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.
 

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 December 2021
Fund size GBP 572.97m
Strategy size GBP 814.39m (as at 30 June 2021)
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
Y EUR (Launch date) 04-March-2021
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
Y EUR IE00BMXC8L31 BMXC8L3

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 December 2021

After a Covid-induced setback in November, subsequent data confirmed the much lower severity of the new Omicron variant. Equities took relief and bounced back sharply from mid-December to finish the month at +5.69%, matching their November highs. European markets returned +24.89% in 2021. With pandemic disruptions remaining a reality for the time being, the equity recovery was less pronounced for ‘re-opening’ stocks and small caps, largely explaining the Fund’s lagging performance of +2.59% in December. There were no material (negative nor positive) stock-specific contributions to report.

The equity market story of 2021 really started in 2019, when European government bond yields turned negative (in May 2019). The pandemic injected an additional bond buying booster, and each pandemic wave now is recharging bond buying, pressing yields down and directing (passive) equity flows further into stocks with proven growth track records, irrespective of valuations. ‘Accidental’ money flows into equities are compounding and widening valuation distortions, and implicitly require that economic imbalances and irrationalities (negative interest rates) stay. 

In a relative world there are always stocks that look cheaper than others but we follow an absolute strategy that values companies’ cash flows in their own right at a 9% required equity discount rate for un-levered cash flows with market average volatility, an unaltered assumption since inception of the strategy. Whilst markets extrapolate current irrational financial conditions using a 9% discount rate, we extrapolate rational financial conditions. We do not make a call on low inflation, high inflation or no inflation, we just make the call that nominal risk-free interest rates will have to turn positive in Europe: respect for capital (i.e. reward) is critical to sustained economic growth… 

Portfolio activity was limited over the month. By our calculations, the Fund’s investments now boast a weighted average upside of +97.8%. This upside has increased compared to a year ago (when the upside was +83.7%) despite an +11% return over the year as we moved even more capital to pandemic-disrupted business, adding to existing names such as Heineken, Metro AG, Danone, ThyssenKrupp and Grifols and new investments in Swatch Group, Anheuser Bush Inbev and Agfa Gevaert. At the same time we fully sold out of overvalued quality names such as Wolters Kluwer, Schneider Electric, SIG Combibloc, amongst others. We see substantial value in pandemic-hit cyclicals and defensives, they can be ‘quality' or ‘classic’ value and they are now almost two thirds of assets. This exposure (the category broadly moved sideways in 2021) held back the Fund’s performance in 2021 but in the current market context, we believe should set the Fund up well going forward.
 

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 Reporting

Monthly Portfolio Review
Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

A GBP A EUR
B GBP B EUR
Y 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 December 2021

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

Return history (%)

Data as at 31 December 2021

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.
 


Dec 16 - Dec 17 Dec 17 - Dec 18 Dec 18 - Dec 19 Dec 19 - Dec 20 Dec 20 - Dec 21
Fund 14.55% -13.25% 1.77% 10.17% 4.10%

Monthly returns (%)

Data as at 31 December 2021
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

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 December 2021
Fund size GBP 572.97m
Number of holdings 40

Top 10 holdings and active weights

Data as at 31 December 2021
Top 10 holdings
Thyssen Krupp 4.36%
Heineken 4.22%
Danone 4.14%
Corbion 4.12%
UNITED INTERNET 3.93%
Liberty Global 3.54%
Oracle 3.45%
Metro Wholesale & Foods 3.44%
Wartsila 3.19%
SWATCH GROUP INH 3.15%
Top 10 active weights
Thyssen Krupp +4.36%
Heineken +4.13%
Corbion +4.12%
UNITED INTERNET +3.89%
Danone +3.78%
Liberty Global +3.54%
Oracle +3.45%
Metro Wholesale & Foods +3.44%
Wartsila +3.13%
SWATCH GROUP INH +3.07%

Sector breakdown

Data as at 31 December 2021
Portfolio Benchmark Relative
Consumer Staples 25.76% 12.75% 13.01%
Consumer Discretionary 15.00% 11.39% 3.61%
Materials 13.83% 7.93% 5.90%
Industrials 12.90% 15.43% -2.53%
Communication Services 10.80% 3.53% 7.27%
Health Care 9.31% 14.71% -5.40%
Information Technology 5.82% 8.50% -2.68%
Energy 3.91% 4.55% -0.64%
Utilities 2.06% 4.22% -2.15%
Financials 0.00% 15.77% -15.77%
Real Estate 0.00% 1.22% -1.22%
Cash 0.61% 0.00% 0.61%

