JOHCM Global Emerging Markets Opportunities Fund J O Hambro Capital Management (JOHCM)

Fund Description

For fund managers James Syme, Paul Wimborne and Ada Chan, identifying the right countries in which to invest is the most important influence on investment performance. Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks within their favoured countries. The result is a large-cap biased portfolio of typically 50-60 stocks.

Investment Strategy

James, Paul and Ada believe country allocation is the major driver of outperformance in emerging markets
Through an exhaustive monthly country allocation process that covers all 20+ countries within the MSCI Emerging Markets Index, the fund managers produce country allocation targets for each country within the index based on a five-factor analysis: Growth, Liquidity, Currency, Management/Politics and Valuation of equity market
Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks trading on attractive valuations within the fund managers’ favoured countries
Over time, they expect that top-down and bottom-up decisions will each contribute 50% of total value added

Reasons To Invest

Emerging markets are playing an increasingly important role in investors’ asset allocation decisions. They have witnessed dynamic expansion in recent years but should continue to drive global economic growth in the years ahead
Established, transparent investment process that has a long-term track record of outperformance
Strong emphasis on risk management and a consistent investment style tilt through the market cycle

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

Fund Manager

This is a marketing communication.

Information on the rights of investors can be found here.

The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. 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. Investments may 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.

Back

Investment Objective

The JOHCM Global Emerging Markets Opportunities Fund aims to achieve long-term capital appreciation from investing in a portfolio of equity securities of companies in emerging markets around the world.

Fund details

Data as at 31 August 2022

Fund size

GBP 191.34m

Strategy size

GBP 1.7bn (as at 30 June 2022)

Benchmark

MSCI Emerging Markets NR 12pm adjusted

Domicile

Ireland

Denomination

GBP, EUR, USD

Share classes

A GBP	(Launch date) 30-June-2011
A USD	(Launch date) 30-June-2011
A EUR	(Launch date) 30-June-2011
B GBP	(Launch date) 30-June-2011
B USD	(Launch date) 30-June-2011
B EUR	(Launch date) 30-June-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	IE00B4002N46	B4002N4
A USD	IE00B4M6CN00	B4M6CN0
A EUR	IE00B3ZBLW75	B3ZBLW7
B GBP	IE00B41RZ573	B41RZ57
B USD	IE00B4XXMP29	B4XXMP2
B EUR	IE00B4TRCR07	B4TRCR0

Fund ratings and awards

Data as at 31 August 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 30/06/2022.

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

This is a marketing communication.

Information on the rights of investors can be found here.

Strategy Highlights

As at 31 August 2022

Given our overweight positions in Mexico and Brazil, why do we not have a position in Chile, Latin America’s third-largest market? The answer to that has two parts, each of which is an example of what we consider to be key risks in country-driven emerging market investing.

As we have written before, in recent years Latin America has seen a broad political shift to the left. Chile has been part of this with the 2019-21 cost-of-living protests seeing 1.2m people on the streets of the capital Santiago in October 2019. This led to a hard-fought presidential election in 2021, won by 35-year-old ex-student radical Gabriel Boric with a platform focused on opposition to capitalism and support for social justice and the environment. As well as this electoral shift to more populist politics, Chile has also faced the prospect of a new constitution. A referendum in October 2020 approved the drafting of a new constitution by a specially elected convention, which has since been drafted. The Boric administration has been particularly critical of the mining and forestry industries, as well as calling for the nationalisation of lithium extraction and a large increase in the role of the state in the economy.

Chile’s equity market took these developments badly. Previously, the stable and market-friendly nature of Chilean politics had enabled the market to trade at a valuation premium to neighbouring countries, but the forward price/earnings ratio of the IPSA index fell from an average of 15x in 2011-20 to less than 7x in mid-2022.

