JOHCM Asia ex Japan Fund

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Fund Description

Based in our Singapore office, Samir Mehta employs a fundamental-based, predominantly bottom-up investment approach. He focuses on Asian companies with quality, sustainable, long-term growth hallmarks. 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 Strategy

Samir's investment philosophy is based on the following beliefs:

  • There are pricing inefficiencies in Asian stock markets, particularly at the individual stock level. This is where Samir dedicates most of his time, with approximately 70% of total value added expected to come from fundamental stock selection
  • Value creation in a company is driven by long-term growth and the ability to generate returns above its cost of capital. Samir therefore focuses on companies displaying long-term sustainable quality growth characteristics
  • Detailed analysis and regular interaction with company management is vital. His analysis gives him the conviction to take a long-term investment view, meaning that portfolio turnover is typically 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. Samir aims to blend his growth stock focus with cyclical exposure that is valuation-driven and based on top-down views.
Reasons To Invest
  • Proven investment process from an experienced fund manager, based in Asia, with extensive experience of investing in Asian companies
  • An emphasis on quality growth stocks that compound returns over the long term
  • A pragmatic approach that blends a long-term growth focus with cyclical exposure
An introduction to the JOHCM Asia ex Japan Fund
  • Samir Mehta

    Senior Fund Manager

    small image path
  • Cho-Yu Kooi

    Senior Fund Manager

    small image path

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

The Funds 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.

Other Asian Equity Funds

JOHCM Asia ex Japan Small and Mid Cap Fund

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 Fund, 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 ...

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Investment Objective

The investment objective of the Fund is to achieve long-term capital appreciation through investment, both direct and indirect, in a diversified portfolio of Asia ex-Japan equity securities. The Fund aims to achieve its investment objective primarily through investment in equity securities of companies domiciled or exercising the predominant part of their economic activities in Asia ex-Japan. The investment process is focused on identifying and owning quality, long-term, sustainable growth companies; meaning businesses which can sustainably grow over economic and liquidity cycles. The Fund will generally invest in stocks of companies from the consumer, telecoms, infrastructure, internet or brand ownership sectors, which have market capitalisation of greater than US$500 million.

Fund details

Data as at 31 May 2021
Fund size GBP 90.21m
Strategy size GBP 801.48m (as at 31 March 2021)
Benchmark MSCI AC Asia ex Japan NR 12pm adjusted
Domicile Ireland
Denomination GBP, EUR, USD
Share classes
A GBP (Launch date) 30-September-2011
A EUR (Launch date) 30-September-2011
A USD (Launch date) 30-September-2011
B GBP (Launch date) 30-September-2011
B EUR (Launch date) 30-September-2011
B USD (Launch date) 30-September-2011
Unit type Distribution
Minimum investment
A GBP 1,000
B GBP 1,000
Valuation point Daily (12pm, UK time)
Dealing frequency Daily 9-5pm
Fund codes
ISIN SEDOL
A GBP IE00B3RQ2721 B3RQ272
A EUR IE00B431KK76 B431KK7
A USD IE00B435PM67 B435PM6
B GBP IE00B3ZQS767 B3ZQS76
B EUR IE00B5L49R51 B5L49R5
B USD IE00B4114S53 B4114S5

Fund ratings and awards

Data as at 31 May 2021
Notes

©2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Overall Ratings and Morningstar Analyst Ratings are as at 30/04/2021.

The Elite Rating™ system is proprietary to FundCalibre Ltd, but should not be taken as a recommendation.

Fees and charges

Initial charge Up to 5%
Annual mgmt charge (A) 0.90%
Annual mgmt charge (B) 1.50%
Performance fee 15% on excess if Fund outperforms benchmark, calculated daily. Any underperformance carried forward. This fee applies to all share classes.

Administration

Status UCITS
Investment manager J O Hambro Capital Management Limited
Transfer agent and registrar RBC Investor Services Limited
Depositary RBC Investor Services Limited

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

The Funds 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.

Strategy Highlights

As at 31 May 2021

In the past two years I have focused intensely on the aspects of my process that I felt needed attention. There were two areas in particular. Firstly, to be quicker in deciding to sell out of poor performing stocks or broken business models (after thorough analysis). Secondly, to revisit my held beliefs or opinions when evidence pointed to the contrary.

