JOHCM Global Income Builder Fund (JOBIX)

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Fund Description

The JOHCM Global Income Builder Fund is managed by JOHCM’s New York-based Multi-Asset Value team, which includes Senior Fund Managers Giorgio Caputo, Adam Gittes and Robert Hordon and Fund Manager Remy Gicquel.

Investment Strategy

Investment approach

The JOHCM team employs a differentiated bottom-up approach to investing across asset classes that is rooted in global value investing and which seeks to balance current income with the preservation and growth of capital in real (inflation-adjusted) terms over time. They seek to identify income-generative investments where they believe a margin of safety exists between their sense of the security or underlying business’s intrinsic value and the valuation reflected by the security’s market price. In normal market environments, the income level is expected to range between 3.5% and 4.5% of AUM after expenses. However, the team prioritizes the preservation of capital ahead of income generation, thus actual income distribution may fall outside these ranges. 

The team invests across global equity and debt capital market and seeks to manage relatively diversified portfolios, typically investing in the securities of 80-100 debt or equity issuers.  The equity exposure can range from 30% to 70% of the fund, but will generally be at least 40% of assets under management.  

Capacity for the Global Income Builder strategy has been set at $10 billion, at which point JOHCM will take steps to limit additional inflows in order to protect the interests of existing investors.

Investment objective

The investment objective of the JOHCM Global Income Builder Fund is to seek a level of current income that is consistent with the preservation and long-term growth of capital in inflation-adjusted terms. 

The Fund seeks to achieve its investment objective by applying a bottom-up, long-term global value investing philosophy across a broad range of asset classes. In a bottom-up approach, companies and securities are researched and chosen individually. The Fund normally will invest in a wide range of income-producing equity securities, including common stocks of U.S. and foreign companies that offer attractive dividend yields. The Fund also normally will invest in a wide range of fixed income instruments from markets in the United States and multiple countries around the world such as high-yield instruments (commonly referred to as ‘‘junk bonds’’), investment grade instruments and sovereign debt. Additionally, the Fund normally will invest in hybrid securities that embody elements of both equity and fixed income securities such as preferred shares and convertible bonds. The Fund may invest in securities of any maturity or investment rating, as well as unrated securities. While the Fund may hold investments in non-income producing securities, under normal market conditions at least 80% of the Fund’s assets will be comprised of income producing securities.

  • Giorgio Caputo

    Senior Fund Manager & Head of Multi-Asset Value

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  • Robert Hordon

    Senior Fund Manager

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  • Adam Gittes

    Senior Fund Manager & Head of Credit

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  • Rémy Gicquel

    Fund Manager

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Other Multi-Asset Equity Funds

JOHCM Credit Income Fund (JOCIX)

The JOHCM Credit Income Fund is managed by Giorgio Caputo, Senior Fund Manager and Head of Multi-Asset Value and Adam Gittes, Senior Fund Manager and Head of Credit. They are supported by the members of the New York-based Multi-Asset Value team.  The Fund seeks competitive current income through a flexible, global corporate cr...

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Fund details

Data as at 31 May 2022
Fund size $83.82mn
Strategy size $286.97mn ()
Fund inception date 29 November 2017
Benchmark MSCI World NR, Bloomberg Barclays US Aggregate Index, ICE BofAML BB-B Global High Yield Constrained Index
Share classes
Institutional (Launch date) 29-November-2017
Advisor (Launch date) 29-November-2017
Investor (Launch date) 28-June-2019
Minimum investment
Institutional $1,000,000
Advisor $0
Investor $0
Fund codes
Fund Ticker Share Class Fund Number CUSIP
JOBIX Institutional 687 46653M815
JOFIX Advisor 487 46653M799
JOIIX Investor 587 46653M781
Fees and Expenses
Fund Ticker Share Class Net Expense Ratio* Gross Expense Ratio*
JOBIX Institutional 0.73% 0.80%
JOFIX Advisor 0.83% 0.90%
JOIIX Investor 0.98% 1.05%

*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 January 28 2023.

