Christopher Lees
Senior Fund Manager
Fund managers Christopher Lees and Nudgem Richyal believe stock markets are inefficient and aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. Their intuitive “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behavior of each share price to determine whether the most important driver of each prospective investment is stock specific, sector or country-based. The fund invests in both developed international and emerging markets, with the fund managers frequently drawing upon the stocks ideas generated by JOHCM’s regional equity teams.
The investment objective of the JOHCM International Select Fund (the “Fund”) is to seek long-term capital appreciation. The Fund invests, under normal market conditions, primarily in equity securities of companies headquartered outside the United States, including those in emerging market countries. The Fund may invest in foreign companies of any size, including small and mid-capitalization companies, in order to achieve its objective. The "Adviser" (J O Hambro Capital Management Limited) seeks to identify and make investments in U.S. and foreign companies based on a multi-dimensional investment process, considering a number of factors, including growth, valuation, size, momentum, and beta. The Fund utilizes a core style with a modest growth tilt (or “GARP”) over all capitalization ranges. The Fund seeks those stocks, sectors, and countries with positive earnings surprises, sustainably high or increasing return on equity, and attractive valuations.
Senior Fund Manager
Senior Fund Manager
The JOHCM International Opportunities Fund is managed by Ben Leyland, senior fund manager, and Robert Lancastle, fund manager, supported by dedicated analyst Jasmeet Munday. The team seeks to generate high risk-adjusted returns with volatility below that of the broad market by focusing on high-qua...
Read MoreFund size | $5.60bn | ||||||||||||
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Strategy size | $7.04bn | ||||||||||||
Benchmark | MSCI EAFE NR | ||||||||||||
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Morningstar Category | Foreign Large Growth | ||||||||||||||||||||||||
Morningstar rankings are based on Share class I and on total returns. Past performance does not guarantee future results. © 2022 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. Past performance is no guarantee of future results. |
Investment Advisor | JOHCM (USA) Inc. |
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Transfer Agent | Northern Trust |
Custodian | Northern Trust |
The main positive stock contributors in Q2 included:
In the Technology sector, Advantest the Japanese semiconductor testing company benefitting from AI’s need for more complex chip testing.
In the Financial sector, B3 benefited from improving local country specific financial conditions.
In the Consumer Discretionary sector, B&M Bargains the leading UK discount retailer expanding into Europe, and Compass the UK based global catering services company.
The main negative detractor in Q2 was being overweight the Healthcare sector, where Sartorius, Merck KGA and Ono Pharmaceutical were all weak after strong relative share prices last year. We think this weakness is temporary so we are buyers of their dips.
In Q2 we sold ICON on concerns over deteriorating future earnings, and bought Danone on expectations of improving future earnings growth.
Statistically there is now a high probability the 10 largest USA stocks start underperforming and other stocks/sectors/regions start outperforming
during the second half of 2023. The largest 10 USA stocks are up 59% year to date, versus 7% for the equally weighted S&P 500 index, and 11.3% for the MSCI World ex USA index. The outperformance of the 10 largest S&P 500 stocks relative to the equally weighted S&P 500 index is at its widest since records began. The current 1,100 basis points contribution from the largest 10 USA stocks to total index performance year to date is the highest by far of any half-year period. It is around 60% greater than the second & third six month periods which were the Tech bubbles of 2020 & 1999 (690 & 680 basis points contributions).
Given that just a handful of technology-related stocks drove the firsthalf rally, sector performance has been extremely lopsided, and several defensive sectors have now reached statistically significant oversold levels. For example, the Ned Davies defensive SHUT (Staples, Healthcare, Utilities, Telecoms) index is almost 3.0 standard deviations oversold, its worst firsthalf performance of any year since it began in 1972. There is a high probability of this mean reverting, driven by the Fed tightening cycle and a deteriorating economic outlook, leading to a defensive-sector resurgence in the second half.
Outside the US equity market, we have not seen this extraordinary disparity between the top 10 largest companies and the rest. The most notable thing we are seeing is the deterioration in the Chinese stock market due to economic and geo-political concerns, versus the improvement in the Japanese stock market due to corporate restructuring that is being driven by the Tokyo Stock Exchange insistence that listed firms take action to raise their price-to-book ratio above one. In other words, “Abenomics third arrow” of corporate restructuring to increase profitability is finally being implemented. As a result, Japan is probably transitioning from ‘sell the rallies’ to ‘buy the dips’.
Sources for all data: JOHCM/Bloomberg (unless otherwise stated).