The first week of September has seen an improvement in the political outlook, with the final popular vote to approve the new constitution rejecting it by 62% to 38%. This means the current constitution will remain, removing a major source of risk to equity investors and suggesting that President Boric has less room for manoeuvre than when elected.

With reduced risk and valuations at all-time lows, does that make Chile attractive to our investment process? Unfortunately, not at this time, because the economy faces some serious challenges that will need to be overcome before the market can see stronger growth and a lower discount rate.

Followers of our process will know that we consider current-account deficit markets like Chile to be inherently cyclical, with periods of strong growth always followed by crises or slowdowns. Chile has enjoyed strong growth in recent years and is now in the downswing. During the Covid pandemic, the government injected USD 27bn of extra spending into a USD 318bn economy (one of the most generous stimulus packages in the emerging world). This was concurrent with the congress passing legislation allowing the public to withdraw their pension savings early. These two measures combined to drive a consumer boom, with real retail sales in 2021 some 23.6% higher than in 2019.

As is typical for current-account deficit markets with booming domestic demand, both inflation and the current account balance have rapidly become serious problems. Inflation, which since 2010 had not exceeded 6%, has ramped to 13.1% in the year to July; the current account deficit, which had been averaging 3.5% of GDP, expanded to 8.8% of GDP in 2Q 2022.

And, as is almost always the case, the unsustainable inflation rate has caused a sharp currency sell-off (the Chilean peso is down 18.1% against the US dollar since the end of 2019, having at one point in July been down 39.5%), which has in turn required brutal interest rate hikes from the central bank (since mid-2021, the policy rate has gone from 0.5% to 10.75%). Ultimately, the only solution is going to be a drastic slowdown in domestic demand, a higher savings rate and a period of export-led growth to repair the external balance, and we generally seek to avoid being invested in markets that are undergoing slowdown and rebalancing. We prefer those we see as heading into upswings, including Mexico and Brazil.

This is a marketing communication.

Information on the rights of investors can be found here.

Fund Reporting

Factsheet

Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

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

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Information on the rights of investors can be found here.

Percentage growth of the fund versus benchmark

Data as at 31 August 2022

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

Return history (%)

Data as at 31 August 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. You should not base your decision to invest on this document. 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.

	Jun 17 - Jun 18	Jun 18 - Jun 19	Jun 19 - Jun 20	Jun 20 - Jun 21	Jun 21 - Jun 22
Fund	6.23%	5.83%	-3.72%	23.53%	-11.45%

Monthly returns (%)

