Nudgem Richyal
Senior Fund Manager
The Fund is managed in accordance with Shariah principles and invests in a concentrated portfolio of Shariah compliant global equity securities. Fund managers Nudgem Richyal and Christopher Lees 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 distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behaviour 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 and emerging markets, with the fund managers frequently drawing upon the stocks ideas generated by our regional equity teams.
Senior Fund Manager
The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.
For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.
The JOHCM Global Opportunities Fund is a high conviction, benchmark-unconstrained stock picking fund that invests in both developed and emerging markets. Fund managers Ben Leyland and Robert Lancastle bring to bear the same successful investment philosophy and process that established the JOHCM UK Opportunities Fund as a leading UK equities fun
Read MoreFund 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 distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behaviour of each shar...
Read MoreThe JOHCM Global Select Shariah Fund aims to achieve its objective by investing in a portfolio of Shariah compliant global equity securities listed on any Recognised Market. Under normal market environments it is the intention to be near-fully invested, and at no time will less than 80% of the Fund’s total net assets be invested in such securities. The benchmark of the Fund is the MSCI ACWI Islamic Index but the Fund will be managed on an ‘unconstrained basis’ with no restrictions in terms of regional or sector allocation versus this benchmark.
Fund size | GBP 17.74m |
---|---|
Strategy size | GBP 16.29m (as at 31 December 2023) |
Benchmark | MSCI ACWI Islamic NR 12pm adjusted |
Domicile | Ireland |
Denomination | USD |
Share classes | |
Unit type | Distribution |
Valuation point | Daily (12pm, UK time) |
Dealing frequency | Daily 9-5pm |
Initial charge | up to 5% |
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Status | UCITS |
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Investment manager | J O Hambro Capital Management Limited |
Transfer agent and registrar | RBC Investor Services Limited |
Depositary | RBC Investor Services Limited |
The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.
For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.
October was a ‘risk-off’ month as global equity markets fell, with defensives outperforming cyclicals and large caps outperforming small and mid-caps. Earnings season has been particularly challenging for equities as stocks that have beaten and raised expectations are not showing much alpha on the day of results, and rising less than their beat and raise would suggest. Meanwhile, stocks missing earnings guidance or expectations are being de-rated aggressively on the day of results and falling more than expected. It seems the market has moved into a phase where bad news is bad news, and we think it is a market environment where we need to continue to be more ruthless in our sell discipline.
After a period of underperformance, small and mid-cap earnings look like they are beginning to ‘hockey stick positive’ relative to the global index, but their relative price has not really improved yet. Large-cap relative earnings and relative price have just ‘ticked down’ during this earnings season for the first time after a long period of outperformance. We think this might be the beginning of a trend change for large-caps versus small and mid-cap. We are already underweight large-caps and overweight mid-caps, so we have not made any significant changes to the portfolio.
The fund underperformed the benchmark in October. The best performing holdings were Vitesco Technologies, Novo Nordisk and Danone. Conversely, our worst performing holdings were Microsoft, SUSS MicroTec and Capstone Copper, and we are reviewing these holdings.
Looking forward, there is statistically a very high probability that the 10 largest US stocks that have significantly outperformed the global index so far this year will start underperforming and other stocks/sectors/regions will start outperforming as we head into 2024. Our scenario analysis is currently:
Scenario 1 = 5% probability of the top 10 largest US mega-cap stocks continue to outperform. New bull market leadership is not usually the old bull market leaders, but we do recognise that several things are “different this time,” eg AI, and Cold War 2.0.
Scenario 2 = 45% probability of a broadening bull market. Statistically, there is now a high probability the largest 10 US stocks start underperforming and other stocks/sectors/regions start outperforming. China stabilising next year would be a catalyst for this positive scenario, particularly for Europe, Japan and Emerging Markets who are more export dependent to China than the US.
Scenario 3 = 50% probability of a sideways zigzag or a new bear market. Historically after similar periods of concentration, market returns were modestly below historical averages with underperformance from the previous top 10 stocks over the following 12 months. The US Federal Reserve excessively increasing interest rates next year would be a catalyst for this negative scenario in which most asset classes, sectors and regions would struggle.
Global risks and opportunities are clearly changing as we head into 2024. The recent sharp rise in US long-end rates is now becoming a headwind for equities. However, there’s no sense that equity markets are pricing in an increased risk of a US recession yet, and credit spreads remain remarkably stable despite rising delinquencies. So it looks like financial markets are currently pricing in a soft landing, which sets up an asymmetry heading into 2024: if the landing is soft, it’s in the price; if it’s hard, it’s not priced. A lot depends on China stabilising or recovering/deteriorating in 2024.
The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.
For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.
The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.
For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.
The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.
For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.
