Under the Bonnet

An update on the market backdrop and portfolio holdings over July from the JOHCM UK Dynamic team.

  • Alex Savvides
  • Tom Matthews
11 Aug 2020
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View PDF   Download PDF  
  • Concerns over the pace of the US economy’s recovery led the dollar lower in July and, with it, most non-dollar denominated equity markets.
  • With 23 of the Fund’s holdings reporting results, it is quite remarkable only three of these were top five or bottom five contributors, highlighting the wider effect of sentiment on the Fund.
  • Q1 results from 3i, the Fund’s largest position, were particularly strong.


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.

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