Administration

Investment manager J O Hambro Capital Management Limited
Transfer agent and registrar Northern Trust
Custodian Northern Trust

Investment Background

As at 31 March 2022

Strategy Highlights

As at 31 March 2022

Global financial markets began 2022 on a volatile note as investors rapidly adjusted their expectations over the likely pace and extent of US interest rate rises. Although there was some further relief that Omicron seemingly poses less of a threat than previous Covid strains, the ratcheting up of geopolitical tensions between Russia and Ukraine weighed on investor appetite for riskier assets.

Global equity markets continued to slide in February as concerns about rising rates merged with increasing fears of war on European soil. The full-scale Russian invasion of Ukraine in February was a shock to markets; while markets rebounded somewhat in the final trading days of the month on hopes for a short-term solution to the crisis, perceptions continued to deteriorate as we entered March.

March was therefore a turbulent month but ultimately produced positive returns across most equity markets. Equities sold off sharply as the Ukraine conflict got priced in, particularly with respect to energy prices. After a short-lived rally at the beginning of March, the MSCI World Index plunged to its lowest levels since July 2001 as crude oil peaked. Markets then stabilized and improved in the days that followed as the oil price retreated. By mid-March, investors’ attention had shifted to the Fed meeting, which in retrospect catalyzed a recovery in risk assets that would persist for the remainder of the month. US equity markets fared better than non-US developed as well as emerging markets during the month.

Among equity holdings in February, our top contributors and detractors to performance were driven by a blend of broader market themes and idiosyncratic factors. ON Semiconductor recovered after a January sell-off, with a strong earnings report and outlook. Anglo American benefited from the ongoing trend towards higher commodity prices. Dollar Tree benefited from the announced retirement of its Chairman, which was seen as facilitating a management and board shake-up led by activist investor Mantle Ridge. Detractors were led by Meta Platforms (formerly Facebook), which is facing competitive difficulties and investor concerns over its level of investment in the metaverse. Naspers, the South African technology holding company, declined as some of its more speculative holdings have fallen in value. Air Products and Chemicals traded down on concerns over higher energy costs squeezing profit margins.

The fixed income portfolio declined modestly in February as short to medium-term interest rates rose approximately 25 bps in anticipation of increases in the Fed Funds rate in the months ahead. Several convertible bond positions sustained minor losses as associated equity prices declined.

Our top contributors among equity investments in March were Occidental Petroleum, Dollar Tree and Williams Companies. Occidental Petroleum benefited from the rise in oil prices as well as disclosures to the market regarding its low carbon initiatives. Dollar Tree further benefited from continued interest in its turnaround potential, along with its defensive profile as the possibility of a recession becomes more prominent. Williams Companies is a natural beneficiary of the surge in interest in US domestic natural gas production and export. Our top detractors among equities for March were Julius Baer, Truist Financial and Block. These position level losses were largely a result of a portfolio construction decision amid the market dislocation to reallocate to industrial and other cyclical businesses that were comparably depressed but, in our view, presented a better risk/reward profile.

In credit markets, March was markedly volatile with a risk-off tone at the start of the month in the immediate aftermath of Ukraine violence. This was followed by spread tightening against a persistent headwind caused by a large increase in Treasury rates. We continued to emphasize stronger credits, moving some of our positioning further into investment grade territory, while also starting to increase our duration as the yield curve has widened significantly.

As the year advances, we expect the market to continue to wrestle with two dominant (and in fact intertwined) sources of concern: the conflict in Ukraine and the path of interest rates. How either of these variables evolves is difficult if not impossible to forecast. The Ukraine situation and the resulting sanctions regime are especially impactful to the inflation outlook, given the potential for shortages and supply chain disruptions in commodity markets. How central banks respond to the inflationary consequences of these disruptions (and the extent to which they feel the need to tighten financial conditions to suppress demand) will likely be a key driver of returns across asset classes as the year progresses. With volatility likely to continue amidst these uncertainties, we remain focused as always on directing capital towards the most attractive bottom-up risk/reward opportunities in equity and credit markets.

