JOHCM UK Opportunities Fund

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Fund Description

Fund managers Rachel Reutter and Michael Ulrich focus firstly on preserving a client’s capital and secondly, on growing that capital. Growth will be achieved over the long term through a concentrated portfolio of low risk business models purchased at attractive valuations. The Fund typically invests in larger companies that operate with multiple products across multiple geographies. These characteristics result in a more diverse, stable and resilient stream of company cash flows.

The team believe markets are cyclical, inefficient and prone to bouts of irrational behaviour where capital can be permanently destroyed. During such periods the managers may hold high levels of cash in order to protect the capital entrusted to them.
 

This fund is not available to new investors from the European Union after 31 December 2020.
 

Investment Strategy
  • The team use top-down thematic research to identify  ‘following winds’ along with analysis of economic and investment cycles. This approach ensures the portfolio benefits from positive and often structural trends that persist for long periods of time.  The team then apply a rigorous quality control in order to identify companies which are able to generate predictable and growing cash flows on a forecast basis. The final element of analysis is the application of a valuation control which emphasises absolute, not relative valuation. Valuation is viewed as art not science. 
  • The fund managers believe that sell discipline is essential to protect client capital.  The managers implement a sell-to-zero policy when material downside risk is identified. The team takes high conviction positions in 20-40 stocks and investments are made irrespective of benchmark weightings. 
  • Risk is defined as the probability and scale of a capital loss and not deviation from the benchmark. Within investments risk is seen as possible impairment to cash-flow not the short-term move in a share price. 
Reasons To Invest
  • Focus on capital preservation and absolute performance over the long-term sets the fund apart from competitor funds chasing short term performance.  
  • Value-add from where assessment of top-down thematic research meets rigorous bottom-up company analysis.  
  • High-conviction positions in 20-40 stocks made irrespective of benchmark weightings. 
  • The fund has established a long and successful track record and has a clear investment process which has been tested over many market cycles.
  • Rachel Reutter

    Senior Fund Manager

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  • Michael Ulrich

    Senior Fund Manager

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  • Roshni Bolton

    Analyst

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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.

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JOHCM UK Equity Income Fund

Established stock pickers James Lowen and Clive Beagles operate a strict yield discipline: they only buy stocks that they believe will yield more than the FTSE All-Share Index on a prospective basis, although every stock held must also have the potential for capital appreciation. This focus on higher-yielding stocks leads to a naturally cont...

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JOHCM UK Growth Fund

Mark Costar and Vishal Bhatia aim to identify mispriced or undiscovered growth stocks that typically reside in one of three categories: the clear and unassailable market leader, the innovator or market disruptor and the supply side beneficiary. The Fund typically has a small-cap bias and contains stocks that have a high margin of safety...

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Investment Objective

The Fund aims to achieve consistent capital appreciation over the longer term by investing in stocks of primarily UK-listed large and mid-sized companies. Up to 10% of the Fund may be in international stocks. A thematic, top-down process is used to identify stock ideas and then married to a rigorous approach to valuation. Portfolio construction is benchmark-unaware with roughly equally-weighted positions in typically 30-40 stocks reflecting high conviction management.

Fund details

Data as at 28 February 2021
Fund size GBP 297.44m
Benchmark FTSE All-Share TR 12pm adjusted
Domicile UK
Denomination GBP
Share classes
A accumulating GBP (Launch date) 30-November-2005
A distributing GBP (Launch date) 08-December-2008
B accumulating GBP (Launch date) 30-November-2005
B distributing GBP (Launch date) 08-December-2008
Unit type Distribution & accumulation
XD Date 31 December
Payment date 28 February
Minimum investment
A accumulating GBP 1,000
A distributing GBP 1,000
B accumulating GBP 1,000
B distributing GBP 1,000
Valuation point Daily (12pm, UK time)
Dealing frequency Daily 9-5pm
Fund codes
ISIN SEDOL
A accumulating GBP GB00B0LLB641 B0LLB64
A distributing GBP GB00B3K76Q93 B3K76Q9
B accumulating GBP GB00B0LLB757 B0LLB75
B distributing GBP GB00B3K76P86 B3K76P8

Fund ratings and awards

Data as at 28 February 2021
  • 5Star_Seal_OverallRating star
  • RaynerSpencerMills
  • FEInvest_Approved_logo_yellowBG
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 31/10/2020.

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 with the exception of the Class A shares, where there is no performance fee charged.

Administration

Status UCITS
Investment manager J O Hambro Capital Management Limited
Transfer agent and registrar RBC Investor Services Limited
Depositary Northern Trust Global 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.

