JOHCM UK Dynamic Fund

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Fund Description

Stock picker Alex Savvides aims to profit from understanding and backing positive corporate change, change that is often misunderstood or under-appreciated by the stock market. The Fund may therefore feature a mixture of restructuring/recovery plays, cheap or hidden growth and other more general special situations. The fact that each stock held within the Fund must pay a dividend or be expected to do so by Alex within the next 12 months gives the Fund attractive yield characteristics.

As part of our commitment to managing fund capacity and preserving liquidity, we are no longer marketing the Fund to new intermediaries.

Investment Strategy
  • Alex’s investment process draws on his career experience developed on both the ‘buy’ and ‘sell’ side. He follows a pragmatic approach to fund management, looking for the best capital growth opportunities regardless of the perceived style of the stock but within the confines of his clear portfolio disciplines
  • Alex looks for investments where he has a more positive view of medium to long-term future revenues and cash flows than the prevailing market opinion. He believes that independence of thought, hard work and strict adherence to a well-defined portfolio investment process will result in long-term value creation
  • The Fund invests in a mixture of high quality, unloved, under-researched, under-appreciated stocks and often out of favour areas of the market
Reasons To Invest
  • Change is one of the biggest drivers of stock returns, but it is consistently overlooked or is misunderstood by the market. Markets are slow to price in change and that creates opportunities for disciplined investors
  • Alex places great importance on balance sheet and cash flow management. All stocks in the portfolio must pay a dividend or be expected to do by Alex within the next financial year, giving the Fund attractive yield characteristics
  • Alex Savvides

    Senior Fund Manager

    small image path
  • Tom Matthews

    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.

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 UK Equity Funds

JOHCM UK Equity Income Fund

Established stock pickers James Lowen and Clive Beagles operate a strict yield discipline: they only buy stocks that they believe will yield more than the FTSE All-Share Index on a prospective basis, although every stock held must also have the potential for capital appreciation. This focus on higher-yielding stocks leads to a naturally cont...

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JOHCM UK Growth Fund

Mark Costar and Vishal Bhatia aim to identify mispriced or undiscovered growth stocks that typically reside in one of three categories: the clear and unassailable market leader, the innovator or market disruptor and the supply side beneficiary. The Fund typically has a small-cap bias and contains stocks that have a high margin of safety...

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JOHCM UK Opportunities Fund

Fund managers Rachel Reutter and Michael Ulrich focus firstly on preserving a client’s capital and secondly, on growing that capital. Growth will be achieved over the long term through a concentrated portfolio of low risk business models purchased at attractive valuations. The Fund typically invests in larger companies that operate wit...

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Investment Objective

The objective of the JOHCM UK Dynamic Fund is to achieve long-term capital growth. The Fund will aim to achieve this objective mainly through investments primarily drawn from companies listed on either of the two primary markets of the London Stock Exchange: the main market and AIM. At least 75% of the Fund’s assets will, at all times, be invested in equity securities of companies domiciled or exercising a predominant part of their economic activity in the United Kingdom. On occasion the Fund may utilise this position to invest a proportion of its assets in equities listed on a recognised exchange outside the UK. Investment will be made primarily in equity securities which are readily marketable, but investments will also be made in equity securities of smaller companies which can be more lightly traded. The portfolio is likely to be fairly concentrated with the Fund typically holding equity interests in between 35 and 50 different companies.

Fund details

Data as at 30 September 2020
Fund size GBP 1.38bn
Strategy size GBP 1.8bn (as at 30 June 2020)
Benchmark FTSE All-Share TR 12pm adjusted
Domicile UK
Denomination GBP
Share classes
A Accumulating GBP (Launch date) 23-October-2009
A Distributing GBP (Launch date) 23-October-2009
B Accumulating GBP (Launch date) 16-June-2008
B Distributing GBP (Launch date) 23-October-2009
Unit type Distribution & accumulation
XD Date 31 December
Payment date 28 February
Minimum investment
A accumulating GBP 1,000
A distributing GBP 1,000
B accumulating GBP 1,000
B distributing GBP 1,000
Valuation point Daily (12 noon, UK time)
Dealing frequency Daily 9-5pm
Fund codes
ISIN SEDOL
A Distributing GBP GB00B4T85529 B4T8552
A Accumulating GBP GB00B4T7HR59 B4T7HR5
B Accumulating GBP GB00B4T7JX59 B4T7JX5
B Distributing GBP GB00B4TXJ339 B4TXJ33

Fund ratings and awards

Data as at 30 September 2020
  • 3 Stars
  • Silver
  • 4 star
  • FE_AlexSavvides
  • RaynerSpencerMills
  • FEInvest_Approved_logo_yellowBG
  • EliteFund
Notes

©2020 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 30/06/2020.

