JOHCM Asia ex Japan Small and Mid Cap Fund

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Fund Description

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 approach. She 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.The Fund generally consists of stocks with a market capitalisation of less than US$6 billion while close attention is paid to liquidity.

Investment Strategy

The team’s investment philosophy is based on the following beliefs:

  • There are pricing inefficiencies in Asian stock markets, the greatest of which are at the individual stock level. This is, therefore, where Cho Yu focuses her investment resources, 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. They, therefore, focus on companies displaying long-term sustainable quality growth characteristics
  • Detailed analysis and regular interaction with company management is vital. The team’s analysis gives them the conviction to take a long-term investment view, meaning that turnover is 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. The team aims to blend their growth stock focus with cyclical exposure that is valuation-driven and based on top-down views.
Reasons To Invest
  • The team has long experience of investing in smaller Asian companies. Both fund managers have approximately 20 years investment experience working in Asia and have spent nearly half of their investment careers working together
  • Most of the team’s past performance has come from stock selection across a wide range of market capitalisations. They are benchmark agnostic and many of their positions are in off the beaten track names that are not widely owned by our competitors. Within a programme of Asian / Emerging Markets managers, the team’s Asian small cap portfolio should therefore contribute diversification benefits to clients
  • The team has decided to limit capacity in the small and mid-cap strategy to US$1bn, and to focus on broad regional mandates (with or without Australia). Capping the level of assets enables them to access attractive investment opportunities and to preserve the consistency of their style for their clients. Avoiding asset gathering behaviour ensures that they can grow with our clients and not at their expense
  • The team has a proven ability to generate outperformance in both rising and falling markets. With the region’s history of positive but volatile returns, this is essential to delivering consistent outperformance to investors
  • Turnover in the strategy is low and the team conducts thorough due diligence before making a buy decision.  This means that they avoid costly and unnecessary trading which will help enhance returns to clients
  • Cho-Yu Kooi

    Senior Fund Manager

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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.

Other Asian Equity Funds

JOHCM Asia ex Japan Fund

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.

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Investment Objective

The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of Asia ex-Japan Small and Mid Cap equity securities. The Fund aims to achieve its investment objective primarily through investment in equity securities of companies with a small or middle market capitalisation all of which will be domiciled or exercising the predominant part of their economic activities in the Asia ex-Japan region. The Fund will generally invest in stocks of companies with a market capitalisation of less than US$6 billion, with trading liquidity a key consideration.

Fund details

Data as at 31 December 2021
Fund size GBP 21.8m
Strategy size GBP 25.58m (as at 30 June 2021)
Benchmark MSCI AC Asia ex Japan Small Cap 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 IE00B6R5LS41 B6R5LS4
A EUR IE00B6R5VD95 B6R5VD9
A USD IE00B6R5QW32 B6R5QW3
B GBP IE00B6R63P81 B6R63P8
B EUR IE00B6R5HM01 B6R5HM0
B USD IE00B6R5YM91 B6R5YM9

Fund ratings and awards

Data as at 31 December 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 31/08/2021.

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.

Strategy Highlights

As at 31 December 2021

Asian equities closed out the year in December on a positive note but the performance was mixed, with India, Taiwan and Korea tracking global equities higher while China/Hong Kong and most of ASEAN fared less well. The sell-off in global markets in the first half of the month on the resurgence of Covid-19 cases and concern about the US Federal Reserve embarking on a tighter monetary policy as high inflationary pressures persist were brushed aside as markets climbed the wall of worry to end the year higher. 