Strategy Highlights

As at 28 February 2021

The investment backdrop evidenced some pockets of inflation emerging in February. Whether inflationary pressures end up being a short or long term phenomenon, the fund is well-placed with an investment process focused on owning companies that have pricing power. Attractively-valued companies which benefit from high gross margins, strong brands, leading platforms and are well positioned in their value chains look set to prosper in the emerging environment. We also look for businesses with inflation-linking within their contract structures, for example, National Grid, SSE and Serco whose returns are linked to inflation. In the last six months we have increased the inflation protection in the Fund and have reduced the average valuation to a forward free cash flow yield of 6.8%, or 14.9x P/E equivalent. The valuation of the fund is now in line with the FTSE All Share Index, whilst offering better growth prospects through selective and high-conviction exposure to companies which we believe will be a more important part of the future.    

During February many companies reported full year results and trading updates. It has been encouraging to see the positive progress made by all the companies in the Fund over the last year and how the thematic tailwinds have accelerated to drive faster growth than before the Covid-19 pandemic. We have also noted a marked and positive change in management behaviour with the emphasis on capital allocation moving to investment and away from financially engineering returns via buybacks. For example, Smith and Nephew announced an increase in its R&D spend by a third last year compared to the average of the last five years and capex spend has doubled between 2018 and 2021. At the time of writing, the importance of investment formed a central part of the UK Budget and tax deductions on capex spend should benefit many of the companies in the Fund. 

Portfolio activity continued the ‘twist’ to reduce valuation risk, select the strongest growth tailwinds and strengthen inflation-linking. We started a new position in the paper and packaging company Mondi, which is well-placed with its large and leading network of paper, cardboard and flexible packaging production facilities. Mondi’s volumes are continuing to see a material step-up thanks to e-commerce driven cardboard box demand, its customers moving from plastic to paper bags and the leading position it has in barrier coating technology, allowing paper solutions to reduce plastic use in consumer and other products. The shares are attractively valued trading on a forward free cash flow yield of 7%. Elsewhere we sold our holding in Compass Group to zero after a strong recovery in the share price and the stock reaching a valuation which was factoring more than a full recovery in pre-2020 staffing volumes in offices. We were also concerned about the group’s ability to pass on price increases and the high component of wage costs within its margin structure. 

During the month the Fund returned 1.37% compared to a 2.06% return for the FTSE All-Share Index (12pm adjusted). In absolute terms the best performers were Whitbread, Antofagasta, SSP Group and WPP as the market continued to rotate towards the beneficiaries of economies opening up. Performance was held back by Barrick Gold which suffered from a declining gold price, SSE where concerns around the prices being bid for offshore wind farm licenses in the North Sea weighed on the stock and GlaxoSmithKline where the group announced R&D going up by double-digits, which in the short term will reduce margins.  

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.

Fund Reporting

KIIDs
(Key Investor Information Documents)

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.

Percentage growth of the fund versus benchmark

Data as at 28 February 2021
A GBP share class, since launch (30 November 2005)

Return history (%)

Data as at 28 February 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 annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 
 


Mar 16 - Mar 17 Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20 Mar 20 - Mar 21
Fund 13.75% 3.19% -1.85% 13.06% -3.93%

Monthly returns (%)

