JOHCM Asia ex Japan Fund J O Hambro Capital Management (JOHCM)

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
Cho-Yu Kooi

Senior Fund Manager

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 28 February 2021

Fund size

GBP 102.37m

Strategy size

GBP 797.15m (as at 31 December 2020)

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 28 February 2021

Notes

©2020 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 31/10/2020.

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

Strategy Highlights

As at 28 February 2021

Markets have changed dramatically over time. At a simple level, we have democratised access to investing, trading and speculating across age groups and income levels. Once illiquid asset classes hampered by regulatory and trust-induced barriers are now tradable at the click of a button. Apart from stocks, think mortgages, baseball cards or even sneakers. Soon, a Picasso, a digital clip, an ancient tapestry or a historical plaque could be tokenized for investing or trading. Not too long ago, traditional brokers and banks made you jump through hoops to trade options or take on debt. Business models of online brokers and peer-to-peer lending apps are now designed to gamify and drive adoption. Cheap and abundant access to capital combined with longer tolerance for losses in start-ups facilitate explosive growth for many businesses. The inescapable underlying truth of our ‘financialised’ system is ever increasing debt levels and a penchant to kick the problems down the road.

Is there an unseen benefit to this proliferation of apps that promote debt and democratise access to trading? The best outcome, in my view, is the sheer amplification of economic and market cycles. Market sell-offs, painful as they may be, do not last very long – at least not so far. Every possible worst case/best case scenario is priced into markets in the blink of an eye. Similar to us getting used to technological progress, accepting diametrically opposing economic and market outcomes within just a year is now pretty standard. Central banks have a universal desire to ‘protect’ markets on the downside. Look no further than the boom bust in stock markets post Covid-19 in the past year. In April 2020, I too had no clue of what might happen in the economy and markets. There were times I extrapolated scenarios of an extended bear market and a lasting economic downturn. Currently, markets are starting to discount sharply higher interest rates and persistent inflation. Some suggest we are possibly staring at a repeat of the 1970’s. I have little idea as to what might happen on inflation or interest rates. One thing is certain. Central banks are unlikely to resist the temptation of fighting back. The Reserve Bank of Australia intervened heavily to prevent a rise in yields while market participants are suggesting some kind of yield curve control (don’t ask). From a portfolio perspective, I have and continue to moderate exposure to China and technology names. That is where I think most of the froth is. Not that they are all bad businesses; just that too much optimism is reflected in current valuations. We have to be mindful of the impact of rising rates on equity valuations; yet I do find several companies able to take advantage of large markets and low penetration of their products and services at a time when Asian economies are starting to get back to normality. As of now, I do not consider the risk of rising rates significant enough to derail a positive outlook.

Fund Reporting

Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

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

Percentage growth of the fund versus benchmark

Data as at 28 February 2021

A GBP share class, since launch (30 September 2011)

Return history (%)

Data as at 28 February 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	23.00%	21.02%	-18.34%	13.79%	36.02%

Monthly returns (%)

Data as at 28 February 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											2.68	196.10
Benchmark	2021	3.87	-0.73											3.12	176.87

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

Fund statistics

Data as at 28 February 2021

Fund size	GBP 102.37m
Number of holdings	41

Top 10 holdings and active weights

Data as at 28 February 2021

Top 10 holdings

Samsung Electronics	6.13%
KaKao Corp	5.93%
Tencent	5.60%
Taiwan Semiconductor	5.55%
SBI Cards & Payment Services	4.88%
Jubilant FoodWorks	4.85%
HKEx	4.16%
Meituan	4.01%
Li-Ning	3.61%
Venture Corp	3.33%

Top 10 active weights

KaKao Corp	+5.59%
SBI Cards & Payment Services	+4.88%
Jubilant FoodWorks	+4.81%
Li-Ning	+3.45%
Venture Corp	+3.27%
HKEx	+3.16%
Bajaj Auto	+3.00%
Astral Poly Technik	+2.90%
Gland Pharma Ltd	+2.88%
ENN Energy Holdings	+2.77%

Sector breakdown

Data as at 28 February 2021

	Portfolio	Benchmark	Relative
Consumer Discretionary	29.21%	19.17%	10.04%
Information Technology	17.55%	23.39%	-5.83%
Financials	15.17%	17.66%	-2.50%
Communication Services	13.47%	12.30%	1.17%
Consumer Staples	7.43%	4.66%	2.77%
Materials	5.56%	4.37%	1.19%
Industrials	4.46%	5.14%	-0.68%
Health Care	3.13%	4.63%	-1.49%
Utilities	2.93%	2.15%	0.78%
Energy	0.00%	2.57%	-2.57%
Real Estate	0.00%	3.96%	-3.96%
Cash	1.08%	0.00%	1.08%