I have changed my mind on financials. Looking back, the major impact on lives, economic activity and stock markets as a result of Covid-19 came in March - May 2020. At that time, I concluded that banks were amongst the worst investments to make. I hypothesised they would become a defacto arm of governments, forced to extend credit, asked to delay recognition of non-performing loans (allowing zombie companies to survive) and repressed in profitability through lower margins. At a macro level, I thought, with loose monetary policy and stagnant economic activity, deflation might be entrenched. 

Clearly, many of those beliefs needed questioning. Contrary to my expectations, the US government is determined to keep the fiscal taps open; far wider and for longer than most expected. The next part of its fiscal spend is on infrastructure – it is unclear how much will get legislative approval but the intent is clear. A combination of these trends has lifted expectations of inflation (and long bond yields) along with commodity prices. For several commodities, supply constraints have also contributed to higher prices. Many asset-intensive businesses associated with commodities had losses in the past. They have turned profitable in a big way. Banks are earning better-than-expected net interest margins - higher interest rates help. Concurrently, non-performing loans (NPLs) are significantly lower than expected, especially from their most problematic sectors.

That in effect was the motivation for me to change my view on banks and in particular to buy State Bank of India (SBI). For decades, I had conditioned myself in not owning a public sector bank in any country, especially in India. Poor management beset with government interference, antiquated technology and perennial losses due to inadequate risk controls did not make for a strong investment case. Yet in SBI, we observe significant changes to governance, attitudes to risk and the adoption of technology. SBI launched a consolidated finance app called YONO in November 2017, which has become not just an avenue for customer acquisition but also a platform to cross-sell services. Only two of its subsidiaries, SBI Cards (which we also own) and SBI Life Insurance, are listed. But there are other equally value-creating subsidiaries in broking/general insurance and asset management. On a consolidated basis, SBI seems to be heading down the road of finally solidifying its brand advantage.  
 

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

The Funds 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.

Fund Reporting

Monthly Portfolio Review
Monthly Portfolio Review
Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

A GBP A EUR A USD
B GBP B EUR B USD

 

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

The Funds 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.

Percentage growth of the fund versus benchmark

Data as at 31 May 2021
A GBP share class, since launch (30 September 2011)

Return history (%)

Data as at 31 May 2021

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Funds 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. 


Mar 16 - Mar 17 Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20 Mar 20 - Mar 21
Fund 35.29% -0.92% -4.31% -4.57% 54.76%

Monthly returns (%)

Data as at 31 May 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2011 9.90 -3.28 1.22 7.60
Benchmark 2011 9.09 -5.91 1.45 4.13
Fund 2012 5.76 4.39 0.51 -1.76 -4.09 0.80 1.23 2.70 3.48 0.82 2.44 2.78 20.35
Benchmark 2012 8.68 4.98 -3.61 -1.48 -5.17 2.34 2.11 -1.50 4.65 0.23 3.15 2.50 17.29
Fund 2013 5.76 4.25 1.47 2.63 2.23 -6.33 -0.14 -8.96 1.70 6.63 -2.14 -1.53 4.44
Benchmark 2013 4.07 3.74 -1.96 -0.25 0.52 -5.86 2.14 -3.48 1.19 5.11 -1.66 -2.24 0.72
Fund 2014 -3.11 3.21 0.52 -0.74 1.78 1.39 3.53 3.48 -1.55 2.46 4.46 -1.72 14.23
Benchmark 2014 -4.85 2.35 1.17 -0.30 4.59 0.50 4.68 2.51 -3.52 3.10 2.20 -1.33 11.15
Fund 2015 6.95 0.06 3.23 -2.36 0.60 -4.20 -1.57 -5.22 0.27 2.41 -2.03 1.67 -0.80
Benchmark 2015 5.80 -0.35 4.76 2.88 -1.59 -6.52 -5.55 -8.81 -0.32 6.98 -1.28 0.77 -4.50
Fund 2016 -2.69 3.18 1.18 -1.49 0.79 10.58 9.16 4.38 3.58 4.35 -7.96 -2.71 23.00
Benchmark 2016 -4.52 2.47 7.14 -2.43 -1.28 11.21 7.38 3.66 2.99 4.92 -5.08 -0.84 27.13
Fund 2017 5.12 3.15 3.05 2.33 -1.04 4.56 4.95 -6.77 3.89 -0.32 0.95 21.02
Benchmark 2017 4.74 3.74 3.04 -1.69 5.29 0.47 4.10 3.26 -3.95 5.94 -0.81 2.26 29.16
Fund 2018 1.12 -2.68 -7.03 1.09 -1.08 -3.07 1.94 -1.40 -2.54 -10.42 5.35 -0.39 -18.34
Benchmark 2018 2.39 -2.74 -3.32 3.44 1.60 -3.29 0.52 0.13 -1.51 -9.36 5.65 -2.41 -9.36
Fund 2019 3.19 0.60 3.26 2.53 -3.39 5.21 4.14 0.39 -1.11 -0.73 -3.35 2.70 13.79
Benchmark 2019 4.02 1.00 2.87 2.94 -5.38 5.72 2.43 -4.57 0.54 -0.67 0.85 4.19 14.17
Fund 2020 -2.75 -1.34 -6.31 9.13 2.80 6.99 2.87 7.84 1.42 1.28 3.30 7.09 36.02
Benchmark 2020 -3.92 -1.09 -8.65 8.38 -0.47 9.39 1.31 3.66 0.03 2.69 5.33 3.97 21.02
Fund 2021 2.83 -0.14 -0.39 0.97 1.60 4.93 202.57
Benchmark 2021 3.87 -0.73 -1.29 1.50 -1.93 1.32 172.04

