Ben Leyland
Senior Fund Manager
The information provided on this webpage is for professional advisers only. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.
Investors should note that this strategy 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 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 MoreThe 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 MoreFund 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 |
|
|||||||||||||||||||||
Unit type | Distribution | |||||||||||||||||||||
Minimum investment |
|
|||||||||||||||||||||
Valuation point | Daily (12pm, UK time) | |||||||||||||||||||||
Dealing frequency | Daily 9-5pm | |||||||||||||||||||||
Fund codes |
|
|
©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.
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. |
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.
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.
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.
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% |
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 |
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.
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 size | GBP 527.38m |
---|---|
Number of holdings | 37 |
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% |
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% |
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% |
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 |
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).
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).
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.
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 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 MoreThe 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 MoreAmongst 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.
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.
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.
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.
For a better experience, we recommend viewing this website in landscape orientation.