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.
 


 

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.

Other UK Equity Funds

JOHCM UK Dynamic Fund

Stock picker Alex Savvides aims to profit from understanding and backing positive corporate change, change that is often misunderstood or under-appreciated by the stock market. The Fund may therefore feature a mixture of restructuring/recovery plays, cheap or hidden growth and other more general special situations. The fact that each stock h...

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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 30 September 2020
Fund size GBP 323.47m
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 30 September 2020
  • 5 Stars
  • 5 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 30/06/2020.

Fees and charges

Initial charge Up to 5%
Annual mgmt charge (A) 0.75%
Annual mgmt charge (B) 1.25%
Performance fee 15% on excess if Fund outperforms benchmark, calculated daily. Any underperformance carried forward. This fee applies to all share classes.

Administration

Status UCITS
Investment manager J O Hambro Capital Management 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 30 September 2020

September saw a return of uncertainty in both politics and the pace and shape of economic recovery as Covid-19 infection rates surged again. The trajectory of the pandemic, presidential tweets and Brexit negotiations remain impossible to predict. 

One of the ways in which we’ve been making the Fund more resilient to these external shocks is to own businesses that offer diverse sets of cash flows, both in geography and activity set. There are some excellent UK-listed global businesses which benefit from both the diversity and long-term growth runway that operating across multiple areas gives them. 

Smith’s Group is a company which meets these criteria, and we caught up with the management team after the company’s results during the month. Smiths is a large and long-established engineering conglomerate. Its industrial seals business is heavily weighted to recurring revenue aftermarket sales and safety-critical environments, making it less volatile than industrial companies reliant on the capital goods cycle. Its detection business performed well as structural growth drivers for better security in public spaces have not been diminished by the pandemic. Its businesses exposed to aerospace and automotive understandably did less well. However, reported revenues were up slightly year-on-year at the group level, demonstrating the benefits of its diversity. 

Both the chairman and chief executive are engineers by training and are committed to investing in research and development in order to drive growth. The group spent £119m on R&D last year,  a 7% rise on 2019, and new products developed over the last three years now account for 20% of group revenues, a 54% increase from the previous year. The management team are continuing to increase investment and remain committed to a strong balance sheet. We were supportive of their decision to cut the dividend in order to maintain operational flexibility and continue to fund growth opportunities. 

The Covid-19 pandemic has highlighted to the world the need for engineering and medical-led solutions. Smiths has played an important role, and alongside its partners, this spring, the group went from manufacturing 100 ventilators per month, to 1,000 per week. Smiths Detection is currently testing new breathalyser devices that can measure viral load both in people’s breath and in confined spaces like aircraft. 

During the month we took the decision to sell Travis Perkins to zero. The pandemic has stalled the group’s strategy to offload Wickes, its ability to de-gear in the next 1-2 years, and we believe the headwind of accelerated Travis Perkins branch closures will now outweigh the positives of the Toolstation expansion in Europe. 

Given the return of virus headlines, PZ Cussons was a strong performer as its Carex business continues to be a beneficiary of better hand hygiene. Our weakest stock was Whitbread, which will suffer as restrictions on movement return. 

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 30 September 2020
A GBP share class, since launch (30 November 2005)

Return history (%)

Data as at 30 September 2020

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The 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. 
 


Sep 15 - Sep 16 Sep 16 - Sep 17 Sep 17 - Sep 18 Sep 18 - Sep 19 Sep 19 - Sep 20
Fund 17.80% 4.16% 2.89% 5.68% -7.24%

Monthly returns (%)

Data as at 30 September 2020
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 -9.47 183.00
Benchmark 2020 -2.84 -9.37 -15.89 8.64 2.17 0.72 -2.68 1.55 -2.05 -19.86 102.82

Net yield

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

Net Yield %
Share class A - accumulating 3.25
Share class A - distributing 3.35
Share class B - accumulating 3.26
Share class B - distributing 3.36

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 30 September 2020
Fund size GBP 323.47m
Number of holdings 32