Source and notes

JOHCM/MSCI/Bloomberg/Lipper. Please note the percentage growth of the Fund versus benchmark is shown as NAV performance only, dividends are not reinvested.

Data shown net of fees, net income reinvested. Benchmark: MSCI AC Asia ex Japan NR 12pm adjusted. Performance of other share classes may vary and is available on request. 

Disclaimer

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Funds 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. 

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

The Funds 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.

Fund statistics

Data as at 31 May 2021
Fund size GBP 90.21m
Number of holdings 40

Top 10 holdings and active weights

Data as at 31 May 2021
Top 10 holdings
Samsung Electronics 5.60%
Tencent 5.37%
KaKao Corp 5.28%
Jubilant FoodWorks 5.24%
SBI CARDS AND PAYMENT 4.96%
Li-Ning 4.50%
Meituan 4.05%
Gland Pharma Ltd 4.03%
HKEx 3.86%
ENN Energy Holdings 3.59%
Top 10 active weights
Jubilant FoodWorks +5.19%
SBI CARDS AND PAYMENT +4.93%
KaKao Corp +4.83%
Li-Ning +4.22%
Gland Pharma Ltd +4.03%
ENN Energy Holdings +3.40%
Bajaj Auto +3.04%
Venture Corp +3.01%
HKEx +2.86%
Asian Paints +2.85%

Sector breakdown

Data as at 31 May 2021
Portfolio Benchmark Relative
Consumer Discretionary 27.22% 17.55% 9.67%
Information Technology 17.38% 23.07% -5.69%
Financials 15.54% 18.28% -2.74%
Communication Services 11.89% 11.31% 0.58%
Materials 7.46% 4.88% 2.58%
Consumer Staples 5.32% 4.91% 0.41%
Health Care 4.59% 5.25% -0.67%
Industrials 3.91% 5.81% -1.89%
Utilities 3.59% 2.34% 1.25%
Energy 0.00% 2.58% -2.58%
Real Estate 0.00% 4.01% -4.01%
Cash 3.08% 0.00% 3.08%

Market cap breakdown

Data as at 31 May 2021
Portfolio Benchmark Relative
Large Cap 91.90% 97.23% -5.34%
Medium Cap 4.87% 2.76% 2.11%
Small Cap 0.15% 0.00% 0.14%
Cash 3.08% 0.00% 3.08%

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

The Funds 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.