Data as at 28 February 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2005 3.83 3.83
Benchmark 2005 3.20 3.20
Fund 2006 2.92 4.48 1.35 -0.25 -5.87 1.30 1.74 1.37 3.96 2.56 0.56 3.63 18.80
Benchmark 2006 3.24 2.00 3.14 1.01 -5.67 2.79 1.55 0.59 1.51 2.90 0.38 2.56 16.85
Fund 2007 0.83 0.53 1.88 2.63 1.44 -3.15 -2.23 2.33 1.80 4.84 -1.67 1.50 10.96
Benchmark 2007 0.07 0.22 2.45 2.85 2.90 -2.07 -2.65 -0.45 1.96 4.00 -4.38 0.55 5.22
Fund 2008 -7.41 1.85 -0.19 1.81 0.69 -6.27 0.43 4.38 -9.92 -12.22 1.05 7.48 -18.59
Benchmark 2008 -10.33 3.18 -2.53 5.65 0.99 -8.21 -2.44 4.35 -14.16 -13.79 0.44 5.13 -29.74
Fund 2009 -2.71 -6.55 -2.26 6.71 0.78 -1.69 5.91 6.39 5.13 1.03 0.79 4.52 18.44
Benchmark 2009 -5.46 -6.93 1.96 12.12 4.24 -2.94 7.89 7.39 5.20 -0.54 1.39 3.87 29.91
Fund 2010 -2.24 2.50 6.05 -0.15 -4.51 -1.09 3.51 -0.65 6.14 1.25 -2.43 5.32 13.83
Benchmark 2010 -3.64 2.89 7.40 -0.89 -5.96 -4.85 7.11 -2.33 8.21 2.07 -1.43 7.14 15.25
Fund 2011 -1.00 1.82 0.22 3.18 1.79 -1.71 -1.34 -4.95 -0.46 6.73 -1.58 2.47 4.77
Benchmark 2011 -1.18 2.33 -0.15 2.45 -0.47 -1.52 -1.15 -8.36 -3.79 9.97 -4.22 2.67 -4.42
Fund 2012 -0.19 5.67 1.33 -1.19 -3.25 3.73 3.06 1.63 -0.29 0.86 0.34 -0.40 11.56
Benchmark 2012 3.65 4.57 -1.51 -0.15 -6.73 4.24 2.08 2.18 0.97 1.53 1.04 0.91 12.99
Fund 2013 5.30 2.16 3.71 0.36 3.51 -3.39 4.73 -1.46 0.15 3.74 2.32 22.84
Benchmark 2013 6.40 2.00 1.91 0.44 2.78 -4.84 6.22 -1.34 0.35 4.62 -0.63 1.59 20.66
Fund 2014 -3.43 4.61 -0.60 1.39 3.28 -1.72 -1.48 2.41 -2.27 -0.41 1.51 0.18 3.20
Benchmark 2014 -3.87 5.86 -2.13 1.77 1.72 -1.54 0.15 1.67 -2.48 -0.89 2.36 -1.29 0.93
Fund 2015 4.45 2.02 -1.69 2.10 3.40 -4.87 2.01 -3.98 -0.31 4.37 2.30 -1.72 7.82
Benchmark 2015 3.33 3.13 -1.04 2.23 2.55 -5.94 1.15 -5.95 -1.86 5.10 0.63 -1.39 1.25
Fund 2016 -2.08 1.79 3.22 0.45 0.77 2.00 3.81 1.70 0.11 0.22 -1.67 2.82 13.75
Benchmark 2016 -4.40 1.81 2.29 1.61 0.61 0.32 5.89 2.54 0.71 1.27 -1.05 3.73 16.05
Fund 2017 -1.28 1.48 1.39 -0.76 4.40 -2.30 -0.29 0.86 -0.60 0.43 -0.75 0.72 3.19
Benchmark 2017 0.87 2.33 1.29 -0.15 4.58 -2.21 0.62 0.90 -0.06 1.88 -0.69 3.18 13.10
Fund 2018 -1.35 -3.53 -0.15 5.16 2.31 0.07 0.38 -0.86 0.66 -2.25 1.06 -3.05 -1.85
Benchmark 2018 -0.89 -3.34 -2.18 6.78 2.66 -0.14 1.09 -2.30 0.07 -5.03 -1.68 -3.93 -9.06
Fund 2019 2.39 0.74 2.98 1.29 -1.71 2.98 1.79 -1.44 0.99 -1.64 2.13 1.99 13.06
Benchmark 2019 4.59 1.65 2.67 3.16 -3.21 3.65 2.28 -3.40 2.60 -1.28 2.82 2.63 19.29
Fund 2020 -2.02 -7.22 -11.82 8.26 3.28 1.43 -0.53 1.31 -1.19 -4.91 8.84 2.53 -3.93
Benchmark 2020 -2.84 -9.37 -15.89 8.64 2.17 0.72 -2.68 1.55 -2.05 -4.04 14.39 2.85 -9.52
Fund 2021 -0.10 1.37 1.27 204.10
Benchmark 2021 -0.44 2.06 1.61 132.67

Net yield

Net yield is calculated as last four distributions divided by share price as at month end

Net Yield %
Share class A - accumulating 2.32
Share class A - distributing 2.37
Share class B - accumulating 2.33
Share class B - distributing 2.38

Source and notes

JOHCM/FTSE Group/Bloomberg/Lipper.

Data shown net of fees, net income reinvested. Performance of other share classes may vary and is available on request. Please note that all fund performance is shown against the FTSE All-Share TR Index. Where shown, monthly returns table shows compounded discrete monthly performance.