The Fund underperformed in December, dragged down by our underweight stance in Korea and Taiwan which posted strong returns and overweight position in China/Hong Kong and ASEAN which performed poorly. Our large holding in India helped offset some of the under-performance with several of our stocks seeing good gains. We will maintain our large underweight positions in Korea and Taiwan as they are more exposed to the technology sector which may have seen peak cycle earnings and face cuts to earnings estimates as demand cools after two years of strong growth and the US Fed tightens monetary policy, just as supply constraints ease. We are more constructive on ASEAN and China/Hong Kong going into 2022 as these economies are not grappling with high inflationary pressures and for ASEAN, nor current account deficit issues, and with sufficient slack in their economies, tightening of monetary policies is further down the road for them. Indeed, China is like to ease monetary and fiscal policies as the economy is vulnerable to a sharp growth deceleration. We remain positive on India and will keep our overweight stance as corporate earnings prospects look bright with the economy poised to embark on a multi-year capital expenditure upcycle after several lean years and support from the government’s various structural reforms undertaken in the last few years. During the month, we added to our holding in Cisarua Mountain Dairy in Indonesia. 

Founded in 1993, Cisarua Mountain Dairy (CMRY) is a leading producer of premium dairy (66.8% of revenues as of June 30, 2021) and premium consumer foods products (33.2%) in ambient, chilled and frozen formats in Indonesia. The founder and management team are driven to create tasty and nutritious protein products for consumers. The company’s premium dairy portfolio comprises yoghurt and milk products sold under the brand “Cimory” while the premium consumer foods portfolio consists of a range of ready-to-cook and ready-to-eat products such as sausages, chicken nuggets, luncheon meat and seafood products sold under various brand names. 

CMRY’s premium products have clearly resonated with Indonesian consumers as its sales for the dairy and consumer foods segments grew at compound annual growth rates from 2018 to 2020 of 34.2% and 25.5% respectively, surpassing that of the dairy and processed meat markets’ growth of 10.2% and 4.0% respectively (according to Euromonitor) by a mile.

Furthermore, for the first half of 2021, its dairy sales surged 130.5% compared to the corresponding period in 2020 and its consumer foods sales jumped 89.6%. The company’s competitive edge include its proven ability to create high quality, innovative and differentiated products; savvy marketing with the embrace of digital media and social media to reach its target audience; establishment of its own cold-chain logistics and warehouse network; and its multi-channel distribution platform comprising modern trade (eg. hypermarkets, supermarkets, minimarkets), general trade (eg. small mom and pop stores, wholesalers), food services industry (eg. restaurants, hotels, cinemas), Miss Cimory agents who sell direct-to-consumer and door-to-door, and eCommerce. With Indonesia’s dairy and meat consumption per capita among the lowest in the Asian region, we believe CMRY is well-placed to ride the structural growth opportunity in the years ahead.     
 

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.

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.

Percentage growth of the fund versus benchmark

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

Return history (%)

Data as at 31 December 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.


Dec 16 - Dec 17 Dec 17 - Dec 18 Dec 18 - Dec 19 Dec 19 - Dec 20 Dec 20 - Dec 21
Fund 8.41% -16.09% 12.07% 32.34% 22.12%

Monthly returns (%)

