JOHCM Emerging Markets Opportunities Fund (JOEIX)

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Fund Material

Data as at 31 August 2021

Fund Description

For fund managers James Syme and Paul Wimborne, identifying the most attractive emerging markets in which to invest is the most important influence on investment performance. Through an extensive process that focuses on growth, liquidity, currency, management/politics and valuations, they produce country allocation targets for each of the 20+ countries within the MSCI Emerging Markets Index. Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks within their favored countries. The result is a large-cap biased portfolio of 50-60 stocks.

Investment Strategy
  • James and Paul believe country allocation is the major driver of outperformance in emerging markets.
  • Through an exhaustive monthly country allocation process that covers 20+ countries within the MSCI Emerging Markets Index, the fund managers produce country allocation targets for each country within the index based on a five-factor analysis: Growth, Liquidity, Currency, Management/Politics and Valuation of equity market.
  • Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks trading on attractive valuations within the fund managers’ favoured countries.
  • Over time, they expect that top-down and bottom-up decisions will each contribute 50% of total value added.
Investment Objective

The investment objective of the JOHCM Emerging Markets Opportunities Fund (the “Fund”) is to seek long-term capital appreciation.The Fund invests, under normal conditions, at least 80% of its assets in equity securities of companies listed in, or whose principal business activities are located in, emerging markets. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (World Bank) and other countries with similar emerging market characteristics. The Fund may invest in emerging market companies of any size, including small and mid-capitalization companies in order to achieve its objective.The Fund’s investment style can be considered as growth at a reasonable price (GARP). GARP investment strategy is a blend of growth and value investing and seeks to find companies that have strong earnings growth at a good price. The Fund employs a combination of top-down and bottom-up research to assess potential investments in the Fund. The "Adviser" (J O Hambro Capital Management Limited) seeks to invest in companies that possess attractive fundamentals and fit with the Adviser’s top-down country views within the emerging markets.

  • James Syme

    Senior Fund Manager

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  • Paul Wimborne

    Senior Fund Manager

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  • Ada Chan

    Senior Analyst - Emerging Markets

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Fund details

Data as at 31 August 2021
Fund size $865.64mn
Strategy size $2.72bn
Maximum capacity $3bn
Benchmark MSCI Emerging Markets NR
Share classes
Institutional (Launch date) 20-November-2012
Advisor (Launch date) 20-November-2012
Investor (Launch date) 17-December-2013
Minimum investment
Institutional $1,000,000
Advisor $0
Investor $0
Fund codes
Fund Ticker Share Class Fund Number CUSIP
JOEMX Institutional 381 46653M104
JOEIX Advisor 181 46653M203
JOEAX Investor 581 46653M302
Fees and Expenses
Fund Ticker Share Class Net Expense Ratio* Gross Expense Ratio*
JOEMX Institutional 1.04% 1.04%
JOEIX Advisor 1.12% 1.12%
JOEAX Investor 1.27% 1.27%

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until June 30, 2022.

Fund ratings

Data as at 31 August 2021
Morningstar Rating Rank
  Rank Percentile Rating
Overall Morningstar Rating™     3-Star
1 year 547/789 68%
3 years 538/701 72% 2-Star
5 years 357/602 57% 3-Star
Morningstar Category Diversified Emerging Markets

Morningstar rankings are based on Share class I and on total returns. Past performance does not guarantee future results. © 2018 Morningstar. 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. 

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.  Ratings are for the share class shown only; other classes may vary.  

Administration

Investment Adviser J O Hambro Capital Management Limited
Transfer Agent Northern Trust
Custodian Northern Trust

Strategy Highlights

As at 30 June 2021

Emerging market equities notched up solid returns in the second quarter. Strong returns in April and June sandwiched a sell-off in May as US inflation readings came in higher than expected and sparked fears over early-than-anticipated monetary policy tightening.

