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.

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

Senior 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 October 2023

Fund size

GBP 179.39m

Strategy size

GBP 1.98bn (as at 31 May 2023)

Benchmark

MSCI Emerging Markets NR 12pm adjusted

Domicile

Ireland

Denomination

GBP, EUR, USD

Share classes

Please click here

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 ratings and awards

Data as at 31 October 2023

For our latest fund ratings and awards, please view our latest factsheet here

Fees and charges

Initial charge	Up to 5%
Performance fee	Please review the latest factsheet for more information our fees and charges here

Administration

Status	UCITS
Investment manager	J O Hambro Capital Management Limited
Transfer agent and registrar	Northern Trust International Fund Administration Services (Ireland) Limited
Depositary	Northern Trust Fiduciary Services (Ireland) Limited

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.

Strategy Highlights

As at 31 October 2023

One of our core conceptions about the exploitable opportunities within emerging market equities is that the asset class is dominated by bottom-up investors who, in the aggregate, alternatively underreact and then overreact to top-down developments. Sometimes, that over-reaction function can occur to the downside when groups of stocks within markets sell off indiscriminately on top-down concerns to levels that are unjustified. We believe that is happening within parts of the Chinese equity market and that real opportunities are being presented at these price levels.

To be clear, this is not a view that the China equity index is set to outperform the broader emerging market benchmark. The country’s core problems, where politically driven decisions have materially negative economic effects, remain. The property sector continues to struggle, and the loss of market share in US imports will not easily be regained.

However, our process is designed to be alert to top-down opportunities within countries as well as the top-down opportunities of countries. Chinese retail sales in September were 5.5% YoY, but that broad measure hides some real strength in particular segments: restaurant/catering sales were 13.8% YoY and tobacco/alcohol sales were 23.1%.

Tsingtao Brewery is held in the portfolio. The company is China’s second largest brewer, with a 15% domestic market share. As well as benefiting from the cyclical recovery, Tsingtao is a beneficiary of the down-shifting of Chinese consumers away from more expensive foreign brands into the company’s own premium brands, and also of a political preference for domestic brands. In recent results, the company showed strong growth in average selling prices and margins. In the first nine months of 2023, the consensus forecast for the company’s forward earnings rose 30.5%, but the stock itself declined 16.8%, putting the stock at an all-time low P/E ratio.

Another example would be Trip.com. This company is China’s dominant domestic online travel agency, providing full travel booking services domestically but also internationally. Again, the company is performing very strongly. Chinese Valentine's Day in late August saw booked hotel room nights reach a record high, the third quarter of 2023 saw profitable results from all listed Chinese airlines and revenue per room reach a record high for Chinese hotels. The shift online was hugely accelerated during the pandemic, helping Trip.com gain market share and achieve economies of scale reflected in rising margins. As well as domestic and international tourism, recovery in China in music festivals, business conferences and exhibitions should remain supportive. Yet, in the first nine months of 2023, the consensus forecast for the company’s forward earnings more than doubled, but the stock itself declined slightly.

Elsewhere in the consumer e-commerce space, Meituan’s continued success as a business seems to be being ignored by equity markets. The pattern is the same at online giant Tencent. Tencent’s underperformance is particularly stark given the current global investor enthusiasm for stocks with AI exposure. Tencent is likely to be a global leader in the space, combining its existing technological strengths with a major investment program in a Chat-GPT-style Large Language Model. You wouldn’t know that from the share price though.

This is not a ‘buy-the-dip’ argument – we do not trade price signals. It is not a deep value argument – we remain growth-at-reasonable-price investors. But what we are seeing within the Chinese equity market are stocks with supportive top-down conditions, strong and steady earnings growth, upbeat results and guidance from management, and valuations that look attractive relative to peers and to the stocks’ own valuation histories. As always with our process, it is crucial for the top-down and bottom-up investment cases to align.

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.

Fund Reporting

Factsheet

Monthly Portfolio Review

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.

Percentage growth of the fund versus benchmark

Data as at 31 October 2023

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

Return history (%)

Data as at 31 October 2023

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.

