JOHCM Asia ex Japan Small and Mid Cap Fund J O Hambro Capital Management (JOHCM)

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

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.

Back

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 May 2022

Fund size

GBP 18.89m

Strategy size

GBP 22.86m (as at 31 March 2022)

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 May 2022

Notes

©2022 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 31/03/2022.

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 31 May 2022

It was another challenging month for Asian equities with the MSCI AC Asia ex-Japan Small Cap Index sliding 1.97% in USD terms and 2.15% in GBP terms. The Federal Reserve hiked interest rates by 0.5% and announced plans to withdraw liquidity from the markets by reducing the size of its balance sheet to tackle runaway inflation. Further interest rate increases can be expected as the Fed tries to cool an overheated economy facing shortages in both labour and goods and to reinstate its inflation-fighting credentials. With energy prices extending its upward trajectory amid the European Union‘s proposed ban on Russian oil imports, and agricultural commodity prices also surging due to the Russia-Ukraine conflict, the Fed‘s job has become increasingly difficult. Similarly, several Asian central banks have brought forward the tightening of their monetary policies as inflationary pressures are building up. This backdrop is not conducive for equities. The only exception is China, which has in fact loosened its monetary policy as it tries to prop up a faltering economy amid a still benign inflation outlook.

The Fund outperformed the benchmark in May, supported by the rebound in our China portfolio as market sentiment turned more positive after recent weak economic data prompted the People’s Bank of China to ease monetary policy and the government to pledge more fiscal policy support to bolster economic growth. Several of our holdings in Indonesia, the Philippines and Thailand also lifted the Fund‘s performance and helped to offset some of the drags in our India holdings. During the month, we continued to take profit in our India portfolio and to reduce our weighting in the market.

The relentless surge in inflationary pressures amid already tight supply conditions of energy and other commodities, labour and other goods due to logistics, has been exacerbated by the Russia-Ukraine conflict. With the supply situation unlikely to ease any time soon, demand will have to be curtailed to bring about an equilibrium so that inflation can be brought down to more satisfactory levels. Unfortunately, this means the Fed and the European Central Bank would have to engineer a meaningful economic slowdown (hopefully, not a recession) through a series of interest rate hikes and liquidity withdrawal through quantitative tightening. As such, we maintain our underweight stance in Taiwan and Korea which are more export-oriented economies and which have benefited from the fiscal and monetary largesse in the US and Europe during the pandemic.

China is where we are most optimistic but have suffered from our premature overweight in the market. We believe that the market has bottomed out as valuations are depressed, investor expectations are low, government fiscal and monetary policies are increasingly growth supportive, and even on the regulatory front, there are more signs that the authorities are easing off. For India and ASEAN, while we remain constructive, we are closely monitoring the rising inflationary pressures and its impact on the fiscal health of these economies, consumption demand and corporate profitability. We have cut our weighting in India as the portfolio has done very well and the valuations of some stocks have become a little steep.

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 31 May 2022

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

Return history (%)

Data as at 31 May 2022

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 17 - Mar 18	Mar 18 - Mar 19	Mar 19 - Mar 20	Mar 20 - Mar 21	Mar 21 - Mar 22
Fund	-6.04%	-3.19%	-8.83%	53.12%	5.07%

Monthly returns (%)

Data as at 31 May 2022

		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
Fund	2022	-8.28	-4.21	-0.14	2.34	-1.84								-11.85	202.88
Benchmark	2022	-5.98	-1.64	3.44	-0.45	-2.15								-6.82	139.05

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

Fund statistics

Data as at 31 May 2022

Fund size	GBP 18.89m
Number of holdings	57

Top 10 holdings and active weights

Data as at 31 May 2022

Top 10 holdings

SUMBER ALFARIA TRIJAYA	3.83%
MAX HEALTHCARE INSTITUTE	3.64%
INDIAN ENERGY EXCHANGE	3.40%
ABB India Ltd	3.35%
MINDA INDUSTRIES	3.27%
ARWANA CITRAMULIA TBK PT	3.12%
INDUSTRI JAMU FARMASI	3.12%
KEI INDUSTRIES	2.93%
SCHAEFFLER INDIA	2.76%
EC HEALTHCARE	2.52%

