Fund manager Robrecht Wouters has a highly selective, valuation-oriented investment style, which focuses on undervalued pan-European companies that generate high returns on capital. His stock-picking approach is unconstrained by benchmark weightings and combines traditional ‘value’ investing (focusing on attractive valuations) and ‘quality’ characteristics, such as high return on capital employed
Robrecht uses a disciplined, bottom-up stock selection process to find companies that he believes to be fundamentally undervalued
The investment approach is highly selective, focusing on cash flow generation and return on equity
The quality of the companies’ business models, rather than changes in earnings per share, is also essential; Robrecht believes that, over time, value companies with high ROCE and strong cash flow should outperform
In Robrecht’s view, a portfolio with higher quality companies and ideas, which are strong in conviction, provides greater potential for capital appreciation
Please note that this fund, under UCITS regulations, makes use of derivatives for the purpose of efficient portfolio management only. For further information on his derivatives use, please contact JOHCM Investor Relations.
Reasons To Invest
Robrecht has a very strong long-term track record and is a true value stock picker
The focus on quality and value factors typically leads to a low absolute volatility of returns despite the portfolio being fairly concentrated, with typically 40-50 stocks
The fund is aimed at investors who want to invest in a long-term, absolute return-orientated fund
Robrecht Wouters
Senior Fund Manager
Luis Fañanas
Fund Manager
This is a marketing communication.
Information on the rights of investors can be found here.
The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments 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 European Equity Funds
JOHCM Continental European Fund
Paul Wild manages this long-established fund with a pragmatic investment process that combines top-down economic and sector views with bottom-up stock picking. The Fund’s core style and risk profile has enabled it to outperform in both up and down markets and helped to build a market-leading performance track record since the Fund’s launch in 2
The Fund aims to achieve long-term capital appreciation by investing in the equity securities of companies listed primarily on exchanges in Europe, including the UK.
Information on the rights of investors can be found here.
The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments 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 30 June 2024
European equities paused in June, returning -0.26%. Electoral news dominated the headlines: early June European parliament elections resulted in meaningful losses for the incumbent national governing parties and polarisation of the electorate. The French President called a surprise general election for early July. As a consequence, French equities underperformed the European benchmark by almost 6%.
Uncertainty led European small caps to surrender their recovery from previous months. They underperformed by almost 2.5%, and in this context, the fund also gave back part of recent strong performance, with a negative relative return of 2.6% in June. The fund's underperformance was broad-based, with no stand-out performers apart from two strong positive contributors, Oracle and Newlat Food, and two significantly negative contributions from Elior and Grifols that cancelled each other out.
Software vendor Oracle, a holding of the Fund since December 2009, reported in-line quarterly/annual results but very strong (and again) accelerating backlog growth of its cloud and support software 'contract book'. Oracle's shares rallied 20%. Also called Remaining Performance Obligations (RPO), Oracle's average next 12 months organic backlog or RPO growth has steadily increased, from 3% in 2021 to 9.6% in 2022, to 12.8% in 2023 and 15.2% now (and even +18% in the last quarter of the year). This is a key forward indicator of Oracle's highly recurring subscription revenue growth that has become 75% of total revenues. These recurring revenues are growing faster and faster as Oracle's large installed base of high-end, mission-critical database and application customers are starting to migrate from on-premise to the cloud. Because superior price/performance is especially relevant in extremely high-volume environments, Oracle technology is also gaining traction with new customers in the Artificial Intelligence (AI) space. Unlike the early days of our investment, today, Oracle's stock trades on all-time highs and 24x forward earnings, but this simple value metric overlooks forward growth visibility and sustainability and, importantly, the fact that the marginal return on Oracle's significant cloud 'growth' capex (which depresses reported free cash flow) exceeds 50% after tax. The quality value case remains; we maintain our holding.
Following an investor presentation in early June in which Newlat's management explained the Princess acquisition, Newlat Food rallied by over 50%. We elaborated on the deep value investment case and purchase of Newlat Foods in last month's commentary. We maintained our position.
