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Last year was a tough one for the Fund, both in absolute and relative performance terms. However, we strongly believe that the Fund’s performance has created a material valuation anomaly that we expect to correct at some point in the near future. Without exaggeration, such is the extent of this anomaly it arguably represents an investment opportunity second only to the market lows around the 2008-9 financial crisis in the context of the Fund’s 14-year history. For the full paper, please download the PDF using the button to the right.
Disclaimer
Past performance is no guarantee of future performance. Source: JOHCM/Bloomberg unless otherwise stated. Fund launch date 30 November 2004. Issued by J O Hambro Capital Management Limited authorised and regulated by the Financial Conduct Authority. The value of investments and the income from them may go down as well as up and you may not get back your original investment. Dividend yield quoted is prospective and not guaranteed. 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 Fund’s investment 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. Source: JOHCM/Bloomberg/FTSE International. Note for return history: NAV of share class A in GBP, net income reinvested. Benchmark: FTSE All-Share TR Index. Performance of other share classes may vary and is available on request. FTSE International Limited (“FTSE”) © FTSE 2017. The Industry Classification Benchmark (“ICB”) and all rights in it are owned by and vest in FTSE and/or its licensors. “FTSE” ® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. Neither FTSE or its licensors accept any liability for errors or omissions in the ICV. No further distribution of ICB is permitted without FTSE’s express written consent. JOHCM® is a registered trademark of J O Hambro Capital Management Ltd. J O Hambro® is a registered trademark of Barnham Broom Holdings Ltd. Registered in England and Wales under No: 2176004. Registered address: Level 3, 1 St James’s Market, London SW1Y 4AH, United Kingdom.
In a month where expectations for global growth continued to drift lower, James and Clive provide an update on the Fund.
James and Clive, managers of the JOHCM UK Equity Income Fund, take a look at the portfolio in a difficult month for equities globally.
The UK stock market is at its most undervalued level versus world stock markets since the TMT bubble. James and Clive discuss their UK domestic names.
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