FTSE International Limited (“FTSE”) © FTSE 2017. The Industry Classification Benchmark (“ICB”) and all  rights in it are owned by and vest in FTSE and/or its licensors. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. Neither FTSE, nor its licensors accept any liability for any errors or omissions in the ICB. No further distribution of ICB is permitted without FTSE’s express written consent.

J O Hambro Capital Management Ltd is licensed by FTSE to redistribute the FTSE All-Share Total Return Index. All rights in and to the Index and trade mark vest in FTSE and/or its licensors (including the Financial Times Limited and the London Stock Exchange PLC), none of whom shall be responsible for any error or omission in the Index.

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 annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 

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.

Fund statistics

Data as at 28 February 2021
Fund size GBP 297.44m
Number of holdings 34

Top 10 holdings and active weights

Data as at 28 February 2021
Top 10 holdings
Johnson Matthey 3.35%
WPP 3.32%
SERCO GROUP 3.26%
TATE & LYLE 3.20%
WHITBREAD 3.19%
HAYS 3.16%
Next 3.16%
Antofagasta 3.15%
ASHTEAD GROUP 3.12%
PZ CUSSONS 3.10%
Top 10 active weights
SERCO GROUP +3.19%
Johnson Matthey +3.09%
PZ CUSSONS +3.08%
HAYS +3.05%
TATE & LYLE +3.04%
UDG HEALTHCARE +2.96%
WHITBREAD +2.88%
Antofagasta +2.86%
WPP +2.86%
WOOD GROUP (JOHN) +2.81%

Sector breakdown

Data as at 28 February 2021
Portfolio Benchmark Relative
Industrials 21.42% 12.72% 8.70%
Consumer Services 20.59% 12.48% 8.11%
Consumer Goods 15.72% 15.59% 0.12%
Basic Materials 11.69% 10.19% 1.51%
Health Care 8.75% 8.32% 0.43%
Utilities 5.57% 2.82% 2.75%
Oil & Gas 2.90% 8.01% -5.11%
Telecommunications 2.57% 2.13% 0.44%
Technology 2.55% 1.07% 1.48%
Financials 2.28% 26.66% -24.39%
Cash 5.95% 0.00% 5.95%

Market cap breakdown

Data as at 28 February 2021
Portfolio Benchmark Relative
Large Cap 60.00% 78.63% -18.63%
Medium Cap 34.05% 17.93% 16.13%
Small Cap 0.00% 3.44% -3.44%
Cash 5.95% 0.00% 5.95%

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.