The political uncertainty in France left its mark on French small caps, especially on labour-intensive companies such as food caterer Elior (risk of higher labour costs in case of a nationalist victory). After a strong rally in May, following good results, Elior gave back -28% in June. Step-by-step Pharma group Grifols is rebuilding investor confidence, but the stock remains volatile and receded -15% despite this month's successful disposal of a 20% equity stake in Shanghai RAAS (for USD1.7bn).
Portfolio activity was very limited in June, but the fund's upside to Intrinsic Value remained significant: 151%.
This is a marketing communication.
Information on the rights of investors can be found here.
The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments 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.
Information on the rights of investors can be found here.
The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments 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 30 June 2024
A GBP share class, since launch (5 May 2003)
Return history (%)
Data as at 30 June 2024
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 Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.
Jun 19 - Jun 20
Jun 20 - Jun 21
Jun 21 - Jun 22
Jun 22 - Jun 23
Jun 23 - Jun 24
Fund
-14.40%
27.08%
-18.12%
7.08%
3.35%
Monthly returns (%)
Data as at 30 June 2024
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual
Since inception
Fund
2003
0.80
4.66
4.55
7.71
0.25
5.29
0.24
2.63
29.00
Benchmark
2003
-0.05
1.39
2.63
2.60
-2.15
3.38
2.80
4.29
15.73
Fund
2004
3.33
3.00
-3.93
2.58
-3.25
3.82
-5.37
-0.54
2.97
2.66
5.77
2.17
13.26
Benchmark
2004
0.29
0.67
-2.87
2.72
-1.62
2.78
-3.46
1.74
3.72
1.99
4.64
1.22
12.07
Fund
2005
1.64
3.70
-0.58
-3.66
4.20
3.58
7.79
-0.82
2.76
-6.23
7.01
6.04
27.38
Benchmark
2005
-0.15
3.30
-0.49
-3.44
5.14
2.62
6.34
-1.39
4.48
-3.67
5.02
3.74
22.94
Fund
2006
5.37
3.11
4.55
1.61
-6.84
0.75
-0.30
0.80
4.69
2.22
1.48
2.86
21.60
Benchmark
2006
3.03
2.48
3.82
0.52
-6.19
2.24
1.18
1.26
2.65
2.08
1.05
2.16
17.11
Fund
2007
3.89
0.26
4.62
4.01
2.85
-4.02
-2.17
2.75
-0.16
-2.01
3.45
13.83
Benchmark
2007
0.78
0.50
2.45
5.04
2.93
-2.05
-2.80
-0.42
4.57
2.89
-1.67
1.66
14.38
Fund
2008
-10.29
-0.87
-2.44
1.67
-0.71
-12.64
-6.39
7.37
-10.12
-14.15
-0.66
14.73
-32.36
Benchmark
2008
-11.69
3.60
-0.62
5.21
1.76
-10.02
-0.89
3.56
-13.26
-15.78
1.57
13.49
-24.30
Fund
2009
-7.35
-6.80
8.10
12.61
2.32
-0.89
9.73
9.42
7.73
0.35
1.29
4.21
46.05
Benchmark
2009
-10.67
-10.38
5.38
12.00
2.75
-3.15
8.45
8.93
6.44
-2.42
1.17
3.35
20.64
Fund
2010
-3.39
4.22
8.47
-2.54
-6.02
-2.90
3.57
-2.76
10.34
4.42
-1.45
10.47
22.73
Benchmark
2010
-6.13
2.66
7.93
-3.17
-6.55
-4.29
6.50
-3.58
9.44
2.90
-4.10
7.87
7.76
Fund
2011
-1.63
1.79
2.99
3.51
0.59
-6.32
-7.47
-4.96
9.43
-7.01
1.44
-8.68