Data as at 31 December 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2011 9.50 -6.21 1.27 4.00
Benchmark 2011 7.20 -6.37 -0.31 0.06
Fund 2012 5.74 2.94 0.54 0.18 -2.66 -1.46 -0.37 2.51 5.71 2.40 4.44 1.76 23.55
Benchmark 2012 7.96 7.99 -4.27 -3.21 -3.27 1.17 -0.43 1.20 4.32 -0.60 3.25 2.84 17.30
Fund 2013 6.69 5.61 2.87 1.70 5.34 -8.94 0.07 -8.77 0.61 5.69 -4.16 -1.20 3.94
Benchmark 2013 5.97 5.56 0.73 0.53 3.07 -8.88 1.17 -4.41 1.92 3.46 -2.76 -0.97 4.47
Fund 2014 -3.34 2.53 3.62 -1.56 4.45 0.43 2.37 5.13 0.94 2.32 3.43 -0.50 21.30
Benchmark 2014 -1.65 2.67 1.37 -0.78 3.56 0.02 2.30 3.52 -1.22 -0.78 0.44 -1.10 8.45
Fund 2015 7.61 0.06 5.55 -0.61 5.57 -4.54 -1.10 -6.20 2.74 3.48 1.46 1.49 15.60
Benchmark 2015 5.49 -0.41 5.80 5.36 2.35 -7.94 -7.76 -9.11 2.11 5.26 0.27 1.72 1.40
Fund 2016 -4.08 1.59 0.67 -1.05 -2.19 9.34 8.12 4.27 1.26 4.73 -8.99 -1.40 11.37
Benchmark 2016 -5.44 2.41 4.74 -0.77 -2.38 9.98 5.74 2.66 2.69 3.75 -5.57 -0.18 17.80
Fund 2017 3.33 3.34 1.48 -2.32 0.19 -1.35 4.20 2.62 -2.87 1.13 -1.53 0.18 8.41
Benchmark 2017 2.81 5.64 2.52 -2.72 2.13 -0.41 1.41 3.30 -3.26 6.05 0.77 2.01 21.70
Fund 2018 -1.92 -2.38 -1.91 -0.19 8.87 -1.70 -2.60 -7.39 -2.17 -11.05 9.75 -2.91 -16.09
Benchmark 2018 0.66 -2.51 -2.88 2.87 2.77 -5.39 0.05 0.27 -4.14 -10.28 6.24 -1.76 -14.15
Fund 2019 2.09 2.93 3.12 3.99 -0.79 6.85 5.29 -4.01 -2.99 -0.24 -2.66 -1.46 12.07
Benchmark 2019 0.99 1.05 3.45 0.53 -2.65 2.46 1.25 -4.57 0.99 -1.50 -0.17 1.99 3.60
Fund 2020 -1.65 0.46 -10.79 11.58 9.71 8.76 -0.39 2.06 -0.97 -2.00 6.95 6.86 32.34
Benchmark 2020 -4.03 -2.45 -15.61 13.12 3.19 9.11 1.22 4.31 2.10 -0.92 9.18 3.96 21.98
Fund 2021 5.52 -0.11 -3.24 2.98 2.17 7.97 -2.98 4.19 1.10 -1.93 4.55 0.59 22.12
Benchmark 2021 0.59 5.18 2.70 4.65 -1.40 5.33 -1.96 2.46 0.79 -1.29 1.27 2.34 22.31

Source and notes

JOHCM/MSCI/Bloomberg/Lipper.

Data shown net of fees, net income reinvested in GBP terms. Benchmark: MSCI AC Asia ex Japan Small Cap 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.

Fund statistics

Data as at 31 December 2021
Fund size GBP 21.8m
Number of holdings 57

Top 10 holdings and active weights

Data as at 31 December 2021
Top 10 holdings
MINDA INDUSTRIES 3.94%
INDIAN ENERGY EXCHANGE 3.71%
MAX HEALTHCARE INSTITUTE 3.27%
KEI INDUSTRIES 3.15%
CHINA EDU GRP HLDGS 3.01%
ABB India Ltd 2.89%
EC HEALTHCARE 2.78%
Apollo Hospitals 2.48%
SCHAEFFLER INDIA 2.47%
WILCON DEPOT 2.46%
Top 10 active weights
MINDA INDUSTRIES +3.83%
INDIAN ENERGY EXCHANGE +3.57%
MAX HEALTHCARE INSTITUTE +3.10%
KEI INDUSTRIES +3.06%
CHINA EDU GRP HLDGS +3.01%
ABB India Ltd +2.89%
EC HEALTHCARE +2.74%
Apollo Hospitals +2.48%
L'Occitane +2.43%
SCHAEFFLER INDIA +2.38%

Sector breakdown

Data as at 31 December 2021
Portfolio Benchmark Relative
Industrials 25.29% 14.91% 10.38%
Consumer Discretionary 20.68% 11.62% 9.06%
Information Technology 15.66% 22.14% -6.48%
Consumer Staples 14.39% 4.37% 10.02%
Materials 6.78% 11.21% -4.43%
Health Care 6.75% 8.85% -2.10%
Financials 5.34% 8.70% -3.36%
Communication Services 3.44% 5.54% -2.10%
Energy 1.44% 1.26% 0.18%
Real Estate 0.00% 8.96% -8.96%
Utilities 0.00% 2.43% -2.43%
Cash 0.22% 0.00% 0.22%