Within the benchmark Brazil was the standout performer with a number of macro tailwinds helping to buoy equity markets. Its central bank raised interest rates for the third time this year in a bid to tackle inflation. Strength in the Brazilian real helped amplify gains.

Oil prices were supported by the pick-up in economic activity and helped the oil exporters such as Russia and Saudi Arabia notch up double-digit returns. In China, the regulatory clampdown dampened sentiment.

The portfolio underperformed over the quarter with weakness in our Chinese and Indian holdings offsetting the positives from our top-down country allocation calls. At the country level, Brazil was the main winner for us with our overweight position and stock selection (namely owning Petrobras, which rallied) adding value. The main laggards at the stock level were Naspers and Prosus.

There are two types of countries that we think lack the economic fundamentals to be attractive at this time. The first are the South-East Asian economies where growth recoveries  have been weak, and where the next move in policy rates is likely down, not up. Malaysia’s commodity sectors have been more supportive of growth there (although we remain zero weight), but it is particularly Indonesia, Thailand and the Philippines where we see the lack of a compelling growth story.

The second country we choose to avoid on economic grounds is Turkey. Unorthodox fiscal and monetary policy means that Turkey has had a very significant credit boom in the last few years. With the current account deficit elevated, inflationary pressures mounting and a weakening currency, the pressure on the central bank to hike rates is a defensive one to prevent capital flight, rather than a reflection of strong growth.

We believe that the conditions that have led to capital inflows, stronger currencies and good returns to equity investors are still in place. We do not agree that a repeat of 2013 is likely to happen soon. We think that there is plenty of scope for a positive capital flow/growth cycle to continue in emerging markets. Markets usually go further than you think.

Sources for all data: JOHCM/Bloomberg (unless otherwise stated).

Total Return (%)

Data as at August 31, 2021
  1 Month Total Return 3 Month Total Return YTD Total Return 1 Year Total Return Cumulative Since Inception
Class I 0.99 -4.52 4.31 24.53 70.29
Class II 0.99 -4.59 4.15 24.30 55.95
Institutional 0.98 -4.50 4.38 24.69 71.55
Benchmark 2.62 -4.12 2.84 21.12 64.26

Annualised Return (%)

Data as at June 30, 2021
  1 Year 2 Year 3 Year 4 Year 5 Year 10 Year Annualized Since Inception
Class I 38.47 13.71 9.39 8.99 11.86 6.89
Class II 38.11 13.55 9.23 8.86 11.69 6.74
Institutional 38.61 13.84 9.51 9.12 11.97 6.98
Benchmark 40.90 16.68 11.27 10.50 13.03 6.48

Monthly returns (%)