1 Month Total Return | 3 Month Total Return | YTD Total Return | 1 Year Total Return | Cumulative Since Inception | |
---|---|---|---|---|---|
Institutional Shares Net | -3.54 | 3.28 | 11.64 | 14.89 | 187.70 |
Investor Shares Net | -3.58 | 3.18 | 11.46 | 14.60 | 150.68 |
Benchmark | -3.83 | 3.80 | 10.87 | 17.92 | 123.45 |
1 Year | 2 Year | 3 Year | 4 Year | 5 Year | 10 Year | Annualized Since Inception | |
---|---|---|---|---|---|---|---|
Institutional Shares Net | 12.73 | -10.25 | 1.38 | 2.96 | 2.54 | 6.52 | 8.02 |
Investor Shares Net | 12.44 | -10.46 | 1.15 | 2.71 | 2.29 | 6.26 | 7.32 |
Benchmark | 18.77 | -1.17 | 8.93 | 5.23 | 4.39 | 5.41 | 6.00 |
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fund | 2009 | 0.30 | 2.39 | 2.24 | -4.19 | 5.47 | 1.25 | 7.42 | ||||||
Benchmark | 2009 | 2.77 | 5.44 | 3.83 | -1.25 | 2.00 | 1.44 | 14.96 | ||||||
Fund | 2010 | -4.10 | 0.68 | 7.34 | 1.53 | -12.93 | 1.73 | 9.00 | -3.94 | 15.38 | 6.62 | 1.01 | 7.00 | 29.74 |
Benchmark | 2010 | -4.41 | -0.69 | 6.24 | -1.81 | -11.31 | -1.21 | 9.48 | -3.10 | 9.80 | 3.61 | -4.81 | 8.10 | |
Fund | 2011 | -0.87 | 0.80 | -0.14 | 5.95 | -1.64 | -1.60 | -2.26 | -5.21 | -14.73 | 11.55 | -0.16 | -5.84 | -15.24 |
Benchmark | 2011 | 2.36 | 3.30 | -2.24 | 5.98 | -2.95 | -1.25 | -1.59 | -9.03 | -9.53 | 9.64 | -4.85 | -0.95 | |
Fund | 2012 | 7.49 | 7.05 | -0.30 | -2.40 | -10.61 | 2.84 | 0.84 | 4.56 | 3.57 | -0.08 | 0.08 | 2.75 | 15.48 |
Benchmark | 2012 | 5.33 | 5.74 | -0.46 | -1.96 | -11.48 | 7.01 | 1.13 | 2.69 | 2.96 | 0.83 | 2.42 | 3.20 | 17.32 |
Fund | 2013 | 6.82 | 1.82 | 3.31 | 3.94 | -0.58 | -1.81 | 5.33 | -1.75 | 7.81 | 1.83 | 3.22 | 3.38 | 38.22 |
Benchmark | 2013 | 5.27 | -0.95 | 0.84 | 5.19 | -2.41 | -3.55 | 5.28 | -1.32 | 7.39 | 3.36 | 0.77 | 1.50 | 22.78 |
Fund | 2014 | -2.79 | 5.99 | -2.77 | -1.79 | 4.03 | 3.16 | -2.68 | 2.45 | -0.55 | 0.63 | 2.20 | -2.14 | 5.36 |
Benchmark | 2014 | -4.03 | 5.56 | -0.64 | 1.45 | 1.62 | 0.96 | -1.96 | -0.15 | -3.84 | -1.45 | 1.36 | -3.46 | -4.90 |
Fund | 2015 | 1.62 | 7.38 | 1.28 | 1.34 | 3.01 | -6.10 | 0.34 | -8.81 | -5.32 | 4.32 | -1.43 | -0.59 | -4.08 |
Benchmark | 2015 | 0.49 | 5.98 | -1.52 | 4.08 | -0.51 | -2.83 | 2.08 | -7.36 | -5.08 | 7.82 | -1.56 | -1.35 | -0.81 |