Data as at 31 August 2022

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual	Since inception
Fund	2011							-2.90	-7.42	-9.23	10.91	-6.08		-15.00
Benchmark	2011							-2.13	-9.44	-10.12	10.93	-6.42	1.36	-16.19
Fund	2012	6.82	6.17	-5.29	-2.08	-8.95	-0.61	4.08	-0.36	4.65	-0.46	0.92	1.47	5.29
Benchmark	2012	9.39	5.02	-3.98	-2.73	-6.86	1.97	3.27	-2.02	3.95		1.59	4.03	13.27
Fund	2013	4.31	2.79	-1.85	-1.44	2.58	-8.64	2.04	-3.17	2.30	6.16	-1.00	-1.13	2.10
Benchmark	2013	3.65	2.67	-1.74	-1.74	-0.28	-6.87	1.83	-3.88	2.63	5.52	-3.62	-2.35	-4.79
Fund	2014	-6.05	2.81	0.24	-1.07	6.71	-0.22	3.04	2.40	-4.37	3.79	2.47	-2.94	6.23
Benchmark	2014	-6.61	2.57	2.75	-0.26	4.71	0.16	3.45	3.37	-4.88	2.10	1.26	-4.19	3.74
Fund	2015	7.69	-0.91	3.27	4.35	-1.80	-7.05	-6.65	-7.12	-1.44	8.26	-0.22	-1.35	-4.41
Benchmark	2015	4.33	0.32	2.70	3.75	-2.70	-6.20	-6.29	-7.65	-1.87	6.41	-1.32	-1.49	-10.61
Fund	2016	-6.50	2.32	7.63	-2.44	-1.25	12.99	8.34	3.76	2.90	3.61	-6.62	0.73	26.34
Benchmark	2016	-3.99	3.64	9.36	-0.88	-3.35	11.91	7.43	3.58	2.27	6.62	-6.72	1.52	34.03
Fund	2017	5.27	2.78	3.63	-1.47	4.72	0.55	3.93	3.48	-3.36	6.28	-2.14	1.96	28.23
Benchmark	2017	4.22	3.46	2.40	-1.85	4.13	-0.50	4.79	4.08	-4.26	4.96	-1.09	2.82	25.15
Fund	2018	-1.17	-2.48	-3.37	3.95	0.97	-1.40	1.42	-1.11	-1.42	-6.05	4.51	-3.62	-9.82
Benchmark	2018	3.20	-2.08	-4.01	2.49	-0.63	-3.22	2.43	-1.84	-0.65	-7.08	4.71	-2.67	-9.57
Fund	2019	3.84	-1.17	5.23	1.13	-1.34	4.98	1.80	-3.95	1.10	-3.27	-1.05	4.18	11.48
Benchmark	2019	5.45	-0.49	1.60	3.28	-4.44	5.72	3.08	-5.33	1.12	-0.91	0.31	4.90	14.44
Fund	2020	-2.10	-3.81	-14.12	11.27	0.83	7.65	-0.46	0.31	2.14	0.37	6.35	5.76	12.47
Benchmark	2020	-3.77	-3.70	-12.29	8.99	1.23	8.44	1.77	2.21	-0.28	2.15	6.49	4.44	14.60
Fund	2021	1.11	0.93	1.58	0.32	0.97	2.17	-5.13	1.45	-1.89	-1.72	-0.13	3.58	2.99
Benchmark	2021	3.10	-1.33	-0.52	1.88	-1.34	3.87	-7.21	3.48	-1.51	-1.07	-1.01	0.72	-1.43
Fund	2022	-0.38	-4.53	-0.21	-0.42	1.97	-4.27	0.43	4.80					-2.90	69.95
Benchmark	2022	-1.90	-2.44	-0.10	-1.42	-0.04	-2.55	-1.01	5.37					-4.22	57.42

Source and notes

JOHCM/MSCI/Bloomberg/Lipper.

Data shown net of fees, net income reinvested. Performance of other share classes may vary and is available on request. Please note that all fund performance is shown against the MSCI Emerging Markets NR 12pm adjusted in GBP. Performance of other share classes may vary and is available on request. Where shown, monthly returns table shows compounded discrete monthly performance.

Disclaimer

This is a marketing communication.

Information on the rights of investors can be found here.

Fund statistics

Data as at 31 August 2022

Fund size	GBP 191.34m
Number of holdings	54

Top 10 holdings and active weights

Data as at 31 August 2022

Top 10 holdings

Tencent	5.47%
Samsung Electronics	4.40%
HDFC Bank	3.47%
State Bank of India	3.38%
Mahindra & Mahindra	3.35%
Emaar Properties	3.18%
Petroleo Brasilero	3.03%
Larsen & Toubro	2.88%
FIRSTRAND	2.67%
PROYA COSMETICS A (HK-C)	2.65%

Top 10 active weights

HDFC Bank	+3.47%
State Bank of India	+3.20%
Mahindra & Mahindra	+3.13%
Emaar Properties	+3.07%
Petroleo Brasilero	+3.03%
PROYA COSMETICS A (HK-C)	+2.65%
Larsen & Toubro	+2.63%
Barrick Gold	+2.55%
TSINGTAO BREWERY H	+2.51%
ENN Energy Holdings	+2.44%