Fund size | GBP 17.74m |
---|---|
Number of holdings | 46 |
Microsoft | 5.14% |
Alphabet | 3.94% |
BROADCOM | 2.79% |
SK Hynix | 2.45% |
Novo Nordisk | 2.44% |
REGENERON PHARMACEUTICAL | 2.31% |
Shell | 2.30% |
APPLOVIN CORP A | 2.27% |
MARVELL TECHNOLOGY | 2.25% |
CAPSTONE COPPER | 2.20% |
Alphabet | +3.94% |
BROADCOM | +2.79% |
SK Hynix | +2.45% |
Novo Nordisk | +2.44% |
REGENERON PHARMACEUTICAL | +2.31% |
APPLOVIN CORP A | +2.27% |
CAPSTONE COPPER | +2.20% |
BONESUPPORT HOLDING | +2.20% |
GALP Energia | +2.18% |
POP MART INTERNATIONAL | +2.16% |
The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.
For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.
Fund |
As at noon | Share class | Currency | Domicile | ISIN number | NAV per share | Change | KIID |
JOHCM UK Equity Income Fund
Share class | Q4 21 | Q1 22 | Q2 22 | Q3 22 | Q4 22 | Q1 23 | Q2 23 | Q3 23 |
---|---|---|---|---|---|---|---|---|
A distributing GBP | 1.2881 | 1.9828 | 3.4453 | 3.1410 | 1.8309 | 2.1053 | 3.2723 | 3.4292 |
A accumulating GBP | 2.8152 | 4.3509 | 7.6541 | 7.1149 | 4.2268 | 4.9097 | 7.7197 | 8.2427 |
B distributing GBP | 1.1897 | 1.8271 | 3.1746 | 2.8895 | 1.6822 | 1.9315 | 3.0000 | 3.1395 |
B accumulating GBP | 2.6020 | 4.0228 | 7.0604 | 6.5526 | 3.8884 | 4.5096 | 7.0851 | 7.5529 |
Y distributing GBP | 0.8697 | 1.3383 | 2.3274 | 2.1211 | 1.2376 | 1.4237 | 2.2134 | 2.3200 |
Y accumulating GBP | 1.1364 | 1.7602 | 3.0924 | 2.8757 | 1.7088 | 1.9315 | 3.1230 | 3.3359 |
Dividends are quoted and paid in pence per share
Distribution of income occur on or before: 31 May, 31 August, 30 November and 28 February
The quarterly table above shows the last two years net dividends (on an accounting rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.
Distribution of income occur on or before: 31 August and 28 February
JOHCM UK Dynamic Fund (Onshore)
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A - distributing | GBP | 31 Aug 2023 | pence per share | 4.7348 |
A - accumulating | GBP | 31 Aug 2023 | pence per share | 7.2848 |
B - distributing | GBP | 31 Aug 2023 | pence per share | 4.2666 |
B - accumulating | GBP | 31 Aug 2023 | pence per share | 8.0119 |
Y - distributing | GBP | 31 Aug 2023 | pence per share | 2.9766 |
Y - accumulating | GBP | 31 Aug 2023 | pence per share | 4.2119 |
X - distributing | GBP | 31 Aug 2023 | pence per share | 2.4775 |
X - accummulating | GBP | 31 Aug 2023 | pence per share | 2.8519 |
M - distributing | GBP | 31 Aug 2023 | pence per share | 0.6975 |
M - accumulating | GBP | 31 Aug 2023 | pence per share | 0.6975 |
K - distributing | GBP | 31 Aug 2023 | pence per share | 0.6130 |
K - accumulating | GBP | 31 Aug 2023 | pence per share | 0.6128 |
JOHCM Global Select Shariah Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | USD | 31 Aug 2023 | pence per share | 0.3187 |
Distribution of income occur on or before 28 February
JOHCM Asia ex Japan Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 0.0000 |
A | EUR | 28 Feb 2023 | cents per share | 0.0000 |
A | USD | 28 Feb 2023 | cents per share | 0.0000 |
B | GBP | 28 Feb 2023 | pence per share | 0.0000 |
B | EUR | 28 Feb 2023 | cents per share | 0.0000 |
B | USD | 28 Feb 2023 | cents per share | 0.0000 |
Z | GBP | 28 Feb 2023 | cents per share | 1.2559 |
Z | USD | 28 Feb 2023 | cents per share | 0.0088 |
JOHCM Asia ex Japan Small and Mid Cap Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 0.0000 |
A | EUR | 28 Feb 2023 | cents per share | 0.0000 |
A | USD | 28 Feb 2023 | cents per share | 0.0000 |
B | GBP | 28 Feb 2023 | pence per share | 0.0000 |
B | EUR | 28 Feb 2023 | cents per share | 0.0000 |
B | USD | 28 Feb 2023 | cents per share | 0.0000 |
Z | GBP | 28 Feb 2023 | cents per share | 0.0000 |
JOHCM Continental European Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 10.0915 |
A | EUR | 28 Feb 2023 | cents per share | 7.9953 |
A - hedge | GBP | 28 Feb 2023 | pence per share | 2.9851 |
B | GBP | 28 Feb 2023 | pence per share | 7.7618 |
B | EUR | 28 Feb 2023 | cents per share | 6.4068 |
B - hedge | USD | 28 Feb 2023 | cents per share | 1.1526 |
Y | GBP | 28 Feb 2023 | pence per share | 3.7378 |
Y - hedge | GBP | 28 Feb 2023 | pence per share | 3.2781 |
Y | EUR | 28 Feb 2023 | cents per share | 3.0566 |
JOHCM European Select Values Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 4.8151 |