Fund | 2016 | -2.37 | 0.36 | 3.70 | 1.80 | -1.07 | 2.05 | 4.32 | -0.11 | 3.13 | -3.13 | -4.01 | 0.82 | 5.22 |
Benchmark | 2016 | -7.23 | -1.83 | 6.51 | 2.90 | -0.91 | -3.36 | 5.07 | 0.07 | 1.23 | -2.05 | -1.99 | 3.42 | 1.01 |
Fund | 2017 | 5.12 | 0.00 | 2.57 | 1.03 | 2.69 | -0.17 | 3.05 | 2.28 | 0.34 | 2.57 | -0.21 | 1.62 | 22.84 |
Benchmark | 2017 | 2.90 | 1.43 | 2.75 | 2.54 | 3.67 | -0.18 | 2.88 | -0.04 | 2.49 | 1.52 | 1.05 | 1.61 | 25.02 |
Fund | 2018 | 5.98 | -2.72 | 0.38 | 0.73 | 1.53 | -0.99 | -0.13 | -1.06 | 1.43 | -8.04 | -0.54 | -4.50 | -8.27 |
Benchmark | 2018 | 5.02 | -4.51 | -1.80 | 2.28 | -2.25 | -1.22 | 2.46 | -1.93 | 0.87 | -7.96 | -0.13 | -4.85 | -13.79 |
Fund | 2019 | 6.75 | 2.26 | 2.91 | 0.33 | -3.21 | 5.64 | -1.21 | -2.28 | -0.52 | 1.88 | 3.32 | 2.21 | 19.08 |
Benchmark | 2019 | 6.57 | 2.55 | 0.63 | 2.81 | -4.80 | 5.93 | -1.27 | -2.59 | 2.87 | 3.59 | 1.13 | 3.25 | 22.01 |
Fund | 2020 | 0.25 | -7.95 | -8.37 | 10.13 | 8.00 | 3.76 | 5.95 | 3.44 | 0.22 | -2.65 | 11.97 | 3.82 | 29.69 |
Benchmark | 2020 | -2.09 | -9.04 | -13.35 | 6.46 | 4.35 | 3.40 | 2.33 | 5.14 | -2.60 | -3.99 | 15.50 | 4.65 | 7.82 |
Fund | 2021 | 0.02 | 0.04 | 0.21 | 3.03 | 1.37 | -0.58 | 0.35 | 2.96 | -4.50 | 4.31 | -2.09 | 4.11 | 9.22 |
Benchmark | 2021 | -1.07 | 2.24 | 2.30 | 3.01 | 3.59 | -1.44 | 0.75 | 1.76 | -2.90 | 2.46 | -4.65 | 5.12 | 11.26 |
Fund | 2022 | -9.69 | -4.46 | -0.68 | -9.84 | 0.70 | -12.48 | 5.54 | -8.58 | -10.22 | 4.30 | 12.71 | -2.48 | -32.38 |
Benchmark | 2022 | -4.83 | -1.77 | 0.64 | -6.47 | 0.75 | -9.28 | 4.98 | -4.75 | -9.35 | 5.38 | 11.26 | 0.08 | -14.45 |
Fund | 2023 | 8.15 | -2.77 | 3.04 | 0.14 | -0.37 | 5.04 | 1.94 | -3.54 | 11.64 | ||||
Benchmark | 2023 | 8.10 | -2.09 | 2.48 | 2.82 | -4.23 | 4.55 | 3.24 | -3.83 | 10.87 |
Share Class | Gross Expense* | Net Expense* |
---|---|---|
Institutional | 0.98% | 0.98% |
Investor | 0.94% | 0.94% |
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 EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. Any Indicies mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible.
Historical performance of the International Select Fund for Class II Shares prior to its inception is based on the performance of Class I Shares. 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 January 28, 2024.
