JOHCM Global Opportunities Fund (offshore)

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Fund Description

The JOHCM Global Opportunities Fund is a high conviction, benchmark-unconstrained stock picking fund that invests in both developed and emerging markets. Fund managers Ben Leyland and Robert Lancastle bring to bear the same successful investment philosophy and process that established the JOHCM UK Opportunities Fund as a leading UK equities fund, focusing on companies that are capable of producing compounding growth over the long term.
Investment Strategy
  • Ben and Robert aim to identify long-term trends and themes and then find undervalued, high quality companies which benefit from these trends and themes
  • The market persistently underestimates the value created by well-managed companies in growth areas reinvesting wisely
  • Returns-based absolute valuation approach avoids momentum and relative valuation pitfalls
  • Strict “sell to zero” discipline: the main risk is holding “bad” shares not missing out on “good” ones
Reasons To Invest
  • Long-term investment horizon
  • Proven success of investment philosophy and process in the form of the JOHCM UK Opportunities Fund, on which Ben Leyland served as a fund manager
  • Portfolio construction unconstrained by artificial index constraints
  • Capacity constrained to preserve long-term performance
An introduction to the JOHCM Global Opportunities Fund
  • Ben Leyland

    Senior Fund Manager

    small image path
  • Robert Lancastle

    Senior Fund Manager

    small image path
  • Jasmeet Munday

    Analyst

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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 may invest 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.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 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.

Other Global Equity Funds

JOHCM Global Select Fund

Fund managers Christopher Lees and Nudgem Richyal believe stock markets are inefficient and aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. Their distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behaviour of each shar...

Read More
JOHCM Global Opportunities Fund (onshore)

The JOHCM Global Opportunities Fund is a high conviction, benchmark-unconstrained stock picking fund that invests in both developed and emerging markets. Fund managers Ben Leyland and Robert Lancastle bring to bear the same successful investment philosophy and process that established the JOHCM UK Opportunities Fund as a leading UK equities ...

Read More
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Investment Objective

The investment policy of the Fund is to invest in a portfolio of global equity securities listed on any
Recognised Market. The selection of equity securities will primarily be driven by a cashflow analysis from the perspective of a long-term business owner. At no time will less than 80% of the Fund’s total net assets be invested in such securities. The benchmark of the Fund, for performance fee calculation purposes, will be the Index but the Fund will be managed on an ‘unconstrained basis’ with no restrictions in terms of regional or sector allocation versus this benchmark.

Fund details

Data as at 31 May 2022
Fund size GBP 527.38m
Strategy size GBP 2.81bn (as at 31 March 2022)
Benchmark MSCI AC World NR 12pm adjusted
Domicile Ireland
Denomination GBP, EUR, USD
Share classes
A EUR (Launch date) 29-June-2012
A GBP (Launch date) 29-June-2012
A USD (Launch date) 29-June-2012
B EUR (Launch date) 29-June-2012
B GBP (Launch date) 29-June-2012
B USD (Launch date) 29-June-2012
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 EUR IE00B7MR5575 B7MR557
A GBP IE00B89PQM59 B89PQM5
A USD IE00B89JY234 B89JY23
B EUR IE00B80FZF09 B80FZF0
B GBP IE00B89JT176 B89JT17
B USD IE00B8295C79 B8295C7

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) 0.75%
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 may invest 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.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 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.

Strategy Highlights

As at 31 May 2022

May was another month where equity markets fell and then rose by more than 5%. With volatility high, market direction changing fortnightly and landmines going off left, right and centre, a calendar month feels a slightly arbitrary time-period to analyse performance. For what it is worth, the fund outperformed modestly thanks to avoiding the weakness in technology (SNAP) and retail (Walmart, Target) and seeing strength in some of our more cyclical names in the energy, financials and autos sector, which had been weak in recent months. 