A | EUR | 28 Feb 2023 | cents per share | 2.6779 |
B | GBP | 28 Feb 2023 | pence per share | 2.0318 |
B | EUR | 28 Feb 2023 | cents per share | 0.8256 |
Y | EUR | 28 Feb 2023 | cents per share | 0.8964 |
JOHCM Global Emerging Markets Opportunities Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 3.9725 |
A | EUR | 28 Feb 2023 | cents per share | 3.7874 |
A | USD | 28 Feb 2023 | cents per share | 2.7065 |
B | GBP | 28 Feb 2023 | pence per share | 3.5330 |
B | EUR | 28 Feb 2023 | cents per share | 3.4128 |
B | USD | 28 Feb 2023 | cents per share | 3.0881 |
Y | GBP | 28 Feb 2023 | pence per share | 4.9039 |
Y | USD | 28 Feb 2023 | cents per share | 2.8124 |
Z | GBP | 28 Feb 2023 | cents per share | 7.3245 |
JOHCM Global Opportunities Fund (offshore)
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 4.4298 |
A | EUR | 28 Feb 2023 | cents per share | 4.1956 |
A | USD | 28 Feb 2023 | cents per share | 3.3076 |
B | EUR | 28 Feb 2023 | cents per share | 3.8301 |
B | USD | 28 Feb 2023 | cents per share | 3.1239 |
A - hedged | EUR | 28 Feb 2023 | cents per share | 1.6538 |
X | GBP | 28 Feb 2023 | cents per share | 3.7875 |
Z | GBP | 28 Feb 2023 | cents per share | 1.7774 |
X - hedged | GBP | 28 Feb 2023 | cents per share | 2.1090 |
X | EUR | 28 Feb 2023 | cents per share | 1.9147 |
JOHCM Global Select Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 2.5774 |
A | EUR | 28 Feb 2023 | cents per share | 2.0747 |
A | USD | 28 Feb 2023 | cents per share | 1.0629 |
B | GBP | 28 Feb 2023 | pence per share | 0.0000 |
B | EUR | 28 Feb 2023 | cents per share | 0.0000 |
B | USD | 28 Feb 2023 | cents per share | 0.0000 |
Z | GBP | 28 Feb 2023 | pence per share | 4.2279 |
JOHCM UK Growth Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A | GBP | 28 Feb 2023 | pence per share | 4.6405 |
B | GBP | 28 Feb 2023 | pence per share | 2.4239 |
X | GBP | 28 Feb 2023 | pence per share | 2.5898 |
JOHCM UK Opportunities Fund
Share class | Currency | Pay date | Dividend paid in | Dividend rate |
---|---|---|---|---|
A - distributing | GBP | 28 Feb 2023 | pence per share | 6.1160 |
A - accumulating | GBP | 28 Feb 2023 | pence per share | 9.5564 |
B - distributing | GBP | 28 Feb 2023 | pence per share | 5.7397 |
B - accumulating | GBP | 28 Feb 2023 | pence per share | 8.8440 |
Y - accumulating | GBP | 28 Feb 2023 | pence per share | 5.3515 |
Y - distributing | GBP | 28 Feb 2023 | pence per share | 4.1220 |
Net dividends quoted in the local share class currency.
If you would like more information, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com. Email us at oeicdealing@johcm.co.uk.
The information provided on this webpage is for professional advisers only. The Fund follows formal Shariah Investment Guidelines which have been reviewed by a recognised Sharia Adviser. The Guidelines are used to identify a list of compliant stocks which will comprise the Fund’s investible universe. The Fund makes no guarantee on the accuracy, quality or reliability of the determinations made by the Shariah Adviser. Shariah principles are subject to interpretation and there may not be consensus between different Shariah experts. If it is determined that an investment is no longer Shariah compliant, the Fund will be required to divest and this may incur a loss.
For any company in which the Fund holds an investment, there may be an element of income that the company derives from activities that do not comply with Shariah principles, that is, from “Non-Permissible Income”. Non-permissible income will form part of the property of the Fund and will be distributed to shareholders through any dividends paid. Shareholders will be responsible for the purification of their pro-rated portion of the non-permissible income.
The JOHCM Global Opportunities Fund is a high conviction, benchmark-unconstrained stock picking fund that invests in both developed and emerging markets. Fund managers Ben Leyland and Robert Lancastle bring to bear the same successful investment philosophy and process that established the JOHCM UK Opportunities Fund as a leading UK equities fun
Read MoreFund 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 distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behaviour of each shar...
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