Top 10 active weights

SUMBER ALFARIA TRIJAYA	+3.83%
MAX HEALTHCARE INSTITUTE	+3.38%
ABB India Ltd	+3.35%
INDIAN ENERGY EXCHANGE	+3.28%
MINDA INDUSTRIES	+3.16%
ARWANA CITRAMULIA TBK PT	+3.12%
INDUSTRI JAMU FARMASI	+3.07%
KEI INDUSTRIES	+2.83%
SCHAEFFLER INDIA	+2.61%
PLDT	+2.51%

Sector breakdown

Data as at 31 May 2022

	Portfolio	Benchmark	Relative
Industrials	26.16%	15.11%	11.05%
Consumer Staples	19.43%	4.65%	14.78%
Consumer Discretionary	16.82%	11.71%	5.11%
Information Technology	14.20%	21.22%	-7.02%
Materials	6.82%	11.64%	-4.82%
Health Care	5.98%	8.65%	-2.67%
Financials	5.07%	8.66%	-3.59%
Communication Services	3.52%	4.58%	-1.07%
Energy	1.68%	1.73%	-0.05%
Real Estate	0.00%	9.75%	-9.75%
Utilities	0.00%	2.31%	-2.31%
Cash	0.32%	0.00%	0.32%

Market cap breakdown

Data as at 31 May 2022

	Portfolio	Benchmark	Relative
Large Cap	22.27%	1.12%	21.15%
Medium Cap	64.90%	69.60%	-4.71%
Small Cap	12.51%	29.28%	-16.77%
Cash	0.33%	0.00%	0.33%

Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JOHCM Asia ex Japan Fund	24/06/2022	A	EUR	Ireland	B431KK7	2.393	0.042
		A	GBP	Ireland	B3RQ272	2.431	0.039
		A	USD	Ireland	B435PM6	1.869	0.034
		B	EUR	Ireland	B5L49R5	2.405	0.042
		B	GBP	Ireland	B3ZQS76	2.373	0.038
		B	USD	Ireland	BF7NZT0	1.885	0.035
		Z	GBP	Ireland	B44PG77	1.732	0.028
		Z	USD	Ireland	BVG7681	1.254	0.024
JOHCM Asia ex Japan Small and Mid Cap Fund	24/06/2022	A	USD	Ireland	B6R5QW3	2.350	0.040
		A	EUR	Ireland	B6R5VD9	2.524	0.042
		A	GBP	Ireland	B6R5LS4	2.876	0.043
		B	EUR	Ireland	B6R5HM0	2.866	0.046
		B	GBP	Ireland	B6R63P8	2.795	0.041
		B	USD	Ireland	B6R5YM9	2.230	0.037
		Z	GBP	Ireland	B4X3T62	2.189	0.032
JOHCM Continental European Fund	24/06/2022	A	EUR	Ireland	3300923	4.012	0.054
		A	GBP	Ireland	3300912	4.928	0.061
		A	USD	Ireland	BJ4G0G2	1.577	0.022
		A Hedged	GBP	Ireland	BSJCJ49	1.370	0.018
		B	EUR	Ireland	3300901	4.038	0.052
		B	GBP	Ireland	3100543	4.748	0.054
		B	USD	Ireland	BJ4G0H3	1.607	0.022
		Y	EUR	Ireland	B98YKX9	1.546	0.021
		Y	GBP	Ireland	B993PD0	1.814	0.023
		Y Hedged	GBP	Ireland	BSJCJ50	1.429	0.019
JOHCM European Concentrated Value Fund	24/06/2022	A	EUR	Ireland	BW0DJY9	0.968	0.009
		B	EUR	Ireland	BW0DJZ0	0.962	0.008
		Z	AUD	Ireland	BYNJFM8	1.065	0.011
		Z	EUR	Ireland	BYNJFN9	0.892	0.007
JOHCM European Select Values Fund	24/06/2022	A	EUR	Ireland	3290433	3.277	0.008
		A	GBP	Ireland	3290422	5.047	0.006
		B	EUR	Ireland	3290411	2.192	0.005
		B	GBP	Ireland	3290400	4.620	0.005
		Non-Distributing	EUR	Ireland	BSFWK51	1.218	0.004
		X	EUR	Ireland	B4K14L9	1.566	0.004
		Y	EUR	Ireland	BMXC8L3	0.883	0.003
JOHCM Global Emerging Markets Opportunities Fund	24/06/2022	A	EUR	Ireland	B3ZBLW7	1.497	0.012
		A	GBP	Ireland	B4002N4	1.364	0.009
		A	USD	Ireland	B4M6CN0	1.081	0.010
		B	EUR	Ireland	B4TRCR0	1.478	0.011
		B	GBP	Ireland	B41RZ57	1.311	0.009
		B	USD	Ireland	B4XXMP2	1.414	0.012
		Y	GBP	Ireland	BYSGJY4	1.643	0.011
		Y	USD	Ireland	BYSGJZ5	1.315	0.013
		Z	CAD	Ireland	BBPK0L2	1.474	0.013
		Z	GBP	Ireland	B6R54W9	1.719	0.012
JOHCM Global Income Builder Fund	24/06/2022	A	EUR	Ireland	BFZWPD3	1.079	0.003
		A	GBP	Ireland	BFZWPC2	1.046	0.000
		A	SGD	Ireland	BFZWPG6	0.984	0.002
		A	USD	Ireland	BFZWPF5	0.960	0.004
		B	EUR	Ireland	BFZWPJ9	1.032	0.003
		Seed	EUR	Ireland	BKF2GH9	0.963	0.002
		Seed	GBP	Ireland	BFZWPH7	1.101	0.001
		Seed	GBP	Ireland	BHR0DJ1	1.127	0.001
JOHCM Global Opportunities Fund (offshore)	24/06/2022	A	EUR	Ireland	B7MR557	2.592	0.011
		A	GBP	Ireland	B89PQM5	2.344	0.007
		A	USD	Ireland	B89JY23	2.153	0.011
		A Hedged	EUR	Ireland	BFZWWX2	1.018	0.005
		B	EUR	Ireland	B80FZF0	2.365	0.010
		B	GBP	Ireland	BF7NZS9	2.559	0.007
		B	USD	Ireland	B8295C7	2.032	0.011
		X	EUR	Ireland	BJ5JW42	1.183	0.006
		X	EUR	Ireland	BMCZLF8	1.295	0.007
		X	GBP	Ireland	BQVC9L0	2.004	0.006
		X Hedged	GBP	Ireland	BF29TX5	1.103	0.005
		Z	EUR	Ireland	BDZD4M4	1.174	0.005
		Z	GBP	Ireland	B83MS15	0.940	0.003
JOHCM Global Opportunities Fund (offshore)	24/06/2022	X Non-distributing NOK	NOK	Ireland	BMFV6C5	10.271	-0.004
JOHCM Global Opportunities Fund (onshore)	24/06/2022	A Accumulating	GBP	UK	BJ5JMC0	1.229	0.003
		A Accumulating Hedged	GBP	UK	BKDV8G1	1.092	0.006
		A Distributing	GBP	UK	BJ5JMD1	1.156	0.003
		X Accumulating	GBP	UK	BJ5JMF3	1.199	0.003
		X Distributing	GBP	UK	BJ5JMG4	1.157	0.003