Sector breakdown

Data as at 31 August 2022

	Portfolio	Benchmark	Relative
Financials	23.86%	21.59%	2.27%
Information Technology	12.10%	19.32%	-7.22%
Consumer Staples	10.69%	6.14%	4.55%
Consumer Discretionary	10.10%	14.37%	-4.27%
Materials	9.73%	8.42%	1.31%
Communication Services	9.14%	10.05%	-0.91%
Industrials	6.19%	5.83%	0.36%
Energy	5.39%	5.27%	0.12%
Real Estate	5.23%	1.97%	3.26%
Utilities	2.79%	3.13%	-0.34%
Health Care	0.00%	3.92%	-3.92%
Cash	4.78%	0.00%	4.78%

Market cap breakdown

Data as at 31 August 2022

	Portfolio	Benchmark	Relative
Large Cap	69.00%	76.16%	-7.16%
Medium Cap	25.99%	23.83%	2.16%
Small Cap	0.23%	0.01%	0.23%
Cash	4.77%	0.00%	4.77%

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Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JO Hambro Global Select Shariah Fund	05/10/2022	A	USD	Ireland	BMZQQY2	0.937	0.004
JOHCM (ire) Uk Dynamic Fund	05/10/2022	EUR Y	EUR	Ireland	BP6NT66	0.887	-0.009
		USD Y	USD	Ireland	BPP4K90	0.944	-0.013
JOHCM Asia ex Japan Fund	05/10/2022	A	EUR	Ireland	B431KK7	2.370	0.071
		A	GBP	Ireland	B3RQ272	2.454	0.074
		A	USD	Ireland	B435PM6	1.743	0.047
		B	EUR	Ireland	B5L49R5	2.378	0.071
		B	GBP	Ireland	B3ZQS76	2.392	0.072
		B	USD	Ireland	BF7NZT0	1.754	0.047
		Z	GBP	Ireland	B44PG77	1.753	0.053
		Z	USD	Ireland	BVG7681	1.172	0.032
JOHCM Asia ex Japan Small and Mid Cap Fund	05/10/2022	A	EUR	Ireland	B6R5VD9	2.513	0.028
		A	GBP	Ireland	B6R5LS4	2.918	0.032
		A	USD	Ireland	B6R5QW3	2.204	0.018
		B	EUR	Ireland	B6R5HM0	2.849	0.032
		B	GBP	Ireland	B6R63P8	2.832	0.031
		B	USD	Ireland	B6R5YM9	2.088	0.016
		Z	GBP	Ireland	B4X3T62	2.226	0.025
JOHCM Continental European Fund	05/10/2022	USD Y	USD	Ireland	BPP4K89	0.990	-0.003
JOHCM Continental European Fund	05/10/2022	A	EUR	Ireland	3300923	3.936	-0.001
		A	GBP	Ireland	3300912	4.925	-0.003
		A	USD	Ireland	BJ4G0G2	1.560	-0.001
		A Hedged	GBP	Ireland	BSJCJ49	1.347	0.000
		B	EUR	Ireland	3300901	3.953	-0.002
		B	GBP	Ireland	3100543	4.738	-0.002
		B	USD	Ireland	BJ4G0H3	1.587	-0.001
		GBP X	GBP	Ireland	BP6NT77	0.977	0.000
		Y	EUR	Ireland	B98YKX9	1.516	-0.001
		Y	GBP	Ireland	B993PD0	1.815	-0.001
		Y Hedged	GBP	Ireland	BSJCJ50	1.407	-0.001
JOHCM European Concentrated Value Fund	05/10/2022	A	EUR	Ireland	BW0DJY9	0.873	-0.004
		B	EUR	Ireland	BW0DJZ0	0.865	-0.004
		Z	AUD	Ireland	BYNJFM8	0.966	-0.004
		Z	EUR	Ireland	BYNJFN9	0.804	-0.005
JOHCM European Select Values Fund	05/10/2022	A	EUR	Ireland	3290433	2.936	-0.027
		A	GBP	Ireland	3290422	4.609	-0.043
		B	EUR	Ireland	3290411	1.962	-0.018
		B	GBP	Ireland	3290400	4.214	-0.039