Market cap breakdown

Data as at 31 December 2021
Portfolio Benchmark Relative
Large Cap 58.60% 99.79% -41.19%
Medium Cap 15.52% 0.21% 15.32%
Small Cap 25.39% 0.00% 25.39%
Cash 0.36% 0.00% 0.36%

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 21/01/2022 A GBP Ireland B3RQ272 2.719 0.006
A USD Ireland B435PM6 2.303 -0.012
A EUR Ireland B431KK7 2.743 -0.009
B EUR Ireland B5L49R5 2.764 -0.010
B GBP Ireland B3ZQS76 2.661 0.006
B USD Ireland BF7NZT0 2.329 -0.010
Z GBP Ireland B44PG77 1.930 0.005
Z USD Ireland BVG7681 1.539 -0.007
JOHCM Asia ex Japan Small and Mid Cap Fund 21/01/2022 A EUR Ireland B6R5VD9 2.784 -0.040
A GBP Ireland B6R5LS4 3.070 -0.026
A USD Ireland B6R5QW3 2.763 -0.045
B EUR Ireland B6R5HM0 3.142 -0.046
B GBP Ireland B6R63P8 2.991 -0.025
B USD Ireland B6R5YM9 2.630 -0.042
Z GBP Ireland B4X3T62 2.331 -0.020
JOHCM Continental European Fund 21/01/2022 A EUR Ireland 3300923 4.710 -0.055
A GBP Ireland 3300912 5.644 -0.033
A USD Ireland BJ4G0G2 1.827 -0.022
A Hedged GBP Ireland BSJCJ49 1.595 -0.018
B EUR Ireland 3300901 4.755 -0.056
B GBP Ireland 3100543 5.456 -0.032
B USD Ireland BJ4G0H3 1.867 -0.022
Y EUR Ireland B98YKX9 1.813 -0.021
Y GBP Ireland B993PD0 2.076 -0.012
Y Hedged GBP Ireland BSJCJ50 1.661 -0.019
JOHCM European Concentrated Value Fund 21/01/2022 A EUR Ireland BW0DJY9 1.156 -0.014
B EUR Ireland BW0DJZ0 1.151 -0.014
Z AUD Ireland BYNJFM8 1.308 -0.005
Z EUR Ireland BYNJFN9 1.061 -0.014
JOHCM European Select Values Fund 21/01/2022 A EUR Ireland 3290433 3.870 -0.043
A GBP Ireland 3290422 5.817 -0.030
B GBP Ireland 3290400 5.336 -0.029
B EUR Ireland 3290411 2.596 -0.028
Non-Distributing EUR Ireland BSFWK51 1.440 -0.017
X EUR Ireland B4K14L9 1.856 -0.020
Y EUR Ireland BMXC8L3 1.041 -0.012
JOHCM Global Emerging Markets Opportunities Fund 21/01/2022 A EUR Ireland B3ZBLW7 1.705 -0.007
A GBP Ireland B4002N4 1.516 0.003
A USD Ireland B4M6CN0 1.324 -0.009
B EUR Ireland B4TRCR0 1.688 -0.008
B GBP Ireland B41RZ57 1.461 0.003
B USD Ireland B4XXMP2 1.735 -0.010
Y USD Ireland BYSGJZ5 1.610 -0.010
Y GBP Ireland BYSGJY4 1.825 0.003
Z CAD Ireland BBPK0L2 1.737 -0.001
Z GBP Ireland B6R54W9 1.903 0.003
JOHCM Global Income Builder Fund 21/01/2022 A EUR Ireland BFZWPD3 1.149 -0.010
A GBP Ireland BFZWPC2 1.087 -0.004
A SGD Ireland BFZWPG6 1.092 -0.011
A USD Ireland BFZWPF5 1.098 -0.012
B EUR Ireland BFZWPJ9 1.103 -0.011
Seed EUR Ireland BKF2GH9 1.023 -0.011
Seed GBP Ireland BFZWPH7 1.141 -0.005
Seed GBP Ireland BHR0DJ1 1.150 -0.004
JOHCM Global Opportunities Fund (offshore) 21/01/2022 X Non-distributing NOK NOK Ireland BMFV6C5 9.971 0.027
JOHCM Global Opportunities Fund (offshore) 21/01/2022 A EUR Ireland B7MR557 2.615 -0.024
A GBP Ireland B89PQM5 2.308 -0.007
A USD Ireland B89JY23 2.337 -0.024
A Hedged EUR Ireland BFZWWX2 1.116 -0.012
B EUR Ireland B80FZF0 2.394 -0.021
B GBP Ireland BF7NZS9 2.528 -0.007
B USD Ireland B8295C7 2.212 -0.022
X EUR Ireland BJ5JW42 1.193 -0.010
X EUR Ireland BMCZLF8 1.305 -0.011
X GBP Ireland BQVC9L0 1.973 -0.005
X Hedged GBP Ireland BF29TX5 1.203 -0.012
Z EUR Ireland BDZD4M4 1.181 -0.010
Z GBP Ireland B83MS15 0.923 -0.002
Z GBP Ireland BD6R4D6 1.790 -0.005
JOHCM Global Opportunities Fund (onshore) 21/01/2022 A Accumulating GBP UK BJ5JMC0 1.208 -0.003
A Accumulating Hedged GBP UK BKDV8G1 1.187 -0.012
A Distributing GBP UK BJ5JMD1 1.136 -0.003