Top 10 holdings and active weights

Data as at 30 September 2020
Top 10 holdings
Unilever 3.77%
GlaxoSmithKline 3.44%
Reckitt Benckiser 3.44%
PZ CUSSONS 3.40%
HOMESERVE 3.34%
Ferguson 3.27%
Diageo 3.25%
Intertek 3.19%
Smith & Nephew 3.14%
TATE & LYLE 3.09%
Top 10 active weights
PZ CUSSONS +3.38%
HOMESERVE +3.16%
Barrick Gold +2.97%
TATE & LYLE +2.92%
SERCO GROUP +2.83%
UDG HEALTHCARE +2.74%
Intertek +2.65%
Sage +2.58%
Johnson Matthey +2.53%
Morrison +2.51%

Sector breakdown

Data as at 30 September 2020
Portfolio Benchmark Relative
Industrials 22.52% 12.99% 9.53%
Consumer Services 20.93% 12.58% 8.35%
Consumer Goods 16.95% 15.90% 1.05%
Health Care 9.42% 11.45% -2.03%
Basic Materials 8.58% 8.97% -0.39%
Utilities 5.95% 3.39% 2.56%
Technology 3.00% 1.25% 1.76%
Telecommunications 2.92% 2.07% 0.85%
Financials 0.00% 24.82% -24.82%
Oil & Gas 0.00% 6.59% -6.59%
Cash 9.72% 0.00% 9.72%

Market cap breakdown

Data as at 30 September 2020
Portfolio Benchmark Relative
Large Cap 73.26% 79.53% -6.27%
Medium Cap 17.02% 17.18% -0.16%
Small Cap 0.00% 3.29% -3.29%
Cash 9.72% 0.00% 9.72%