Fund

 As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 18/06/2021 A GBP Ireland B3RQ272 2.956 0.020
A USD Ireland B435PM6 2.568 0.009
A EUR Ireland B431KK7 2.908 0.017
B EUR Ireland B5L49R5 2.942 0.018
B GBP Ireland B3ZQS76 2.904 0.020
B USD Ireland BF7NZT0 2.604 0.009
Z GBP Ireland B44PG77 2.101 0.015
Z USD Ireland BVG7681 1.718 0.006
JOHCM Asia ex Japan Small and Mid Cap Fund 18/06/2021 A GBP Ireland B6R5LS4 2.989 0.040
A USD Ireland B6R5QW3 2.760 0.028
A EUR Ireland B6R5VD9 2.644 0.032
B GBP Ireland B6R63P8 2.922 0.039
B USD Ireland B6R5YM9 2.636 0.026
B EUR Ireland B6R5HM0 2.994 0.036
Z GBP Ireland B4X3T62 2.262 0.030
JOHCM Continental European Fund 18/06/2021 A GBP Ireland 3300912 5.446 -0.065
A USD Ireland BJ4G0G2 1.721 -0.020
A EUR Ireland 3300923 4.433 -0.058
A Hedged GBP Ireland BSJCJ49 1.501 -0.019
B GBP Ireland 3100543 5.251 -0.062
B USD Ireland BJ4G0H3 1.753 -0.022
B EUR Ireland 3300901 4.464 -0.057
Y GBP Ireland B993PD0 2.006 -0.024
Y EUR Ireland B98YKX9 1.708 -0.022
Y Hedged GBP Ireland BSJCJ50 1.568 -0.020
JOHCM European Concentrated Value Fund 18/06/2021 A EUR Ireland BW0DJY9 1.165 -0.007
B EUR Ireland BW0DJZ0 1.158 -0.007
Z AUD Ireland BYNJFM8 1.328 -0.006
Z EUR Ireland BYNJFN9 1.074 -0.005
JOHCM European Select Values Fund 18/06/2021 A GBP Ireland 3290422 6.188 -0.040
A EUR Ireland 3290433 4.015 -0.032
B GBP Ireland 3290400 5.665 -0.037
B EUR Ireland 3290411 2.687 -0.021
Non-Distributing EUR Ireland BSFWK51 1.491 -0.011
X EUR Ireland B4K14L9 1.923 -0.014
Y EUR Ireland BMXC8L3 1.079 -0.009
JOHCM Global Emerging Markets Opportunities Fund 18/06/2021 A GBP Ireland B4002N4 1.579 -0.003
A USD Ireland B4M6CN0 1.415 -0.008
A EUR Ireland B3ZBLW7 1.733 -0.004
B GBP Ireland B41RZ57 1.518 -0.002
B USD Ireland B4XXMP2 1.848 -0.010
B EUR Ireland B4TRCR0 1.711 -0.005
Y GBP Ireland BYSGJY4 1.902 -0.004
Y USD Ireland BYSGJZ5 1.723 -0.008
Z GBP Ireland B6R54W9 1.990 -0.003
Z CAD Ireland BBPK0L2 1.840 -0.003
Z AUD Ireland B5W6ZB6 2.151 -0.002
JOHCM Global Income Builder Fund 18/06/2021 GBP Ireland BFZWPH7 1.124 -0.002
A SGD Ireland BFZWPG6 1.102 -0.005
A GBP Ireland BFZWPC2 1.073 -0.002
A USD Ireland BFZWPF5 1.111 -0.006
A EUR Ireland BFZWPD3 1.105 -0.004
B EUR Ireland BFZWPJ9 1.069 -0.003
EUR EUR Ireland BKF2GH9 0.983 -0.003
GBI GBP Ireland BHR0DJ1 1.105 -0.002
JOHCM Global Opportunities Fund (offshore) 18/06/2021 A GBP Ireland B89PQM5 2.271 -0.003
A USD Ireland B89JY23 2.358 -0.011
A EUR Ireland B7MR557 2.510 -0.005
B GBP Ireland BF7NZS9 2.499 -0.002
B USD Ireland B8295C7 2.243 -0.010
B EUR Ireland B80FZF0 2.308 -0.006
IHX EUR Ireland BFZWWX2 1.133 -0.006
X GBP Ireland BQVC9L0 1.940 -0.002
X EUR Ireland BMCZLF8 1.228 -0.002
X EUR Ireland BJ5JW42 1.145 -0.002
X Hedged GBP Ireland BF29TX5 1.211 -0.005
Z GBP Ireland B83MS15 0.904 -0.001
Z GBP Ireland BD6R4D6 1.720 -0.001
Z EUR Ireland BDZD4M4 1.128 -0.003
JOHCM Global Opportunities Fund (onshore) 18/06/2021 A Accumulating GBP UK BJ5JMC0 1.166 -0.001