X Accumulating GBP UK BJ5JMF3 1.176 -0.004
X Distributing GBP UK BJ5JMG4 1.135 -0.004
JOHCM Global Select Fund 21/01/2022 A EUR Ireland B3DBRP4 4.550 -0.102
A GBP Ireland B3DBRN2 4.724 -0.079
A USD Ireland B3T31Z2 2.641 -0.064
B EUR Ireland B3DBRM1 4.383 -0.098
B GBP Ireland B3DBRL0 4.529 -0.075
B USD Ireland B5L7L67 2.997 -0.073
Z GBP Ireland B3DCMB8 3.410 -0.057
Z USD Ireland B4V7J00 2.981 -0.072
JOHCM Uk Dynamic Fund 21/01/2022 Y GBP Ireland BDGKPZ4 1.021 -0.011
JOHCM UK Dynamic Fund (onshore) 21/01/2022 A Accumilating GBP UK B4T7HR5 2.903 -0.033
A Distributing GBP UK B4T8552 1.965 -0.022
B Accumulating GBP UK B4T7JX5 3.213 -0.036
B Distributing GBP UK B4TXJ33 1.782 -0.020
X Accumulating GBP UK BJ7HNB8 1.133 -0.013
X Distributing GBP UK BJ5JMB9 1.025 -0.012
Y GBP UK BDZRJ21 1.233 -0.014
Y Accumulating GBP UK BDZRJ10 1.676 -0.019
JOHCM UK Equity Income Fund 21/01/2022 A Accumulating GBP UK B03KR50 4.445 -0.047
A Distributing GBP UK B03KP23 2.021 -0.021
B Accumulating GBP UK B03KR83 4.106 -0.043
B Distributing GBP UK B03KR61 1.865 -0.019
X Distributing GBP UK BYV9S21 1.009 -0.011
Y GBP UK B95FCK6 1.365 -0.014
Y Accumulating GBP UK B8FCHK5 1.795 -0.019
JOHCM UK Growth Fund 21/01/2022 A GBP Ireland 3300934 4.051 -0.032
B GBP Ireland 3100554 3.519 -0.027
Non-distributing EUR Ireland BLLV8D7 2.276 -0.031
Non-distributing USD Ireland BLLV8C6 2.399 -0.036
X EUR Ireland BLLV882 2.289 -0.031
X EUR Ireland BLLV8B5 2.066 -0.015
X GBP Ireland BLLV893 2.019 -0.016
X USD Ireland BLLV871 2.412 -0.037
JOHCM UK Opportunities Fund 21/01/2022 A Accumulating GBP UK B0LLB64 3.274 -0.027
A Distributing GBP UK B3K76Q9 2.095 -0.018
B Accumulating GBP UK B0LLB75 3.037 -0.025
B Distributing GBP UK B3K76P8 1.971 -0.016
X Accumulating GBP UK BQJZQQ5 1.507 -0.013
X Distributing GBP UK B95MSF4 1.189 -0.010
Y GBP UK B95J5C1 1.411 -0.012
Y Accumulating GBP UK B95HP81 1.832 -0.015
Regnan Global Equity Impact Solutions Fund (offshore) 21/01/2022 A EUR Ireland BN2BD91 0.938 -0.017
A GBP Ireland BN2BD80 0.880 -0.011
A USD Ireland BN2BDC4 0.878 -0.019
A Hedged EUR Ireland BN2BDB3 0.871 -0.018
B USD Ireland BN2BDH9 0.873 -0.017
B EUR Ireland BN2BDF7 0.931 -0.017
B GBP Ireland BN2BDD5 0.875 -0.011
B Hedged EUR Ireland BN2BDG8 0.859 -0.018
Seed EUR Ireland BN2BDS0 0.946 -0.019
Seed GBP Ireland BN2BDR9 0.888 -0.012
Seed USD Ireland BN2BDV3 0.885 -0.018
Seed Hedge EUR Ireland BN2BDT1 0.873 -0.019
Z GBP Ireland BN2BDN5 0.886 -0.011
Regnan Global Equity Impact Solutions Fund (offshore) 21/01/2022 Y CAD CAD Ireland BMWMY49 0.978 -0.014
Regnan Global Equity Impact Solutions Fund (onshore) 21/01/2022 A Accumulating GBP UK BMCZDD0 1.034 -0.012
F Accumulating GBP UK BMCZDJ6 1.042 -0.012
Y Accumulating GBP UK BMCZDK7 1.036 -0.011
Regnan Sustainable Water and Waste Fund (offshore) 21/01/2022 A EUR Ireland BLPKC72 0.932 -0.016
A USD Ireland BLPKC94 0.937 -0.018
A GBP Ireland BLPKC61 0.916 -0.011
B EUR Ireland BLPKCC7 0.933 -0.018
B GBP Ireland BLPKCB6 0.918 -0.011
B USD Ireland BLPKF84 0.938 -0.019
Y GBP Ireland BLPKF95 0.916 -0.011
Y EUR Ireland BLPKFC8 0.932 -0.016
Y USD Ireland BLPKFF1 0.937 -0.018
Regnan Sustainable Water and Waste Fund (onshore) 21/01/2022 A Accumulating GBP UK BMYXD32 0.977 -0.012
F Accumulating GBP UK BMYXQ55 0.980 -0.012
Y Accumulating GBP UK BMYXQ55 0.980 -0.012