	Sep 18 - Sep 19	Sep 19 - Sep 20	Sep 20 - Sep 21	Sep 21 - Sep 22	Sep 22 - Sep 23
Fund	5.80%	-0.67%	14.37%	-4.81%	0.14%

Monthly returns (%)

Data as at 31 October 2023

		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	-3.56	-4.33	6.23	-0.56	-5.36
Benchmark	2022	-1.90	-2.44	-0.10	-1.42	-0.04	-2.55	-1.01	5.37	-7.64	-7.13	10.29	-1.00	-10.29
Fund	2023	3.05	-3.29	1.52	-1.21	-1.30	2.19	3.08	-3.82	-0.87	-4.44			-5.32	56.84
Benchmark	2023	4.90	-4.65	0.79	-1.96	-0.52	1.08	4.46	-4.44	0.44	-3.08			-3.41	42.41

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

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.

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.

Fund statistics

Data as at 31 October 2023

Fund size	GBP 179.39m
Number of holdings	48

Top 10 holdings and active weights

Data as at 31 October 2023

Top 10 holdings

Tencent	6.89%
Taiwan Semiconductor	6.84%
Larsen & Toubro	4.49%
Samsung Electronics	3.67%
Emaar Properties	3.66%
State Bank of India	3.63%
Ambev	3.43%
FIRSTRAND	3.42%
Itau Unibanco	3.26%
TSINGTAO BREWERY H	3.10%

Top 10 active weights

Larsen & Toubro	+4.10%
Emaar Properties	+3.47%
State Bank of India	+3.44%
Ambev	+3.24%
FIRSTRAND	+3.16%
TSINGTAO BREWERY H	+3.03%
HKEx	+3.03%
Tencent	+2.93%
BANK MANDIRI	+2.88%
Itau Unibanco	+2.85%

Sector breakdown

Data as at 31 October 2023

	Portfolio	Benchmark	Relative
Financials	29.41%	22.45%	6.97%
Consumer Staples	12.04%	6.25%	5.79%
Information Technology	11.83%	20.64%	-8.82%
Consumer Discretionary	10.34%	13.57%	-3.23%
Industrials	8.71%	6.42%	2.29%
Materials	7.81%	7.77%	0.04%
Communication Services	7.07%	9.37%	-2.31%
Real Estate	6.28%	1.66%	4.61%
Energy	2.58%	5.28%	-2.69%
Utilities	1.76%	2.63%	-0.86%
Health Care	1.25%	3.95%	-2.70%
Cash	0.90%	0.00%	0.90%

Market cap breakdown

Data as at 31 October 2023

	Portfolio	Benchmark	Relative
Large Cap	77.34%	74.28%	3.06%
Medium Cap	20.25%	25.70%	-5.46%
Small Cap	1.45%	0.01%	1.43%
Cash	0.96%	0.00%	0.96%

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.

Fund Group	Fund	As at noon	Share class	Currency	Domicile	ISIN number	NAV per share	Change	KIID
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	A EUR	EUR	Ireland	IE00B3ZBLW75	1.481	-0.005
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	A GBP	GBP	Ireland	IE00B4002N46	1.349	-0.004
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	A USD	USD	Ireland	IE00B4M6CN00	1.093	-0.005
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	B EUR	EUR	Ireland	IE00B4TRCR07	1.458	-0.005
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	B GBP	GBP	Ireland	IE00B41RZ573	1.293	-0.004
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	B USD	USD	Ireland	IE00B4XXMP29	1.426	-0.006
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	Y GBP	GBP	Ireland	IE00BYSGJY42	1.627	-0.005
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	Y USD	USD	Ireland	IE00BYSGJZ58	1.332	-0.006
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund		Z - Class AUD		Ireland	IE00B5W6ZB60
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	Z - Class CAD	CAD	Ireland	IE00BBPK0L23	1.569	-0.005
Emerging Markets Equities	JOHCM Global Emerging Markets Opportunities Fund	07/12/2023	Z - Class GBP	GBP	Ireland	IE00B6R54W91	1.707	-0.006

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23
A distributing GBP	1.2881	1.9828	3.4453	3.1410	1.8309	2.1053	3.2723	3.4292
A accumulating GBP	2.8152	4.3509	7.6541	7.1149	4.2268	4.9097	7.7197	8.2427
B distributing GBP	1.1897	1.8271	3.1746	2.8895	1.6822	1.9315	3.0000	3.1395
B accumulating GBP	2.6020	4.0228	7.0604	6.5526	3.8884	4.5096	7.0851	7.5529
Y distributing GBP	0.8697	1.3383	2.3274	2.1211	1.2376	1.4237	2.2134	2.3200
Y accumulating GBP	1.1364	1.7602	3.0924	2.8757	1.7088	1.9315	3.1230	3.3359

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 Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.