Data as at 31 August 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
Fund 2012 1.60 3.54 5.20
Benchmark 2012 2.83 4.89 7.86
Fund 2013 1.24 -1.88 -1.82 1.56 -0.77 -7.16 1.67 -1.23 6.54 5.65 1.57 0.24 5.01
Benchmark 2013 1.38 -1.26 -1.72 0.75 -2.57 -6.37 1.04 -1.72 6.50 4.86 -1.46 -1.45 -2.60
Fund 2014 -7.57 4.15 0.68 -0.59 5.57 1.93 1.02 1.73 -6.99 3.70 -0.66 -3.47 -1.47
Benchmark 2014 -6.49 3.31 3.07 0.33 3.49 2.66 1.93 2.25 -7.41 1.18 -1.06 -4.61 -2.19
Fund 2015 3.76 2.36 -0.81 7.91 -2.53 -3.95 -7.65 -8.64 -1.63 8.64 -2.35 -2.79 -8.89
Benchmark 2015 0.60 3.10 -1.42 7.69 -4.00 -2.60 -6.93 -9.04 -3.01 7.13 -3.90 -2.23 -14.92
Fund 2016 -7.92 -2.39 10.71 -1.70 -0.28 4.73 5.32 2.98 1.94 -3.29 -4.22 -0.18 4.44
Benchmark 2016 -6.49 -0.16 13.23 0.54 -3.73 4.00 5.03 2.49 1.29 0.24 -4.60 0.22 11.20
Fund 2017 6.48 1.97 3.90 2.21 3.35 1.86 4.87 2.00 0.04 4.99 -0.72 2.45 38.71
Benchmark 2017 5.47 3.06 2.52 2.19 2.96 1.01 5.96 2.23 -0.40 3.51 0.20 3.59 37.28
Fund 2018 4.20 -5.80 -0.16 0.01 -1.09 -2.66 1.02 -2.26 -0.82 -8.09 4.16 -3.69 -14.80
Benchmark 2018 8.33 -4.61 -1.86 -0.44 -3.54 -4.15 2.20 -2.70 -0.53 -8.71 4.12 -2.65 -14.58
Fund 2019 7.14 -0.57 3.94 0.01 -4.61 6.16 -3.09 -3.09 1.61 1.93 -1.74 6.94 14.61
Benchmark 2019 8.76 0.22 0.84 2.11 -7.26 6.24 -1.22 -4.88 1.91 4.22 -0.14 7.46 18.42
Fund 2020 -3.10 -5.37 -17.57 11.68 0.89 7.30 6.24 0.39 0.02 0.99 8.57 8.87 16.39
Benchmark 2020 -4.66 -5.27 -15.40 9.16 0.77 7.35 8.94 2.21 -1.60 2.06 9.25 7.35 18.31
Fund 2021 0.79 2.67 0.75 0.85 3.91 -0.53 -4.97 0.99 4.31
Benchmark 2021 3.07 0.76 -1.51 2.49 1.15 1.33 -6.73

Expense Ratio (%)

Data as at August 31, 2020
Share Class Gross Expense* Net Expense*
Advisor 1.12% 1.12%
Institutional 1.04% 1.04%
Investor 1.27% 1.27%

Disclaimer

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.

Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Market Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Indexes mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible.

Historical performance of the Emerging Markets Opportunities Fund for Class II Shares prior to its inception is based on the performance of Class I Shares, the share class most similar to Class II. The performance of Class II Shares has been adjusted to reflect differences in expenses.

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until June 30, 2022.

Top 10 holdings and active weights

Data as at 31 August 2021
Top 10 holdings
Samsung Electronics 8.46%
Prosus 5.35%
ENN Energy 4.04%
Hong Kong Exchanges 3.84%
SK Telecom 3.56%
Cemex 3.52%
State Bank of India 3.50%
Petrobras 3.49%
ICICI Bank 3.42%
SK Hynix 3.06%
Top 10 active weights
Prosus +5.35%
Samsung Electronics +4.01%
ENN Energy +3.85%
Hong Kong Exchanges +3.84%
SK Telecom +3.54%
Cemex +3.52%
State Bank of India +3.38%
Petrobras +2.94%
Xinyi Solar +2.85%
ICICI Bank +2.81%

Regional / Country breakdown

Data as at 31 August 2021
Portfolio Benchmark Relative
Brazil 9.09% 4.98% 4.1%
China 22.28% 34.31% -12.02%
Hong Kong 3.84% 0% 3.84%
India 15.45% 11.61% 3.84%
Mexico 6.14% 1.95% 4.19%
Netherlands 5.35% 0% 5.35%
South Africa 5.95% 3.21% 2.74%
South Korea 17.71% 12.94% 4.77%
Taiwan 5.92% 14.73% -8.81%
United Arab Emirates 2.73% 0.76% 1.96%
Cash 1.60% 0% 1.6%