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 12/20 01/21 02/21 03/21 04/21 05/21 06/21 07/21 08/21 09/21 10/21 11/21 12/21
A  GBP 0.4363 0.4312 0.3200 0.3071 0.3763 0.3485 0.3257 0.3877 0.3516 0.3570 0.3621 0.3848 0.3789
A EUR 0.4289 0.4233 0.3205 0.3138 0.3899 0.3555 0.3336 0.3978 0.3638 0.3677 0.3601 0.3996 0.4003
A USD   0.4335 0.4393 0.3270 0.3191 0.3864 0.3605 0.3443 0.3985 0.3651 0.3597 0.3518 0.3821 0.3812
A SGD  0.4296 0.4274 0.3217 0.3140 0.3844 0.3558 0.3364 0.3965 0.3644 0.3609 0.3506 0.3848 0.3823
B EUR 0.4174 0.4115 0.3114 0.3046 0.3781 0.3444 0.3229 0.3847 0.3515 0.3546 0.3469 0.3847 0.3850
Seed 0.3806 0.3757 0.2846 0.2787 0.3464 0.3160 0.2966 0.3538 0.3237 0.3274 0.3207 0.3561 0.3978

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 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21
A distributing GBP 2.7970 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681 2.3283 3.0863 1.2881
A accumulating GBP 5.5449 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649 4.9447 6.6368 2.8152
B distributing GBP  2.6093 1.9017 1.4790 1.0379 1.1739 0.9997 1.0825 2.1559 2.8539 1.1897
B accumulating GBP 5.1861 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869 4.5836 6.1431 2.6020
Y distributing GBP 1.8832 1.3744 1.0730 0.7534 0.8514 0.7263 0.7879 1.5709 2.0833 0.8697
Y accumulating GBP 2.2334 1.6547 1.3051 0.9242 1.0570 0.5363 0.9944 1.9953 2.6787 1.1364

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 2021 and pay date of 28 February 2022.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 1.2717
Z USD 28 Feb 2022 cents per share 1.0094

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 0.0000

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 8.6863
A EUR 28 Feb 2022 cents per share 7.2518
A - hedge GBP 28 Feb 2022 pence per share 2.3783
B GBP 28 Feb 2022 pence per share 5.7899
B EUR 28 Feb 2022 cents per share 5.0477
B - hedge USD 28 Feb 2022 cents per share 1.8425
Y GBP 28 Feb 2022 pence per share 3.4475
Y - hedge GBP 28 Feb 2022 pence per share 2.6955
Y EUR 28 Feb 2022 cents per share 3.0103