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

Total Return (%)

Data as at May 31, 2022
  1 Month Total Return 3 Month Total Return YTD Total Return 1 Year Total Return Cumulative Since Inception
Advisor Shares Net 1.90 -2.36 -7.10 -5.00 22.66
Institutional Shares Net 1.90 -2.36 -7.10 -5.00 22.66
Benchmark 0.08 -5.72 -12.97 -4.82 45.96

Annualised Return (%)

Data as at March 31, 2022
  1 Year 2 Year 3 Year 4 Year 5 Year 10 Year Annualized Since Inception
Advisor Shares Net 3.70 15.47 7.23 6.14 5.52
Institutional Shares Net 3.70 15.47 7.23 6.14 5.52
Benchmark 10.12 30.24 14.98 12.13 11.30

Monthly returns (%)

Data as at 31 May 2022
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
Fund 2018 0.15 -3.30 0.80 -3.20 -5.88
Fund 2019 5.53 1.90 0.99 2.54 -2.77 4.59 -0.39 -0.06 1.22 1.73 0.64 1.98 19.14
Benchmark 2019 3.00 27.67
Benchmark 2019 -0.07 8.72
Benchmark 2019 1.79 13.88
Fund 2020 -0.81 -5.06 -10.48 7.80 1.48 1.26 3.62 2.17 -2.15 -2.61 8.09 2.18 4.05
Benchmark 2020 -0.61 -8.45 -13.23 10.92 4.83 2.65 4.78 6.68 -3.45 -3.07 12.79 4.24 15.90
Benchmark 2020 1.92 1.80 -0.59 1.78 0.47 0.63 1.49 -0.81 -0.05 -0.45 0.98 0.14 7.51
Benchmark 2020 0.15 -1.51 -11.97 4.85 4.39 1.56 4.84 1.40 -1.53 0.33 4.31 2.12 7.99
Fund 2021 -1.28 1.68 3.77 2.89 3.07 -1.12 0.77 0.79 -2.77 3.32 -2.68 4.17 12.96
Benchmark 2021 -0.99 2.56 3.33 4.65 1.44 1.49 -4.15 5.66 -2.19 4.27 21.82
Benchmark 2021 -0.72 -1.44 -1.25 0.79 0.33 0.70 -0.87 -0.03 0.30 -0.26 -1.54
Benchmark 2021 -0.10 0.27 -0.70 1.46 0.74 0.12 -0.89 -0.75 -1.71 1.79 0.68
Fund 2022 -2.72 -2.20 0.49 -4.66 1.90 -7.10
Benchmark 2022 -5.29 -2.53 2.74 -8.31 0.08 -12.97
Benchmark 2022 -2.15 -1.12 -2.78 -3.79 0.64 -8.92
Benchmark 2022 -2.82 -2.13 -1.40 -4.41 0.21 -10.17

Monthly returns (%)

Data as at 31 May 2022
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
Fund 2018 0.15 -3.30 0.80 -3.20 -5.88
Fund 2019 5.53 1.90 0.99 2.54 -2.77 4.59 -0.39 -0.06 1.22 1.73 0.64 1.98 19.14
MSCI World NR 2019 3.00 27.67
Bloomberg Barclay US Agg 2019 -0.07 8.72
BOFAML GIB HY Constr(BB-B) 2019 1.79 13.88
Fund 2020 -0.81 -5.06 -10.48 7.80 1.48 1.26 3.62 2.17 -2.15 -2.61 8.09 2.18 4.05
MSCI World NR 2020 -0.61 -8.45 -13.23 10.92 4.83 2.65 4.78 6.68 -3.45 -3.07 12.79 4.24 15.90
Bloomberg Barclay US Agg 2020 1.92 1.80 -0.59 1.78 0.47 0.63 1.49 -0.81 -0.05 -0.45 0.98 0.14 7.51
BOFAML GIB HY Constr(BB-B) 2020 0.15 -1.51 -11.97 4.85 4.39 1.56 4.84 1.40 -1.53 0.33 4.31 2.12 7.99
Fund 2021 -1.28 1.68 3.77 2.89 3.07 -1.12 0.77 0.79 -2.77 3.32 -2.68 4.17 12.96
MSCI World NR 2021 -0.99 2.56 3.33 4.65 1.44 1.49 -4.15 5.66 -2.19 4.27 21.82
Bloomberg Barclay US Agg 2021 -0.72 -1.44 -1.25 0.79 0.33 0.70 -0.87 -0.03 0.30 -0.26 -1.54
BOFAML GIB HY Constr(BB-B) 2021 -0.10 0.27 -0.70 1.46 0.74 0.12 -0.89 -0.75 -1.71 1.79 0.68
Fund 2022 -2.72 -2.20 0.49 -4.66 1.90 -7.10
MSCI World NR 2022 -5.29 -2.53 2.74 -8.31 0.08 -12.97
Bloomberg Barclay US Agg 2022 -2.15 -1.12 -2.78 -3.79 0.64 -8.92
BOFAML GIB HY Constr(BB-B) 2022 -2.82 -2.13 -1.40 -4.41 0.21 -10.17