JOHCM Global Select Fund	24/06/2022	A	EUR	Ireland	B3DBRP4	3.848	0.027
		A	GBP	Ireland	B3DBRN2	4.095	0.023
		A	USD	Ireland	B3T31Z2	2.078	0.017
		B	EUR	Ireland	B3DBRM1	3.695	0.026
		B	GBP	Ireland	B3DBRL0	3.913	0.022
		B	USD	Ireland	B5L7L67	2.350	0.018
		Z	GBP	Ireland	B3DCMB8	2.965	0.017
		Z	USD	Ireland	B4V7J00	2.352	0.019
JOHCM Uk Dynamic Fund	24/06/2022	Y	GBP	Ireland	BDGKPZ4	0.973	0.011
JOHCM UK Dynamic Fund (onshore)	24/06/2022	A Accumilating	GBP	UK	B4T7HR5	2.760	0.031
		A Distributing	GBP	UK	B4T8552	1.868	0.021
		B Accumulating	GBP	UK	B4T7JX5	3.048	0.034
		B Distributing	GBP	UK	B4TXJ33	1.690	0.019
		X Accumulating	GBP	UK	BJ7HNB8	1.078	0.012
		X Distributing	GBP	UK	BJ5JMB9	0.976	0.011
		Y	GBP	UK	BDZRJ21	1.173	0.013
		Y Accumulating	GBP	UK	BDZRJ10	1.594	0.018
JOHCM UK Equity Income Fund	24/06/2022	A Accumulating	GBP	UK	B03KR50	3.985	0.008
		A Distributing	GBP	UK	B03KP23	1.794	0.004
		B Accumulating	GBP	UK	B03KR83	3.673	0.007
		B Distributing	GBP	UK	B03KR61	1.652	0.004
		X Distributing	GBP	UK	BYV9S21	0.896	0.002
		Y	GBP	UK	B95FCK6	1.212	0.002
		Y Accumulating	GBP	UK	B8FCHK5	1.610	0.003
JOHCM UK Growth Fund	24/06/2022	A	GBP	Ireland	3300934	3.547	0.022
		B	GBP	Ireland	3100554	3.075	0.020
		Non-distributing	EUR	Ireland	BLLV8D7	1.943	0.015
		Non-distributing	USD	Ireland	BLLV8C6	1.905	0.017
		X	EUR	Ireland	BLLV882	1.957	0.016
		X	EUR	Ireland	BLLV8B5	1.800	0.012
		X	GBP	Ireland	BLLV893	1.769	0.011
		X	USD	Ireland	BLLV871	1.918	0.017
JOHCM UK Opportunities Fund	24/06/2022	A Accumulating	GBP	UK	B0LLB64	2.953	0.033
		A Distributing	GBP	UK	B3K76Q9	1.890	0.021
		B Accumulating	GBP	UK	B0LLB75	2.733	0.030
		B Distributing	GBP	UK	B3K76P8	1.774	0.020
		X Accumulating	GBP	UK	BQJZQQ5	1.360	0.015
		X Distributing	GBP	UK	B95MSF4	1.073	0.012
		Y	GBP	UK	B95J5C1	1.274	0.014
		Y Accumulating	GBP	UK	B95HP81	1.653	0.018
Regnan Global Equity Impact Solutions Fund (offshore)	24/06/2022	A	EUR	Ireland	BN2BD91	0.829	0.016
		A	GBP	Ireland	BN2BD80	0.797	0.014
		A	USD	Ireland	BN2BDC4	0.723	0.014
		A Hedged	EUR	Ireland	BN2BDB3	0.706	0.014
		B	EUR	Ireland	BN2BDF7	0.821	0.017
		B	GBP	Ireland	BN2BDD5	0.791	0.014
		B	USD	Ireland	BN2BDH9	0.716	0.014
		B Hedged	EUR	Ireland	BN2BDG8	0.695	0.014
		Seed	EUR	Ireland	BN2BDS0	0.841	0.017
		Seed	GBP	Ireland	BN2BDR9	0.808	0.015
		Seed	USD	Ireland	BN2BDV3	0.730	0.014
		Seed Hedge	EUR	Ireland	BN2BDT1	0.711	0.014
		Z	GBP	Ireland	BN2BDN5	0.805	0.014
Regnan Global Equity Impact Solutions Fund (offshore)	24/06/2022	Y CAD	CAD	Ireland	BMWMY49	0.834	0.018
Regnan Global Equity Impact Solutions Fund (onshore)	24/06/2022	A Accumulating	GBP	UK	BMCZDD0	0.940	0.016
		F Accumulating	GBP	UK	BMCZDJ6	0.950	0.016
		Y Accumulating	GBP	UK	BMCZDK7	0.942	0.016
Regnan Sustainable Water and Waste Fund (offshore)	24/06/2022	A	EUR	Ireland	BLPKC72	0.825	0.008
		A	USD	Ireland	BLPKC94	0.771	0.008
		A	GBP	Ireland	BLPKC61	0.831	0.007
		B	GBP	Ireland	BLPKCB6	0.833	0.007
		B	USD	Ireland	BLPKF84	0.773	0.008
		B	EUR	Ireland	BLPKCC7	0.827	0.007
		Y	GBP	Ireland	BLPKF95	0.832	0.007
		Y	EUR	Ireland	BLPKFC8	0.825	0.008
		Y	USD	Ireland	BLPKFF1	0.771	0.009
Regnan Sustainable Water and Waste Fund (onshore)	24/06/2022	A Accumulating	GBP	UK	BMYXD32	0.892	0.008
		F Accumulating	GBP	UK	BMYXQ55	0.897	0.007
		Y Accumulating	GBP	UK	BMYXQ55	0.897	0.007