A Distributing GBP UK BJ5JMD1 1.120 -0.002
AHA GBP UK BKDV8G1 1.211 -0.006
X Accumulating GBP UK BJ5JMF3 1.134 -0.001
X Distributing GBP UK BJ5JMG4 1.118 -0.001
JOHCM Global Select Fund 18/06/2021 A GBP Ireland B3DBRN2 4.630 0.024
A USD Ireland B3T31Z2 2.651 0.004
A EUR Ireland B3DBRP4 4.347 0.018
B GBP Ireland B3DBRL0 4.455 0.022
B USD Ireland B5L7L67 3.023 0.005
B EUR Ireland B3DBRM1 4.201 0.016
Z GBP Ireland B3DCMB8 3.326 0.017
Z USD Ireland B4V7J00 2.982 0.005
JOHCM Japan Fund 18/06/2021 A GBP Ireland B00X0H5 2.498 -0.021
A EUR Ireland 3438880 1.844 -0.018
A Hedged GBP Ireland B5LD7P6 1.830 -0.025
A JPY JPY Ireland 3438891 368.648 -4.871
B GBP Ireland 3438846 2.436 -0.022
B EUR Ireland 3438857 1.787 -0.017
B Hedged GBP Ireland B6386R1 1.833 -0.024
B JPY JPY Ireland 3438868 364.208 -4.698
JOHCM UK Dynamic Fund (onshore) 18/06/2021 Y GBP Ireland BDGKPZ4 0.977 -0.011
JOHCM UK Dynamic Fund (onshore) 18/06/2021 A Accumulating GBP UK B4T7HR5 2.693 -0.029
A Distributing GBP UK B4T8552 1.882 -0.020
B Accumulating GBP UK B4T7JX5 2.988 -0.033
B Distributing GBP UK B4TXJ33 1.711 -0.019
X Accumulating GBP UK BJ7HNB8 1.050 -0.011
X Distributing GBP UK BJ5JMB9 0.981 -0.010
Y GBP UK BDZRJ21 1.180 -0.013
Y Accumulating GBP UK BDZRJ10 1.553 -0.017
JOHCM UK Equity Income Fund 18/06/2021 A Accumulating GBP UK B03KR50 4.051 -0.054
A Distributing GBP UK B03KP23 1.907 -0.026
B Accumulating GBP UK B03KR83 3.752 -0.051
B Distributing GBP UK B03KR61 1.765 -0.024
X Distributing GBP UK BYV9S21 0.951 -0.013
Y GBP UK B95FCK6 1.287 -0.017
Y Accumulating GBP UK B8FCHK5 1.635 -0.022
JOHCM UK Growth Fund 18/06/2021 A GBP Ireland 3300934 4.192 -0.039
B GBP Ireland 3100554 3.651 -0.034
REU EUR Ireland BLLV8D7 2.280 -0.025
RUD USD Ireland BLLV8C6 2.526 -0.034
X USD Ireland BLLV871 2.535 -0.034
X EUR Ireland BLLV8B5 2.123 -0.021
X EUR Ireland BLLV882 2.287 -0.026
X GBP Ireland BLLV893 2.101 -0.021
JOHCM UK Opportunities Fund 18/06/2021 A Accumulating GBP UK B0LLB64 3.287 -0.020
A Distributing GBP UK B3K76Q9 2.159 -0.013
B Accumulating GBP UK B0LLB75 3.058 -0.019
B Distributing GBP UK B3K76P8 2.036 -0.013
X Accumulating GBP UK BQJZQQ5 1.512 -0.009
X Distributing GBP UK B95MSF4 1.224 -0.007
Y GBP UK B95J5C1 1.453 -0.009
Y Accumulating GBP UK B95HP81 1.838 -0.012
Regnan Global Equity Impact Solutions Fund (offshore) 18/06/2021 GBP Ireland BN2BDR9 0.964 0.002
USD Ireland BN2BDV3 0.984 -0.002
A GBP Ireland BN2BD80 0.958 0.001
A USD Ireland BN2BDC4 0.980 -0.002
A EUR Ireland BN2BD91 0.997 0.002
B GBP Ireland BN2BDD5 0.956 0.001
B USD Ireland BN2BDH9 0.977 -0.002
B EUR Ireland BN2BDF7 0.994 0.001
EUR EUR Ireland BN2BDS0 1.001 0.000
HSE EUR Ireland BN2BDT1 0.979 -0.002
IHX EUR Ireland BN2BDB3 0.978 -0.001
RHX EUR Ireland BN2BDG8 0.972 -0.002
Z GBP Ireland BN2BDN5 0.961 0.002
Regnan Global Equity Impact Solutions Fund (onshore) 18/06/2021 A Accumulating GBP UK BMCZDD0 1.120 0.002
DNA GBP UK BMCZDJ6 1.126 0.002
Y Accumulating GBP UK BMCZDK7 1.122 0.002