Air Liquide | 2.48% |
Northern Institutional Treasury Portfolio | 2.41% |
Mercado Libre | 2.39% |
Compass Group | 2.36% |
Novo Nordisk | 2.35% |
B&M European Value Retail | 2.34% |
Schneider Electric | 2.32% |
Ashtead Group | 2.30% |
Linde | 2.29% |
Sanofi | 2.28% |
Northern Institutional Treasury Portfolio | +2.41% |
Mercado Libre | +2.39% |
B&M European Value Retail | +2.34% |
Linde | +2.29% |
Bank Rakyat Indonesia | +2.22% |
Qiagen | +2.21% |
Japan Exchange | +2.17% |
Accenture | +2.14% |
Socionext | +2.13% |
Ashtead Group | +2.10% |
Portfolio | Benchmark | Relative | ||
---|---|---|---|---|
Brazil | 3.75% | 0% | 3.75% | |
Denmark | 3.03% | 3.22% | -0.18% | |
France | 9.18% | 12.25% | -3.06% | |
Germany | 10.43% | 8.5% | 1.92% | |
Indonesia | 2.22% | 0% | 2.22% | |
Italy | 3.85% | 2.61% | 1.24% | |
Japan | 16.85% | 22.79% | -5.94% | |
Switzerland | 10.36% | 10.1% | 0.25% | |
United Kingdom | 20.51% | 14.62% | 5.88% | |
United States | 8.90% | 0% | 8.9% | |
Cash | 0.75% | 0% | 0.75% |
Portfolio | Benchmark | Relative | ||
---|---|---|---|---|
Health Care | 23.04% | 13.40% | 9.60% | |
Financials | 20.50% | 18.66% | 1.80% | |
Consumer Discretionary | 12.96% | 12.23% | 0.80% | |
Industrials | 12.81% | 16.12% | -3.30% | |
Materials | 10.33% | 7.45% | 2.80% | |
Information Technology | 10.29% | 8.05% | 2.20% | |
Consumer Staples | 6.61% | 9.98% | -3.40% | |
Energy | 1.98% | 4.42% | -2.40% | |
Utilities | 0.68% | 3.42% | -2.70% | |
Communication Services | 0.00% | 4.04% | -4.00% | |
Real Estate | 0.00% | 2.17% | -2.20% | |
Cash | 0.75% | 0.00% | 0.75% |
Portfolio | Benchmark | Relative | ||
---|---|---|---|---|
Large | 86.32% | 89.50% | -3.18% | |
Mid | 10.67% | 10.50% | 0.17% | |
Small | 0.00% | 0.00% | 0.00% |
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 | 29/09/2023 | Institutional | USD | 46653M849 | 21.37 | -0.06 | -0.28% | 21.43 | |
Investor | USD | 46653M823 | 21.39 | -0.07 | -0.33% | 21.46 | |||
JOHCM Emerging Markets Opportunities Fund | 29/09/2023 | Advisor | USD | 46653M203 | 10.35 | 0.06 | 0.58% | 10.29 | |
Institutional | USD | 46653M104 | 10.38 | 0.06 | 0.58% | 10.32 | |||
Investor | USD | 46653M302 | 10.33 | 0.05 | 0.49% | 10.28 | |||
JOHCM Global Select Fund | 29/09/2023 | Advisor | USD | 46653M807 | 12.26 | -0.04 | -0.33% | 12.30 | |
Institutional | USD | 46653M708 | 12.30 | -0.04 | -0.32% | 12.34 | |||
JOHCM Emerging Markets Small-Mid Cap Equity Fund | 29/09/2023 | Advisor | USD | 46653M500 | 12.59 | 0.05 | 0.40% | 12.54 | |
Institutional | USD | 46653M401 | 12.60 | 0.05 | 0.40% | 12.55 | |||
JOHCM International Opportunities Fund | 29/09/2023 | Institutional | USD | 46653M872 | 10.85 | -0.08 | -0.73% | 10.93 | |
Regnan Global Equity Impact Solutions | 29/09/2023 | Institutional | USD | 46653M716 | 7.14 | 0.02 | 0.28% | 7.12 | |
TSW Large Cap Value Fund | 29/09/2023 | Institutional | USD | 46653M641 | 12.66 | -0.03 | -0.24% | 12.69 | |
TSW High Yield Bond Fund | 29/09/2023 | Institutional | USD | 46653M658 | 8.71 | 0.01 | 0.11% | 8.70 |
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 EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. Any Indicies mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible.
Historical performance of the International Select Fund for Class II Shares prior to its inception is based on the performance of Class I Shares. 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 January 28, 2024.
Watch as Christopher Lees, CFA, discusses the extraordinary outperformance by USA Mega-caps and where the team is seeing opportunities in 2023.
In this short video, Christopher Lees, CFA, speaks to the strategy's performance and discusses what he and Nudgem Richyal, CFA, are most excited about looking into the next quarter.
What Senior Fund Managers Christopher Lees and Nudgem Richyal are most excited about looking into 2023 in a short video presentation.
Christopher addresses the past quarter and shares what he and Nudgem Richyal, CFA, are excited about moving into the new market regime.
The fund has started tiptoeing slowly into new “neighborhoods” where we see positive relative fundamentals and valuations, plus stabilizing relative share price trends.
"Beware good houses in bad neighborhoods..."
Senior Fund Manager, Chris Lees, reviews the Ukraine invasion and his outlook and positioning for the future.
Updated probability-based scenario analysis from the JOHCM International Select team
Thoughts on the coronavirus and the subsequent market correction from the JOHCM International Select Fund team.
How to beat the investment machines? Chris Lees, manager of the the JOHCM Global Equity Fund, discusses the change in investment process in recent years.
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