		Non-Distributing	EUR	Ireland	BSFWK51	1.089	-0.010
		X	EUR	Ireland	B4K14L9	1.400	-0.013
		Y	EUR	Ireland	BMXC8L3	0.791	-0.007
JOHCM Global Emerging Markets Opportunities Fund	05/10/2022	A	EUR	Ireland	B3ZBLW7	1.543	0.027
		A	GBP	Ireland	B4002N4	1.432	0.025
		A	USD	Ireland	B4M6CN0	1.052	0.017
		B	EUR	Ireland	B4TRCR0	1.527	0.027
		B	GBP	Ireland	B41RZ57	1.380	0.024
		B	USD	Ireland	B4XXMP2	1.375	0.020
		Y	USD	Ireland	BYSGJZ5	1.273	0.019
		Y	GBP	Ireland	BYSGJY4	1.725	0.030
		Z	CAD	Ireland	BBPK0L2	1.508	0.020
		Z	GBP	Ireland	B6R54W9	1.817	0.031
JOHCM Global Income Builder Fund	05/10/2022	A	EUR	Ireland	BFZWPD3	1.081	0.007
		A	GBP	Ireland	BFZWPC2	1.070	0.008
		A	SGD	Ireland	BFZWPG6	0.954	0.003
		A	USD	Ireland	BFZWPF5	0.906	0.003
		B	EUR	Ireland	BFZWPJ9	1.032	0.007
		Seed	EUR	Ireland	BKF2GH9	0.967	0.007
		Seed	GBP	Ireland	BFZWPH7	1.126	0.007
		Seed	GBP	Ireland	BHR0DJ1	1.169	0.008
JOHCM Global Opportunities Fund (offshore)	05/10/2022	X Non-distributing NOK	NOK	Ireland	BMFV6C5	10.662	0.045
JOHCM Global Opportunities Fund (offshore)	05/10/2022	A	EUR	Ireland	B7MR557	2.681	0.015
		A	GBP	Ireland	B89PQM5	2.472	0.014
		A	USD	Ireland	B89JY23	2.099	0.005
		A Hedged	EUR	Ireland	BFZWWX2	0.982	0.003
		B	EUR	Ireland	B80FZF0	2.442	0.014
		B	GBP	Ireland	BF7NZS9	2.692	0.014
		B	USD	Ireland	B8295C7	1.976	0.004
		X	EUR	Ireland	BJ5JW42	1.224	0.007
		X	GBP	Ireland	BQVC9L0	2.114	0.011
		X Hedged	GBP	Ireland	BF29TX5	1.064	0.003
		Z	EUR	Ireland	BDZD4M4	1.218	0.007
		Z	GBP	Ireland	B83MS15	0.993	0.005
JOHCM Global Opportunities Fund (onshore)	05/10/2022	A Accumulating	GBP	UK	BJ5JMC0	1.292	0.007
		A Accumulating Hedged	GBP	UK	BKDV8G1	1.049	0.003
		A Distributing	GBP	UK	BJ5JMD1	1.216	0.007
		X Accumulating	GBP	UK	BJ5JMF3	1.261	0.006
		X Distributing	GBP	UK	BJ5JMG4	1.217	0.006
JOHCM Global Select Fund	05/10/2022	A	EUR	Ireland	B3DBRP4	3.914	0.057
		A	GBP	Ireland	B3DBRN2	4.245	0.061
		A	USD	Ireland	B3T31Z2	1.990	0.023
		B	EUR	Ireland	B3DBRM1	3.750	0.054
		B	GBP	Ireland	B3DBRL0	4.047	0.057
		B	USD	Ireland	B5L7L67	2.247	0.026
		Z	GBP	Ireland	B3DCMB8	3.080	0.044
JOHCM Uk Dynamic Fund	05/10/2022	Y	GBP	Ireland	BDGKPZ4	0.906	-0.010
JOHCM UK Dynamic Fund (onshore)	05/10/2022	A Accumilating	GBP	UK	B4T7HR5	2.627	-0.028
		A Distributing	GBP	UK	B4T8552	1.737	-0.019
		B Accumulating	GBP	UK	B4T7JX5	2.897	-0.030
		B Distributing	GBP	UK	B4TXJ33	1.570	-0.016
		X Accumulating	GBP	UK	BJ7HNB8	1.027	-0.011
		X Distributing	GBP	UK	BJ5JMB9	0.908	-0.009
		Y	GBP	UK	BDZRJ21	1.092	-0.011
		Y Accumulating	GBP	UK	BDZRJ10	1.518	-0.016