Fees and charges

Initial charge Up to 5%
Annual mgmt charge (A) 0.75%
Annual mgmt charge (B) 1.25%
Performance fee 15% on excess performance if Fund outperforms benchmark, calculated daily. Any underperformance is 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 Ireland Limited
Depositary Northern Trust Global Services SE

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.

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 30 September 2020

The Fund underperformed the index in September. It was a very odd month and end to the quarter, with clear signs of change emerging in the market. Liquidity in shares at low prices was non-existent, implying prices were transitory or not real for any investor of size and M&A activity picked up over the period, with UK targets including G4S, William Hill, SDL and KKR's investment in Great Portland. 90% of the Fund’s quarterly underperformance came in the two-week period that started with news of prime minster Johnson’s internal market bill. There were no negative stock specific news announcements during this period. 

In fact, Morrisons (the Fund’s third largest active position) reported interims during this period which showed Q2 like-for-like sales at a possible all-time high of 11.1%, beating analyst expectations of c. 8.0%, and ahead of consensus profit estimates. Yet shares fell to new post-Covid-19 lows relative to the benchmark, ending the month down an incredible 10% relative to the benchmark. An absurd reaction but by no means unique in September.

Shares in all four of the Fund’s real estate holdings (Crest Nicholson, Urban & Civic, St Modwen and McCarthy & Stone), which account for c. 7% of absolute capital, were either flat or down versus the benchmark. Valuations here remain at a 25% discount to book value (at least) despite record rises in house prices and mortgage volumes. 

Shares at Aggreko fell 22% relative to benchmark on no news other than shocking analytical work from a major US bank. The analysis valued the shares using discounted cashflows but with a 48% cash conversion to perpetuity implying an ever-expanding capex programme but with returns on this capex at below the cost of capital. This makes no economic sense and would lead to short careers for management. Normalising this cash conversion to 100% would add 225p to the analyst’s target price of 400p, implying 69% upside to the share’s month-end closing price.

Interims from QinetiQ, a top ten active position for the Fund, were positive across the board. The return of management guidance and a strong order intake led to consensus upgrades. The suspended final divided was also re-instated. Despite all this, shares ended down 3% relative to the benchmark for the month.

Possibly the only bit of positive Covid-19 related news for the Fund was that TT Electronics secured a contract to build iAbra’s Virolens, a potentially ground-breaking Covid-19 screening device. Shares rose 42% on the news that, if the device is proven to work, indicative customer orders would lead to associated revenues of £280m for TT Electronics, compared to Group revenues of £478m in FY19. A sharply worded article in the Financial Times quickly doused these hopes leading the share price gains to unwind. There still remains a chance this technology proves to be successful. Provident Financial’s shares unwound all their relative gains made in the previous month following strong interims despite no news. 

Share prices cannot ignore good news for ever. This is evidenced by the share purchases undertaken by the management teams of the Fund’s holdings over the quarter, with notable transactions including Aviva’s CEO (£1m), Jupiter’s CEO (£0.7m), Ultra Electronics’s Chairman (£0.2m) and the new Pearson CEO who has acquired £3m as part of a co-investment plan. 

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.

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

KIIDs
(Key Investor Information Documents)

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.

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 30 September 2020
A GBP share class, since launch (16 June 2008)

Return history (%)

Data as at 30 September 2020

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. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.