Funds paying semi-annual dividends

All funds have a XD date of 30 June, pay date of 31 August and XD date of 31 December, pay date 28 February.

JOHCM UK Dynamic Fund (Onshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	31 Aug 2023	pence per share	4.7348
A - accumulating	GBP	31 Aug 2023	pence per share	7.2848
B - distributing	GBP	31 Aug 2023	pence per share	4.2666
B - accumulating	GBP	31 Aug 2023	pence per share	8.0119
Y - distributing	GBP	31 Aug 2023	pence per share	2.9766
Y - accumulating	GBP	31 Aug 2023	pence per share	4.2119
X - distributing	GBP	31 Aug 2023	pence per share	2.4775
X - accummulating	GBP	31 Aug 2023	pence per share	2.8519
M - distributing	GBP	31 Aug 2023	pence per share	0.6975
M - accumulating	GBP	31 Aug 2023	pence per share	0.6975
K - distributing	GBP	31 Aug 2023	pence per share	0.6130
K - accumulating	GBP	31 Aug 2023	pence per share	0.6128

JOHCM UK Dynamic Fund (Offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
Y	GBP	31 Aug 2023	pence per share	2.2517
Y	EUR	31 Aug 2023	pence per share	2.1310
Y	USD	31 Aug 2023	pence per chare	2.3831

JOHCM Global Select Shariah Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	USD	31 Aug 2023	pence per share	0.3187

Funds paying annual dividends

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

JOHCM Asia ex Japan Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	0.0000
A	EUR	28 Feb 2023	cents per share	0.0000
A	USD	28 Feb 2023	cents per share	0.0000
B	GBP	28 Feb 2023	pence per share	0.0000
B	EUR	28 Feb 2023	cents per share	0.0000
B	USD	28 Feb 2023	cents per share	0.0000
Z	GBP	28 Feb 2023	cents per share	1.2559
Z	USD	28 Feb 2023	cents per share	0.0088

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class	Currency	Pay date	Dividend paid in
A	GBP	28 Feb 2023	pence per share
A	EUR	28 Feb 2023	cents per share
A	USD	28 Feb 2023	cents per share
B	GBP	28 Feb 2023	pence per share
B	EUR	28 Feb 2023	cents per share
B	USD	28 Feb 2023	cents per share
Z	GBP	28 Feb 2023	cents per share

JOHCM Continental European Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	10.0915
A	EUR	28 Feb 2023	cents per share	7.9953
A - hedge	GBP	28 Feb 2023	pence per share	2.9851
B	GBP	28 Feb 2023	pence per share	7.7618
B	EUR	28 Feb 2023	cents per share	6.4068
B - hedge	USD	28 Feb 2023	cents per share	1.1526
Y	GBP	28 Feb 2023	pence per share	3.7378
Y - hedge	GBP	28 Feb 2023	pence per share	3.2781
Y	EUR	28 Feb 2023	cents per share	3.0566

JOHCM European Select Values Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	4.8151
A	EUR	28 Feb 2023	cents per share	2.6779
B	GBP	28 Feb 2023	pence per share	2.0318
B	EUR	28 Feb 2023	cents per share	0.8256
Y	EUR	28 Feb 2023	cents per share	0.8964

JOHCM Global Emerging Markets Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	3.9725
A	EUR	28 Feb 2023	cents per share	3.7874
A	USD	28 Feb 2023	cents per share	2.7065
B	GBP	28 Feb 2023	pence per share	3.5330
B	EUR	28 Feb 2023	cents per share	3.4128
B	USD	28 Feb 2023	cents per share	3.0881
Y	GBP	28 Feb 2023	pence per share	4.9039
Y	USD	28 Feb 2023	cents per share	2.8124
Z	GBP	28 Feb 2023	cents per share	7.3245