JOHCM UK Equity Income Fund	05/10/2022	A Accumulating	GBP	UK	B03KR50	3.878	-0.097
		A Distributing	GBP	UK	B03KP23	1.680	-0.042
		B Accumulating	GBP	UK	B03KR83	3.570	-0.089
		B Distributing	GBP	UK	B03KR61	1.544	-0.039
		X Distributing	GBP	UK	BYV9S21	0.840	-0.021
		Y	GBP	UK	B95FCK6	1.135	-0.029
		Y Accumulating	GBP	UK	B8FCHK5	1.568	-0.039
JOHCM UK Growth Fund	05/10/2022	A	GBP	Ireland	3300934	3.364	-0.015
		B	GBP	Ireland	3100554	2.912	-0.013
		Non-distributing	EUR	Ireland	BLLV8D7	1.807	-0.008
		Non-distributing	USD	Ireland	BLLV8C6	1.668	-0.012
		X	EUR	Ireland	BLLV882	1.821	-0.008
		X	EUR	Ireland	BLLV8B5	1.700	-0.007
		X	GBP	Ireland	BLLV893	1.678	-0.008
		X	USD	Ireland	BLLV871	1.682	-0.012
JOHCM UK Opportunities Fund	05/10/2022	A Accumulating	GBP	UK	B0LLB64	2.969	-0.014
		A Distributing	GBP	UK	B3K76Q9	1.900	-0.009
		B Accumulating	GBP	UK	B0LLB75	2.744	-0.013
		B Distributing	GBP	UK	B3K76P8	1.781	-0.008
		X Accumulating	GBP	UK	BQJZQQ5	1.369	-0.006
		X Distributing	GBP	UK	B95MSF4	1.079	-0.005
		Y	GBP	UK	B95J5C1	1.281	-0.006
		Y Accumulating	GBP	UK	B95HP81	1.663	-0.008
Regnan Global Equity Impact Solutions Fund (offshore)	05/10/2022	A	EUR	Ireland	BN2BD91	0.875	0.009
		A	GBP	Ireland	BN2BD80	0.857	0.008
		A	USD	Ireland	BN2BDC4	0.720	0.005
		A Hedged	EUR	Ireland	BN2BDB3	0.693	0.006
		B	USD	Ireland	BN2BDH9	0.711	0.005
		B	EUR	Ireland	BN2BDF7	0.865	0.009
		B	GBP	Ireland	BN2BDD5	0.850	0.009
		B Hedged	EUR	Ireland	BN2BDG8	0.679	0.004
		Seed	EUR	Ireland	BN2BDS0	0.889	0.009
		Seed	GBP	Ireland	BN2BDR9	0.871	0.009
		Seed	USD	Ireland	BN2BDV3	0.728	0.006
		Seed Hedge	EUR	Ireland	BN2BDT1	0.699	0.005
		Z	GBP	Ireland	BN2BDN5	0.868	0.009
Regnan Global Equity Impact Solutions Fund (offshore)	05/10/2022	Y CAD	CAD	Ireland	BMWMY49	0.869	0.006
Regnan Global Equity Impact Solutions Fund (onshore)	05/10/2022	A Accumulating	GBP	UK	BMCZDD0	1.012	0.010
		F Accumulating	GBP	UK	BMCZDJ6	1.025	0.010
		Y Accumulating	GBP	UK	BMCZDK7	1.015	0.010
Regnan Sustainable Water and Waste Fund (offshore)	05/10/2022	A	EUR	Ireland	BLPKC72	0.901	0.005
		A	USD	Ireland	BLPKC94	0.794	0.003
		A	GBP	Ireland	BLPKC61	0.925	0.006
		B	EUR	Ireland	BLPKCC7	0.903	0.005
		B	GBP	Ireland	BLPKCB6	0.927	0.005
		B	USD	Ireland	BLPKF84	0.795	0.002
		Y	GBP	Ireland	BLPKF95	0.926	0.005
		Y	EUR	Ireland	BLPKFC8	0.901	0.004
		Y	USD	Ireland	BLPKFF1	0.794	0.003
Regnan Sustainable Water and Waste Fund (onshore)	05/10/2022	A Accumulating	GBP	UK	BMYXD32	0.992	0.006
		F Accumulating	GBP	UK	BMYXQ55	0.999	0.006
		Y Accumulating	GBP	UK	BMYXQ55	0.999	0.006