Fund

As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 09/04/2021 A EUR Ireland B431KK7 2.779 -0.017
A GBP Ireland B3RQ272 2.856 -0.018
A USD Ireland B435PM6 2.448 -0.018
B GBP Ireland B3ZQS76 2.809 -0.018
B USD Ireland BF7NZT0 2.484 -0.019
B EUR Ireland B5L49R5 2.814 -0.018
Z GBP Ireland B44PG77 2.026 -0.013
Z USD Ireland BVG7681 1.635 -0.011
JOHCM Asia ex Japan Small and Mid Cap Fund 09/04/2021 A GBP Ireland B6R5LS4 2.742 -0.018
A USD Ireland B6R5QW3 2.496 -0.019
A EUR Ireland B6R5VD9 2.398 -0.016
B GBP Ireland B6R63P8 2.683 -0.018
B USD Ireland B6R5YM9 2.388 -0.019
B EUR Ireland B6R5HM0 2.720 -0.017
Z GBP Ireland B4X3T62 2.072 -0.014
JOHCM Continental European Fund 09/04/2021 A GBP Ireland 3300912 5.355 0.018
A USD Ireland BJ4G0G2 1.664 0.007
A EUR Ireland 3300923 4.312 0.016
A Hedged GBP Ireland BSJCJ49 1.458 0.006
B GBP Ireland 3100543 5.168 0.018
B USD Ireland BJ4G0H3 1.699 0.006
B EUR Ireland 3300901 4.344 0.014
Y GBP Ireland B993PD0 1.972 0.007
Y EUR Ireland B98YKX9 1.661 0.006
Y Hedged GBP Ireland BSJCJ50 1.520 0.006
JOHCM European Concentrated Value Fund 09/04/2021 A EUR Ireland BW0DJY9 1.099 0.002
B EUR Ireland BW0DJZ0 1.093 0.001
Z AUD Ireland BYNJFM8 1.234 0.003
Z EUR Ireland BYNJFN9 1.010 0.001
JOHCM European Select Values Fund 09/04/2021 A GBP Ireland 3290422 6.069 0.010
A EUR Ireland 3290433 3.895 0.006
B GBP Ireland 3290400 5.562 0.009
B EUR Ireland 3290411 2.609 0.004
Non-Distributing EUR Ireland BSFWK51 1.447 0.002
X EUR Ireland B4K14L9 1.867 0.002
Y EUR Ireland BMXC8L3 1.047 0.003
JOHCM Global Emerging Markets Opportunities Fund 09/04/2021 A GBP Ireland B4002N4 1.559 -0.010
A USD Ireland B4M6CN0 1.378 -0.010
A EUR Ireland B3ZBLW7 1.692 -0.010
B GBP Ireland B41RZ57 1.500 -0.009
B USD Ireland B4XXMP2 1.802 -0.013
B EUR Ireland B4TRCR0 1.672 -0.011
Y GBP Ireland BYSGJY4 1.878 -0.011
Y USD Ireland BYSGJZ5 1.677 -0.012
Z GBP Ireland B6R54W9 1.961 -0.012
Z CAD Ireland BBPK0L2 1.820 -0.013
Z AUD Ireland B5W6ZB6 2.066 -0.012
JOHCM Global Income Builder Fund 09/04/2021 GBP Ireland BFZWPH7 1.111 0.004
A SGD Ireland BFZWPG6 1.075 0.002
A GBP Ireland BFZWPC2 1.061 0.003
A USD Ireland BFZWPF5 1.085 0.003
A EUR Ireland BFZWPD3 1.081 0.003
B EUR Ireland BFZWPJ9 1.048 0.004
EUR EUR Ireland BKF2GH9 0.960 0.002
GBI GBP Ireland BHR0DJ1 1.085 0.003
JOHCM Global Opportunities Fund (offshore) 09/04/2021 A USD Ireland B89JY23 2.248 -0.002
A EUR Ireland B7MR557 2.399 0.001
A GBP Ireland B89PQM5 2.195 0.001
B GBP Ireland BF7NZS9 2.419 0.002
B USD Ireland B8295C7 2.141 -0.001
B EUR Ireland B80FZF0 2.210 0.001
IHX EUR Ireland BFZWWX2 1.084 0.000
X GBP Ireland BQVC9L0 1.874 0.001
X EUR Ireland BMCZLF8 1.173 0.001
X EUR Ireland BJ5JW42 1.093 0.000
X Hedged GBP Ireland BF29TX5 1.156 -0.001
Z GBP Ireland B83MS15 0.872 0.000
Z GBP Ireland BD6R4D6 1.660 0.001
Z EUR Ireland BDZD4M4 1.078 0.001
JOHCM Global Opportunities Fund (onshore) 09/04/2021 A Accumulating GBP UK BJ5JMC0 1.127 0.000
A Distributing GBP UK BJ5JMD1 1.083 0.000
AHA GBP UK BKDV8G1 1.157 -0.001
X Accumulating GBP UK BJ5JMF3 1.096 0.001
X Distributing GBP UK BJ5JMG4 1.080 0.000
JOHCM Global Select Fund 09/04/2021 A GBP Ireland B3DBRN2 4.625 0.015
A USD Ireland B3T31Z2 2.614 0.005
A EUR Ireland B3DBRP4 4.296 0.013
B GBP Ireland B3DBRL0 4.459 0.014
B USD Ireland B5L7L67 2.984 0.006
B EUR Ireland B3DBRM1 4.158 0.013
Z GBP Ireland B3DCMB8 3.329 0.012
Z USD Ireland B4V7J00 2.945 0.008
JOHCM Japan Fund 09/04/2021 A GBP Ireland B00X0H5 2.520 -0.001
A EUR Ireland 3438880 1.840 -0.001
A Hedged GBP Ireland B5LD7P6 1.815 0.004
A JPY JPY Ireland 3438891 365.482 0.765
B GBP Ireland 3438846 2.460 -0.002
B EUR Ireland 3438857 1.784 -0.001
B Hedged GBP Ireland B6386R1 1.819 0.004
B JPY JPY Ireland 3438868 361.419 0.752
JOHCM UK Dynamic Fund 09/04/2021 A Accumulating GBP UK B4T7HR5 2.621 0.001
A Distributing GBP UK B4T8552 1.832 0.001
B Accumulating GBP UK B4T7JX5 2.912 0.001
B Distributing GBP UK B4TXJ33 1.668 0.001
X Accumulating GBP UK BJ7HNB8 1.021 0.000
X Distributing GBP UK BJ5JMB9 0.954 0.000
Y GBP Ireland BDGKPZ4 0.955 0.001
Y GBP UK BDZRJ21 1.149 0.001
Y Accumulating GBP UK BDZRJ10 1.512 0.001
JOHCM UK Equity Income Fund 09/04/2021 A Accumulating GBP UK B03KR50 3.988 0.013
A Distributing GBP UK B03KP23 1.878 0.006
B Accumulating GBP UK B03KR83 3.698 0.012
B Distributing GBP UK B03KR61 1.739 0.005
X Distributing GBP UK BYV9S21 0.936 0.003
Y GBP UK B95FCK6 1.267 0.004
Y Accumulating GBP UK B8FCHK5 1.609 0.005
JOHCM UK Growth Fund 09/04/2021 A GBP Ireland 3300934 4.125 0.021
B GBP Ireland 3100554 3.596 0.018
REU EUR Ireland BLLV8D7 2.223 0.011
RUD USD Ireland BLLV8C6 2.457 0.009
X USD Ireland BLLV871 2.464 0.009
X EUR Ireland BLLV8B5 2.094 0.011
X EUR Ireland BLLV882 2.229 0.011
X GBP Ireland BLLV893 2.070 0.010
JOHCM UK Opportunities Fund 09/04/2021 A Accumulating GBP UK B0LLB64 3.269 0.016
A Distributing GBP UK B3K76Q9 2.147 0.011
B Accumulating GBP UK B0LLB75 3.044 0.015
B Distributing GBP UK B3K76P8 2.027 0.010
X Accumulating GBP UK BQJZQQ5 1.503 0.007
X Distributing GBP UK B95MSF4 1.216 0.006
Y GBP UK B95J5C1 1.445 0.008
Y Accumulating GBP UK B95HP81 1.828 0.009
Regnan Global Equity Impact Solutions Fund (offshore) 09/04/2021 GBP Ireland BN2BDR9 0.942 0.003
USD Ireland BN2BDV3 0.949 0.002
A GBP Ireland BN2BD80 0.939 0.003
A USD Ireland BN2BDC4 0.946 0.001
A EUR Ireland BN2BD91 0.966 0.004
B GBP Ireland BN2BDD5 0.938 0.003
B USD Ireland BN2BDH9 0.945 0.002
B EUR Ireland BN2BDF7 0.964 0.004
EUR EUR Ireland BN2BDS0 0.968 0.003
HSE EUR Ireland BN2BDT1 0.946 0.002
IHX EUR Ireland BN2BDB3 0.943 0.001
RHX EUR Ireland BN2BDG8 0.942 0.003
Z GBP Ireland BN2BDN5 0.940 0.003
Regnan Global Equity Impact Solutions Fund (onshore) 09/04/2021 A Accumulating GBP UK BMCZDD0 1.094 0.004
DNA GBP UK BMCZDJ6 1.098 0.004
Y Accumulating GBP UK BMCZDK7 1.095 0.004