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 20/10/2020 A GBP Ireland B3RQ272 2.514 0.031
A USD Ireland B435PM6 2.035 0.018
A EUR Ireland B431KK7 2.323 0.014
B GBP Ireland B3ZQS76 2.479 0.030
B USD Ireland BF7NZT0 2.071 0.019
B EUR Ireland B5L49R5 2.360 0.015
Z GBP Ireland B44PG77 1.788 0.022
Z USD Ireland BVG7681 1.361 0.012
JOHCM Asia ex Japan Small and Mid Cap Fund 20/10/2020 A GBP Ireland B6R5LS4 2.433 0.050
A USD Ireland B6R5QW3 2.092 0.036
A EUR Ireland B6R5VD9 2.022 0.029
B USD Ireland B6R5YM9 2.006 0.033
B EUR Ireland B6R5HM0 2.299 0.033
B GBP Ireland B6R63P8 2.387 0.048
Z GBP Ireland B4X3T62 1.839 0.038
JOHCM Continental European Fund 20/10/2020 A GBP Ireland 3300912 4.629 0.025
A USD Ireland BJ4G0G2 1.364 0.000
A EUR Ireland 3300923 3.541 -0.002
A Hedged GBP Ireland BSJCJ49 1.194 -0.001
B GBP Ireland 3100543 4.458 0.024
B USD Ireland BJ4G0H3 1.391 -0.001
B EUR Ireland 3300901 3.560 -0.003
Y GBP Ireland B993PD0 1.705 0.009
Y EUR Ireland B98YKX9 1.365 -0.001
Y Hedged GBP Ireland BSJCJ50 1.250 0.000
JOHCM European Concentrated Value Fund 20/10/2020 A EUR Ireland BW0DJY9 0.940 -0.001
B USD Ireland BW0DK13 1.085 0.001
B EUR Ireland BW0DJZ0 0.933 -0.001
Z AUD Ireland BYNJFM8 1.141 0.010
Z EUR Ireland BYNJFN9 0.867 -0.001
JOHCM European Select Values Fund 20/10/2020 A GBP Ireland 3290422 5.073 0.039
A EUR Ireland 3290433 3.093 0.004
B GBP Ireland 3290400 4.640 0.036
B EUR Ireland 3290411 2.068 0.003
Non-Distributing EUR Ireland BSFWK51 1.141 0.001
X EUR Ireland B4K14L9 1.479 0.003
JOHCM Global Emerging Markets Opportunities Fund 20/10/2020 A GBP Ireland B4002N4 1.361 0.009
A USD Ireland B4M6CN0 1.137 0.004
A EUR Ireland B3ZBLW7 1.404 0.001
B GBP Ireland B41RZ57 1.307 0.009
B USD Ireland B4XXMP2 1.483 0.005
B EUR Ireland B4TRCR0 1.385 0.002
Y USD Ireland BYSGJZ5 1.383 0.004
Y GBP Ireland BYSGJY4 1.642 0.011
Z GBP Ireland B6R54W9 1.719 0.012
Z CAD Ireland BBPK0L2 1.577 0.008
Z AUD Ireland B5W6ZB6 1.854 0.019
JOHCM Global Income Builder Fund 20/10/2020 GBP Ireland BFZWPH7 1.063 -0.001
A GBP Ireland BFZWPC2 1.017 -0.002
A USD Ireland BFZWPF5 0.982 -0.005
A EUR Ireland BFZWPD3 0.985 -0.007
A SGD Ireland BFZWPG6 0.984 -0.006
B EUR Ireland BFZWPJ9 0.959 -0.007
EUR EUR Ireland BKF2GH9 0.874 -0.006
GBI GBP Ireland BHR0DJ1 1.016 -0.001
HEU EUR Ireland BJGW7C3 0.941 -0.004
JOHCM Global Opportunities Fund (offshore) 20/10/2020 A GBP Ireland B89PQM5 2.036 0.001
A USD Ireland B89JY23 1.969 -0.007
A EUR Ireland B7MR557 2.115 -0.012
B GBP Ireland BF7NZS9 2.251 0.001
B USD Ireland B8295C7 1.882 -0.007
B EUR Ireland B80FZF0 1.955 -0.011
IHX EUR Ireland BFZWWX2 0.955 -0.003
X GBP Ireland BQVC9L0 1.737 0.000
X EUR Ireland BMCZLF8 1.010 -0.006
X EUR Ireland BJ5JW42 0.965 -0.005
X GBP Ireland BK8M212 0.970 0.001
X Hedged GBP Ireland BF29TX5 1.014 -0.004
Z GBP Ireland B83MS15 0.806 0.000
Z GBP Ireland BD6R4D6 1.499 0.000
Z EUR Ireland BDZD4M4 0.946 -0.005
JOHCM Global Opportunities Fund (onshore) 20/10/2020 A Accumulating GBP UK BJ5JMC0 1.021 0.000
A Distributing GBP UK BJ5JMD1 1.006 0.000
AHA GBP UK BKDV8G1 0.993 -0.004
X Accumulating GBP UK BJ5JMF3 0.992 0.000
X Distributing GBP UK BJ5JMG4 1.002 0.000
JOHCM Global Select Fund 20/10/2020 A GBP Ireland B3DBRN2 4.006 -0.028
A USD Ireland B3T31Z2 2.139 -0.021
A EUR Ireland B3DBRP4 3.535 -0.047
B GBP Ireland B3DBRL0 3.874 -0.027
B USD Ireland B5L7L67 2.449 -0.026
B EUR Ireland B3DBRM1 3.433 -0.044
Z GBP Ireland B3DCMB8 2.888 -0.018
Z USD Ireland B4V7J00 2.412 -0.024
JOHCM Japan Fund 20/10/2020 A GBP Ireland B00X0H5 2.205 -0.015
A EUR Ireland 3438880 1.530 -0.020
A Hedged GBP Ireland B5LD7P6 1.447 -0.014
A JPY JPY Ireland 3438891 290.788 -2.596
B GBP Ireland 3438846 2.148 -0.015
B EUR Ireland 3438857 1.480 -0.019
B Hedged GBP Ireland B6386R1 1.470 -0.014
B JPY JPY Ireland 3438868 286.822 -2.723
JOHCM UK Dynamic Fund 20/10/2020 A Accumulating GBP UK B4T7HR5 1.924 0.011
A Distributing GBP UK B4T8552 1.382 0.007
B Accumulating GBP UK B4T7JX5 2.143 0.012
B Distributing GBP UK B4TXJ33 1.261 0.007
X Accumulating GBP UK BJ7HNB8 0.749 0.004
X Distributing GBP UK BJ5JMB9 0.720 0.004
Y GBP UK BDZRJ21 0.867 0.005
Y GBP Ireland BDGKPZ4 0.721 0.004
Y Accumulating GBP UK BDZRJ10 1.109 0.006
JOHCM UK Equity Income Fund 20/10/2020 A Accumulating GBP UK B03KR50 2.720 0.010
A Distributing GBP UK B03KP23 1.298 0.005
B Accumulating GBP UK B03KR83 2.528 0.009
B Distributing GBP UK B03KR61 1.205 0.005
X Distributing GBP UK BYV9S21 0.646 0.002
Y GBP UK B95FCK6 0.875 0.003
Y Accumulating GBP UK B8FCHK5 1.097 0.004
JOHCM UK Growth Fund 20/10/2020 A GBP Ireland 3300934 2.879 0.007
B GBP Ireland 3100554 2.492 0.005
REU EUR Ireland BLLV8D7 1.455 -0.006
RUD USD Ireland BLLV8C6 1.599 -0.002
X USD Ireland BLLV871 1.601 -0.003
X EUR Ireland BLLV8B5 1.443 0.003
X EUR Ireland BLLV882 1.457 -0.006
X GBP Ireland BLLV893 1.427 0.003
JOHCM UK Opportunities Fund 20/10/2020 A Accumulating GBP UK B0LLB64 2.874 0.012
A Distributing GBP UK B3K76Q9 1.932 0.009
B Accumulating GBP UK B0LLB75 2.692 0.012
B Distributing GBP UK B3K76P8 1.835 0.008
X Accumulating GBP UK BQJZQQ5 1.326 0.007
X Distributing GBP UK B95MSF4 1.091 0.005
Y GBP UK B95J5C1 1.299 0.006
Y Accumulating GBP UK B95HP81 1.603 0.007