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 07/20 08/20 09/20 10/20 11/20 12/20 01/21 02/21 03/21 04/21 05/21 06/21
A  GBP 0.4554 0.4276 0.3871 0.4592 0.4016 0.4363 0.4312 0.3200 0.3071 0.3763 0.3485 0.3257
A EUR 0.4551 0.4180 0.3838 0.4431 0.3928 0.4289 0.4233 0.3205 0.3138 0.3899 0.3554 0.3336
A USD   0.4212 0.4154 0.3885 0.4393 0.3865 0.4335 0.4393 0.3270 0.3191 0.3864 0.3605 0.3443
A SGD  0.4323 0.4224 0.3895 0.4425 0.3899 0.4296 0.4274 0.3217 0.3140 0.3844 0.3558 0.3364
B EUR 0.4351 0.4083 0.3745 0.4319 0.3826 0.4174 0.4115 0.3114 0.3046 0.3781 0.3443 0.3229
Seed 0.4752 0.4464 0.3402 0.3929 0.3484 0.3806 0.3757 0.2846 0.2787 0.3464 0.3159 0.2966

Net dividends quoted in the local share class currency.

If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
A distributing GBP 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681
A accumulating GBP 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649
B distributing GBP  1.8139 1.9597 3.4124 2.6093 1.9017 1.4790 1.0379 1.1739 0.9997 1.0825
B accumulating GBP 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869
Y distributing GBP 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534 0.8514 0.7263 0.9944
Y accumulating GBP 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242 1.0570 0.5363 0.7879

Dividends are quoted and paid in pence per share

XD dates: 31 March, 30 June, 30 September and 31 December
Payment dates: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on a XD rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying annual dividends

All funds have a XD date of 31 December 2020 and pay date of 28 February 2021.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 1.3082
Z USD 28 Feb 2021 cents per share 1.0517

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0174
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 0.5072

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.4259

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 5.8996
A EUR 28 Feb 2021 cents per share 4.5760
A - hedge GBP 28 Feb 2021 pence per share 1.5657
B GBP 28 Feb 2021 pence per share 3.5824
B EUR 28 Feb 2021 cents per share 2.9017
B - hedge USD 28 Feb 2021 cents per share 0.7325
Y GBP 28 Feb 2021 pence per share 2.3739
Y - hedge GBP 28 Feb 2021 pence per share 1.7895
Y EUR 28 Feb 2021 cents per share 1.9265

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 5.8627
A EUR 28 Feb 2021 cents per share 3.6253
B GBP 28 Feb 2021 pence per share 3.1469
B EUR 28 Feb 2021 cents per share 1.4223

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2021 cents per share 1.0427
B USD 28 Feb 2021 cents per share 0.7018
B EUR 28 Feb 2021 cents per share 0.5797
Z EUR 28 Feb 2021 cents per share 1.5956

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 1.6723
A EUR 28 Feb 2021 cents per share 1.7483
A USD 28 Feb 2021 cents per share 1.4737
B GBP 28 Feb 2021 pence per share 0.8550
B EUR 28 Feb 2021 cents per share 0.9178
B USD 28 Feb 2021 cents per share 1.0224
Y GBP 28 Feb 2021 pence per share 2.2520
Y USD 28 Feb 2021 cents per share 2.0030
Z GBP 28 Feb 2021 cents per share 3.5880

JOHCM Global Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 4.7894
A EUR 28 Feb 2021 cents per share 5.0441
A USD 28 Feb 2021 cents per share 4.8886
B GBP 28 Feb 2021 pence per share 5.3099
B EUR 28 Feb 2021 cents per share 4.6750
B USD 28 Feb 2021 cents per share 4.6865
A - hedged EUR 28 Feb 2021 cents per share 2.2077
X GBP 28 Feb 2021 cents per share 4.0923
Z GBP 28 Feb 2021 cents per share 1.8925
X - hedged GBP 28 Feb 2021 cents per share 2.3159
X EUR 28 Feb 2021 cents per share 2.2293

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 2.1310

JOHCM Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 2.8241
A EUR 28 Feb 2021 cents per share 1.9872
A JPY 28 Feb 2021 yen per share 382.8007
A - hedged GBP 28 Feb 2021 pence per share 1.8023
B GBP 28 Feb 2021 pence per share 1.6848
B EUR 28 Feb 2021 cents per share 1.1929
B JPY 28 Feb 2021 yen per share 231.4128
B - hedged GBP 28 Feb 2021 pence per share 1.0995

JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.5474
A - accumulating GBP 28 Feb 2021 pence per share 6.3294
B - distributing GBP 28 Feb 2021 pence per share 4.1566
B - accumulating GBP 28 Feb 2021 pence per share 7.0581
Y - distributing GBP 28 Feb 2021 pence per share 2.8496
Y - accumulating GBP 28 Feb 2021 pence per share 3.6465
Y GBP 28 Feb 2021 pence per share 2.2768

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 2.2139
B GBP 28 Feb 2021 pence per share 0.6152
X GBP 28 Feb 2021 pence per share 0.3146

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.7354
A - accumulating GBP 28 Feb 2021 pence per share 7.0433
B - distributing GBP 28 Feb 2021 pence per share 4.4936
B - accumulating GBP 28 Feb 2021 pence per share 6.5893
Y - accumulating GBP 28 Feb 2021 pence per share 3.9303
Y - distributing GBP 28 Feb 2021 pence per share 3.1829

 

Net dividends quoted in the local share class currency.

If you would like more information, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled). Email us at oeicdealing@johcm.co.uk.

Views & News

  • 09 Jun 2021

    A View from Asia

    Samir Mehta reviews his position on banks as rising expectations of inflation, long bond yields and commodity prices dominate market headlines.

    Read More
  • 11 May 2021

    A View from Asia

    In light of the recent universal bullishness, is it time for some caution? 

    Read More
  • 12 Apr 2021

    A View from Asia

    The current debate on incipient inflation is the elephant in the room. Samir Mehta provides his thoughts. 

    Read More
  • 11 Mar 2021

    A View from Asia

    Markets have changed dramatically; we have democratised access to trading across age groups and income levels. Samir looks at the ramifications 

    Read More
  • 12 Feb 2021

    A View from Asia

    This is a liquidity-driven bull market which central banks might not derail. However, could this wild exuberance lead to a financial accident?

    Read More
  • 11 Jan 2021

    A View from Asia

    A review of 2020 and a look at the opportunities that lie ahead.

    Read More
  • 08 Dec 2020

    A View from Asia

    Samir's take on the suspension of Ant Financial's highly anticipated IPO.

    Read More
  • 09 Nov 2020

    A View from Asia

    The case for owning certain financials in a post Covid-19 world.

    Read More
  • 14 Oct 2020

    A View from Asia

    Samir talks zombie companies, Japanification and where he see opportunities in his latest monthly update. 

    Read More
  • 06 Sep 2020

    A View from Asia

    What is the zeitgeist of today? Are we heading towards a utopian or an Orwellian world?

    Read More
  • 09 Aug 2020

    A View from Asia

    Samir highlights a recent portfolio addition, Manappuram Finance, a gold loan provider in India.

    Read More
  • 13 Jul 2020

    A View from Asia

    Observations, insights and a look to the future from Samir Mehta, manager of the JOHCM Asia ex Japan Fund. 

    Read More
  • 09 Jun 2020

    A View from Asia

    Meituan Dianping: the Chinese food delivery service that holds lessons for companies overseas.

    Read More
  • 05 May 2020

    A View from Asia

    Samir's thoughts on the three stages of the pandemic and the companies benefiting. 

    Read More
  • 06 Apr 2020

    A View from Asia

    Its not all doom and gloom: the latest thinking from Samir Mehta, manager of the JOHCM Asia ex Japan Fund. 

    Read More
  • 21 Mar 2020

    Nobody knows

    Samir Mehta, manager of the JOHCM Asia ex Japan Fund, provides his latest thinking on the coronavirus-driven market turbulence.

    Read More
  • 05 Mar 2020

    A View from Asia

    A spurt of Covid-19 cases has materially changed the economic outlook across the world. Samir Mehta gives his take. 

    Read More
  • 17 Feb 2020

    A View from Asia

    Observations on the coronavirus from Samir Mehta, manager of the JOHCM Asia ex Japan Fund.  

    Read More
  • 07 Jan 2020

    A View from Asia

    Three phrases to sum up the investment landscape: Samir Mehta, JOHCM Asia ex Japan Fund, reviews the last decade.

    Read More
  • 10 Dec 2019

    A View from Asia

    Taiwan Semiconductor -  why we've increased our portfolio weighting

    Read More
  • 06 Nov 2019

    A View from Asia

    Are we becoming permanently addicted to central banks' liquidity injections?