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 04/20 05/20 06/20 07/20 08/20 09/20 10/20 11/20 12/20 01/21 02/21 03/21 04/21
A  GBP 0.4276 0.4164 0.4095 0.4554 0.4276 0.3871 0.4592 0.4016 0.4363 0.4312 0.3200 0.3071 0.3763
A EUR 0.4180 0.4202 0.4065 0.4551 0.4180 0.3838 0.4431 0.3928 0.4289 0.4233 0.3205 0.3138 0.3899
A USD   0.4154 0.3897 0.3833 0.4212 0.4154 0.3885 0.4393 0.3865 0.4335 0.4393 0.3270 0.3191 0.3864
A SGD  0.4224 0.4070 0.3970 0.4323 0.4224 0.3895 0.4425 0.3899 0.4296 0.4274 0.3217 0.3140 0.3844
B EUR 0.4083 0.4115 0.3978 0.4351 0.4083 0.3745 0.4319 0.3826 0.4174 0.4115 0.3114 0.3046 0.3781
Seed 0.4464 0.4342 0.4272 0.4752 0.4464 0.3402 0.3929 0.3484 0.3806 0.3757 0.2846 0.2787 0.3464

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 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
A distributing GBP 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681
A accumulating GBP 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649
B distributing GBP  1.8139 1.9597 3.4124 2.6093 1.9017 1.4790 1.0379 1.1739 0.9997 1.0825
B accumulating GBP 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869
Y distributing GBP 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534 0.8514 0.7263 0.9944
Y accumulating GBP 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242 1.0570 0.5363 0.7879