Benchmark
2011
1.14
1.32
0.97
3.94
-1.89
-0.24
-4.89
-10.36
-5.77
10.92
-7.02
2.18
-10.87
Fund
2012
3.77
5.14
0.37
-3.29
-6.28
3.22
2.05
3.16
2.11
2.07
1.90
2.63
17.55
Benchmark
2012
4.36
5.26
-1.86
-3.44
-6.96
4.35
2.81
3.18
1.64
2.02
2.34
1.47
15.47
Fund
2013
9.16
3.77
1.79
-1.02
3.16
-2.34
8.78
-1.52
0.41
4.50
-0.86
0.89
29.27
Benchmark
2013
8.45
1.08
-0.11
1.72
3.08
-4.81
6.57
-1.96
1.49
5.49
-0.61
0.80
22.49
Fund
2014
-4.06
4.49
1.77
0.05
2.46
-2.42
-2.60
2.30
-2.59
-1.27
6.31
-1.66
2.24
Benchmark
2014
-3.99
5.78
0.14
0.91
1.58
-2.09
-1.94
1.59
-1.67
-1.00
4.08
-3.13
-0.22
Fund
2015
2.61
2.74
2.69
0.29
2.43
-7.11
2.20
-4.65
-0.97
4.56
1.97
0.18
6.47
Benchmark
2015
4.08
2.64
2.09
-0.18
1.76
-6.01
1.94
-5.33
-3.00
5.11
1.12
-0.99
2.57
Fund
2016
-1.27
4.00
3.03
-0.39
-0.26
4.72
6.10
1.78
0.37
3.29
-5.54
5.83
23.16
Benchmark
2016
-4.32
1.18
3.26
1.17
-0.41
2.37
6.24
2.19
-0.01
4.75
-4.08
5.61
18.75
Fund
2017
1.76
1.48
4.18
1.63
4.07
-0.41
0.12
1.26
-1.08
1.51
-1.57
0.90
14.55
Benchmark
2017
1.42
0.84
3.69
0.71
5.23
-1.33
0.85
1.74
-0.69
1.93
-1.06
0.52
14.53
Fund
2018
0.38
-3.32
-3.71
1.53
1.33
-1.21
2.81
0.95
-0.02
-5.82
-1.27
-5.34
-13.25
Benchmark
2018
1.01
-3.51
-2.99
5.11
0.51
-0.35
3.74
-1.45
-0.55
-5.60
-0.61
-4.80
-9.60
Fund
2019
2.81
1.84
1.45
5.42
-4.83
5.62
0.49
-4.90
-0.91
-5.73
0.47
0.81
1.77
Benchmark
2019
3.74
1.79
2.14
4.26
-2.57
5.85
2.61
-2.04
0.95
-1.67
1.96
1.36
19.58
Fund
2020
-4.45
-6.49
-11.78
8.41
7.90
2.69
-1.27
3.94
-0.82
-8.03
18.70
4.72
10.17
Benchmark
2020
-1.67
-7.40
-12.09
6.86
5.77
3.50
-1.34
1.75
-0.47
-6.27
14.71
1.90
2.51
Fund
2021
0.03
2.84
1.62
3.61
1.69
-0.86
-1.16
1.37
-1.48
-0.82
-3.89
1.32
4.10
Benchmark
2021
-1.52
0.28
4.22
3.62
1.91
1.09
1.11
2.90
-2.54
1.89
-1.57
4.38
16.65
Fund
2022
-3.87
-3.81
0.04
-0.74
2.92
-9.11
4.76
-4.09
-8.70
3.20
9.00
2.50
-9.15
Benchmark
2022
-4.31
-3.67
4.17
-2.22
1.07
-7.63
5.52
-1.90
-4.85
3.77
7.62
-0.23
-3.81
Fund
2023
6.68
3.76
-3.76
-0.73
-4.83
0.59
3.45
-2.42
-2.45
-3.04
3.99
6.76
7.29
Benchmark
2023
4.56
2.49
-0.53
2.12
-2.75
0.77
2.08
-2.11
-0.35
-3.08
4.77
4.59
12.83
Fund
2024
-4.49
-4.02
1.70
2.23
6.12
-3.60
-2.50
540.64
Benchmark
2024
-0.11
2.26
3.61
-0.26
2.14
-1.02
6.73
452.35
Source and notes
JOHCM/MSCI Barra/FTSE Group/Bloomberg/Lipper.
Data shown net of fees, net income reinvested.Please note that fund performance is shown against the MSCI Europe NR 12pm adjusted in GBP. Performance of other share classes may vary and is available on request. Data for the period 7 May 2003 to 31 December 2012 is shown against the FTSE Eurofirst 300 TR Index. Where shown, monthly returns table shows compounded discrete monthly performance.
Disclaimer
Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.
This is a marketing communication.
Information on the rights of investors can be found here.
