs ICE). This net opportunity of e-mobility will become clear over time and revalue this quality company to its true intrinsic value, which we estimate to be €8bn (i.e. +48%). To make room for high-return Fuchs Petrolub, we sold regulated-return utility Enel. 

This year’s market rally so far has been aggressive but merely contained to a narrow ‘large-cap growth club’. For four years now, valuation seems not to matter. And value polarisations are extending into new dimensions. Firstly, a historic high valuation gap between ‘quality’ and ‘classic value’ was established in 2019, when EU short and long-term interest rates turned negative, and this valuation gap persists even though today, interest rates are firmly back in positive territory and rising. New, in the last few quarters, has been the built up of unprecedent valuation discount between EU small caps versus large caps. Markets are on record highs, but these two anomalies explain why bottom-up stock pickers like us can find a portfolio of stocks that offer historic valuation upside! With a weighted average upside of +151%, the Fund’s upside is almost on par with historical milestones of March 2009 and March 2020.
 

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments 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.

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments 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 March 2024

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

Return history (%)

Data as at 31 March 2024

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 19 - Mar 20 Mar 20 - Mar 21 Mar 21 - Mar 22 Mar 22 - Mar 23 Mar 23 - Mar 24
Fund -24.48% 46.14% -7.89% 4.63% -6.10%

Monthly returns (%)

Data as at 31 March 2024
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 3.94 -0.82 -8.03 18.70 4.72 10.17
Benchmark 2020 -1.67 -7.40 -12.09 6.86 5.77 3.50 -1.34 1.75 -0.47 -6.27 14.71 1.90 2.51
Fund 2021 0.03 2.84 1.62 3.61 1.69 -0.86 -1.16 1.37 -1.48 -0.82 -3.89 1.32 4.10
Benchmark 2021 -1.52 0.28 4.22 3.62 1.91 1.09 1.11 2.90 -2.54 1.89 -1.57 4.38 16.65
Fund 2022 -3.87 -3.81 0.04 -0.74 2.92 -9.11 4.76 -4.09 -8.70 3.20 9.00 2.50 -9.15
Benchmark 2022 -4.31 -3.67 4.17 -2.22 1.07 -7.63 5.52 -1.90 -4.85 3.77 7.62 -0.23 -3.81
Fund 2023 6.68 3.76 -3.76 -0.73 -4.83 0.59 3.45 -2.42 -2.45 -3.04 3.99 6.76 7.29
Benchmark 2023 4.56 2.49 -0.53 2.12 -2.75 0.77 2.08 -2.11 -0.35 -3.08 4.77 4.59 12.83
Fund 2024 -4.49 -4.02 1.70 -6.77 512.56
Benchmark 2024 -0.11 2.26 3.61 5.84 447.74

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.
 

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments 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 March 2024
Fund size GBP 121.26m
Number of holdings 37

Top 10 holdings and active weights

Data as at 31 March 2024
Top 10 holdings
Grifols 5.95%
Oracle 5.88%
UNITED INTERNET 4.69%
Thyssen Krupp 4.50%
LIBERTY GLOBAL C 4.14%
Danone 4.00%
Corbion 3.95%
ELIOR GROUP 3.74%
OC Oerlikon 3.72%
Heineken 3.61%
Top 10 active weights
Grifols +5.92%
Oracle +5.88%
UNITED INTERNET +4.69%
Thyssen Krupp +4.50%
LIBERTY GLOBAL C +4.14%
Corbion +3.95%
ELIOR GROUP +3.74%
OC Oerlikon +3.72%
Danone +3.62%
Heineken +3.51%

Sector breakdown

Data as at 31 March 2024
Portfolio Benchmark Relative
Consumer Staples 19.78% 10.68% 9.10%
Materials 14.90% 6.97% 7.93%
Industrials 12.90% 16.38% -3.48%
Communication Services 11.53% 2.99% 8.54%
Information Technology 11.32% 8.05% 3.27%
Consumer Discretionary 10.86% 11.15% -0.29%
Energy 9.31% 5.38% 3.93%
Health Care 8.15% 15.37% -7.22%
Financials 0.00% 18.38% -18.38%
Real Estate 0.00% 0.85% -0.85%
Utilities 0.00% 3.80% -3.80%
Cash 1.25% 0.00% 1.25%

Market cap breakdown

Data as at 31 March 2024
Portfolio Benchmark Relative
Large Cap 46.62% 99.43% -52.81%
Medium Cap 22.23% 0.57% 21.67%
Small Cap 29.95% 0.00% 29.95%
Cash 0.97% 0.00% 0.97%

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments 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 Group

Fund

As at noon Share class Currency Domicile ISIN number NAV per share Change   KIID
European Equities JOHCM European Select Values Fund 17/04/2024 A EUR EUR Ireland IE0032904330 3.355 0.027
European Equities JOHCM European Select Values Fund 17/04/2024 A GBP GBP Ireland IE0032904223 5.152 0.044
European Equities JOHCM European Select Values Fund 17/04/2024 B EUR EUR Ireland IE0032904116 2.247 0.018
European Equities JOHCM European Select Values Fund 17/04/2024 B GBP GBP Ireland IE0032904009 4.72 0.04
European Equities JOHCM European Select Values Fund 17/04/2024 EUR Non-Distributing EUR Ireland IE00BSFWK513 1.258 0.01
European Equities JOHCM European Select Values Fund 17/04/2024 X Class EUR EUR Ireland IE00B4K14L92 1.604 0.013
European Equities JOHCM European Select Values Fund 17/04/2024 Y EUR EUR Ireland IE00BMXC8L31 0.903 0.007

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

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

Dividends are quoted and paid in pence per share

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

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

Funds paying semi-annual dividends

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

JOHCM UK Dynamic Fund (Onshore)

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

JOHCM UK Dynamic Fund (Offshore)

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

JOHCM Global Select Shariah Fund 

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

Funds paying annual dividends

Distribution of income occur on or before 28 February

JOHCM Asia ex Japan Fund

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

JOHCM Asia ex Japan Small and Mid Cap Fund

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


JOHCM Continental European Fund

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

JOHCM European Select Values Fund

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


JOHCM Global Emerging Markets Opportunities Fund

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

JOHCM Global Opportunities Fund (onshore)

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

JOHCM Global Opportunities Fund (offshore)

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

JOHCM Global Select Fund

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


JOHCM UK Growth Fund

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

JOHCM UK Opportunities Fund

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

 

Net dividends quoted in the local share class currency.

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

Views & News

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Webcasts & Videos

  • JOHCM European Select Values Fund Q1 2021 Update

    15 Apr 2021 | 40 mins

  • JOHCM European Select Values Fund Q4 2020 Update

    15 Jan 2021 | 32 mins

  • JOHCM European Select Values Fund Q3 2020 Update

    14 Oct 2020 | 44 mins

  • JOHCM European Select Values Fund Q2 2020 Update

    09 Jul 2020 | 43 mins

  • Robrecht Wouters

    Senior Fund Manager

    small image path
  • Luis Fañanas

    Fund Manager

    small image path

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments 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

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