Under the Bonnet

An update from the JOHCM UK Dynamic team in a month when investors had to contend with unprecedented conditions.

  • Alex Savvides
  • Tom Matthews
09 Apr 2020
View PDF   Download PDF  
View PDF   Download PDF  
  • Global equity markets moved sharply lower in March as investors contended with unprecedented conditions.
  • The Fund underperformed significantly, with the collapse in valuations of stocks with perceived balance sheet risk, the continued outperformance of earnings momentum stocks, and the lack of general regard for asset valuations being the greatest headwinds.
  • Whilst we are cognisant of how quickly things are changing, the market’s clear disregard for the valuation of the underlying assets of some companies is presenting valuable opportunities for those investors with patience.


Past performance is no guarantee of future performance. 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. 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.

For a better experience, we recommend viewing this website in landscape orientation.