Market cap breakdown

Data as at 28 February 2021

	Portfolio	Benchmark	Relative
Large Cap	90.82%	96.92%	-6.10%
Medium Cap	7.99%	3.08%	4.91%
Small Cap	0.11%	0.00%	0.11%
Cash	1.08%	0.00%	1.08%

Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JOHCM Asia ex Japan Fund	09/04/2021	A	EUR	Ireland	B431KK7	2.779	-0.017
		A	GBP	Ireland	B3RQ272	2.856	-0.018
		A	USD	Ireland	B435PM6	2.448	-0.018
		B	GBP	Ireland	B3ZQS76	2.809	-0.018
		B	USD	Ireland	BF7NZT0	2.484	-0.019
		B	EUR	Ireland	B5L49R5	2.814	-0.018
		Z	GBP	Ireland	B44PG77	2.026	-0.013
		Z	USD	Ireland	BVG7681	1.635	-0.011
JOHCM Asia ex Japan Small and Mid Cap Fund	09/04/2021	A	GBP	Ireland	B6R5LS4	2.742	-0.018
		A	USD	Ireland	B6R5QW3	2.496	-0.019
		A	EUR	Ireland	B6R5VD9	2.398	-0.016
		B	GBP	Ireland	B6R63P8	2.683	-0.018
		B	USD	Ireland	B6R5YM9	2.388	-0.019
		B	EUR	Ireland	B6R5HM0	2.720	-0.017
		Z	GBP	Ireland	B4X3T62	2.072	-0.014
JOHCM Continental European Fund	09/04/2021	A	GBP	Ireland	3300912	5.355	0.018
		A	USD	Ireland	BJ4G0G2	1.664	0.007
		A	EUR	Ireland	3300923	4.312	0.016
		A Hedged	GBP	Ireland	BSJCJ49	1.458	0.006
		B	GBP	Ireland	3100543	5.168	0.018
		B	USD	Ireland	BJ4G0H3	1.699	0.006
		B	EUR	Ireland	3300901	4.344	0.014
		Y	GBP	Ireland	B993PD0	1.972	0.007
		Y	EUR	Ireland	B98YKX9	1.661	0.006
		Y Hedged	GBP	Ireland	BSJCJ50	1.520	0.006
JOHCM European Concentrated Value Fund	09/04/2021	A	EUR	Ireland	BW0DJY9	1.099	0.002
		B	EUR	Ireland	BW0DJZ0	1.093	0.001
		Z	AUD	Ireland	BYNJFM8	1.234	0.003
		Z	EUR	Ireland	BYNJFN9	1.010	0.001
JOHCM European Select Values Fund	09/04/2021	A	GBP	Ireland	3290422	6.069	0.010
		A	EUR	Ireland	3290433	3.895	0.006
		B	GBP	Ireland	3290400	5.562	0.009
		B	EUR	Ireland	3290411	2.609	0.004
		Non-Distributing	EUR	Ireland	BSFWK51	1.447	0.002
		X	EUR	Ireland	B4K14L9	1.867	0.002
		Y	EUR	Ireland	BMXC8L3	1.047	0.003
JOHCM Global Emerging Markets Opportunities Fund	09/04/2021	A	GBP	Ireland	B4002N4	1.559	-0.010
		A	USD	Ireland	B4M6CN0	1.378	-0.010
		A	EUR	Ireland	B3ZBLW7	1.692	-0.010
		B	GBP	Ireland	B41RZ57	1.500	-0.009
		B	USD	Ireland	B4XXMP2	1.802	-0.013
		B	EUR	Ireland	B4TRCR0	1.672	-0.011
		Y	GBP	Ireland	BYSGJY4	1.878	-0.011
		Y	USD	Ireland	BYSGJZ5	1.677	-0.012
		Z	GBP	Ireland	B6R54W9	1.961	-0.012
		Z	CAD	Ireland	BBPK0L2	1.820	-0.013
		Z	AUD	Ireland	B5W6ZB6	2.066	-0.012
JOHCM Global Income Builder Fund	09/04/2021		GBP	Ireland	BFZWPH7	1.111	0.004
		A	SGD	Ireland	BFZWPG6	1.075	0.002
		A	GBP	Ireland	BFZWPC2	1.061	0.003
		A	USD	Ireland	BFZWPF5	1.085	0.003
		A	EUR	Ireland	BFZWPD3	1.081	0.003
		B	EUR	Ireland	BFZWPJ9	1.048	0.004
		EUR	EUR	Ireland	BKF2GH9	0.960	0.002
		GBI	GBP	Ireland	BHR0DJ1	1.085	0.003
JOHCM Global Opportunities Fund (offshore)	09/04/2021	A	USD	Ireland	B89JY23	2.248	-0.002
		A	EUR	Ireland	B7MR557	2.399	0.001
		A	GBP	Ireland	B89PQM5	2.195	0.001
		B	GBP	Ireland	BF7NZS9	2.419	0.002
		B	USD	Ireland	B8295C7	2.141	-0.001
		B	EUR	Ireland	B80FZF0	2.210	0.001
		IHX	EUR	Ireland	BFZWWX2	1.084	0.000
		X	GBP	Ireland	BQVC9L0	1.874	0.001
		X	EUR	Ireland	BMCZLF8	1.173	0.001
		X	EUR	Ireland	BJ5JW42	1.093	0.000
		X Hedged	GBP	Ireland	BF29TX5	1.156	-0.001
		Z	GBP	Ireland	B83MS15	0.872	0.000
		Z	GBP	Ireland	BD6R4D6	1.660	0.001