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	07/21	08/21	09/21	10/21	11/21	12/21	01/22	02/22	03/22	04/22	05/22	06/22
A GBP	0.3257	0.3877	0.3516	0.3570	0.3621	0.3848	0.3789	0.3654	0.3251	0.3709	0.3481	0.3848
A EUR	0.3336	0.3978	0.3638	0.3677	0.3601	0.3996	0.4003	0.3863	0.3443	0.3889	0.3655	0.3990
A USD	0.3443	0.3985	0.3651	0.3597	0.3518	0.3821	0.3812	0.3676	0.0349	0.3634	0.3242	0.3611
A SGD	0.3364	0.3965	0.3644	0.3609	0.3506	0.3848	0.3823	0.3665	0.3256	0.3641	0.3321	0.3661
B EUR	0.3229	0.3847	0.3515	0.3546	0.3469	0.3847	0.3850	0.3712	0.3306	0.3731	0.3503	0.3820
Seed	0.2966	0.3538	0.3237	0.3274	0.3207	0.3561	0.3978	0.3838	0.3416	0.3470	0.3262	0.3562

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 19	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22
A distributing GBP	2.0409	1.5930	1.1154	1.2632	1.0771	1.1681	2.3283	3.0863	1.2881	1.9828
A accumulating GBP	4.1082	3.2391	2.2958	2.6218	2.2581	2.4649	4.9447	6.6368	2.8152	4.3509
B distributing GBP	1.9017	1.4790	1.0379	1.1739	0.9997	1.0825	2.1559	2.8539	1.1897	1.8271
B accumulating GBP	3.8367	3.0210	2.1395	2.4391	2.0980	2.2869	4.5836	6.1431	2.6020	4.0228
Y distributing GBP	1.3744	1.0730	0.7534	0.8514	0.7263	0.7879	1.5709	2.0833	0.8697	0.9894
Y accumulating GBP	1.6547	1.3051	0.9242	1.0570	0.5363	0.9944	1.9953	2.6787	1.1364	1.3383

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
A	GBP	28 Feb 2022	pence per share
A	EUR	28 Feb 2022	cents per share
A	USD	28 Feb 2022	cents per share
B	GBP	28 Feb 2022	pence per share
B	EUR	28 Feb 2022	cents per share
B	USD	28 Feb 2022	cents per share
Z	GBP	28 Feb 2022	cents per share

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 2022	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 | 35 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

Other Asian Equity Funds

JOHCM Asia ex Japan 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”).

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. JOHCM has met the expected standard of reporting under the UK Stewardship Code in 2021 and has been approved as a signatory.. 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.