JOHCM Global Emerging Markets Opportunities Fund

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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

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  • Paul Wimborne

    Senior Fund Manager

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  • Ada Chan

    Fund Manager

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The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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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 May 2022
Fund size GBP 187.75m
Strategy size GBP 1.69bn (as at 31 March 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 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

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

Strategy Highlights

As at 31 May 2022

One of the major features of the economic landscape has been inflation in major developing markets rising to its highest levels since the 1980s. A rapid increase in demand after a reduction in capacity has led to significant price pressure from many commodities and some goods and services, which is now feeding through to wage demands. There are suggestions that inflationary expectations are starting to adjust to higher levels, which might embed inflation in the system. Some commentators have raised the risk of a return to the economic situation and market environment of the 1970s.

Emerging market equity as an asset class didn’t exist in the 1970s, so it is not realistic to look at how emerging markets did in that decade. However, looking at some of the main drivers of market returns in the 1970s, is possible to make a few suggestions about how emerging markets might do.

The 1970s were overall a very bad decade for financial assets. US equities returned an annualised -1% in real USD terms in the decade, with major European equity markets performing even more poorly. As EM equities are both higher beta than developed market equities, and also represent the sharp end of international equity investing (for US investors), it might be presumed that a return to the 1970s would be a highly negative environment for EM equities (in real USD terms). We believe that this is too crude an analysis, and that there are reasons to think that EM equity might be among the best asset classes in such an outcome.

The 1970s were particularly characterised by an oil price shock that transmitted into broad commodity price inflation, a pattern that we also see in 2022. Real oil prices rose by about 20% annualised, meaning that energy was the only sector in the US equity market to deliver a real positive return in the decade. Other commodities did well, including gold and silver, with the CRB commodity index returning a real USD annualised return of 3% and some agricultural products also performing well.

One of the often-overlooked features of EM equity as an asset class is its exposure to commodities, both at a sectoral level (as at 31 May 2022, energy and materials were respectively 5% and 9% of the MSCI EM Index), and also at a country level (as at 31 May 2022, Latin America, Indonesia, South Africa and the GCC were in aggregate 22% of the MSCI EM Index). During the long commodity sell-off from 2013 to 2020, investors’ focus on EM was mostly limited to EM Asia and to technology and internet companies, but the strong recovery in commodity prices has led to an apparent change in leadership in the asset class. In the first five months of 2022, MSCI EM returned -11.8% in USD terms, but all the Latin America markets, Indonesia, South Africa and all the GCC markets delivered positive returns; we have been overweight Brazil, Mexico, South Africa and the UAE as the benefits of high commodity prices feed through to economic growth and company profits.

It is not a given that we will see a return to the embedded inflation of the 1970s; this current surge may indeed prove ‘transitory’. We feel there is substantial reason for optimism about the prospects for emerging markets if commodity price-driven inflation does prove enduring, not because of the technology and internet stocks that have dominated portfolios and investors’ minds for the last decade, but because of the deep and broad opportunities in commodity producing companies and countries.

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

KIIDs
(Key Investor Information Documents)

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

 

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

Percentage growth of the fund versus benchmark

Data as at 31 May 2022
A GBP share class, since launch (30 June 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. 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. 
 


Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20 Mar 20 - Mar 21 Mar 21 - Mar 22
Fund 6.51% 4.56% -16.51% 44.15% -5.71%

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 -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 -3.63 68.67
Benchmark 2022 -1.90 -2.44 -0.10 -1.42 -0.04 -5.78 54.86

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. 
 

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

Fund statistics

Data as at 31 May 2022
Fund size GBP 187.75m
Number of holdings 53

Top 10 holdings and active weights

Data as at 31 May 2022
Top 10 holdings
Samsung Electronics 7.87%
Tencent 5.28%
Petroleo Brasilero 4.66%
SK Hynix 3.23%
FIRSTRAND 3.10%
HDFC Bank 3.08%
State Bank of India 2.87%
Longfor Properties 2.79%
Barrick Gold 2.77%
ENN Energy Holdings 2.60%
Top 10 active weights
Petroleo Brasilero +4.66%
Samsung Electronics +3.58%
HDFC Bank +3.08%
Barrick Gold +2.77%
FIRSTRAND +2.76%
State Bank of India +2.72%
Longfor Properties +2.66%
SK Hynix +2.55%
PROYA COSMETICS A (HK-C) +2.51%
Emaar Properties +2.48%

Sector breakdown

Data as at 31 May 2022
Portfolio Benchmark Relative
Financials 18.49% 21.73% -3.24%
Information Technology 17.90% 20.90% -3.00%
Materials 11.19% 9.02% 2.17%
Communication Services 9.55% 10.48% -0.93%
Consumer Staples 8.89% 5.88% 3.01%
Consumer Discretionary 8.63% 12.85% -4.22%
Real Estate 7.12% 2.03% 5.09%
Energy 6.09% 5.07% 1.03%
Industrials 5.89% 5.70% 0.19%
Utilities 2.81% 2.76% 0.04%
Health Care 0.00% 3.59% -3.59%
Cash 3.43% 0.00% 3.43%

Market cap breakdown

Data as at 31 May 2022
Portfolio Benchmark Relative
Large Cap 71.97% 77.64% -5.67%
Medium Cap 21.52% 22.34% -0.82%
Small Cap 3.08% 0.01% 3.07%
Cash 3.43% 0.00% 3.43%

The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

Fund

As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 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 Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 0.0000

JOHCM Concentrated Global Share Fund

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

JOHCM Continental European Fund

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

JOHCM European Select Values Fund

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

JOHCM European Concentrated Value Fund

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

JOHCM Global Emerging Markets Opportunities Fund

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

JOHCM Global Opportunities Fund (onshore)

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

JOHCM Global Opportunities Fund (offshore)

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

JOHCM Global Select Fund

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

  • 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
  • 16 Dec 2020

    Emerging Markets Spotlight

    Looking for signs as to which economies (and, potentially, markets) are in the best positions to recover.

    Read More
  • 16 Nov 2020

    Emerging Markets Spotlight

    The technology names with a catalyst. James Syme talks portfolio positioning in a tech-heavy world.

    Read More
  • 15 Oct 2020

    Emerging Markets Spotlight

    2020 has seen an upsurge in anti establishment protests in Thailand. James Syme provides his thoughts. 

    Read More
  • 10 Sep 2020

    Emerging Markets Spotlight

    The Emerging Markets Opportunities team highlight one of their strongest conviction ideas. 

    Read More
  • 12 Aug 2020

    Emerging Markets Spotlight

    Observations on some interesting differences between inflation dynamics in major Latin American countries.

    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

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  • Paul Wimborne

    Senior Fund Manager

    small image path
  • Ada Chan

    Fund Manager

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The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

Investors should note that this strategy invests in emerging markets and such investments may carry risks with failed or delayed settlement and with registration and custody of securities. Companies in emerging markets may not be subject to accounting, auditing and financial reporting standards or be subject to the same level of government supervision and regulation as in more developed markets. Government involvement in the economy may affect the value of investments in certain emerging markets and the risk of political instability may be high. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Investment Manager may experience difficulty in purchasing or selling holdings of securities. Furthermore, due to local postal and banking systems, no guarantee can be given that all entitlements attaching to quoted and over-the counter traded securities acquired by this strategy, including those related to dividends, can be realised.

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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).

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