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 2020 and pay date of 28 February 2021.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 1.3082
Z USD 28 Feb 2021 cents per share 1.0517

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0174
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 0.5072

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.4259

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 5.8996
A EUR 28 Feb 2021 cents per share 4.5760
A - hedge GBP 28 Feb 2021 pence per share 1.5657
B GBP 28 Feb 2021 pence per share 3.5824
B EUR 28 Feb 2021 cents per share 2.9017
B - hedge USD 28 Feb 2021 cents per share 0.7325
Y GBP 28 Feb 2021 pence per share 2.3739
Y - hedge GBP 28 Feb 2021 pence per share 1.7895
Y EUR 28 Feb 2021 cents per share 1.9265

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 5.8627
A EUR 28 Feb 2021 cents per share 3.6253
B GBP 28 Feb 2021 pence per share 3.1469
B EUR 28 Feb 2021 cents per share 1.4223

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2021 cents per share 1.0427
B USD 28 Feb 2021 cents per share 0.7018
B EUR 28 Feb 2021 cents per share 0.5797
Z EUR 28 Feb 2021 cents per share 1.5956

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 1.6723
A EUR 28 Feb 2021 cents per share 1.7483
A USD 28 Feb 2021 cents per share 1.4737
B GBP 28 Feb 2021 pence per share 0.8550
B EUR 28 Feb 2021 cents per share 0.9178
B USD 28 Feb 2021 cents per share 1.0224
Y GBP 28 Feb 2021 pence per share 2.2520
Y USD 28 Feb 2021 cents per share 2.0030
Z GBP 28 Feb 2021 cents per share 3.5880

JOHCM Global Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 4.7894
A EUR 28 Feb 2021 cents per share 5.0441
A USD 28 Feb 2021 cents per share 4.8886
B GBP 28 Feb 2021 pence per share 5.3099
B EUR 28 Feb 2021 cents per share 4.6750
B USD 28 Feb 2021 cents per share 4.6865
A - hedged EUR 28 Feb 2021 cents per share 2.2077
X GBP 28 Feb 2021 cents per share 4.0923
Z GBP 28 Feb 2021 cents per share 1.8925
X - hedged GBP 28 Feb 2021 cents per share 2.3159
X EUR 28 Feb 2021 cents per share 2.2293

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 2.1310

JOHCM Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 2.8241
A EUR 28 Feb 2021 cents per share 1.9872
A JPY 28 Feb 2021 yen per share 382.8007
A - hedged GBP 28 Feb 2021 pence per share 1.8023
B GBP 28 Feb 2021 pence per share 1.6848
B EUR 28 Feb 2021 cents per share 1.1929
B JPY 28 Feb 2021 yen per share 231.4128
B - hedged GBP 28 Feb 2021 pence per share 1.0995

JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.5474
A - accumulating GBP 28 Feb 2021 pence per share 6.3294
B - distributing GBP 28 Feb 2021 pence per share 4.1566
B - accumulating GBP 28 Feb 2021 pence per share 7.0581
Y - distributing GBP 28 Feb 2021 pence per share 2.8496
Y - accumulating GBP 28 Feb 2021 pence per share 3.6465
Y GBP 28 Feb 2021 pence per share 2.2768

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 2.2139
B GBP 28 Feb 2021 pence per share 0.6152
X GBP 28 Feb 2021 pence per share 0.3146

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.7354
A - accumulating GBP 28 Feb 2021 pence per share 7.0433
B - distributing GBP 28 Feb 2021 pence per share 4.4936
B - accumulating GBP 28 Feb 2021 pence per share 6.5893
Y - accumulating GBP 28 Feb 2021 pence per share 3.9303
Y - distributing GBP 28 Feb 2021 pence per share 3.1829

 

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

  • 22 Jan 2021

    Core thoughts

    Three topics that have been dominating the thoughts and actions of the JOHCM UK Opportunities team over the last quarter.

    Read More
  • 26 Oct 2020

    Three years on, five lessons learnt

    Three years on from assuming co-leadership of the JOHCM UK Opportunities Fund, Rachel Reutter and Michael Ulrich reflect on five lessons learnt.

    Read More
  • 04 Oct 2020

    Core thoughts

    An October update from Rachel Reutter and Michael Ulrich, managers of the JOHCM UK Opportunities Fund. 

    Read More
  • 17 Sep 2020

    A deep dive into UK equities

    Rachel Reutter, JOHCM UK Opportunities Fund, on five factors UK equity investors need to look out for in the ‘new normal’.