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 11/19 12/19 01/20 02/20 03/20 04/20 05/20 06/20 07/20 08/20
A  GBP 0.4537 0.4276 0.4668 0.4491 0.4176 0.4276 0.4164 0.4095 0.4554 0.4276
A EUR 0.4650 0.4426 0.4862 0.4680 0.4171 0.4180 0.4202 0.4065 0.4551 0.4180
A USD   0.4384 0.4117 0.4592 0.4372 0.3853 0.4154 0.3897 0.3833 0.4212 0.4154
A SGD  0.4398 0.4164 0.4573 0.4418 0.4079 0.4224 0.4070 0.3970 0.4323 0.4224
B EUR 0.4579 0.4355 0.4775 0.4595 0.4088 0.4083 0.4115 0.3978 0.4351 0.4083
Seed 0.4714 0.0411 0.4859 0.4677 0.3691 0.4464 0.4342 0.4272 0.4752 0.4464

Net dividends quoted in the local share class currency.

If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
A distributing GBP 2.7765 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154 1.2632
A accumulating GBP 5.2101 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958 2.6218
B distributing GBP  2.6034 1.8139 1.9597 3.4124 2.6093 1.9017 1.4790 1.0379 1.1739
B accumulating GBP 4.8980 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395 2.4391
Y distributing GBP 1.8670 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534 0.8514
Y accumulating GBP 2.0960 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242 1.0570

Dividends are quoted and paid in pence per share

XD dates: 31 March, 30 June, 30 September and 31 December
Payment dates: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on a XD rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying annual dividends

All funds have a XD date of 31 December 2019 and pay date of 28 February 2020.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 1.8021
A EUR 28 Feb 2020 cents per share 1.7923
A USD 28 Feb 2020 cents per share 1.4855
B GBP 28 Feb 2020 pence per share 0.6266
B EUR 28 Feb 2020 cents per share 0.0638
B USD 28 Feb 2020 cents per share 1.6124