The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments 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 30 June 2024
Fund size
GBP 87.75m
Number of holdings
36
Top 10 holdings and active weights
Data as at 30 June 2024
Top 10 holdings
Oracle
6.39%
Grifols
5.83%
OC Oerlikon
4.87%
UNITED INTERNET
4.35%
Danone
4.22%
Thyssen Krupp
4.02%
LIBERTY GLOBAL C
3.91%
Corbion
3.88%
ELIOR GROUP
3.72%
Ceconomy
3.51%
Top 10 active weights
Oracle
+6.39%
Grifols
+5.81%
OC Oerlikon
+4.87%
UNITED INTERNET
+4.35%
Thyssen Krupp
+4.02%
LIBERTY GLOBAL C
+3.91%
Corbion
+3.88%
Danone
+3.86%
ELIOR GROUP
+3.72%
Ceconomy
+3.51%
Sector breakdown
Data as at 30 June 2024
Portfolio
Benchmark
Relative
Consumer Staples
19.52%
10.51%
9.00%
Materials
14.53%
6.42%
8.10%
Information Technology
12.97%
8.48%
4.50%
Industrials
12.47%
16.42%
-3.95%
Communication Services
11.24%
3.07%
8.17%
Consumer Discretionary
10.94%
10.26%
0.68%
Energy
9.43%
5.43%
3.99%
Health Care
7.56%
16.41%
-8.85%
Financials
0.00%
18.36%
-18.36%
Real Estate
0.00%
0.84%
-0.84%
Utilities
0.00%
3.80%
-3.80%
Cash
1.35%
0.00%
1.35%
Market cap breakdown
Data as at 30 June 2024
Portfolio
Benchmark
Relative
Large Cap
40.97%
99.55%
-58.58%
Medium Cap
26.61%
0.45%
26.16%
Small Cap
31.07%
0.00%
31.07%
Cash
1.35%
0.00%
1.35%
This is a marketing communication.
Information on the rights of investors can be found here.
The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments 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.
Distribution of income occur on or before: 31 May, 31 August, 30 November and 28 February
The quarterly table above shows the last two years net dividends (on an accounting rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.
Funds paying semi-annual dividends
Distribution of income occur on or before: 31 August and 28 February
JOHCM UK Dynamic Fund (Onshore)
Share class
Currency
Pay date
Dividend paid in
Dividend rate (estimated)
A - distributing
GBP
30 Aug 2024
pence per share
4.735399
A - accumulating
GBP
30 Aug 2024
pence per share
7.59417
B - distributing
GBP
30 Aug 2024
pence per share
4.245882
B - accumulating
GBP
30 Aug 2024
pence per share
8.311086
Y - distributing
GBP
30 Aug 2024
pence per share
2.974221
Y - accumulating
GBP
30 Aug 2024
pence per share
4.383506
X - distributing
GBP
30 Aug 2024
pence per share
2.47997
X - accummulating
GBP
30 Aug 2024
pence per share
2.972206
L - distributing
GBP
30 Aug 2024
pence per share
2.444
L - accummulating
GBP
30 Aug 2024
pence per share
2.425166
M - distributing
GBP
30 Aug 2024
pence per share
2.420092
M - accumulating
GBP
30 Aug 2024
pence per share
2.476813
K - distributing
GBP
30 Aug 2024
pence per share
2.472
K - accumulating
GBP
30 Aug 2024
pence per share
2.525192
JOHCM UK Dynamic Fund (Offshore)
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling Y Shares
GBP
31 Jul 2024
pence per share
2.4668
Euro Y Shares
EUR
31 Jul 2024
pence per share
2.476
US Dollar Y Shares
USD
31 Jul 2024
pence per chare
2.845
JOHCM Global Select Shariah Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
US Dollar A Shares
USD
31 Jul 2024
pence per share
0.4694
Funds paying annual dividends
Distribution of income occur on or before 28 February
JOHCM Asia ex Japan Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling A Shares
GBP
28 Feb 2024
pence per share
3.0011
US Dollar A Shares
USD
28 Feb 2024
cents per share
2.3900
Euro A Shares
EUR
28 Feb 2024
cents per share
2.9114
Sterling B Shares
GBP
28 Feb 2024
pence per share
1.5626
US Dollar B Shares
USD
28 Feb 2024
cents per share
1.2851
Euro B Shares
EUR
28 Feb 2024
cents per share
1.5605
Sterling Z Shares
GBP
28 Feb 2024
