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
Luis Fañanas
Fund Manager
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
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.
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 October 2023
European equity markets performed poorly in October against continuously weakening economic conditions and an abrupt spike following the large scale terror attack on Israel. The MSCI Europe index declined by 4.18% (in euros). Not unsurprisingly, small caps underperformed by 2.32%. The Fund performed in line with the market.
Two takeovers were the main events of the month: Vitesco Technologies and Euronav. In both cases, the bidders are existing key industrial shareholders of the targets. The premia offered versus the last closing prices (20% for Vitesco and 26% for Euronav) sound adequate, but we are disappointed with the offers.
In today’s market context of complete small-cap apathy, ‘insiders’ buy our companies way at excessive discounts by explaining their premium price based on the ‘last closing price' or 'whatever-month rolling average share price’. When we look at both Vitesco and Euronav’s leading market positions (German Vitesco is a world-leading powertrain and solutions provider in the emerging electric vehicle industry, Belgian’s Euronav is the largest independent VLCC oil tanker carrier) and consider the very favourable, structural industry dynamics for both, we believe each company’s ' fair value to be more than 60% higher than the takeover offers.
Resisting a low offer and staying on as a minority shareholder is a possible strategy, but this strategy is complicated, especially in Germany (we were in a similar situation with Biotest's takeover saga in 2018-2020), and with regards to Euronav, the bidder (CMB) has agreed to sell 70% of Euronav’s VLCC capacity (and earnings capacity) at below intrinsic value to Norwegian tanker operator Frontline (who is also a Euronav shareholder), in order to get the deal done. The Euronav takeover and the related VLCC transaction are significantly value enhancing for Frontline, and with its increased undervaluation post-deal (to c.75%), we decided to roll over a part of the Euronav proceeds into Frontline.
As markets declined, the weighted average upside of the Fund’s investments increased month-on-month to 152%. We see significant value opportunities in today’s polarised equity market where valuation anomalies are prevalent from several perspectives, be it large cap versus small cap, quality value versus classic value, or growth versus no-growth.
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.
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 October 2023
A GBP share class, since launch (5 May 2003)
Return history (%)
Data as at 31 October 2023
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.
Sep 18 - Sep 19
Sep 19 - Sep 20
Sep 20 - Sep 21
Sep 21 - Sep 22
Sep 22 - Sep 23
Fund
-6.18%
-7.99%
23.24%
-23.91%
14.94%
Monthly returns (%)
Data as at 31 October 2023
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
-3.35
491.86
Benchmark
2023
4.56
2.49
-0.53
2.12
-2.75
0.77
2.08
-2.11
-0.35
-3.08
2.97
372.28
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 October 2023
Fund size
GBP 236.24m
Number of holdings
38
Top 10 holdings and active weights
Data as at 31 October 2023
Top 10 holdings
Grifols
6.05%
Oracle
5.17%
UNITED INTERNET
4.91%
Danone
4.77%
Heineken
4.23%
Thyssen Krupp
4.07%
Liberty Global
4.00%
Corbion
3.30%
ROLLS-Royce
3.22%
Wartsila
3.18%
Top 10 active weights
Grifols
+6.02%
Oracle
+5.17%
UNITED INTERNET
+4.91%
Danone
+4.36%
Heineken
+4.13%
Thyssen Krupp
+4.07%
Liberty Global
+4.00%
Corbion
+3.30%
Wartsila
+3.12%
SWATCH GROUP INH
+3.05%
Sector breakdown
Data as at 31 October 2023
Portfolio
Benchmark
Relative
Consumer Staples
22.79%
12.37%
10.42%
Industrials
12.24%
14.80%
-2.56%
Materials
11.78%
7.09%
4.69%
Communication Services
11.18%
3.22%
7.96%
Health Care
10.80%
15.96%
-5.17%
Consumer Discretionary
9.74%
10.50%
-0.76%
Information Technology
8.93%
6.73%
2.20%
Energy
8.04%
6.53%
1.52%
Utilities
1.54%
4.33%
-2.80%
Real Estate
0.00%
0.77%
-0.77%
Financials
0.00%
17.70%
-17.70%
Cash
2.97%
0.00%
2.97%
Market cap breakdown
Data as at 31 October 2023
Portfolio
Benchmark
Relative
Large Cap
53.36%
98.61%
-45.24%
Medium Cap
19.84%
1.39%
18.45%
Small Cap
24.38%
0.00%
24.38%
Cash
2.20%
0.00%
2.20%
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.
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 Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.
Funds paying semi-annual dividends
All funds have a XD date of 30 June, pay date of 31 August and XD date of 31 December, pay date 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
All funds have a XD date of 31 December and pay date of 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.
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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14 years' industry experience, joined Regnan in June 2020.
Tim Crockford leads the Regnan Equity Impact Solutions team. He previously managed the Hermes Impact Opportunities Equity Fund from its launch in December 2017, having co-founded the Hermes Impact team in 2016. Tim joined Hermes Investment Management in 2009 as a research analyst for the European Equities team and became lead portfolio manager of the ESG-integrated Hermes Europe ex-UK Equity Fund in 2015, which he also managed until he left Hermes.
13 years’ industry experience, joined Regnan in May 2020.
Mohsin is a fund manager dedicated to the strategy. He was previously a senior analyst on the Hermes Impact Opportunities Equity Fund, having joined Hermes in 2017. Prior to Hermes, Mohsin was an investment manager in Global Equities at Pictet Asset Management. At Pictet his experience included working on thematic equity funds including Water, Clean Energy and Agriculture.
10 years’ industry experience, joined Regnan in May 2020.
Maxime is an investment analyst dedicated to the strategy. He has a decade of experience in sustainable investment. Previously, as an investment analyst at Hermes from 2016, he participated in the design, launch and management of the Hermes Impact Opportunities Equity Fund. Prior to this he led the integration of ESG and stewardship across investment strategies.
6 years’ industry experience, joined Regnan in April 2020.
Maxine is an investment analyst dedicated to the strategy. She was previously an analyst on the Hermes Impact Opportunities Equity Fund. Maxime transferred to the Hermes Impact team in 2016, having initially joined the Hermes EOS team in 2014. She headed up the chemicals sector team, while also focusing on the financial services, industrials and technology sectors.