Market cap breakdown

Data as at 31 December 2021
Portfolio Benchmark Relative
Large Cap 27.56% 1.20% 26.36%
Medium Cap 63.52% 74.68% -11.16%
Small Cap 8.70% 24.11% -15.41%
Cash 0.22% 0.00% 0.22%

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.

Fund

As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 17/01/2022 A EUR Ireland B431KK7 2.758 -0.010
A GBP Ireland B3RQ272 2.732 -0.012
A USD Ireland B435PM6 2.332 -0.013
B EUR Ireland B5L49R5 2.778 -0.012
B GBP Ireland B3ZQS76 2.674 -0.012
B USD Ireland BF7NZT0 2.358 -0.013
Z GBP Ireland B44PG77 1.939 -0.008
Z USD Ireland BVG7681 1.558 -0.009
JOHCM Asia ex Japan Small and Mid Cap Fund 17/01/2022 A EUR Ireland B6R5VD9 2.842 0.018
A GBP Ireland B6R5LS4 3.132 0.018
A USD Ireland B6R5QW3 2.842 0.014
B GBP Ireland B6R63P8 3.051 0.017
B USD Ireland B6R5YM9 2.705 0.012
B EUR Ireland B6R5HM0 3.208 0.020
Z GBP Ireland B4X3T62 2.377 0.013
JOHCM Continental European Fund 17/01/2022 A EUR Ireland 3300923 4.803 0.015
A GBP Ireland 3300912 5.752 0.016
A USD Ireland BJ4G0G2 1.864 0.007
A Hedged GBP Ireland BSJCJ49 1.626 0.005
B EUR Ireland 3300901 4.850 0.014
B GBP Ireland 3100543 5.563 0.016
B USD Ireland BJ4G0H3 1.903 0.005
Y GBP Ireland B993PD0 2.116 0.006
Y EUR Ireland B98YKX9 1.848 0.005
Y Hedged GBP Ireland BSJCJ50 1.694 0.006
JOHCM European Concentrated Value Fund 17/01/2022 A EUR Ireland BW0DJY9 1.181 0.007
B EUR Ireland BW0DJZ0 1.177 0.008
Z AUD Ireland BYNJFM8 1.342 0.008
Z EUR Ireland BYNJFN9 1.084 0.006
JOHCM European Select Values Fund 17/01/2022 A EUR Ireland 3290433 3.970 0.029
A GBP Ireland 3290422 5.965 0.044
B EUR Ireland 3290411 2.663 0.019
B GBP Ireland 3290400 5.473 0.040
Non-Distributing EUR Ireland BSFWK51 1.478 0.011
X EUR Ireland B4K14L9 1.903 0.013
Y EUR Ireland BMXC8L3 1.069 0.009
JOHCM Global Emerging Markets Opportunities Fund 17/01/2022 A USD Ireland B4M6CN0 1.328 -0.003
A EUR Ireland B3ZBLW7 1.696 -0.002
A GBP Ireland B4002N4 1.507 -0.002
B EUR Ireland B4TRCR0 1.679 -0.002
B GBP Ireland B41RZ57 1.452 -0.002
B USD Ireland B4XXMP2 1.738 -0.005
Y GBP Ireland BYSGJY4 1.815 -0.002
Y USD Ireland BYSGJZ5 1.615 -0.004