Expense Ratio (%)

Data as at February 28, 2022
Share Class Gross Expense* Net Expense*
Advisor 0.90% 0.83%
Institutional 0.80% 0.73%
Investor 1.05% 0.98%

Source and notes

Benchmarks: The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed market countries. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. The Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark that measures the investment grade U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

ICE BofAML BB-B Global High Yield Constrained Index contains all securities in The ICE BofAML Global High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Investing in an index is not possible.


BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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. J O Hambro Capital Management Limited has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until January 28, 2022.

Top 10 holdings

Data as at 31 May 2022
Equities
Microsoft 1.84%
VICI Properties 1.54%
Thermo Fisher Scientific 1.49%
Alphabet 1.49%
Terna - Rete Elettrica Nazionale 1.45%
Novartis 1.45%
Linde 1.45%
Dollar Tree 1.38%
Oracle 1.35%
SAP 1.31%
Fixed Income
US TreasuryNotes 2.25% 15 feb 2052 3.99%
Advantage 6.50% 1.48%
TripAdvisor 7.00% 15 Jul 2025 1.39%
Wesco 7.25% 1.06%
Splunk 1.125% 15 Jun 2027 1.05%
American Tower 3.65% 1.04%
CCO Holdings, 5.375% 1 Jun 2029 0.98%
Spotify 0.00% 0.96%
Digital Realty 3.60% 0.95%
Liberty Latin America 2% 15 Jul 2024 0.95%

Sector breakdown

Data as at 31 May 2022
Equities
Information Technology 11.35%
Financials 10.12%
Energy 8.72%
Real Estate 7.11%
Communication Services 6.62%
Health Care 6.26%
Materials 5.96%
Consumer Staples 4.74%
Consumer Discretionary 3.39%
Utilities 2.60%
Industrials 1.76%
Fixed income
Communication Services 8.59%
Sovereign 3.99%
Real Estate 3.36%
Financials 2.95%
Information Technology 2.30%
Industrials 1.44%
Consumer Discretionary 1.24%
Health Care 0.70%
Materials 0.35%

Regional / Country breakdown

Data as at 31 May 2022
Equities
Equities Portfolio
ss United States 33.34%
ss United Kingdom 4.59%
ss France 4.50%
ss Switzerland 4.23%
ss Italy 4.10%
ss Germany 3.43%
ss Singapore 2.01%
ss Hong Kong 1.45%
ss Spain 1.42%
ss Canada 1.33%
Fixed income
Fixed income Portfolio
United States 24.95%

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 28/06/2022 Institutional USD 46653M849 20.92 -0.26 -1.23% 21.18
Investor USD 46653M823 20.93 -0.26 -1.23% 21.19
JOHCM Emerging Markets Opportunities Fund 28/06/2022 Advisor USD 46653M203 10.41 -0.04 -0.38% 10.45
Institutional USD 46653M104 10.44 -0.04 -0.38% 10.48
Investor USD 46653M302 10.42 -0.04 -0.38% 10.46
JOHCM Global Select Fund 28/06/2022 Advisor USD 46653M807 14.07 -0.31 -2.16% 14.38
Institutional USD 46653M708 14.11 -0.32 -2.22% 14.43
JOHCM Emerging Markets Small-Mid Cap Equity Fund 28/06/2022 Advisor USD 46653M500 11.32 -0.10 -0.88% 11.42
Institutional USD 46653M401 11.34 -0.09 -0.79% 11.43
JOHCM Global Income Builder Fund 28/06/2022 Advisor USD 46653M799 9.73 -0.05 -0.51% 9.78
Institutional USD 46653M815 9.73 -0.06 -0.61% 9.79
Investor USD 46653M781 9.72 -0.06 -0.61% 9.78
JOHCM International Opportunities Fund 28/06/2022 Institutional USD 46653M872 9.19 -0.01 -0.11% 9.20
JOHCM Credit Income Fund 28/06/2022 Institutional USD 46653M740 8.88 -0.03 -0.34% 8.91
Regnan Global Equity Impact Solutions 28/06/2022 Institutional USD 46653M716 6.82 -0.10 -1.45% 6.92
TSW Large Cap Value Fund 28/06/2022 Institutional USD 46653M641 13.68 -0.14 -1.01% 13.82
TSW High Yield Bond Fund 28/06/2022 Institutional USD 46653M658 8.58 -0.05 -0.58% 8.63