Sector breakdown

Data as at 31 August 2021
Portfolio Benchmark Relative
Financials 21.84% 19.02% 2.80%
Information Technology 17.47% 21.27% -3.80%
Consumer Discretionary 13.57% 15.40% -1.80%
Materials 11.58% 8.92% 2.70%
Industrials 8.38% 5.01% 3.40%
Communication Services 6.76% 10.48% -3.70%
Consumer Staples 5.68% 5.78% -0.10%
Real Estate 5.43% 1.81% 3.60%
Utilities 4.16% 2.15% 2.00%
Energy 3.49% 5.23% -1.70%
Health Care 0.00% 4.87% -4.90%
Cash 1.60% 0.00% 1.60%

Market cap breakdown

Data as at 31 August 2021
Portfolio Benchmark Relative
Large 0.00% 81.60% -81.60%
Mid 0.00% 18.40% -18.40%
Small 0.00% 0.00% 0.00%

Disclaimer

Fund holdings, sector allocation, regional allocation and top 10 countries are subject to change without notification.

Fund

As at noon Share class Currency CUSIP Number NAV Change Change % Previous
JOHCM International Select Fund 22/09/2021 Institutional USD 46653M849 32.46 0.08 0.25% 32.38
Investor USD 46653M823 32.45 0.07 0.22% 32.38
JOHCM Emerging Markets Opportunities Fund 22/09/2021 Advisor USD 46653M203 12.80 0.09 0.71% 12.71
Institutional USD 46653M104 12.84 0.10 0.78% 12.74
Investor USD 46653M302 12.78 0.09 0.71% 12.69
JOHCM Global Select Fund 22/09/2021 Advisor USD 46653M807 22.29 0.24 1.09% 22.05
Institutional USD 46653M708 22.36 0.24 1.08% 22.12
JOHCM Emerging Markets Small-Mid Cap Equity Fund 22/09/2021 Advisor USD 46653M500 18.66 0.19 1.03% 18.47
Institutional USD 46653M401 18.69 0.19 1.03% 18.50
JOHCM Global Income Builder Fund 22/09/2021 Advisor USD 46653M799 11.22 0.07 0.63% 11.15
Institutional USD 46653M815 11.22 0.07 0.63% 11.15
Investor USD 46653M781 11.22 0.07 0.63% 11.15
JOHCM International Opportunities Fund 22/09/2021 Institutional USD 46653M872 12.16 0.04 0.33% 12.12
JOHCM Credit Income Fund 22/09/2021 Institutional USD 46653M740 10.18 0.02 0.20% 10.16
Regnan Global Equity Impact Solutions 22/09/2021 Institutional USD 46653M716 9.66 0.04 0.42% 9.62

Disclaimer

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.

Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Market Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Indexes mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible.

Historical performance of the Emerging Markets Opportunities Fund for Class II Shares prior to its inception is based on the performance of Class I Shares, the share class most similar to Class II. The performance of Class II Shares has been adjusted to reflect differences in expenses.

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until June 30, 2022.

20 Sep 2021

Emerging Markets Spotlight

There has been substantial commentary around the changing regulatory environment in China, but is this overshadowing the economic data?

19 Aug 2021

Emerging Markets Spotlight

Pandemic policies and the implications for emerging market investors. 

19 Aug 2021

Emerging Markets Spotlight

Pandemic policies and the implications for emerging market investors. 

02 Aug 2021

Emerging Markets Spotlight

Five indicators to monitor risk and opportunity from the JOHCM Global Emerging Markets Opportunities team. 

02 Aug 2021

Emerging Markets Spotlight

Five indicators to monitor risk and opportunity from the JOHCM Global Emerging Markets Opportunities team. 

23 Jun 2021

Emerging Markets Spotlight

Portfolio positioning around the commodity rally: the JOHCM Global Emerging Markets Opportunities team provide an update

26 May 2021

Emerging Markets Spotlight

The pick-up in capital flows, higher commodity prices and vaccination roll-outs are powerful drivers for commodity-exporting emerging markets.

26 May 2021

Emerging Markets Spotlight

The pick-up in capital flows, higher commodity prices and vaccination roll-outs are powerful drivers for commodity-exporting emerging markets.

