How to Invest

Institutions & Consultants

JOHCM: An expanding institutional presence

Understanding and meeting the investment and client service needs of institutional clients has been a growing focus for J O Hambro Capital Management in recent years. We have expanded our institutional business significantly, winning segregated and pooled mandates from institutional clients in the United Kingdom, United States, mainland Europe, the Middle East and Australia. Institutional assets now account for broadly 50% of total assets under management, and we anticipate further growth in this area.

A nimble team of experienced, institutional-focused client professionals

Our dedicated institutional sales and client relations team, has extensive experience of the requirements of institutional investors, while our non-bureaucratic nature makes for clear decision-making and speedy client communication.

High alpha, high conviction investment strategies

Delivered through our small, autonomous investment teams, our investment emphasis is on providing high alpha-generating, high conviction, long-only equities strategies and a global multi-asset strategy using robust, consistent investment processes that avoid style drift. Our institutional clients are currently invested across five asset classes: Global/International, Emerging Markets, European, UK and Asian equities.

Managing capacity

JOHCM has a long-standing policy of managing investment capacity in order to preserve investment performance. When launching an investment strategy, we agree with the fund management team the capacity for that strategy. While remaining pragmatic, we are committed to the principle of capacity management and have declined new mandates where we felt increased assets might compromise performance for existing clients.

Investment vehicles

Depending upon mandate size, institutional investors can access our investment strategies through segregated accounts or, where appropriate, via our OEIC fund range. US-domiciled institutional investors can invest in our strategies either via a separate account or via our dedicated US fund range.

UK Equities

  • UK Equity Income
    Overview

    Established stock pickers James Lowen and Clive Beagles operate a strict yield discipline: they only buy stocks that they believe will yield more than the FTSE All-Share Index on a prospective basis, although every stock held must also have the potential for capital appreciation. This focus on higher-yielding stocks leads to a naturally contrarian style. The fund managers particularly aim to add value from small and mid-cap holdings.

    This fund is not available to new investors from the European Union after 31 December 2020.

  • UK Growth
    Overview

    Long-standing JOHCM investors and stock pickers Mark Costar and Vishal Bhatia aim to identify mispriced or undiscovered growth stocks that typically reside in one of three categories: the clear and unassailable market leader, the innovator or market disruptor and the supply side beneficiary. The strategy typically has a small-cap bias and contains stocks that have a high margin of safety but significant upside potential.

  • UK Opportunities
    Overview

    Fund managers Rachel Reutter and Michael Ulrich focus firstly on preserving a client’s capital and secondly, on growing that capital. Growth will be achieved over the long term through a concentrated portfolio of low risk business models purchased at attractive valuations.  The Fund typically invests in larger companies that operate with multiple products across multiple geographies. These characteristics result in a more diverse, stable and resilient stream of company cash flows.

    The team believe markets are cyclical, inefficient and prone to bouts of irrational behaviour where capital can be permanently destroyed. During such periods the managers may hold high levels of cash in order to protect the capital entrusted to them.

  • UK Dynamic
    Overview

    Stock picker Alex Savvides aims to profit from understanding and backing positive corporate change, change that is often misunderstood or under-appreciated by the stock market. The strategy may therefore feature a mixture of restructuring/recovery plays, cheap or hidden growth and other more general special situations. The fact that each stock held within the portfolio must pay a dividend or be expected to do so by Alex within the next 12 months gives the portfolio attractive yield characteristics.

Global / International Equities

  • Global Select
    Overview

    The JOHCM Global Select strategy invests in both developed international and emerging equity markets and offers a distinctive investment style that combines growth and value disciplines.

    Competitive Advantage

    - A distinct investment approach that targets stocks, sectors and countries at the sweet spot in their life cycle.

    - A ruthless sell discipline – the managers sell when a stock’s fundamentals or technicals deteriorate, or when there is contagion from deteriorating fundamentals or technicals in its sector or country.

    - Two-thirds of their performance is expected to come from bottom-up stock selection, one-third from top-down asset allocation (sector, country, currency). They exploit multiple anomalies and inefficiencies from a range of sources and are not dependent on a single style or investment technique.