Markets have not been ‘normal’ for quite a while: clearly the dynamics of both the real and the financial worlds were far from normal throughout 2020 and 2021 due to the unique circumstances of Covid, the resulting policy stimulus, and the narrowness of equity market leadership, but we would argue they weren’t normal either in 2017 when the market rose every single month. It’s just that because the long-term trend is for equity markets to rise, periods of abnormally strong markets get much less comment than periods of abnormally weak or volatile markets. The psychology of a bull market means that investors become accustomed to ever stronger prices and come to believe that this is normal and will continue into perpetuity. They take on risks which they didn’t previously tolerate and their portfolios become increasingly weighted towards an ever-narrower cohort of outperforming ‘winners’. These biases in portfolios and indices have taken years to build up and will take some time to unwind again as part of a ‘normalisation’ process. Volatility rises because liquidity is generally better on the way in than on the way out.   

Arguably markets haven’t been normal since the GFC, or even since the Federal Reserve’s response to the crisis at Long-Term Capital Management in the late 90s. In that sense there is not much point harking back to a mythical time of ‘normality’ and perhaps it is more useful to talk about periods of clear trends punctuated by periods of transition when trends are in flux. We are clearly in a period of transition now, and whilst there is limited clarity on what the next trends will be, it is clear that the world is changing in many important ways, and we are moving into an environment which most investors have never seen, at least in a professional capacity. How do you invest in a world where geopolitics is fragmenting into a multipolar landscape, where capital controls are being reimposed, where inflation is structurally rising, where the Fed Put no longer exists and cross-asset correlations are changing? The problem in transition phases is that recent experience is not much use in navigating new challenges, and benchmarks and most peoples’ portfolios are all facing the wrong way. We don’t have all the answers ourselves, but we do have a strong set of core principles which underpin a proven investment process which has been battle tested in periods of much higher volatility than we have seen in recent years. 

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 may invest 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.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 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.

Fund Reporting

Monthly Portfolio Review
Monthly Portfolio Review
Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

A GBP A EUR A USD A A-Hedge EUR
B GBP B EUR B USD B B-Hedge EUR
xx X - GBP xx X - EUR xx EUR - Non Dist xx X - Non-Distributing

 

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 may invest 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.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 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.

Percentage growth of the fund versus benchmark

Data as at 31 May 2022
A GBP share class, since launch (29 June 2012)

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. The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.


Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20 Mar 20 - Mar 21 Mar 21 - Mar 22
Fund -2.23% 16.33% -6.17% 19.05% 16.42%

Monthly returns (%)

Data as at 31 May 2022
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2012 3.50 1.26 1.15 -0.75 0.19 -0.76 4.60
Benchmark 2012 3.09 0.46 1.73 -0.43 1.45 0.66 7.11
Fund 2013 8.13 4.16 3.57 -0.16 3.69 -2.06 4.37 -2.40 -0.24 4.30 0.31 1.29 27.34
Benchmark 2013 8.14 3.78 1.75 0.52 2.87 -3.57 4.71 -3.66 0.75 4.77 -0.64 0.28 20.82
Fund 2014 -2.85 3.48 0.82 0.37 2.36 -1.87 -0.07 2.43 -0.93 0.72 4.24 1.59 10.51
Benchmark 2014 -3.32 3.05 0.53 0.05 2.93 -0.04 1.05 2.53 -0.50 1.20 4.36 -0.85 11.30
Fund 2015 3.86 1.92 2.03 -0.66 3.12 -4.96 2.50 -3.18 -1.98 6.54 3.21 1.06 13.65
Benchmark 2015 2.08 2.37 3.02 -1.08 1.09 -5.84 1.49 -5.26 -3.71 8.09 1.56 -0.23 2.80
Fund 2016 -0.84 4.87 2.76 -0.46 0.46 6.29 5.30 1.23 0.12 3.81 -1.17 2.25 27.17
Benchmark 2016 -4.77 4.36 3.24 0.24 -0.05 6.58 7.21 1.42 0.89 5.49 -1.26 3.26 29.27
Fund 2017 -0.61 3.40 0.11 -1.08 3.97 -1.78 0.05 1.86 -2.72 2.36 0.37 -0.58 5.26
Benchmark 2017 1.27 3.11 1.02 -2.08 2.92 -0.56 1.51 1.79 -1.70 3.52 -0.05 1.75 13.02
Fund 2018 -2.83 -0.49 -1.17 4.07 2.55 1.80 1.98 1.73 1.00 -2.28 1.42 -4.90 2.52
Benchmark 2018 0.57 -1.34 -5.14 4.75 3.25 0.15 2.80 2.31 0.03 -6.18 1.88 -7.18 -4.83
Fund 2019 3.37 2.40 2.44 2.58 -1.06 2.74 4.52 -1.59 0.97 -2.43 0.85 -0.65 14.78
Benchmark 2019 4.91 2.07 2.10 4.54 -2.11 4.60 5.66 -3.05 0.75 -1.97 3.01 0.64 22.76
Fund 2020 0.84 -4.48 -7.98 5.58 4.16 0.84 -3.42 0.86 -0.30 -3.93 10.42 -0.33 0.94
Benchmark 2020 0.76 -6.80 -9.86 9.77 4.79 2.82 -0.78 4.74 -0.19 -2.05 8.80 1.64 12.50
Fund 2021 -1.88 0.89 5.61 3.45 0.27 1.30 -0.18 1.60 -1.22 0.80 -0.70 3.85 14.38
Benchmark 2021 0.64 -0.33 3.29 4.18 -1.11 3.83 0.32 3.66 -1.28 1.83 2.28 1.59 20.38
Fund 2022 -0.14 0.96 5.56 2.53 0.12 9.23 232.37
Benchmark 2022 -5.93 -1.26 5.66 -2.75 -1.88 -6.34 220.60