Sep 15 - Sep 16 Sep 16 - Sep 17 Sep 17 - Sep 18 Sep 18 - Sep 19 Sep 19 - Sep 20
Fund 14.73% 20.39% 6.09% 0.23% -30.89%

Monthly returns (%)

Data as at 30 September 2020
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2008 -4.56 0.13 5.34 -11.81 -12.26 1.04 7.09 -15.71
Benchmark 2008 -4.15 -2.44 4.35 -14.16 -13.79 0.44 5.13 -23.74
Fund 2009 -4.58 -5.68 2.03 14.63 3.28 -1.08 8.66 10.86 4.95 -1.55 -0.74 4.20 38.43
Benchmark 2009 -5.46 -6.93 1.96 12.12 4.24 -2.94 7.89 7.39 5.20 -0.54 1.39 3.87 29.91
Fund 2010 -2.13 0.22 7.10 0.07 -6.39 -4.75 7.73 -3.06 8.86 4.05 -1.47 6.30 16.13
Benchmark 2010 -3.64 2.89 7.40 -0.89 -5.96 -4.85 7.11 -2.33 8.21 2.07 -1.43 7.14 15.25
Fund 2011 1.97 1.35 -1.56 2.97 0.20 -1.69 -2.18 -9.36 -5.18 9.08 -3.52 0.09 -8.61
Benchmark 2011 -1.18 2.33 -0.15 2.45 -0.47 -1.52 -1.15 -8.36 -3.79 9.97 -4.22 2.67 -4.42
Fund 2012 6.99 6.11 0.64 -1.98 -8.80 5.45 3.22 3.70 3.29 2.71 1.52 2.21 26.94
Benchmark 2012 3.65 4.57 -1.51 -0.15 -6.73 4.24 2.08 2.18 0.97 1.53 1.04 0.91 12.99
Fund 2013 6.87 3.45 1.73 1.13 3.24 -3.47 6.79 -0.16 0.95 4.38 0.65 2.08 30.85
Benchmark 2013 6.40 2.00 1.91 0.44 2.78 -4.84 6.22 -1.34 0.35 4.62 -0.63 1.59 20.66
Fund 2014 -1.26 6.20 -2.92 1.34 0.38 -2.54 1.25 1.90 -2.01 -0.76 2.30 -0.89 2.67
Benchmark 2014 -3.87 5.86 -2.13 1.77 1.72 -1.54 0.15 1.67 -2.48 -0.89 2.36 -1.29 0.93
Fund 2015 2.08 3.90 -0.89 3.47 3.40 -5.18 -0.40 -5.26 -3.86 3.43 1.09 -1.54 -0.43
Benchmark 2015 3.33 3.13 -1.04 2.23 2.55 -5.94 1.15 -5.95 -1.86 5.10 0.63 -1.39 1.25
Fund 2016 -5.23 2.46 1.57 3.47 0.23 -2.32 7.09 3.20 0.95 2.94 -0.04 5.14 20.59
Benchmark 2016 -4.40 1.81 2.29 1.61 0.61 0.32 5.89 2.54 0.71 1.27 -1.05 3.73 16.05
Fund 2017 1.30 2.14 1.87 0.41 4.36 -1.68 0.91 0.32 1.22 2.16 -0.90 2.42 15.38
Benchmark 2017 0.87 2.33 1.29 -0.15 4.58 -2.21 0.62 0.90 -0.06 1.88 -0.69 3.18 13.10
Fund 2018 -0.58 -2.34 -2.39 7.36 2.65 -0.13 -0.03 -2.16 0.30 -6.11 -2.45 -4.74 -10.73
Benchmark 2018 -0.89 -3.34 -2.18 6.78 2.66 -0.14 1.09 -2.30 0.07 -5.03 -1.68 -3.93 -9.06
Fund 2019 6.09 0.47 1.11 4.97 -3.18 2.55 0.51 -3.29 5.22 -1.33 2.30 3.70 20.25
Benchmark 2019 4.59 1.65 2.67 3.16 -3.21 3.65 2.28 -3.40 2.60 -1.28 2.82 2.63 19.29
Fund 2020 -4.71 -10.93 -23.37 6.71 1.56 0.18 -4.96 3.18 -4.64 -33.97 107.40
Benchmark 2020 -2.84 -9.37 -15.89 8.64 2.17 0.72 -2.68 1.55 -2.05 -19.86 73.50

Net yield

Net yield is calculated as last four distributions divided by share price as at month end.