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	01/22	02/22	03/22	04/22	05/22	06/22	07/22	08/22	09/22	10/22
A GBP	0.3789	0.3654	0.3251	0.3709	0.3481	0.3848	0.3507	0.3439	0.3982	0.3509
A EUR	0.4003	0.3863	0.3443	0.3889	0.3655	0.3990	0.3571	0.3622	0.4055	0.3547
A USD	0.3812	0.3676	0.0349	0.3634	0.3242	0.3611	0.3151	0.3128	0.3431	0.2930
A SGD	0.3823	0.3665	0.3256	0.3641	0.3321	0.3661	0.3248	0.3189	0.3548	0.3107
B EUR	0.3850	0.3712	0.3306	0.3731	0.3503	0.3820	0.3416	0.3462	0.3872	0.3385
Seed GBP	0.3978	0.3838	0.3416	0.3470	0.3262	0.3562	0.3189	0.3619	0.4193	0.3695

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	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22
A distributing GBP	1.5930	1.1154	1.2632	1.0771	1.1681	2.3283	3.0863	1.2881	1.9828	3.4453
A accumulating GBP	3.2391	2.2958	2.6218	2.2581	2.4649	4.9447	6.6368	2.8152	4.3509	7.6541
B distributing GBP	1.4790	1.0379	1.1739	0.9997	1.0825	2.1559	2.8539	1.1897	1.8271	3.1746
B accumulating GBP	3.0210	2.1395	2.4391	2.0980	2.2869	4.5836	6.1431	2.6020	4.0228	7.0604
Y distributing GBP	1.0730	0.7534	0.8514	0.7263	0.7879	1.5709	2.0833	0.8697	1.3383	2.3274
Y accumulating GBP	1.3051	0.9242	1.0570	0.5363	0.9944	1.9953	2.6787	1.1364	1.7602	3.0924

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 semi-annual dividends

All funds have a XD date of 1 July 2022 and pay date of 31 August 2022.