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 3.4279
A EUR 28 Feb 2022 cents per share 2.2816
B GBP 28 Feb 2022 pence per share 0.4023
B EUR 28 Feb 2021 cents per share 0.1956
Y EUR 28 Feb 2022 cents per share 0.6184

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2022 cents per share 0.8126
B EUR 28 Feb 2022 cents per share 0.3158
Z EUR 28 Feb 2022 cents per share 1.5455

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.8311
A EUR 28 Feb 2022 cents per share 3.1858
A USD 28 Feb 2022 cents per share 2.4633
B GBP 28 Feb 2022 pence per share 1.8347
B EUR 28 Feb 2022 cents per share 2.1208
B USD 28 Feb 2022 cents per share 2.1654
Y GBP 28 Feb 2022 pence per share 3.6898
Y USD 28 Feb 2022 cents per share 3.1258
Z GBP 28 Feb 2022 cents per share 5.3164

JOHCM Global Opportunities Fund (onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.5871
A EUR 28 Feb 2022 cents per share 5.0441
A USD 28 Feb 2022 cents per share 4.8886
B EUR 28 Feb 2022 cents per share 4.6750
B USD 28 Feb 2022 cents per share 4.6865
A - hedged GBP 28 Feb 2022 pence per share 2.6653
A - hedged EUR 28 Feb 2022 cents per share 2.2077
X GBP 28 Feb 2022 cents per share 2.4784
X EUR 28 Feb 2022 cents per share 2.2293

JOHCM Global Opportunities Fund (offshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 4.5789
A EUR 28 Feb 2022 cents per share 5.1902
A USD 28 Feb 2022 cents per share 4.6148
B GBP 28 Feb 2022 pence per share 5.0376
B EUR 28 Feb 2022 cents per share 4.7737
B USD 28 Feb 2022 cents per share 4.3909
A - hedged EUR 28 Feb 2022 cents per share 2.3372
X GBP 28 Feb 2022 cents per share 3.9139
Z GBP 28 Feb 2022 cents per share 1.8229
X - hedged GBP 28 Feb 2022 cents per share 2.4327
X EUR 28 Feb 2022 cents per share 2.3658

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 pence per share 2.9482
Z USD 28 Feb 2021 cents per share 2.5658


JOHCM UK Dynamic Fund

Please note that with effect from 1 January 2022, this fund will make semi-annual distributions.

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2022 pence per share 6.2558
A - accumulating GBP 28 Feb 2022 pence per share 8.9515
B - distributing GBP 28 Feb 2022 pence per share 5.6880
B - accumulating GBP 28 Feb 2022 pence per share 9.9325
Y - distributing GBP 28 Feb 2022 pence per share 3.9239
Y - accumulating GBP 28 Feb 2022 pence per share 5.1639
Y GBP 28 Feb 2022 pence per share 3.2091

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 5.8783
B GBP 28 Feb 2022 pence per share 3.1115
X GBP 28 Feb 2022 pence per share 3.1342

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2022 pence per share 5.5257
A - accumulating GBP 28 Feb 2022 pence per share 8.4140
B - distributing GBP 28 Feb 2022 pence per share 5.2121
B - accumulating GBP 28 Feb 2022 pence per share 7.8256
Y - accumulating GBP 28 Feb 2022 pence per share 3.7193
Y - distributing GBP 28 Feb 2022 pence per share 4.7060

 

Net dividends quoted in the local share class currency.

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

Views & News

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Webcasts & Videos

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    JOHCM European Select Values Fund Q1 2021 Update

    15 Apr 2021 | 40 mins

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    JOHCM European Select Values Fund Q4 2020 Update

    15 Jan 2021 | 32 mins

  • Video Image
    JOHCM European Select Values Fund Q3 2020 Update

    14 Oct 2020 | 44 mins

  • Video Image
    JOHCM European Select Values Fund Q2 2020 Update

    09 Jul 2020 | 43 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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Environmental and Social Characteristics

The investments underlying the Fund do not take into account the EU criteria for environmentally sustainable economic activities within the meaning of the Taxonomy Regulation (Regulation (EU) 2020/852 and amending Regulation (EU) 2019/2088).

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