Source and notes

Source: JOHCM/Bloomberg/MSCI Barra.

Data shown net of fees, net income income reinvested. Benchmark: MSCI AC World NR 12pm adjusted. Performance of other share classes may vary and is available on request. 

Disclaimer

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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

Investors should note that this strategy may invest 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.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 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.

Fund statistics

Data as at 31 May 2022
Fund size GBP 527.38m
Number of holdings 37

Top 10 holdings and active weights

Data as at 31 May 2022
Top 10 holdings
HENRY SCHEIN 4.30%
GXO LOGISTICS 3.90%
FIDELITY NATL INFO SVCS 3.76%
Philip Morris International 3.50%
CRH 3.40%
Sempra Energy 3.39%
Deutsche Boerse 3.27%
M & T BANK CORP 3.26%
GALP Energia 3.21%
Thales 3.18%
Top 10 active weights
HENRY SCHEIN +4.28%
GXO LOGISTICS +3.90%
FIDELITY NATL INFO SVCS +3.66%
CRH +3.35%
Sempra Energy +3.30%
Philip Morris International +3.23%
Deutsche Boerse +3.21%
M & T BANK CORP +3.20%
GALP Energia +3.19%
Thales +3.15%

Sector breakdown

Data as at 31 May 2022
Portfolio Benchmark Relative
Health Care 14.73% 12.26% 2.47%
Financials 13.38% 14.75% -1.38%
Utilities 13.36% 3.11% 10.25%
Industrials 10.98% 9.39% 1.59%
Information Technology 10.88% 21.29% -10.41%
Consumer Staples 8.75% 7.21% 1.55%
Energy 7.79% 5.30% 2.50%
Consumer Discretionary 6.77% 10.97% -4.19%
Materials 3.71% 5.18% -1.47%
Communication Services 2.24% 7.83% -5.58%
Real Estate 0.00% 2.73% -2.73%
Cash 7.41% 0.00% 7.41%

Market cap breakdown

Data as at 31 May 2022
Portfolio Benchmark Relative
Large Cap 84.35% 93.67% -9.32%
Medium Cap 8.24% 6.33% 1.91%
Small Cap 0.00% 0.00% 0.00%
Cash 7.41% 0.00% 7.41%

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 may invest 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.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 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.

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.

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Webcasts & Videos

  • Video Image
    JOHCM Global Opportunities Fund: commitment to capital preservation

    15 Jul 2019 | 5 mins

  • Video Image
    An update to the JOHCM Global Opportunities Fund

    12 Feb 2019 | 18 mins

  • Video Image
    An introduction to the JOHCM Global Opportunities Fund

    31 Jul 2017 | 4 mins

  • Video Image
    JOHCM Global Opportunities Fund - An introduction

    22 Jan 2016 | 4 mins

  • Ben Leyland

    Senior Fund Manager

    small image path
  • Robert Lancastle

    Senior Fund Manager

    small image path
  • Jasmeet Munday

    Analyst

    small image path

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 may invest 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.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. 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.