Z CAD Ireland BBPK0L2 1.741 -0.008
Z GBP Ireland B6R54W9 1.892 -0.002
JOHCM Global Income Builder Fund 17/01/2022 A EUR Ireland BFZWPD3 1.165 0.005
A GBP Ireland BFZWPC2 1.102 0.004
A SGD Ireland BFZWPG6 1.118 0.003
A USD Ireland BFZWPF5 1.122 0.003
B EUR Ireland BFZWPJ9 1.119 0.004
Seed EUR Ireland BKF2GH9 1.038 0.004
Seed GBP Ireland BFZWPH7 1.157 0.004
Seed GBP Ireland BHR0DJ1 1.165 0.004
JOHCM Global Opportunities Fund (offshore) 17/01/2022 A EUR Ireland B7MR557 2.640 0.015
A GBP Ireland B89PQM5 2.329 0.014
A USD Ireland B89JY23 2.376 0.010
A Hedged EUR Ireland BFZWWX2 1.135 0.005
B EUR Ireland B80FZF0 2.418 0.015
B GBP Ireland BF7NZS9 2.551 0.016
B USD Ireland B8295C7 2.250 0.010
X EUR Ireland BJ5JW42 1.204 0.007
X EUR Ireland BMCZLF8 1.318 0.009
X GBP Ireland BQVC9L0 1.991 0.013
X Hedged GBP Ireland BF29TX5 1.223 0.006
Z EUR Ireland BDZD4M4 1.192 0.007
Z GBP Ireland B83MS15 0.931 0.006
Z GBP Ireland BD6R4D6 1.806 0.011
JOHCM Global Opportunities Fund (onshore) 17/01/2022 A Accumulating GBP UK BJ5JMC0 1.219 0.008
A Accumulating Hedged GBP UK BKDV8G1 1.207 0.005
A Distributing GBP UK BJ5JMD1 1.146 0.007
X Accumulating GBP UK BJ5JMF3 1.187 0.007
X Distributing GBP UK BJ5JMG4 1.146 0.007
JOHCM Global Select Fund 17/01/2022 A EUR Ireland B3DBRP4 4.751 0.036
A GBP Ireland B3DBRN2 4.931 0.036
A USD Ireland B3T31Z2 2.778 0.015
B EUR Ireland B3DBRM1 4.577 0.034
B GBP Ireland B3DBRL0 4.727 0.034
B USD Ireland B5L7L67 3.153 0.018
Z GBP Ireland B3DCMB8 3.559 0.026
Z USD Ireland B4V7J00 3.136 0.019
JOHCM Uk Dynamic Fund 17/01/2022 Y GBP Ireland BDGKPZ4 1.036 0.009
JOHCM UK Dynamic Fund (onshore) 17/01/2022 A Accumilating GBP UK B4T7HR5 2.946 0.023
A Distributing GBP UK B4T8552 1.994 0.016
B Accumulating GBP UK B4T7JX5 3.261 0.026
B Distributing GBP UK B4TXJ33 1.808 0.014
X Accumulating GBP UK BJ7HNB8 1.150 0.009
X Distributing GBP UK BJ5JMB9 1.040 0.008
Y GBP UK BDZRJ21 1.252 0.010
Y Accumulating GBP UK BDZRJ10 1.701 0.014
JOHCM UK Equity Income Fund 17/01/2022 A Accumulating GBP UK B03KR50 4.521 0.028
A Distributing GBP UK B03KP23 2.056 0.013
B Accumulating GBP UK B03KR83 4.176 0.025
B Distributing GBP UK B03KR61 1.897 0.012