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.

 

*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 January 28 2023.

10 Nov 2021

Global Value and Income Dispatch

Stewarding capital through regime transitions

27 Jul 2021

Global Value and Income Dispatch

Inflation Now; Deflation Later? And Aligning Capital with Labor

24 Jun 2021

Global Value and Income Dispatch

Responsible income: is it time to take your last puff?

08 Jun 2021

Global Value and Income Dispatch

Ten thoughts for the new inflationary regime 
 

11 May 2021

Global Value and Income Dispatch

Should Credit Investors Panic About Rates?

21 Apr 2021

Global Value and Income Dispatch

Don’t let rising rates erode your income assets!

15 Apr 2021

Global Value and Income Dispatch

Fishing in the right ponds: responding to shifts in market regime

02 Feb 2021

Global Value and Income Dispatch

Managing through rising rates with “2020 Hindsight”
 

02 Nov 2020

Global Value and Income Dispatch

Q3 review: The rise of tangible capital?
 

22 Jul 2020

Global Income and Value Dispatch

Q2 review: the global income challenge
 

07 Apr 2020

Global Value and Income Dispatch

Q1 review: In the midst of chaos, there is also opportunity

17 Mar 2020

Global Income and Value Dispatch

Why worried investors shouldn’t be like Alice in Wonderland

06 Mar 2020

Global Value and Income Dispatch

Falling knives, iron gloves and The Shawshank Redemption: thoughts on the coronavirus from the JOHCM Multi-Asset Value team. 

05 Feb 2020

Global Value & Income Dispatch

Q4 Review: What are you paying for today?

26 Nov 2019

Global Value & Income Dispatch

Don't pay too much attention to the default rate. It's rating migration that matters. 

04 Nov 2019

Global Value & Income Dispatch

Q3 Review: Bifurcation and what the averages don't tell you...

29 Oct 2019

Credit market review - Q3 2019

Lale Topcuoglu reviews developments in the credit markets over Q3 2019 

10 Oct 2019

Global Value & Income Dispatch

Equity Market Xenophobia: Is It Justified?
 

09 Aug 2019

Global Value and Income Dispatch

Quality traps, liquidity voids and central bank puts. 

10 May 2019

Global Value and Income Dispatch

What do Swiss cheese and high yield covenants have in common? A lot of holes!

25 Apr 2019

Global Value and Income Dispatch

Blink and you might miss it! – the bottom-up advantage

28 Mar 2019

Global Value and Income Dispatch

What if the Fed has inflation completely wrong?

01 Feb 2019

Global Value and Income Dispatch

Strategies for the next market and on being greedy when others are fearful

23 Jan 2019

Global Value and Income Dispatch

Beware of the liquidity illusion in the quest for higher yields.

27 Nov 2018

Global Value and Income Dispatch

Should investors buy because prices are lower or sell because the economy may be slowing? Giorgio Caputo, JOHCM Global Income Builder Fund, provides his view.

13 Oct 2018

Global Value and Income Dispatch

An insight into the JOHCM Global Income Builder Fund - A fund for all seasons 

28 Aug 2018

Global Value and Income Dispatch

Looking for income? Three reasons to go global
 

29 Jul 2018

Global Value and Income Dispatch

Duration as a diversifier: Giorgio Caputo, Senior Fund Manager of the JOHCM Global Income Builder Fund, provides an update on portfolio positioning. 

01 May 2018

Global Value and Income Dispatch

It is our great pleasure to update you on JOHCM Global Income Builder Fund’s (JOBIX) first full quarter of operation.

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