cents per share
3.6312
US Dollar Z Shares
USD
28 Feb 2024
cents per share
2.7222
JOHCM Asia ex Japan Small and Mid Cap Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling A Shares
GBP
28 Feb 2024
pence per share
0.0000
US Dollar A Shares
USD
28 Feb 2024
cents per share
0.0000
Euro A Shares
USD
28 Feb 2024
cents per share
0.0000
Sterling B Shares
GBP
28 Feb 2024
pence per share
0.0000
US Dollar B Shares
EUR
28 Feb 2024
cents per share
0.0000
Euro B Shares
USD
28 Feb 2024
cents per share
0.0000
Sterling Z Shares
GBP
28 Feb 2024
cents per share
1.56820
JOHCM Continental European Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Euro A Shares
EUR
28 Feb 2024
pence per share
5.7782
Euro B Shares
EUR
28 Feb 2024
cents per share
3.7784
Euro Y Shares
EUR
28 Feb 2024
pence per share
2.4506
Sterling A Shares
GBP
28 Feb 2024
pence per share
7.1582
Sterling A Shares - Hedge
GBP
28 Feb 2024
cents per share
1.3875
Sterling B Shares
GBP
28 Feb 2024
cents per share
4.5079
Sterling X Shares
GBP
28 Feb 2024
pence per share
1.6701
Sterling Y Shares
GBP
28 Feb 2024
pence per share
2.8389
Sterling Y Shares - Hedge
GBP
28 Feb 2024
cents per share
1.5828
US Dollar A Shares
USD
28 Feb 2024
cents per share
1.8816
US Dollar B Shares - Hedge
USD
28 Feb 2024
pence per share
0.9958
US Dollar Y Shares
USD
28 Feb 2024
pence per share
1.7692
JOHCM European Select Values Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling A Shares
GBP
28 Feb 2024
pence per share
5.5762
Euro A Shares
EUR
28 Feb 2024
cents per share
3.5682
Sterling B Shares
GBP
28 Feb 2024
pence per share
2.6361
Euro B Shares
EUR
28 Feb 2024
cents per share
1.233
Euro X Shares
EUR
28 Feb 2024
cents per share
0.5376
Euro Y Shares
EUR
28 Feb 2024
cents per share
1.1704
JOHCM Global Emerging Markets Opportunities Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling A Shares
GBP
28 Feb 2024
pence per share
2.2775
US Dollar A Shares
USD
28 Feb 2024
cents per share
1.8887
Euro A Shares
EUR
28 Feb 2024
cents per share
2.4749
Sterling B Shares
GBP
28 Feb 2024
pence per share
1.4135
US Dollar B Shares
USD
28 Feb 2024
cents per share
1.5795
Euro B Shares
EUR
28 Feb 2024
cents per share
1.571
Sterling Y Shares
GBP
28 Feb 2024
pence per share
2.9977
US Dollar Y Shares
USD
28 Feb 2024
cents per share
2.5092
Sterling Z Shares
GBP
28 Feb 2024
cents per share
4.4746
Canadian Dollar Z Shares
CAD
28 Feb 2024
cents per share
4.0653
JOHCM Global Opportunities Fund (onshore)
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A DISTRIBUTING
GBP
28 Feb 2024
pence per share
2.411497
A ACCUMULATING
GBP
28 Feb 2024
pence per share
2.699908
X DISTRIBUTING
GBP
28 Feb 2024
cents per share
2.460528
X ACCUMULATING
GBP
28 Feb 2024
cents per share
2.526286
A ACCUMULATING HEDGED
GBP
28 Feb 2024
cents per share
2.361961
JOHCM Global Opportunities Fund (offshore)
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling A Shares
GBP
28 Feb 2024
pence per share
4.1679
US Dollar A Shares
USD
28 Feb 2024
cents per share
3.958
Euro A Shares
EUR
28 Feb 2024
cents per share
4.5388
Euro A Shares - Hedge
EUR
28 Feb 2024
cents per share
1.8065
Sterling B Shares
GBP
28 Feb 2024
cents per share
4.0053
US Dollar B Shares
USD
28 Feb 2024
cents per share
3.2958
Euro B Shares
EUR
28 Feb 2024
cents per share
3.6494
Sterling X Shares
GBP
28 Feb 2024
cents per share
3.6351
Euro X Shares
EUR
28 Feb 2024
cents per share
2.1128
Sterling X Shares - Hedge
GBP
28 Feb 2024
cents per share
1.9782
Sterling Z Shares
GBP
28 Feb 2024
cents per share
1.8735
Euro Z Shares
EUR
28 Feb 2024
cents per share
2.3066
JOHCM Global Select Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling A Shares
GBP