Net Yield %
Share class A - accumulating 5.98
Share class A - distributing 6.23
Share class B - accumulating 6.02
Share class B - distributing 6.28

Source and notes

JOHCM/FTSE Group/Bloomberg/Lipper.

Performance data for the period 16 June 2008 to 23 October 2009 is for Ryder Court UK Dynamic Fund. From 23 October 2009 onwards, the Fund converted to the JOHCM UK Dynamic Fund.

Data shown net of fees, net income reinvested. Please note that all fund performance is shown against the FTSE All-Share TR 12pm adjusted. Performance of other share classes may vary and is available on request. Where shown, monthly returns table shows compounded discrete monthly performance. Performance of other share classes will vary and is available on request. During the period 16 June 2008 to 23 October 2009 the performance record is based on the pre-existing share class that had a higher management fee.

FTSE International Limited (“FTSE”) © FTSE 2017. The Industry Classification Benchmark (“ICB”) and all  rights in it are owned by and vest in FTSE and/or its licensors. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. Neither FTSE, nor its licensors accept any liability for any errors or omissions in the ICB. No further distribution of ICB is permitted without FTSE’s express written consent.

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. 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.

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 30 September 2020
Fund size GBP 1.38bn
Number of holdings 47

Top 10 holdings and active weights

Data as at 30 September 2020
Top 10 holdings
GSK 6.10%
Anglo American 5.46%
3i 5.38%
Aviva 4.29%
Morrisons 4.13%
Electrocomponents 3.99%
Vodafone 3.86%
Barclays 3.65%
Daily Mail and Gen. Trust 3.65%
Tesco 3.60%
Top 10 active weights
3i +4.88%
Anglo American +4.23%
Morrisons +3.93%
Electrocomponents +3.83%
Aviva +3.70%
Daily Mail and Gen. Trust +3.65%
ConvaTec Group +2.76%
QinetiQ +2.76%
Barclays +2.75%
WPP +2.67%

Sector breakdown

Data as at 30 September 2020
Portfolio Benchmark Relative
Financials 27.50% 24.82% 2.68%
Consumer Services 20.19% 12.58% 7.61%
Industrials 15.62% 12.99% 2.62%
Health Care 9.01% 11.45% -2.44%
Oil & Gas 7.43% 6.59% 0.84%
Basic Materials 6.78% 8.97% -2.19%
Consumer Goods 5.34% 15.90% -10.56%
Telecommunications 3.86% 2.07% 1.79%
Technology 2.46% 1.25% 1.21%
Utilities 1.42% 3.39% -1.97%
Cash 0.39% 0.00% 0.39%

Market cap breakdown

Data as at 30 September 2020
Portfolio Benchmark Relative
Large Cap 51.20% 79.53% -28.33%
Medium Cap 34.76% 17.18% 17.58%
Small Cap 11.64% 3.29% 8.35%
Cash 2.40% 0.00% 2.40%

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.