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.1300
A EUR 28 Feb 2020 cents per share 2.8099
A USD 28 Feb 2020 cents per share 2.7475
B GBP 28 Feb 2020 pence per share 1.8821
B EUR 28 Feb 2020 cents per share 1.9280
B USD 28 Feb 2020 cents per share 1.6124

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 0.09794

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 2.4706
A EUR 28 Feb 2020 cents per share 7.4192
A - hedge GBP 28 Feb 2020 pence per share 9.0139
B GBP 28 Feb 2020 pence per share 6.5954
B EUR 28 Feb 2020 cents per share 5.6691
B - hedge USD 28 Feb 2020 cents per share 2.1446
Y GBP 28 Feb 2020 pence per share 3.0314
Y - hedge GBP 28 Feb 2020 pence per share 2.7274
Y EUR 28 Feb 2020 cents per share 3.0314

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 5.9865
A EUR 28 Feb 2020 cents per share 3.9287
B GBP 28 Feb 2020 pence per share 2.9895
B EUR 28 Feb 2020 cents per share 1.4341

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2020 cents per share 1.6278
B USD 28 Feb 2020 cents per share 1.1828
B EUR 28 Feb 2020 cents per share 1.0740

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.3106
A EUR 28 Feb 2020 cents per share 3.6734
A USD 28 Feb 2020 cents per share 2.8168
B GBP 28 Feb 2020 pence per share 2.4157
B EUR 28 Feb 2020 cents per share 2.7523
B USD 28 Feb 2020 cents per share 2.7885
Y GBP 28 Feb 2020 pence per share 4.2322
Y USD 28 Feb 2020 cents per share 3.6147

JOHCM Global Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 5.0670
A EUR 28 Feb 2020 cents per share 5.6662
A USD 28 Feb 2020 cents per share 4.9928
B GBP 28 Feb 2020 pence per share 5.6608
B EUR 28 Feb 2020 cents per share 5.2893
B USD 28 Feb 2020 cents per share 4.8215

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 2.8206
A EUR 28 Feb 2020 cents per share 2.6793
A USD 28 Feb 2020 cents per share 1.5358
B GBP 28 Feb 2020 pence per share 0.3902
B EUR 28 Feb 2020 cents per share 0.3720
B USD 28 Feb 2020 cents per share 0.2511

JOHCM Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.1582
A EUR 28 Feb 2020 cents per share 2.3586
A JPY 28 Feb 2020 yen per share 437.0683
A - hedged GBP 28 Feb 2020 pence per share 2.1461
B GBP 28 Feb 2020 pence per share 1.9398
B EUR 28 Feb 2020 cents per share 1.4400
B JPY 28 Feb 2020 yen per share 271.9972
B - hedged GBP 28 Feb 2020 pence per share 1.3891

JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2020 pence per share 8.3375
A - accumulating GBP 28 Feb 2020 pence per share 1.1143
B - distributing GBP 28 Feb 2020 pence per share 7.6644
B - accumulating GBP 28 Feb 2020 pence per share 1.2491
Y - distributing GBP 28 Feb 2020 pence per share 5.2184
Y - accumulating GBP 28 Feb 2020 pence per share 6.4131
Y GBP 28 Feb 2020 pence per share 4.3172

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 7.3614
B GBP 28 Feb 2020 pence per share 5.0086

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2020 pence per share 6.4553
A - accumulating GBP 28 Feb 2020 pence per share 9.3148
B - distributing GBP 28 Feb 2020 pence per share 6.1496
B - accumulating GBP 28 Feb 2020 pence per share 8.7487
Y - accumulating GBP 28 Feb 2020 pence per share 1.6547
Y - distributing GBP 28 Feb 2020 pence per share 4.3346

 

Net dividends quoted in the local share class currency.

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

Views & News

  • 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

    small image path

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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