X Distributing GBP UK BYV9S21 1.026 0.006
Y GBP UK B95FCK6 1.388 0.008
Y Accumulating GBP UK B8FCHK5 1.826 0.011
JOHCM UK Growth Fund 17/01/2022 A GBP Ireland 3300934 4.121 -0.008
B GBP Ireland 3100554 3.580 -0.006
Non-distributing EUR Ireland BLLV8D7 2.316 -0.004
Non-distributing USD Ireland BLLV8C6 2.459 -0.009
X EUR Ireland BLLV882 2.329 -0.004
X EUR Ireland BLLV8B5 2.101 -0.004
X GBP Ireland BLLV893 2.054 -0.003
X USD Ireland BLLV871 2.473 -0.008
JOHCM UK Opportunities Fund 17/01/2022 A Accumulating GBP UK B0LLB64 3.301 0.016
A Distributing GBP UK B3K76Q9 2.113 0.010
B Accumulating GBP UK B0LLB75 3.062 0.015
B Distributing GBP UK B3K76P8 1.987 0.009
X Accumulating GBP UK BQJZQQ5 1.520 0.007
X Distributing GBP UK B95MSF4 1.199 0.006
Y GBP UK B95J5C1 1.423 0.007
Y Accumulating GBP UK B95HP81 1.848 0.009
Regnan Global Equity Impact Solutions Fund (offshore) 17/01/2022 A EUR Ireland BN2BD91 0.966 -0.002
A GBP Ireland BN2BD80 0.905 -0.003
A USD Ireland BN2BDC4 0.911 -0.004
A Hedged EUR Ireland BN2BDB3 0.905 -0.003
B EUR Ireland BN2BDF7 0.959 -0.002
B GBP Ireland BN2BDD5 0.901 -0.002
B USD Ireland BN2BDH9 0.906 -0.003
B Hedged EUR Ireland BN2BDG8 0.892 -0.004
Seed EUR Ireland BN2BDS0 0.974 -0.004
Seed GBP Ireland BN2BDR9 0.914 -0.003
Seed USD Ireland BN2BDV3 0.918 -0.004
Seed Hedge EUR Ireland BN2BDT1 0.907 -0.004
Z GBP Ireland BN2BDN5 0.912 -0.002
Regnan Global Equity Impact Solutions Fund (onshore) 17/01/2022 A Accumulating GBP UK BMCZDD0 1.062 -0.003
F Accumulating GBP UK BMCZDJ6 1.071 -0.002
Y Accumulating GBP UK BMCZDK7 1.064 -0.003
Regnan Sustainable Water and Waste Fund (offshore) 17/01/2022 A EUR Ireland BLPKC72 0.946 0.001
A USD Ireland BLPKC94 0.958 -0.001
A GBP Ireland BLPKC61 0.930 0.001
B EUR Ireland BLPKCC7 0.948 0.000
B GBP Ireland BLPKCB6 0.932 0.001
B USD Ireland BLPKF84 0.960 -0.001
Y EUR Ireland BLPKFC8 0.947 0.002
Y USD Ireland BLPKFF1 0.958 -0.001
Y GBP Ireland BLPKF95 0.930 0.001
Regnan Sustainable Water and Waste Fund (onshore) 17/01/2022 A Accumulating GBP UK BMYXD32 0.991 0.000
F Accumulating GBP UK BMYXQ55 0.994 -0.001
Y Accumulating GBP UK BMYXQ55 0.994 -0.001