    Read More
  • 07 Oct 2019

    A View from Asia

    What does the corporate tax cut in India mean for the portfolio? Samir Mehta provides his analysis. 

    Read More
  • 03 Sep 2019

    A View from Asia

    Samir Mehta, manager of the JOHCM Asia ex Japan Fund, provides his rationale for ratcheting up holdings in China, particularly the 'A' share market.

    Read More
  • 06 Aug 2019

    A View from Asia

    Despite the economic slowdown in India, there are some pockets of growth still visible - Samir Mehta, manager of the JOHCM Asia ex Japan Fund. 

    Read More
  • 06 Jul 2019

    A View from Asia

    Fickle stock markets can turn on a Trump tweet. Samir Mehta provides a portfolio update during the macro uncertainty.   

    Read More

Webcasts & Videos

  • Video Image
    JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q1 2021 Update

    29 Apr 2021 08:00 AM | 60 mins

  • Video Image
    JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q4 2020 Update

    25 Jan 2021 | 26 mins

  • Video Image
    JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q3 2020 Update

    22 Oct 2020 | 29 mins

  • Video Image
    JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q2 2020 Update

    29 Jul 2020 | 31 mins

  • Samir Mehta

    Senior Fund Manager

    small image path
  • Cho-Yu Kooi

    Senior Fund Manager

    small image path

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

The Funds 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.

Other Asian Equity Funds

JOHCM Asia ex Japan Small and Mid Cap Fund

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 Fund, 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 ...

Read More
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Environmental and Social Characteristics

Amongst other characteristics, the Fund promotes environmental and social characteristics and invests in companies that apply good corporate governance. JOHCM Funds (Ireland) Limited, the Fund’s manager, has therefore categorised the Fund as meeting the provisions set out in Article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”).  

Consequently, in looking for investments, JO Hambro Capital Management Limited (“Investment Manager”) seeks to avoid investing in companies which contribute to significant social and/or environmental harms, and thereby fail environmental, social and governance (“ESG”) key performance indicators. Consideration is given to environmental impacts, for example, whether a company is responsibly managing its carbon emissions and waste.  Companies are also reviewed for negative social impacts, such as mistreatment of employees or practices which undermine social integration. The Investment Manager uses these ESG performance indicators to assess and monitor its investments, as well as within the investment decision-making process. 

In addition to considering ESG key performance indicators, the Fund applies exclusions to support the avoidance of harms. In order to support the reduction of adverse environmental impacts of the Fund’s portfolio, and in particular its contribution to climate change, the Investment Manager excludes investments in thermal coal mining and unconventional oil and gas, as well as companies which derive 20% or more of their revenue from coal-based power generation or from oil and gas extraction and production. The selection criteria may not be disapplied or overridden by the Investment Manager. 

The exclusion criteria referred to above will be applied prior to making any investment and the Fund’s portfolio will be monitored for any investments which breach these exclusion criteria on a periodic basis. In order to apply this revenue-based exclusion, the Investment Manager will rely on data (and the ESG definitions aligned with that data) from ISS, or such other sources as the Investment Manager determines.  

Additionally, the Investment Manager recognises that ESG factors can create risks and opportunities for companies and as such incorporates ESG risks into their analytical framework and portfolio construction.  

In order to measure and monitor the environmental characteristics of the Fund, the Investment Manager will review the carbon footprint of the portfolio and environmental data published by its investee companies.  For the social characteristics of the Fund, the Investment Manager will review whether investee companies have implemented appropriate policies and structures to support sustainable business practices. 

Governance

Investee companies must follow good governance practices. This requires investee companies to adhere to minimum standards in various areas including sound management structures, employee relations, remuneration of staff and tax compliance. The Investment Manager is a signatory to the UK Stewardship Code 2012, is requesting to be a signatory to the UK Stewardship Code 2020 (together the “Code”) and is a signatory to the UN Principles for Responsible Investment (the “UNPRI”). As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter. 

Index

The Fund uses the MSCI AC (All Country) Asia ex-Japan Index for performance fee calculation purposes only and it is not, nor is it intended to be, aligned and/or consistent with the environmental and social characteristics promoted by the Fund. 

Periodic Reports

A description of the extent to which environmental and social characteristics are met will be available as part of the annual report which will be published on this website once available. The Fund’s most recent annual report does not include any information pursuant to SFDR.  

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