JOHCM Global Opportunities Fund (onshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	2.5742
A - hedged	GBP	28 Feb 2023	pence per share	2.3240
X	GBP	28 Feb 2023	cents per share	2.4772

JOHCM Global Opportunities Fund (offshore)

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	4.4298
A	EUR	28 Feb 2023	cents per share	4.1956
A	USD	28 Feb 2023	cents per share	3.3076
B	EUR	28 Feb 2023	cents per share	3.8301
B	USD	28 Feb 2023	cents per share	3.1239
A - hedged	EUR	28 Feb 2023	cents per share	1.6538
X	GBP	28 Feb 2023	cents per share	3.7875
Z	GBP	28 Feb 2023	cents per share	1.7774
X - hedged	GBP	28 Feb 2023	cents per share	2.1090
X	EUR	28 Feb 2023	cents per share	1.9147

JOHCM Global Select Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	2.5774
A	EUR	28 Feb 2023	cents per share	2.0747
A	USD	28 Feb 2023	cents per share	1.0629
B	GBP	28 Feb 2023	pence per share	0.0000
B	EUR	28 Feb 2023	cents per share	0.0000
B	USD	28 Feb 2023	cents per share	0.0000
Z	GBP	28 Feb 2023	pence per share	4.2279

JOHCM UK Growth Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A	GBP	28 Feb 2023	pence per share	4.6405
B	GBP	28 Feb 2023	pence per share	2.4239
X	GBP	28 Feb 2023	pence per share	2.5898

JOHCM UK Opportunities Fund

Share class	Currency	Pay date	Dividend paid in	Dividend rate
A - distributing	GBP	28 Feb 2023	pence per share	6.1160
A - accumulating	GBP	28 Feb 2023	pence per share	9.5564
B - distributing	GBP	28 Feb 2023	pence per share	5.7397
B - accumulating	GBP	28 Feb 2023	pence per share	8.8440
Y - accumulating	GBP	28 Feb 2023	pence per share	5.3515
Y - distributing	GBP	28 Feb 2023	pence per share	4.1220

Net dividends quoted in the local share class currency.

If you would like more information, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com. Email us at oeicdealing@johcm.co.uk.

Views & News

05 Dec 2023
Tokyo Story

Japan's Surging Appeal as Investors Look for Diversification amid China's Economic Troubles
Read More
20 Nov 2023
From Desert Sands to Investment Oasis

A Closer Look at how One Sheikh's Reforms Transformed the UAE
Read More
13 Nov 2023
Rising Chinese Stars

Uncovering China's Overlooked Growth Stories Amidst Market Volatility
Read More
11 Oct 2023
The Dragon’s Slumber

How China's Slowdown Is Reverberating Across Emerging Markets
Read More
06 Sep 2023
What a Negative Inflation Print Means for China

China's Deflation Sparks Concerns Amidst Beijing’s Cautious Policy Stance
Read More
06 Aug 2023
Echoes of Caution Amidst Emerging Market Tech Frenzy

Powerful surges in emerging market tech stocks raise flags amidst quality concerns
Read More
09 Jul 2023
Emerging Markets Ride Currency Waves

Favourable US dollar conditions, cautious central banks, and strong trade fundamentals contribute to positive EM outlook
Read More
13 Jun 2023
Sound Money Sounds Good

Decisive monetary policy has brought inflation under control in Mexico and Brazil,helping to lift the value of their currencies and support growth
Read More
13 May 2023
Thailand or Turkey?

As the dust settles after pivotal elections, what has kept us cautious, and what are the prospects for political change
Read More
18 Apr 2023
Unknown Mexico

Economic growth in Mexico is flowing into corporate profits, lifting the equity market.
Read More
11 Apr 2023
Semi-Detached

People, rather than technology, are likely to lead in emerging markets
Read More

Webcasts & Videos

Out of China…into Where?

27 Oct 2023 | 31 mins
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 Q3 2021 Update

26 Oct 2021 | 20 mins

James Syme

Senior Fund Manager
Paul Wimborne

Senior Fund Manager
Ada Chan

Senior 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.

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