    Investment Team

    The strategy is managed by Senior Fund Managers Christopher Lees, CFA, and Nudgem Richyal, CFA, both of whom are based in our Singapore office. Chris and Nudgem are solely responsible for portfolio construction, but draw upon the collective wisdom of the other experienced investment professionals in JOHCM's regional investment teams and share their ideas.

    Investment Philosophy & Process

    At the heart of the Global Select philosophy is the idea that stock markets are inefficient. The fund managers aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. They have a distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) that 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.

    Portfolio Construction

    Chris and Nudgem build portfolios of high conviction stocks in high conviction sectors and countries.The portfolio is benchmark agnostic but seldom exceeds the benchmark's sector or regional weights by +/-25%.

  • Global Opportunities
    Overview

    JOHCM Global Opportunities is a high conviction, benchmark-unconstrained stock picking strategy that invests in both developed and emerging markets. Experienced fund managers Ben Leyland and Robert Lancastle, bring to bear the same successful investment philosophy and process that have established the JOHCM UK Opportunities Fund as a leading UK equities fund, focusing on quality companies that are capable of producing compounding growth over the long term.

    Competitive Advantage

    The JOHCM Global Opportunities strategy aims to deliver absolute returns with below average volatility and strong downside protection over the medium term.

    Investment Team

    Senior Fund Managers, Ben Leyland and Robert Lancastle co-manage the JOHCM Global Opportunities strategy with Ben serving as the lead. They are supported by a dedicated global analyst, Jasmeet Munday.

    Investment Philosophy & Process

    Ben and Robert believe the equity market consistently underestimates the value created by well-managed companies reinvesting cash flow internally at high rates of return to drive growth over the medium term.

    The team’s investment process combines bottom-up fundamental and top-down thematic analysis of “following winds” and economic and investment cycles. They seek to generate high risk-adjusted returns by continuing to focus on high quality, cashflow generative companies with strong balance sheets that are capable of producing compounding growth over the long term. The team invest in strong and sustainable business models irrespective of sector.

     

    Portfolio Construction

    The portfolio is concentrated, with typically 25-40 holdings, and aims to have equal stock weightings. Portfolio construction is entirely independent of index considerations. New positions start at 1.5% - 2% and can grow to 4% as confidence grows/risk points are passed.

  • International Select
    Overview

    The JOHCM International Select strategy invests in both developed international (excluding the United States) and emerging equity markets and offers a distinctive investment style that combines growth and value disciplines.

    Competitive Advantage

    - A distinct investment approach that targets stocks, sectors and countries at the sweet spot in their life cycle.

      - A ruthless sell discipline – the managers sell when a stock’s fundamentals or technicals deteriorate, or when there is contagion from deteriorating fundamentals or technicals in its sector or country.

      - Two-thirds of their performance is expected to come from bottom-up stock selection, one-third from top-down asset allocation (sector, country, currency). They exploit multiple anomalies and inefficiencies from a range of sources and are not dependent on a single style or investment technique.

      Investment Team

      The strategy is managed by Senior Fund Managers Christopher Lees, CFA, and Nudgem Richyal, CFA, both of whom are based in our Singapore office. Chris and Nudgem are solely responsible for portfolio construction, but draw upon the collective wisdom of the other experienced investment professionals in JOHCM's regional investment teams and share their ideas.

      Investment Philosophy & Process

      At the heart of the International Select philosophy is the idea that stock markets are inefficient. The fund managers aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. They have a distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) that 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.

      Portfolio Construction

      Chris and Nudgem build portfolios of high conviction stocks in high conviction sectors and countries.The portfolio is benchmark agnostic but seldom exceeds the benchmark's sector or regional weights by +/-25%.

    Global Emerging Markets Equities

    • Emerging Markets
      Overview

      Experienced emerging equity market investors Emery Brewer and Ivo Kovachev use a predominantly stock-picking approach in finding opportunities in the fast-growing developing markets. They focus on growth companies that have the potential to develop world-class products or become industry leaders in local markets.

