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The JOHCM UK Opportunities team discuss four new investments and how each can grow their respective cash flows in four very different markets.

  • Rachel Reutter
  • Michael Ulrich
12 Jul 2021
View PDF   Download PDF  
View PDF   Download PDF  
  • Over the last three months the fund returned 3.83% compared to the FTSE All-Share Total Return index’s return of 5.09%.
  • The strongest performers included Morrisons and UDG, both of which received private equity bids. Ashtead, Smith and Nephew and AstraZeneca were up over 15% during the period.
  • We will vote against deals which undervalue our portfolio companies, as we did recently with UDG, and will advise companies to use their best defences.
  • We have continued to find new opportunities in companies that are investing in future growth. AstraZeneca, Inchcape and Glencore were all added to the portfolio during the quarter.
  • Our valuation control led to the complete sale of Sage and Diageo. We sold Antofagasta on news of a deterioration in the political and tax situation Chile.

Disclaimer

For professional investors only. 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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