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 27/10/2020 A GBP Ireland B3RQ272 2.479 0.017
A USD Ireland B435PM6 2.021 0.018
A EUR Ireland B431KK7 2.306 0.019
B GBP Ireland B3ZQS76 2.445 0.018
B USD Ireland BF7NZT0 2.058 0.020
B EUR Ireland B5L49R5 2.342 0.020
Z GBP Ireland B44PG77 1.763 0.012
Z USD Ireland BVG7681 1.353 0.012
JOHCM Asia ex Japan Small and Mid Cap Fund 27/10/2020 A GBP Ireland B6R5LS4 2.357 0.000
A USD Ireland B6R5QW3 2.042 0.004
A EUR Ireland B6R5VD9 1.971 0.002
B GBP Ireland B6R63P8 2.312 -0.001
B USD Ireland B6R5YM9 1.957 0.002
B EUR Ireland B6R5HM0 2.241 0.003
Z GBP Ireland B4X3T62 1.781 -0.001
JOHCM Continental European Fund 27/10/2020 A GBP Ireland 3300912 4.409 -0.028
A USD Ireland BJ4G0G2 1.309 -0.010
A EUR Ireland 3300923 3.395 -0.016
A Hedged GBP Ireland BSJCJ49 1.145 -0.006
B GBP Ireland 3100543 4.246 -0.026
B USD Ireland BJ4G0H3 1.335 -0.006
B EUR Ireland 3300901 3.413 -0.016
Y GBP Ireland B993PD0 1.624 -0.011
Y EUR Ireland B98YKX9 1.309 -0.006
Y Hedged GBP Ireland BSJCJ50 1.198 -0.006
JOHCM European Concentrated Value Fund 27/10/2020 A EUR Ireland BW0DJY9 0.902 -0.004
B USD Ireland BW0DK13 1.041 -0.006
B EUR Ireland BW0DJZ0 0.895 -0.004
Z AUD Ireland BYNJFM8 1.081 -0.007
Z EUR Ireland BYNJFN9 0.832 -0.004
JOHCM European Select Values Fund 27/10/2020 A GBP Ireland 3290422 4.804 -0.063
A EUR Ireland 3290433 2.949 -0.034
B GBP Ireland 3290400 4.394 -0.057
B EUR Ireland 3290411 1.971 -0.024
Non-Distributing EUR Ireland BSFWK51 1.087 -0.013
X EUR Ireland B4K14L9 1.409 -0.017
JOHCM Global Emerging Markets Opportunities Fund 27/10/2020 A EUR Ireland B3ZBLW7 1.404 0.003
A GBP Ireland B4002N4 1.352 0.001
A USD Ireland B4M6CN0 1.138 0.004
B GBP Ireland B41RZ57 1.298 0.001
B USD Ireland B4XXMP2 1.484 0.005
B EUR Ireland B4TRCR0 1.384 0.003
Y GBP Ireland BYSGJY4 1.631 0.002
Y USD Ireland BYSGJZ5 1.384 0.004
Z GBP Ireland B6R54W9 1.707 0.001
Z CAD Ireland BBPK0L2 1.576 -0.004
Z AUD Ireland B5W6ZB6 1.831 0.002
JOHCM Global Income Builder Fund 27/10/2020 GBP Ireland BFZWPH7 1.043 -0.004
A SGD Ireland BFZWPG6 0.975 -0.004
A GBP Ireland BFZWPC2 0.999 -0.003
A USD Ireland BFZWPF5 0.971 -0.002
A EUR Ireland BFZWPD3 0.973 -0.002
B EUR Ireland BFZWPJ9 0.948 -0.002
EUR EUR Ireland BKF2GH9 0.863 -0.002
GBI GBP Ireland BHR0DJ1 0.997 -0.003
HEU EUR Ireland BJGW7C3 0.930 -0.001
JOHCM Global Opportunities Fund (offshore) 27/10/2020 A GBP Ireland B89PQM5 1.986 -0.004
A USD Ireland B89JY23 1.935 0.000
A EUR Ireland B7MR557 2.076 0.000
B GBP Ireland BF7NZS9 2.195 -0.005
B USD Ireland B8295C7 1.849 0.000
B EUR Ireland B80FZF0 1.918 -0.002
IHX EUR Ireland BFZWWX2 0.938 0.000