JOHCM UK Dynamic Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Y	GBP	31 Aug 2022	pence per share	2.1779

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	30 June 2022	pence per share	4.2307
A - accumulating	GBP	30 June 2022	pence per share	6.2512
B - distributing	GBP	30 June 2022	pence per share	3.8318
B - accumulating	GBP	30 June 2022	pence per share	6.9098
Y - distributing	GBP	30 June 2022	pence per share	2.6563
Y - accumulating	GBP	30 June 2022	pence per share	3.6096

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

06 Sep 2022
Emerging Markets Spotlight

Rejection of a left-wing constitution reduces risk for equity investors in Chile, but economic problems remain an obstacle
Read More
10 Aug 2022
Emerging Markets Spotlight

Energy exporters, or those with relative energy stability, show signs of prospering
Read More
05 Jul 2022
Emerging Markets Spotlight

The good news from China ... and the bad
Read More
18 Jun 2022
Emerging Markets Spotlight

Inflation is not all bad news in emerging markets
Read More
13 May 2022
Emerging Markets Spotlight

Floating exchange rates are likely to limit the impact of rising US rates on emerging markets
Read More
11 Apr 2022
Emerging Markets Spotlight

Rising commodity prices will have a powerful impact on emerging markets, for exporters and for those that import and subsidise the 'Three Fs', food, fuel and fertiliser
Read More
09 Mar 2022
Emerging Markets Spotlight

James Syme and the Emerging Markets Opportunities team look at the new chapter Russia is writing in emerging equity markets
Read More
28 Jan 2022
Emerging Markets Spotlight

James Syme takes a look at recent commodity price moves and describes how the portfolio is positioned to benefit.
Read More
20 Dec 2021
Emerging Markets Spotlight

The opportunity within emerging markets is more compelling than the opportunity of emerging markets.
Read More
18 Nov 2021
Emerging Markets Spotlight

We have seen continued high inflation prints across the world, with volatility in interest rate expectations testing the resolve of central banks...
Read More
11 Oct 2021
What a China-Taiwan conflict could mean for stocks

James Syme, manager of the JOHCM Global Emerging Markets Opportunities fund, takes a look back at how geopolitics have historically impacted stock markets.
Read More
13 Sep 2021
Emerging Markets Spotlight

There has been substantial commentary around the changing regulatory environment in China, but is this overshadowing the economic data?
Read More
10 Aug 2021
Emerging Markets Spotlight

Pandemic policies and the implications for emerging market investors.
Read More
26 Jul 2021
Emerging Markets Spotlight

Five indicators to monitor risk and opportunity from the JOHCM Global Emerging Markets Opportunities team.
Read More
16 Jun 2021
Emerging Markets Spotlight

Portfolio positioning around the commodity rally: the JOHCM Global Emerging Markets Opportunities team provide an update
Read More
16 May 2021
Emerging Markets Spotlight

The pick-up in capital flows, higher commodity prices and vaccination roll-outs are powerful drivers for commodity-exporting emerging markets.
Read More
27 Apr 2021
Emerging Markets Spotlight

With Covid-19 case numbers rising rapidly, James Syme reviews the portfolio's Indian exposure.
Read More
23 Mar 2021
Emerging Markets Spotlight

A top-down look at Brazil from the JOHCM Global Emerging Markets Opportunities team.
Read More
19 Feb 2021
Emerging Markets Spotlight

James Syme takes a look at the higher-beta emerging markets and gives his thoughts on where the opportunities lie.
Read More
18 Jan 2021
Emerging Markets Spotlight

James Syme on why the team are reducing their exposure to Chinese equities.
Read More

Webcasts & Videos

JOHCM Global Emerging Markets Opportunities Fund Q4 2021 Update

24 Jan 2022 | 21 mins
JOHCM Global Emerging Markets Opportunities Fund Q3 2021 Update

26 Oct 2021 | 20 mins
JOHCM Global Emerging Markets Opportunities Fund Q2 2021 Update

15 Jul 2021 | 21 mins
JOHCM Global Emerging Markets Opportunities Fund Q1 2021 Update

22 Apr 2021 | 20 mins

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

Fund Manager

This is a marketing communication.

Information on the rights of investors can be found here.

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Environmental and Social Characteristics

The investments underlying the Fund do not take into account the EU criteria for environmentally sustainable economic activities within the meaning of the Taxonomy Regulation (Regulation (EU) 2020/852 and amending Regulation (EU) 2019/2088).