      Competitive Advantage

      -Very experienced team with a well-established investment approach and a long history of working together
      -Performance – consistent long-term outperformance of portfolios managed by the PMs during the past > 25 years through various cycles
      -Dual growth philosophy – dual philosophy of classic and recovery growth, allowing outperformance in up markets and providing downside protection in down markets
      -Process – robust and repeatable investment process
      -Superior, motivating boutique environment where interests of clients are aligned with those of funds managers and where funds managers have full investment autonomy
       

      Investment Team

      The strategy is managed by a Lead Senior Fund Manager Emery Brewer and a Senior Manager Ivo Kovachev who together launched the strategy in 2010. Before joining JOHCM, Emery founded the Driehaus Capital Management Emerging Markets Growth Fund which he managed for 10 years until he left Driehaus in December 2007. The fund was ranked by Lipper as the number one fund in Emerging Markets Fund category for this period.  In 1998, he founded the Driehaus International Discovery Fund which he co-managed Ivo Kovachev until April 2005 and which was ranked as number one fund by Morningstar in the International Funds category for the three-year period of 1999-2001.
      Emery and Ivo are supported by a dedicated analysts, Ladislav Sabo, who joined in July 2016 and Dalibor Kovac who joined August 2017.

      Investment Philosophy & Process

      Emery and Ivo follow a principally bottom-up, stock selection driven process that seeks to identify the most dynamic growth stocks within their investment universe. By making extensive use of screening tools and closely tracking corporate news flow, they aim to identify companies demonstrating strong and improving operational performance. They will look to find companies that have the potential to develop world class products or become industry leaders in local markets. In addition to strong fundamentals, the team considers market timeliness, as well as individual and relative valuations.

      Portfolio Construction

      -Typically 70 - 100 holdings
      -5% maximum weight
      -30% max country weight
      -30% max sector weight
      -Timely idea generation and fast position initiation driven by team’s EM experience and robust investment process
      -Weekly portfolio meetings to review holdings
       

    • Global Emerging Markets Opportunities
      Overview

      Fund managers James Syme and Paul Wimborne believe emerging markets go right or wrong at the country level. Their experience is that emerging markets tend to have wide variation of economic, political and social conditions and investors need to understand these before investing in companies in those countries.

      Competitive Advantage

      The team believes that the combination of an assertively top-down, country-driven approach to assessing and selecting stocks is a significant differentiating factor from many of their peer group. Combining this process with the team’s considerable experience in investing in the emerging markets will maximise portfolio exposure to country-level opportunities such as macro-economic and political improvements.

      Investment Team

      James Syme (Senior Fund Manager) and Paul Wimborne (Fund Manager) joined JOHCM to launch the JOHCM Global Emerging Markets Opportunities strategy in June 2011. This strategy uses the same investment philosophy, style and process that the team used to great effect at their previous employer, Baring Asset Management (Baring).

      James and Paul joined Baring in November 2006 and together managed the firm’s Global Emerging Market strategy until December 2010. During this time, the strategy delivered strong performance against both the benchmark and their peers, ranking in the upper quartile of competitor universes (source: eVestment Alliance as at 31 December 2010). They also saw rapid growth in assets from approximately USD 500m to over USD 4.5bn.

      Investment Philosophy & Process

      For James and Paul identifying the right countries 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 21 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 favoured countries. The result is a large-cap biased portfolio of typically 50-60 stocks.

      Portfolio Construction

      The top-down, country-driven approach means that the strategy takes significant relative risk with country positioning, whilst the focused portfolio (40-60 stocks compared with over 800 in the index) means that it has additional relative risk at the stock level. James and Paul ensure that these relative risks are sufficiently diversified.

    European Equities

    • Continental European
      Overview

      Paul Wild manages this long-established strategy with a pragmatic investment process that combines top-down economic and sector views with bottom-up stock picking. The strategy’s core style and risk profile has enabled it to outperform in both up and down markets.

      Investment Team

      Paul Wild (Senior Fund Manager) is the key decision maker for the JOHCM Continental European strategy. He is supported by a dedicated Analyst, Justin MacGregor, who joined Paul in August 2021. The 30+ investment professionals at JOHCM represent a further source of ideas.

      Investment Philosophy & Process

      The strategy has a core style and is actively managed, targeting strong but consistent outperformance.

      - Paul Wild has a pragmatic approach to investing, seeking opportunities in both growth and value sectors

      - His investment edge centres on the ability to interpret information that can be overlooked by the market

      - Paul uses a blend of top-down views and bottom-up stock selection to add value. From a top-down perspective, he focus on sector and industry allocations as well as themes, market cap and beta exposure

      - Paul then decides which individual companies fit within that view. In the past, Paul has generated alpha at market turning points when pure bottom-up strategies have not performed well.