X GBP Ireland BQVC9L0 1.694 -0.004
X EUR Ireland BMCZLF8 0.991 -0.001
X EUR Ireland BJ5JW42 0.947 0.000
X GBP Ireland BK8M212 0.946 -0.002
X Hedged GBP Ireland BF29TX5 0.997 0.000
Z GBP Ireland B83MS15 0.786 -0.002
Z GBP Ireland BD6R4D6 1.462 -0.003
Z EUR Ireland BDZD4M4 0.929 0.000
JOHCM Global Opportunities Fund (onshore) 27/10/2020 A Accumulating GBP UK BJ5JMC0 0.996 -0.002
A Distributing GBP UK BJ5JMD1 0.981 -0.002
AHA GBP UK BKDV8G1 0.976 0.000
X Accumulating GBP UK BJ5JMF3 0.967 -0.002
X Distributing GBP UK BJ5JMG4 0.977 -0.002
JOHCM Global Select Fund 27/10/2020 A GBP Ireland B3DBRN2 3.900 0.013
A USD Ireland B3T31Z2 2.098 0.012
A EUR Ireland B3DBRP4 3.464 0.016
B GBP Ireland B3DBRL0 3.771 0.012
B USD Ireland B5L7L67 2.401 0.013
B EUR Ireland B3DBRM1 3.363 0.016
Z USD Ireland B4V7J00 2.362 0.011
Z GBP Ireland B3DCMB8 2.807 0.008
JOHCM Japan Fund 27/10/2020 A GBP Ireland B00X0H5 2.199 -0.014
A EUR Ireland 3438880 1.535 -0.008
A Hedged GBP Ireland B5LD7P6 1.441 -0.009
A JPY JPY Ireland 3438891 289.433 -1.862
B GBP Ireland 3438846 2.142 -0.014
B EUR Ireland 3438857 1.485 -0.008
B Hedged GBP Ireland B6386R1 1.464 -0.009
B JPY JPY Ireland 3438868 285.474 -1.860
JOHCM UK Dynamic Fund 27/10/2020 A Accumulating GBP UK B4T7HR5 1.912 -0.021
A Distributing GBP UK B4T8552 1.374 -0.015
B Accumulating GBP UK B4T7JX5 2.129 -0.023
B Distributing GBP UK B4TXJ33 1.253 -0.014
X Accumulating GBP UK BJ7HNB8 0.744 -0.008
X Distributing GBP UK BJ5JMB9 0.715 -0.008
Y GBP Ireland BDGKPZ4 0.716 -0.008
Y GBP UK BDZRJ21 0.861 -0.009
Y Accumulating GBP UK BDZRJ10 1.102 -0.012
JOHCM UK Equity Income Fund 27/10/2020 A Accumulating GBP UK B03KR50 2.719 -0.029
A Distributing GBP UK B03KP23 1.297 -0.014
B Accumulating GBP UK B03KR83 2.527 -0.027
B Distributing GBP UK B03KR61 1.204 -0.013
X Distributing GBP UK BYV9S21 0.646 -0.007
Y GBP UK B95FCK6 0.874 -0.010
Y Accumulating GBP UK B8FCHK5 1.096 -0.012
JOHCM UK Growth Fund 27/10/2020 A GBP Ireland 3300934 2.923 -0.011
B GBP Ireland 3100554 2.530 -0.010
REU EUR Ireland BLLV8D7 1.487 -0.004
RUD USD Ireland BLLV8C6 1.636 -0.003
X USD Ireland BLLV871 1.638 -0.003
X EUR Ireland BLLV8B5 1.465 -0.005
X EUR Ireland BLLV882 1.489 -0.004
X GBP Ireland BLLV893 1.449 -0.005
JOHCM UK Opportunities Fund 27/10/2020 A Accumulating GBP UK B0LLB64 2.805 -0.014
A Distributing GBP UK B3K76Q9 1.886 -0.009
B Accumulating GBP UK B0LLB75 2.627 -0.013
B Distributing GBP UK B3K76P8 1.791 -0.009
X Accumulating GBP UK BQJZQQ5 1.292 -0.006
X Distributing GBP UK B95MSF4 1.063 -0.005
Y GBP UK B95J5C1 1.267 -0.007
Y Accumulating GBP UK B95HP81 1.565 -0.007