    Read More
  • 02 Apr 2020

    Time to adapt

    The very latest thinking and portfolio changes from the JOHCM UK Opportunities team. 

    Read More
  • 13 Mar 2020

    Be calm, considered and patient

    A letter from the JOHCM UK Opportunities team in light of the coronavirus-driven sell-off.  

    Read More
  • 17 Dec 2019

    Mind the value traps: beware the illusion of value

    Investors picking between value and growth styles are choosing different ways to lose money. 

    Read More
  • 05 Jun 2019

    UK Opportunities Fund Bulletin

    Navigating dysfunctional markets: Michael Ulrich and Rachel Reutter provide their 6 month Fund update.

    Read More
  • 04 Jan 2019

    UK Opportunities Fund Bulletin

    Michael Ulrich and Rachel Reutter, co-managers of the JOHCM UK Opportunties Fund, provide their outlook and an overview of the last six months.

    Read More

Webcasts & Videos

  • JOHCM UK Opportunities Fund Q3 2020 update

    08 Oct 2020 | 22 mins

  • JOHCM UK Opportunities Fund June 2020 update

    24 Jun 2020 | 19 mins

  • Navigating dysfunctional markets: JOHCM UK Opportunities Fund Update

    26 Jun 2019 | 13 mins

  • JOHCM UK Opportunities Fund Update

    10 Jan 2019 | 16 mins

  • Rachel Reutter

    Senior Fund Manager

    small image path
  • Michael Ulrich

    Senior Fund Manager

    small image path
  • Roshni Bolton

    Analyst

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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.

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JOHCM UK Dynamic Fund

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JOHCM UK Growth Fund

Mark Costar and Vishal Bhatia aim to identify mispriced or undiscovered growth stocks that typically reside in one of three categories: the clear and unassailable market leader, the innovator or market disruptor and the supply side beneficiary. The Fund typically has a small-cap bias and contains stocks that have a high margin of safety...

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Environmental and Social Characteristics

Amongst other characteristics, the Fund promotes environmental and social characteristics and invests in companies that apply good corporate governance.  JOHCM Funds (Ireland) Limited, the Fund’s manager, has therefore categorised the Fund as meeting the provisions set out in Article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”).  

In looking for investments, J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid investing in companies which contribute to significant social and/or environmental harms, and thereby fail environmental, social and governance (“ESG”) key performance indicators.    In order to achieve this, the Investment Manager uses ESG scores to populate its own proprietary ESG scorecard which it uses to assess and monitor its investments.  The Fund seeks to avoid those companies it rates as “Failing to meet standards” on that proprietary scorecard. The selection criteria may not be disapplied or overridden by the Investment Manager. 

When an investee company is rated as ‘Failing to meet standards’ on its proprietary ESG scorecard, the Investment Manager will engage with that issuer for a period of up to 18 months to allow the company to implement change, otherwise the Fund will exit that position.  

The team recognises that ESG factors can create risks and opportunities for companies and look for companies who may benefit from this. 

In order to measure and monitor the environmental characteristics of the Fund, the Investment Manager utilises a proprietary scorecard which measures each investee company against not only financial and business characteristics, but also relevant social and environmental metrics.  The Investment Manager will also consider data provided by a third-party data provider, although this will not necessarily directly influence whether a company will be bought or sold by the Fund. 

Governance

Investee companies must follow good governance practices. This requires investee companies to adhere to minimum standards in various areas including sound management structures, employee relations, remuneration of staff and tax compliance. The Investment Manager is a signatory to the UK Stewardship Code 2012, is requesting to be a signatory to the UK Stewardship Code 2020 (together the “Code”) and is a signatory to the UN Principles for Responsible Investment (the “UNPRI”). As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter. 

Index

The Fund uses the FTSE All Share Total Return Index for performance fee calculation purposes only and it is not, nor is it intended to be, aligned and/or consistent with the environmental and social characteristics promoted by the Fund. 

Periodic Reports

A description of the extent to which environmental and social characteristics are met will be available as part of the annual report which will be published on this website once available. The Fund’s most recent annual report does not include any information pursuant to SFDR.  

Implementing exclusionary screens

In implementing its exclusionary screens, we utilise the business involvement screening service offered by our third-party provider, ISS. As such, we rely upon ISS’s business involvement definitions, data and assessments.  Further details are available on request. 

The exclusion criteria referred to above will be applied prior to making any investment and the Fund’s portfolio will be monitored for any investments which breach these exclusion criteria on a periodic basis.   

 

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