      Portfolio Construction

      - Typically 60-70 holdings
      - Maximum active stock position of 3.5% (relative to the benchmark)
      - Minimum 65% of the portfolio invested in large cap equities
      - No investment in stocks with a market capitalisation less than €250 million
      - Risk diversification is ensured by controls on sector exposure which ensure that the Fund will always   be exposed to every major sector
      - Major sector exposure up to 75% over/underweighting (relative to benchmark) and up to 100% overweight for minor sectors (<6% of benchmark)
      - No country constraints
      - No tracking error targets or constraints. The historic tracking error range is 3-6%
      - No use of derivatives
      - Aim to be fully invested and do not take tactical cash positions

    • European Select Values
      Overview

      Fund manager Robrecht Wouters has a highly selective, valuation-oriented investment style, which focuses on undervalued pan-European companies that generate high returns on capital. His stock-picking approach is unconstrained by benchmark weightings and combines traditional ‘value’ investing (focusing on attractive valuations on a price-to-free-cash-flow basis) and ‘quality’ characteristics, such as high return on capital employed.

      Competitive Advantage

      Robrecht manages his portfolios with a highly selective, valuation orientated investment style. He aims to find contrarian investments that combine attractive valuations and a high return on capital. Absolute - not relative - valuation is the key to selecting investments. Robrecht focuses on the stocks that he owns rather than worrying about stocks in the broader market that he does not own. This approach is reflected in the constituents of the portfolio where low ROCE sectors such as financials, oil and utilities are underweighted, in favour of more defensive industries such as consumer staples. This strategy is likely to ensure that his holdings will offer significant diversification benefits when compared to other European equity strategies.

      Investment Team

      Robrecht Wouters, Senior Fund Manager, manages the European Values Select strategy. He joined JOHCM in September 2003 and became lead portfolio manager on the strategy in 2008.

      Investment Philosophy & Process

      The strategy combines a contrarian, valuation-based approach and a focus on high return on capital. Robrecht Wouters has a highly selective bottom-up, valuation orientated investment style, which focuses on undervalued companies with high return on capital employed. The approach is an unconstrained, high alpha approach and expects to generate significant outperformance.

      Robrecht Wouters believes that investing in companies trading at a discount (at least greater than 25%) to their ‘intrinsic value’ will yield above average investment returns. The inefficiencies Robrecht aims to exploit centre on market time horizons. Other investors may have a shorter-term focus that leads to them selling stocks when they miss a single earnings estimate. By the same token, markets can fall in love with a stock and as a result miss perceptible weakening in its business. Most investors do not price compounding effectively. Robrecht’s focus on quality companies with high return on capital creates a good opportunity to exploit this anomaly. Robrecht takes positions in out-of-favour stocks based on detailed proprietary research and his past experience. His valuation based approach strongly encourages taking contrarian views.

      Portfolio Construction

      The portfolio combines traditional value characteristics across all market capitalisations with a bias towards companies with superior business models. Robrecht sees a neutral investment position as a 3% holding but this will reduce to 2% for smaller, less liquid stocks. The maximum holding in a single stock is
      5%.

      Typically, the portfolio will have the following characteristics:

      - Benchmark unconstrained
      - Fully invested
      - Individual stock position sizes are similar and range between 2-4% with a maximum of 5%.
      - The largest 10 holdings have typically accounted for 35-40% of the portfolio
      - Sizeable sector and country positions with a bias in favour of non-capital intensive industries
      - Strong emphasis on developed European markets. Investments outside of this market is limited to 10%
      - Use of derivatives for efficient portfolio management

    • European Concentrated Value
      Overview

      Fund manager Robrecht Wouters, supported by experienced European equities investor Luis Fananas, has a highly selective, valuation-oriented investment style, which focuses on undervalued pan-European companies that generate high returns on capital. His stock-picking approach is unconstrained by benchmark weightings and combines traditional ‘value’ investing (focusing on attractive valuations on a price-to-free-cash-flow basis) and ‘quality’ characteristics, such as high return on capital employed. 