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 12/20 01/21 02/21 03/21 04/21 05/21 06/21 07/21 08/21 09/21 10/21 11/21 12/21
A  GBP 0.4363 0.4312 0.3200 0.3071 0.3763 0.3485 0.3257 0.3877 0.3516 0.3570 0.3621 0.3848 0.3789
A EUR 0.4289 0.4233 0.3205 0.3138 0.3899 0.3555 0.3336 0.3978 0.3638 0.3677 0.3601 0.3996 0.4003
A USD   0.4335 0.4393 0.3270 0.3191 0.3864 0.3605 0.3443 0.3985 0.3651 0.3597 0.3518 0.3821 0.3812
A SGD  0.4296 0.4274 0.3217 0.3140 0.3844 0.3558 0.3364 0.3965 0.3644 0.3609 0.3506 0.3848 0.3823
B EUR 0.4174 0.4115 0.3114 0.3046 0.3781 0.3444 0.3229 0.3847 0.3515 0.3546 0.3469 0.3847 0.3850
Seed 0.3806 0.3757 0.2846 0.2787 0.3464 0.3160 0.2966 0.3538 0.3237 0.3274 0.3207 0.3561 0.3978

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 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21
A distributing GBP 2.7970 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681 2.3283 3.0863 1.2881
A accumulating GBP 5.5449 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649 4.9447 6.6368 2.8152
B distributing GBP  2.6093 1.9017 1.4790 1.0379 1.1739 0.9997 1.0825 2.1559 2.8539 1.1897
B accumulating GBP 5.1861 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869 4.5836 6.1431 2.6020
Y distributing GBP 1.8832 1.3744 1.0730 0.7534 0.8514 0.7263 0.7879 1.5709 2.0833 0.8697
Y accumulating GBP 2.2334 1.6547 1.3051 0.9242 1.0570 0.5363 0.9944 1.9953 2.6787 1.1364

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 2021 and pay date of 28 February 2022.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 1.2717
Z USD 28 Feb 2022 cents per share 1.0094

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 0.0000

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 8.6863
A EUR 28 Feb 2022 cents per share 7.2518
A - hedge GBP 28 Feb 2022 pence per share 2.3783
B GBP 28 Feb 2022 pence per share 5.7899
B EUR 28 Feb 2022 cents per share 5.0477
B - hedge USD 28 Feb 2022 cents per share 1.8425
Y GBP 28 Feb 2022 pence per share 3.4475
Y - hedge GBP 28 Feb 2022 pence per share 2.6955
Y EUR 28 Feb 2022 cents per share 3.0103

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 3.4279
A EUR 28 Feb 2022 cents per share 2.2816
B GBP 28 Feb 2022 pence per share 0.4023
B EUR 28 Feb 2021 cents per share 0.1956
Y EUR 28 Feb 2022 cents per share 0.6184

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2022 cents per share 0.8126
B EUR 28 Feb 2022 cents per share 0.3158
Z EUR 28 Feb 2022 cents per share 1.5455

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.8311
A EUR 28 Feb 2022 cents per share 3.1858
A USD 28 Feb 2022 cents per share 2.4633
B GBP 28 Feb 2022 pence per share 1.8347
B EUR 28 Feb 2022 cents per share 2.1208
B USD 28 Feb 2022 cents per share 2.1654
Y GBP 28 Feb 2022 pence per share 3.6898
Y USD 28 Feb 2022 cents per share 3.1258
Z GBP 28 Feb 2022 cents per share 5.3164

JOHCM Global Opportunities Fund (onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.5871
A EUR 28 Feb 2022 cents per share 5.0441
A USD 28 Feb 2022 cents per share 4.8886
B EUR 28 Feb 2022 cents per share 4.6750
B USD 28 Feb 2022 cents per share 4.6865
A - hedged GBP 28 Feb 2022 pence per share 2.6653
A - hedged EUR 28 Feb 2022 cents per share 2.2077
X GBP 28 Feb 2022 cents per share 2.4784
X EUR 28 Feb 2022 cents per share 2.2293

JOHCM Global Opportunities Fund (offshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 4.5789
A EUR 28 Feb 2022 cents per share 5.1902
A USD 28 Feb 2022 cents per share 4.6148
B GBP 28 Feb 2022 pence per share 5.0376
B EUR 28 Feb 2022 cents per share 4.7737
B USD 28 Feb 2022 cents per share 4.3909
A - hedged EUR 28 Feb 2022 cents per share 2.3372
X GBP 28 Feb 2022 cents per share 3.9139
Z GBP 28 Feb 2022 cents per share 1.8229
X - hedged GBP 28 Feb 2022 cents per share 2.4327
X EUR 28 Feb 2022 cents per share 2.3658

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 pence per share 2.9482
Z USD 28 Feb 2021 cents per share 2.5658


JOHCM UK Dynamic Fund

Please note that with effect from 1 January 2022, this fund will make semi-annual distributions.