Other Global Equity Funds

JOHCM Global Select Fund

Fund managers Christopher Lees and Nudgem Richyal believe stock markets are inefficient and aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. Their distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behaviour of each shar...

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JOHCM Global Opportunities Fund (onshore)

The JOHCM Global Opportunities Fund is a high conviction, benchmark-unconstrained stock picking fund that invests in both developed and emerging markets. Fund managers Ben Leyland and Robert Lancastle bring to bear the same successful investment philosophy and process that established the JOHCM UK Opportunities Fund as a leading UK equities ...

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Environmental and Social Characteristics

Amongst other characteristics, the Fund promotes environmental and social characteristics and invests in companies that apply good corporate governance. JOHCM Funds (Ireland) Limited, the Fund’s manager, has therefore categorised the Fund as meeting the provisions set out in Article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”).  

J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid investing in companies which employ practices that contribute to significant environmental and social harms. In order to achieve this, the Investment Manager uses its own proprietary sustainability scorecard to assess and monitor its investments and seeks to exclude any businesses that it determines do not currently meet, or have a ‘weak commitment’ to meet, these ESG performance indicators (the “Sustainability Scorecard”). The team recognises that ESG considerations can create risks and opportunities for companies and look for companies who may benefit from this. 

The team focuses on longer term shareholder value that requires alignment of interest across stakeholder groups. The Sustainability Scorecard focuses on the social and environmental harms to which a company may contribute through its activities or products and services, and the extent to which the company is acting responsibly to reduce these harms.  The team’s definition of harm takes into account the following four categories:

1.    Climate change and carbon emissions
2.    Environment and ecosystems 
3.    Vulnerable communities 
4.    Harmful products 

A company’s harmfulness is then graded as either ‘Severe’, ‘Material’, ‘Modest’, or ‘Immaterial’, taking into account a number of factors. When considering a company’s commitment to change, a company’s commitment is categorised into: (1) Weak; (2) Partial; or (3) Strong. A ‘Weak’ commitment rating is given where the Investment Manager perceives there to be a lack of acknowledgement of harm caused, and/or a lack of sufficient targets to address it. 

The output of the Sustainability Scorecard is to rate companies on a five-tier scoring system that excludes investments with the lowest score (Tier 5) and, therefore, the Investment Manager will not own or will exit these positions as soon as reasonably possible. The team also puts an upper limit on their cumulative exposure to companies that score just above the lowest category.  The Fund will also exit any issuer within this category if there is no improvement over the course of two annual reporting cycles. The target of the Fund is therefore to ensure that stocks are excluded or divested in accordance with the Sustainability Scorecard.

The Investment Manager can then identify areas of targeted engagement with a company to effect strategic change that will promote better environmental and social outcomes. The Investment Manager engages with investee companies through active engagement and the exercising of voting rights. 

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

This is due to a lack of reliable, timely and verifiable data for the Investment Manager to make a full and accurate assessment of the investments of the Fund against the TR’s Technical Screening Criteria in respect of climate change mitigation and climate change adaptation. 

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

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

Governance

Investee companies must follow good governance practices. This requires investee companies to demonstrate sound management structures, employee relations, remuneration of staff and tax compliance.  The Investment Manager is currently a signatory to the UK Stewardship Code as of 2021 (the “Code”) and is a signatory to the UN Principles for Responsible Investment (the “UNPRI”). As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter.

Index

The Fund uses the MSCI All Country World Index for performance fee calculation purposes only and it is not, nor is it intended to be, aligned and/or consistent with the environmental and social characteristics promoted by the Fund. 

Periodic Reports

A description of the extent to which environmental and social characteristics are met will be available as part of the annual report which will be published on this website once available. The Fund’s most recent annual report does not include any information pursuant to SFDR. 

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