13 May 2021

Emerging Markets Spotlight

With Covid-19 case numbers rising rapidly, James Syme reviews the portfolio's Indian exposure.

23 Mar 2021

Emerging Markets Spotlight

A top-down look at Brazil from the JOHCM Global Emerging Markets Opportunities team.

19 Feb 2021

Emerging Markets Spotlight

James Syme takes a look at the higher-beta emerging markets and gives his thoughts on where the opportunities lie.    

16 Dec 2020

Emerging Markets Spotlight

Looking for signs as to which economies (and, potentially, markets) are in the best positions to recover.

15 Oct 2020

Emerging Markets Spotlight

2020 has seen an upsurge in anti establishment protests in Thailand. James Syme provides his thoughts. 

11 Sep 2020

Emerging Markets Spotlight

The Emerging Markets Opportunities team highlight one of their strongest conviction ideas. 

11 Sep 2020

Emerging Markets Spotlight

The Emerging Markets Opportunities team highlight one of their strongest conviction ideas. 

12 Aug 2020

Emerging Markets Spotlight

Observations on some interesting differences between inflation dynamics in major Latin American countries.

12 Aug 2020

Emerging Markets Spotlight

Observations on some interesting differences between inflation dynamics in major Latin American countries.

16 Jul 2020

Emerging Markets Spotlight

A top-down look at the countries the JOHCM Emerging Markets Opportunities team are avoiding. 

16 Jul 2020

Emerging Markets Spotlight

A top-down look at the countries the JOHCM Emerging Markets Opportunities team are avoiding. 

16 Jun 2020

Emerging Markets Spotlight

The US hegemon versus the Chinese challenger: echoes of history

16 Jun 2020

Emerging Markets Spotlight

The US hegemon versus the Chinese challenger: echoes of history

22 May 2020

Emerging Markets Spotlight

Emerging markets to avoid: the JOHCM Emerging Markets Opportunities team provide their top down analysis.

22 May 2020

Emerging Markets Spotlight

Emerging markets to avoid: the JOHCM Emerging Markets Opportunities team provide their top down analysis.

17 Apr 2020

Emerging Markets Spotlight

We previously wrote that "banks generally carry a triple threat in this environment". We now update that to four threats.

17 Apr 2020

Emerging Markets Spotlight

We previously wrote that "banks generally carry a triple threat in this environment". We now update that to four threats.

26 Mar 2020

Matters of state: our latest views on EM

James Syme provides the team’s signature top-down analysis of emerging markets and the risks and opportunities, country-by-country.  

26 Mar 2020

Matters of state: our latest views on EM

James Syme provides the team’s signature top-down analysis of emerging markets and the risks and opportunities, country-by-country.  

11 Mar 2020

Emerging Markets Spotlight

What does Covid-19 mean for emerging markets?     

13 Feb 2020

Emerging Markets Spotlight

Shorter-term economic data sources and their usuefulness in navigating the impacts of the coronavirus spread in China.  

27 Jan 2020

Emerging Markets Spotlight

"China is a source of opportunities rather than an opportunity in and of itself." - James Syme provides his latest monthly update. 

21 Jan 2020

Emerging markets and the dollar: why not to be bearish on EM for too long

Many investors have assumed that dollar strength is the new normal, but pressure on the dollar is building. And when the dollar does roll over, the history of EM equities suggests the asset class could deliver very strong returns.
 

14 Nov 2019

Emerging Markets Spotlight

Improving US dollar liquidity and a weaker dollar have the potential to drive very strong economic uplift and equity market returns in EMs. 

08 Nov 2019

Turkey: political noise but investment opportunity

Turning more positive on Turkey: James Syme, JOHCM Global Emerging Markets Opportunities, explains his optimism.   

21 Oct 2019

Emerging Markets Spotlight

Despite the slowing global growth and trade war headwinds, James Syme outlines where the team are still finding opportunities.