      The JOHCM European Concentrated Value strategy, launched in March 2015, is a large cap-biased, concentrated extension strategy of the original JOHCM European Select Values strategy, which was launched in 2003. 

      Competitive Advantage

      Robrecht manages his portfolios with a highly selective, valuation orientated investment style. He aims to find contrarian investments that combine attractive valuations and a high return on capital. Absolute - not relative - valuation is the key to selecting investments. Robrecht focuses on the stocks that he owns rather than worrying about stocks in the broader market that he does not own. This approach is reflected in the constituents of the portfolio where low ROCE sectors such as financials, oil and utilities are underweighted, in favour of more defensive industries such as consumer staples. This strategy is likely to ensure that his holdings will offer significant diversification benefits when compared to other European equity strategies.

      Investment Team

      Robrecht Wouters, Senior Fund Manager, is lead manager of the European Concentrated Value strategy. He joined JOHCM in September 2003 and became lead portfolio manager of the European Select Values strategy in 2008.

      Robrecht is supported by Louis Fananas, an experienced European equities investor. He was previously employed by T Rowe Price, where he was a senior member of its Global Small-Mid Cap team and focused on European stocks. Faňanas has also served as Research Director, European Small Cap Strategies for Deutsche Bank and as a sell-side research analyst.

      Investment Philosophy & Process

      The strategy combines a contrarian, valuation-based approach and a focus on high return on capital. Robrecht Wouters has a highly selective bottom-up, valuation orientated investment style, which focuses on undervalued companies with high return on capital employed. The approach is an unconstrained, high alpha approach and expects to generate significant outperformance.

      Portfolio Construction

      Robrecht Wouters believes that investing in companies trading at a discount (at least greater than 25%) to their ‘intrinsic value’ will yield above average investment returns. The inefficiencies Robrecht aims to exploit centre on market time horizons. Other investors may have a shorter-term focus that leads to them selling stocks when they miss a single earnings estimate. By the same token, markets can fall in love with a stock and as a result miss perceptible weakening in its business. Most investors do not price compounding effectively. Robrecht’s focus on quality companies with high return on capital creates a good opportunity to exploit this anomaly. Robrecht takes positions in out-of-favour stocks based on detailed proprietary research and his past experience. His valuation based approach strongly encourages taking contrarian views.

      Typically, the portfolio will have the following characteristics:

      - Benchmark unconstrained

      - Fully invested

      - Typically holds around 25 high conviction positions in large cap stocks

      - Sizeable sector and country positions with a bias in favour of non-capital intensive industries

      - Use of derivatives for efficient portfolio management


    Asian Equities

    • Asia ex Japan
      Overview

      Based in our Singapore office, Samir Mehta employs a fundamental-based, predominantly bottom-up investment approach. He and his team focus on Asian companies with quality, sustainable, long-term growth hallmarks, or those firms that have the potential to acquire these characteristics. These are businesses that can grow over economic and liquidity cycles and which generate high returns on the financial capital that they employ. Samir builds concentrated portfolios of typically 40-55 stocks, with low portfolio turnover and with little regard to benchmark weightings.

      Investment Team

      The current Asia ex Japan team has been responsible for the product since inception of the strategy at JOHCM in September 2011. Samir Mehta (Senior Fund Manager) and Cho-Yu Kooi (Senior Fund Manager) joined J O Hambro Capital Management (JOHCM) in May 2011.

      Samir manages JOHCM’s Asia ex Japan (All cap) strategy and Cho-Yu is the lead fund manager responsible for the Asia ex Japan Small and Mid Cap (SMID) strategy. They are supported by a dedicated analyst, Gaurav Sharma. The team is based in Singapore to facilitate access to companies in the Asia region.

      Investment Philosophy & Process

      The team’s investment philosophy is based on the following beliefs:

      - Value creation in a company is driven by long-term growth and the ability to generate returns above its cost of capital. The team therefore focuses on companies displaying long-term, sustainable, quality growth characteristics.

      - There are pricing inefficiencies in Asian stock markets. The greatest inefficiencies are at the individual stock level. This is, therefore, where they focus their investment resources, with approximately 70% of total value added expected to come from fundamental stock selection.

      Detailed analysis and regular interaction with company management is vital. The team’s analysis gives them the conviction to take a long-term investment view, meaning that turnover is low.