		Z	EUR	Ireland	BDZD4M4	1.078	0.001
JOHCM Global Opportunities Fund (onshore)	09/04/2021	A Accumulating	GBP	UK	BJ5JMC0	1.127	0.000
		A Distributing	GBP	UK	BJ5JMD1	1.083	0.000
		AHA	GBP	UK	BKDV8G1	1.157	-0.001
		X Accumulating	GBP	UK	BJ5JMF3	1.096	0.001
		X Distributing	GBP	UK	BJ5JMG4	1.080	0.000
JOHCM Global Select Fund	09/04/2021	A	GBP	Ireland	B3DBRN2	4.625	0.015
		A	USD	Ireland	B3T31Z2	2.614	0.005
		A	EUR	Ireland	B3DBRP4	4.296	0.013
		B	GBP	Ireland	B3DBRL0	4.459	0.014
		B	USD	Ireland	B5L7L67	2.984	0.006
		B	EUR	Ireland	B3DBRM1	4.158	0.013
		Z	GBP	Ireland	B3DCMB8	3.329	0.012
		Z	USD	Ireland	B4V7J00	2.945	0.008
JOHCM Japan Fund	09/04/2021	A	GBP	Ireland	B00X0H5	2.520	-0.001
		A	EUR	Ireland	3438880	1.840	-0.001
		A Hedged	GBP	Ireland	B5LD7P6	1.815	0.004
		A JPY	JPY	Ireland	3438891	365.482	0.765
		B	GBP	Ireland	3438846	2.460	-0.002
		B	EUR	Ireland	3438857	1.784	-0.001
		B Hedged	GBP	Ireland	B6386R1	1.819	0.004
		B JPY	JPY	Ireland	3438868	361.419	0.752
JOHCM UK Dynamic Fund	09/04/2021	A Accumulating	GBP	UK	B4T7HR5	2.621	0.001
		A Distributing	GBP	UK	B4T8552	1.832	0.001
		B Accumulating	GBP	UK	B4T7JX5	2.912	0.001
		B Distributing	GBP	UK	B4TXJ33	1.668	0.001
		X Accumulating	GBP	UK	BJ7HNB8	1.021	0.000
		X Distributing	GBP	UK	BJ5JMB9	0.954	0.000
		Y	GBP	Ireland	BDGKPZ4	0.955	0.001
		Y	GBP	UK	BDZRJ21	1.149	0.001
		Y Accumulating	GBP	UK	BDZRJ10	1.512	0.001
JOHCM UK Equity Income Fund	09/04/2021	A Accumulating	GBP	UK	B03KR50	3.988	0.013
		A Distributing	GBP	UK	B03KP23	1.878	0.006
		B Accumulating	GBP	UK	B03KR83	3.698	0.012
		B Distributing	GBP	UK	B03KR61	1.739	0.005
		X Distributing	GBP	UK	BYV9S21	0.936	0.003
		Y	GBP	UK	B95FCK6	1.267	0.004
		Y Accumulating	GBP	UK	B8FCHK5	1.609	0.005
JOHCM UK Growth Fund	09/04/2021	A	GBP	Ireland	3300934	4.125	0.021
		B	GBP	Ireland	3100554	3.596	0.018
		REU	EUR	Ireland	BLLV8D7	2.223	0.011
		RUD	USD	Ireland	BLLV8C6	2.457	0.009
		X	USD	Ireland	BLLV871	2.464	0.009
		X	EUR	Ireland	BLLV8B5	2.094	0.011
		X	EUR	Ireland	BLLV882	2.229	0.011
		X	GBP	Ireland	BLLV893	2.070	0.010
JOHCM UK Opportunities Fund	09/04/2021	A Accumulating	GBP	UK	B0LLB64	3.269	0.016
		A Distributing	GBP	UK	B3K76Q9	2.147	0.011
		B Accumulating	GBP	UK	B0LLB75	3.044	0.015
		B Distributing	GBP	UK	B3K76P8	2.027	0.010
		X Accumulating	GBP	UK	BQJZQQ5	1.503	0.007
		X Distributing	GBP	UK	B95MSF4	1.216	0.006
		Y	GBP	UK	B95J5C1	1.445	0.008
		Y Accumulating	GBP	UK	B95HP81	1.828	0.009
Regnan Global Equity Impact Solutions Fund (offshore)	09/04/2021		GBP	Ireland	BN2BDR9	0.942	0.003
			USD	Ireland	BN2BDV3	0.949	0.002
		A	GBP	Ireland	BN2BD80	0.939	0.003
		A	USD	Ireland	BN2BDC4	0.946	0.001
		A	EUR	Ireland	BN2BD91	0.966	0.004
		B	GBP	Ireland	BN2BDD5	0.938	0.003
		B	USD	Ireland	BN2BDH9	0.945	0.002
		B	EUR	Ireland	BN2BDF7	0.964	0.004
		EUR	EUR	Ireland	BN2BDS0	0.968	0.003
		HSE	EUR	Ireland	BN2BDT1	0.946	0.002
		IHX	EUR	Ireland	BN2BDB3	0.943	0.001
		RHX	EUR	Ireland	BN2BDG8	0.942	0.003
		Z	GBP	Ireland	BN2BDN5	0.940	0.003
Regnan Global Equity Impact Solutions Fund (onshore)	09/04/2021	A Accumulating	GBP	UK	BMCZDD0	1.094	0.004
		DNA	GBP	UK	BMCZDJ6	1.098	0.004
		Y Accumulating	GBP	UK	BMCZDK7	1.095	0.004

