Valuations Will Out

RISK CONSIDERATIONS: The strategy invests in international and emerging markets. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations .

The views expressed are those of the portfolio manager as the date of posting, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice.

Professional investors only .

Issued and approved in the UK by J O Hambro Capital Management Limited (“JOHCML”) which is authorised and regulated by the Financial Conduct Authority. Registered office: Level 3, 1 St James’s Market, London SW1Y 4AH. Issued in the European Union by Perpetual Investment Services Europe Limited (“PISEL”) which is authorised by the Central Bank of Ireland. Registered office: 24 Fitzwilliam Place, Dublin 2, Ireland D02 T296. Issued in the United States by JOHCM (USA) Inc. (“JOHCMU”). Principal office: One Congress Street, Suite 3101, Boston, Massachusetts 02114. Issued in Singapore by JOHCM (Singapore) Pte Limited (“JOHCMS”) which is regulated by the Monetary Authority of Singapore. Registered office: 138 Market Street, #15 04 CapitaGreen, Singapore 048946. References to “JOHCM” below are to JOHCML, JOHCMU, JOHCMS or PISEL as the context requires. Perpetual Group is a trading name of JOHCML and PISEL .

This is a marketing communication .

The distribution of this document in jurisdictions other than those referred to above may be restricted by law (“Restricted Jurisdictions”). Therefore, this document is not intended for distribution in any Restricted Jurisdiction and should not be passed on or copied to any person in such a jurisdiction .

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 .

Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets .

Investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile .

The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation .

The information in this document does not constitute, or form part of, any offer to sell or issue, or any solicitation of an offer to purchase or subscribe for any funds or strategies described in this document; nor shall this document, or any part of it, or the fact of its distribution form the basis of, or be relied on, in connection with any contract .

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J O Hambro® and JOHCM® are registered trademarks of JOHCML.