      - Asian markets are frequently driven by macroeconomic and political factors that are separate from stock-specific considerations. These markets have a history of giving high returns but also with high volatility. The team aims to blend their growth stock focus with cyclical exposure that is valuation-driven and based on top-down views. They may also use downside protection strategies in adverse market conditions. Approximately 30% of value added is expected to come from top-down views.

      The team manages concentrated portfolios with a high conviction, benchmark-agnostic style. They have never owned some of the mega cap names listed in Asia that more benchmark-aware strategies may be drawn to for risk control purposes and by virtue of their index weighting. They aim to own companies that will become future members of the major indices.

      Portfolio Construction

      Samir and the team build all cap portfolios of typically 40-55 holdings, with a maximum of 25-30% in any one major country and 10-15% in any one smaller country. Portfolio turnover averages 35-40%, with an average holding period of three years. Maximum stock size is 5% at purchase, although this may increase to 7% with market movements. Track error is not targeted - historically ex ante tracking error has been 6-10%.  

    • Asia ex Japan Small & Mid Cap
      Overview

      Fund manager Cho-Yu Kooi, based in our Singapore office, shares the same investment philosophy and approach as Samir Mehta, manager of the all-cap JOHCM Asia ex Japan strategy, both fund managers having worked alongside one another for many years prior to joining JOHCM in 2011. She employs a fundamental-based, predominantly bottom-up investment approach. Her and her team focus on Asian companies with quality, sustainable, long-term growth hallmarks, or those firms that have the potential to acquire these characteristics. These are businesses that can grow over economic and liquidity cycles and which generate high returns on the financial capital that they employ.

      The portfolio generally consists of stocks with a market capitalisation of less than $4 billion while close attention is paid to liquidity.

      Investment Team

      The Asia ex Japan team has been responsible for the product since inception of the strategy at JOHCM. Cho-Yu Kooi (Senior Fund Manager) and Samir Mehta (Senior Fund Manager) joined J O Hambro Capital Management (JOHCM) in May 2011. Cho-Yu is the lead fund manager responsible for the Asia ex Japan Small and Mid Cap (SMID) strategy and Samir manages JOHCM’s Asia ex Japan strategy. They are supported by a dedicated analyst, Gaurav Sharma. The team is based in Singapore to facilitate access to companies in the Asia region.

      Investment Philosophy & Process

      The team’s investment philosophy is based on the following beliefs:

      - Value creation in a company is driven by long-term growth and the ability to generate returns above its cost of capital. The team therefore focuses on companies displaying long-term, sustainable, quality growth characteristics.

      - There are pricing inefficiencies in Asian stock markets. The greatest inefficiencies are at the individual stock level. This is, therefore, where they focus their investment resources, with approximately 70% of total value added expected to come from fundamental stock selection.

      Detailed analysis and regular interaction with company management is vital. The team’s analysis gives them the conviction to take a long-term investment view, meaning that turnover is low.

      - Asian markets are frequently driven by macroeconomic and political factors that are separate from stock-specific considerations. These markets have a history of giving high returns but also with high volatility. The team aims to blend their growth stock focus with cyclical exposure that is valuation-driven and based on top-down views. They may also use downside protection strategies in adverse market conditions. Approximately 30% of value added is expected to come from top-down views.

      The team manages concentrated portfolios with a high conviction, benchmark-agnostic style. They have never owned some of the mega cap names listed in Asia that more benchmark-aware strategies may be drawn to for risk control purposes and by virtue of their index weighting. They aim to own companies that will become future members of the major indices.

      Portfolio Construction

      The team manages concentrated portfolios with a high conviction, benchmark agnostic style. They have never owned some of the names listed in Asia that more benchmark aware strategies may be drawn to for risk control purposes and by virtue of their index weighting.

      - Number of holdings: typically 45-65 stocks
      - Initial position size tends to be 1-1.5% at purchase
      - Maximum stock weight is 4% at purchase, this may increase to 6% with market movements
      - Portfolio generally consists of stocks with market cap less than $4bn, with trading liquidity a key consideration
      - Portfolio is typically fully invested
      - Occasional use of limited index hedging strategies
      - Turnover expected to average 35-40% or an average holding period of three years

    For institutional client queries, please email clientservices@johcm.co.uk

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