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2022 pence per share 6.2558
A - accumulating GBP 28 Feb 2022 pence per share 8.9515
B - distributing GBP 28 Feb 2022 pence per share 5.6880
B - accumulating GBP 28 Feb 2022 pence per share 9.9325
Y - distributing GBP 28 Feb 2022 pence per share 3.9239
Y - accumulating GBP 28 Feb 2022 pence per share 5.1639
Y GBP 28 Feb 2022 pence per share 3.2091

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 5.8783
B GBP 28 Feb 2022 pence per share 3.1115
X GBP 28 Feb 2022 pence per share 3.1342

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2022 pence per share 5.5257
A - accumulating GBP 28 Feb 2022 pence per share 8.4140
B - distributing GBP 28 Feb 2022 pence per share 5.2121
B - accumulating GBP 28 Feb 2022 pence per share 7.8256
Y - accumulating GBP 28 Feb 2022 pence per share 3.7193
Y - distributing GBP 28 Feb 2022 pence per share 4.7060

 

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

  • 24 Oct 2017

    Acorns to oak trees

    Cho-Yu Kooi, manager of the JOHCM Asia ex Japan Small and Mid Cap Fund, provides an update on the Fund's positioning and some of the portfolio holdings. 

    Read More

Webcasts & Videos

  • JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q4 2021 Update

    03 Feb 2022 09:00 AM | 60 mins

  • JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q3 2021 Update

    27 Oct 2021 | 47 mins

  • JOHCM Asia ex Japan Fund,JOHCM Asia ex Japan Small/Mid Cap Fund Q2 2021 Update

    20 Jul 2021 | 39 mins

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

    29 Apr 2021 | 30 mins

  • Cho-Yu Kooi

    Senior Fund Manager

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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.

Other Asian Equity Funds

JOHCM Asia ex Japan Fund

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.

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”).  

J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid sectors which contribute to significant social and environmental harms. The Investment Manager uses 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 reduce the adverse environmental impact of the Fund’s portfolio and in particular its contribution to climate change, the Investment Manager excludes investments in any companies which derive 10% or more of their revenue from thermal coal mining, coal-based power generation, oil and gas extraction and production, or from unconventional oil and gas. Also excluded are companies which derive 10% or more of their revenue from activities which contribute to social harms, in particular, gambling, weapons and tobacco. These selection criteria may not be disapplied or overridden by the Investment Manager.    

See full details on the implementation of the exclusions below.    

The Investment Manager recognises that ESG factors can create risks and opportunities for companies and looks for companies who may benefit from this by incorporating ESG factors 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. 

Although the Fund may invest in companies which engage in economic activities that contribute to an environmental objective within the meaning of the EU’s Sustainable Finance Disclosure Regulation (SFDR), the Investment Manager is currently not in a position to assess the proportion, as a percentage of the Fund’s portfolio, of investments in environmentally sustainable activities which are aligned to the EU’s Taxonomy Regulation (TR) (Regulation (EU) 2020/852) and amending Regulation (EU) 2019/2088.

This is due to a lack of reliable, timely and verifiable data for the Investment Manager to make a full and accurate assessment of the investments of the Fund against the TR’s Technical Screening Criteria in respect of climate change mitigation and climate change adaptation. It is also important to note that given the geographical focus of the Fund’s strategy, companies within the investment universe might not be under any obligation to provide the data required under EU legislation.

As a result, the Investment Manager is unable to determine whether the underlying investments in  the Fund contribute to climate change mitigation and/or climate change adaptation,or whether the Fund has investments in economic activities that qualify as environmentally sustainable pursuant to the TR. As such, it has been determined that, 0% of the Fund’s investments are in economic activities that qualify as environmentally sustainable under the TR.

The Investment Manager is keeping this situation under review and will revisit the TR disclosure requirements once sufficient data is available.
 

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.  

Implementing exclusionary screens

In implementing our exclusionary screens, we utilise the business involvement screening service offered by our third-party provider, ISS. As such, we rely upon ISS’s business involvement definitions, data and assessments. Further details are available on request. 

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.  

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