28 Feb 2024
pence per share
2.915
US Dollar A Shares
USD
28 Feb 2024
cents per share
1.5321
Euro A Shares
EUR
28 Feb 2024
cents per share
2.6999
Sterling B Shares
GBP
28 Feb 2024
pence per share
0.0000
US Dollar B Shares
USD
28 Feb 2024
cents per share
0.0000
Euro B Shares
EUR
28 Feb 2024
cents per share
0.0000
Sterling Z Shares
GBP
28 Feb 2024
pence per share
4.2729
JOHCM UK Growth Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
Sterling A Shares
GBP
28 Feb 2024
pence per share
5.1881
Sterling B Shares
GBP
28 Feb 2024
pence per share
2.8603
Sterling X Shares
GBP
28 Feb 2024
pence per share
2.8694
JOHCM UK Opportunities Fund
Share class
Currency
Pay date
Dividend paid in
Dividend rate
A - distributing
GBP
28 Feb 2024
pence per share
6.322169
A - accumulating
GBP
28 Feb 2024
pence per share
10.185733
B - distributing
GBP
28 Feb 2024
pence per share
5.90282
B - accumulating
GBP
28 Feb 2024
pence per share
9.378544
Y - accumulating
GBP
28 Feb 2024
pence per share
4.26672
Y - distributing
GBP
28 Feb 2024
pence per share
5.711236
Net dividends quoted in the local share class currency.
Information on the rights of investors can be found here.
The registrations of the funds described in this communication may be terminated by JOHCM at its discretion from time to time. The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments 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 European Equity Funds
JOHCM Continental European Fund
Paul Wild manages this long-established fund with a pragmatic investment process that combines top-down economic and sector views with bottom-up stock picking. The Fund’s core style and risk profile has enabled it to outperform in both up and down markets and helped to build a market-leading performance track record since the Fund’s launch in 2
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14 years' industry experience, joined Regnan in June 2020.
Tim Crockford leads the Regnan Equity Impact Solutions team. He previously managed the Hermes Impact Opportunities Equity Fund from its launch in December 2017, having co-founded the Hermes Impact team in 2016. Tim joined Hermes Investment Management in 2009 as a research analyst for the European Equities team and became lead portfolio manager of the ESG-integrated Hermes Europe ex-UK Equity Fund in 2015, which he also managed until he left Hermes.
13 years’ industry experience, joined Regnan in May 2020.
Mohsin is a fund manager dedicated to the strategy. He was previously a senior analyst on the Hermes Impact Opportunities Equity Fund, having joined Hermes in 2017. Prior to Hermes, Mohsin was an investment manager in Global Equities at Pictet Asset Management. At Pictet his experience included working on thematic equity funds including Water, Clean Energy and Agriculture.
10 years’ industry experience, joined Regnan in May 2020.
Maxime is an investment analyst dedicated to the strategy. He has a decade of experience in sustainable investment. Previously, as an investment analyst at Hermes from 2016, he participated in the design, launch and management of the Hermes Impact Opportunities Equity Fund. Prior to this he led the integration of ESG and stewardship across investment strategies.
6 years’ industry experience, joined Regnan in April 2020.
Maxine is an investment analyst dedicated to the strategy. She was previously an analyst on the Hermes Impact Opportunities Equity Fund. Maxime transferred to the Hermes Impact team in 2016, having initially joined the Hermes EOS team in 2014. She headed up the chemicals sector team, while also focusing on the financial services, industrials and technology sectors.