23 Sep 2019

Emerging Markets Spotlight

Someday, this trade war’s going to end. That would be just fine for emerging market investors. Until then caution is warranted.

21 Aug 2019

Avoiding Argentina

Recent events in Argentina underline why investing in EM starts with the top-down country call.

19 Aug 2019

Emerging Markets Spotlight

James Syme, manager of the JOHCM Emerging Markets Opportunities Fund, talks trade wars and currency manipulation. 

15 Jul 2019

Emerging Market Spotlight

James Syme gives his outlook on emerging markets given slowing economic growth in China and the slowing cycle.

25 Jun 2019

Our reflections on Russia

James Syme, JOHCM Global Emerging Markets Opportunities, outlines the investment case for Russian equities, which have attractions despite the country’s well-documented political and corporate governance issues.
 

24 Jun 2019

Comment on recent Chile interest rate cut

Note from James Syme on the recent interest rate cut in Chile and broader thoughts on the EM asset class/portfolio positioning.

13 Jun 2019

Emerging Markets Spotlight

James Syme discusses Mexico being the latest emerging market to undergo volatility as a result of politics-related trade uncertainty. 

20 May 2019

Emerging Markets Spotlight

Conditions for EM ex-China look better for the next few years - James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.  

15 Apr 2019

Emerging Markets Spotlight

James Syme takes a look at two interesting stories that have been developing recently in South Africa and Mexico.

09 Apr 2019

This is what a revolution looks like

James Syme, JOHCM Global Emerging Markets Opportunities, on the positive changes in corporate governance in South Korea and what it means for the country's equity market.

20 Mar 2019

Outlook for emerging markets in 2019

Fed rate freeze bodes well for domestic EM equities

12 Feb 2019

Emerging Markets Spotlight

James Syme takes a look at US monetary policy and the resulting outlook for emerging markets. 

16 Jan 2019

Emerging Markets Spotlight

James Syme gives his take on China and why he remains cautious. 

05 Dec 2018

Outlook for emerging markets in 2019

Enticing valuations suggest 2019 will be a better year for emerging equity markets. 

15 Oct 2018

Emerging Markets Spotlight

James Syme, manager of the JOHCM Emerging Markets Opportunities Fund, takes a look at the implications of the escalating US-China trade tensions for emerging markets 

13 Sep 2018

Emerging Markets Spotlight

James Syme, manager of the JOHCM Global Emerging Markets Opportunities Fund, looks at whether opportunity can emerge from crisis in Brazil.

28 Aug 2018

Emerging Markets Spotlight

The importance of currency in emerging market investing: James Syme provides his insight on where the opportunities lie.

15 May 2018

Emerging Markets Spotlight

James Syme reviews how the rising oil price affects emerging market countries and currencies. 

15 Apr 2018

Emerging Markets Spotlight

Analysing the effect of political change on emerging market equities

19 Mar 2018

Emerging Markets Spotlight

Investor optimism over the new South African president is misplaced, says James Syme, JOHCM Emerging Market Opportunities Fund.

19 Jan 2018

Emerging Markets Spotlight

James Syme, co-manager of the JOHCM Emerging Markets Opportunities Fund, explains his views on the geopolitical risk surrounding the Korean peninsula.

16 Nov 2017

Emerging Markets Spotlight

James Syme, manager of the JOHCM Emerging Markets Opportunities Fund, details the two developments that added to our optimism over the Indian economy and Indian equities. 

27 Oct 2017

Emerging Markets Spotlight

James Syme, manager of the JOHCM Global Emerging Markets Opportunities Fund, takes an in-depth look at corporate Korea 

07 Sep 2017

Emerging Markets Spotlight: Checking on Currency

Problematic current-account deficits in many emerging markets have eased, reducing the overall level of risk in emerging markets as an asset class, explains James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.

08 Aug 2017

Emerging Markets Spotlight – India’s Banking System

There’s good news in retail credit, but state-owned banks have disappointed, says James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.

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