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	04/20	05/20	06/20	07/20	08/20	09/20	10/20	11/20	12/20	01/21	02/21	03/21	04/21
A GBP	0.4276	0.4164	0.4095	0.4554	0.4276	0.3871	0.4592	0.4016	0.4363	0.4312	0.3200	0.3071	0.3763
A EUR	0.4180	0.4202	0.4065	0.4551	0.4180	0.3838	0.4431	0.3928	0.4289	0.4233	0.3205	0.3138	0.3899
A USD	0.4154	0.3897	0.3833	0.4212	0.4154	0.3885	0.4393	0.3865	0.4335	0.4393	0.3270	0.3191	0.3864
A SGD	0.4224	0.4070	0.3970	0.4323	0.4224	0.3895	0.4425	0.3899	0.4296	0.4274	0.3217	0.3140	0.3844
B EUR	0.4083	0.4115	0.3978	0.4351	0.4083	0.3745	0.4319	0.3826	0.4174	0.4115	0.3114	0.3046	0.3781
Seed	0.4464	0.4342	0.4272	0.4752	0.4464	0.3402	0.3929	0.3484	0.3806	0.3757	0.2846	0.2787	0.3464

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

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
12 Jun 2019
A View from Asia

With trade tensions between the US and China resurfacing in May, Samir Mehta, JOHCM Asia ex Japan Fund, draws his own conclusions, aided by the experience of a recent research trip to China.
Read More
08 May 2019
A View from Asia

Samir details how portfolio holding LG Household and Healthcare’s positioning has enabled it to avoid the disruption taking place in the cosmetics industry.
Read More
09 Apr 2019
A View from Asia

Populist policies prevail: Samir Mehta takes a look at upcoming elections in Asia and the potential impact for the portfolio.
Read More

Webcasts & Videos

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

22 Oct 2020 | 29 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q2 2020 Update

29 Jul 2020 | 31 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q1 2020 Update

21 Apr 2020 | 35 mins
JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q4 19 Update

06 Feb 2020 | 28 mins

Samir Mehta

Senior Fund Manager
Cho-Yu Kooi

Senior Fund Manager

Other Asian Equity Funds

JOHCM Asia ex Japan Small and Mid Cap Fund

Back

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.