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 11/19 12/19 01/20 02/20 03/20 04/20 05/20 06/20 07/20 08/20
A  GBP 0.4537 0.4276 0.4668 0.4491 0.4176 0.4276 0.4164 0.4095 0.4554 0.4276
A EUR 0.4650 0.4426 0.4862 0.4680 0.4171 0.4180 0.4202 0.4065 0.4551 0.4180
A USD   0.4384 0.4117 0.4592 0.4372 0.3853 0.4154 0.3897 0.3833 0.4212 0.4154
A SGD  0.4398 0.4164 0.4573 0.4418 0.4079 0.4224 0.4070 0.3970 0.4323 0.4224
B EUR 0.4579 0.4355 0.4775 0.4595 0.4088 0.4083 0.4115 0.3978 0.4351 0.4083
Seed 0.4714 0.0411 0.4859 0.4677 0.3691 0.4464 0.4342 0.4272 0.4752 0.4464

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 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
A distributing GBP 2.7765 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154 1.2632
A accumulating GBP 5.2101 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958 2.6218
B distributing GBP  2.6034 1.8139 1.9597 3.4124 2.6093 1.9017 1.4790 1.0379 1.1739
B accumulating GBP 4.8980 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395 2.4391
Y distributing GBP 1.8670 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534 0.8514
Y accumulating GBP 2.0960 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242 1.0570

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 2019 and pay date of 28 February 2020.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 1.8021
A EUR 28 Feb 2020 cents per share 1.7923
A USD 28 Feb 2020 cents per share 1.4855
B GBP 28 Feb 2020 pence per share 0.6266
B EUR 28 Feb 2020 cents per share 0.0638
B USD 28 Feb 2020 cents per share 1.6124

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.1300
A EUR 28 Feb 2020 cents per share 2.8099
A USD 28 Feb 2020 cents per share 2.7475
B GBP 28 Feb 2020 pence per share 1.8821
B EUR 28 Feb 2020 cents per share 1.9280
B USD 28 Feb 2020 cents per share 1.6124

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 0.09794

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 2.4706
A EUR 28 Feb 2020 cents per share 7.4192
A - hedge GBP 28 Feb 2020 pence per share 9.0139
B GBP 28 Feb 2020 pence per share 6.5954
B EUR 28 Feb 2020 cents per share 5.6691
B - hedge USD 28 Feb 2020 cents per share 2.1446
Y GBP 28 Feb 2020 pence per share 3.0314
Y - hedge GBP 28 Feb 2020 pence per share 2.7274
Y EUR 28 Feb 2020 cents per share 3.0314

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 5.9865
A EUR 28 Feb 2020 cents per share 3.9287
B GBP 28 Feb 2020 pence per share 2.9895
B EUR 28 Feb 2020 cents per share 1.4341

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2020 cents per share 1.6278
B USD 28 Feb 2020 cents per share 1.1828
B EUR 28 Feb 2020 cents per share 1.0740

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.3106
A EUR 28 Feb 2020 cents per share 3.6734
A USD 28 Feb 2020 cents per share 2.8168
B GBP 28 Feb 2020 pence per share 2.4157
B EUR 28 Feb 2020 cents per share 2.7523
B USD 28 Feb 2020 cents per share 2.7885
Y GBP 28 Feb 2020 pence per share 4.2322
Y USD 28 Feb 2020 cents per share 3.6147

JOHCM Global Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 5.0670
A EUR 28 Feb 2020 cents per share 5.6662
A USD 28 Feb 2020 cents per share 4.9928
B GBP 28 Feb 2020 pence per share 5.6608
B EUR 28 Feb 2020 cents per share 5.2893
B USD 28 Feb 2020 cents per share 4.8215

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2020 pence per share 2.8206
A EUR 28 Feb 2020 cents per share 2.6793
A USD 28 Feb 2020 cents per share 1.5358
B GBP 28 Feb 2020 pence per share 0.3902
B EUR 28 Feb 2020 cents per share 0.3720
B USD 28 Feb 2020 cents per share 0.2511

JOHCM Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 3.1582
A EUR 28 Feb 2020 cents per share 2.3586
A JPY 28 Feb 2020 yen per share 437.0683
A - hedged GBP 28 Feb 2020 pence per share 2.1461
B GBP 28 Feb 2020 pence per share 1.9398
B EUR 28 Feb 2020 cents per share 1.4400
B JPY 28 Feb 2020 yen per share 271.9972
B - hedged GBP 28 Feb 2020 pence per share 1.3891

JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2020 pence per share 8.3375
A - accumulating GBP 28 Feb 2020 pence per share 1.1143
B - distributing GBP 28 Feb 2020 pence per share 7.6644
B - accumulating GBP 28 Feb 2020 pence per share 1.2491
Y - distributing GBP 28 Feb 2020 pence per share 5.2184
Y - accumulating GBP 28 Feb 2020 pence per share 6.4131
Y GBP 28 Feb 2020 pence per share 4.3172

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2020 pence per share 7.3614
B GBP 28 Feb 2020 pence per share 5.0086

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2020 pence per share 6.4553
A - accumulating GBP 28 Feb 2020 pence per share 9.3148
B - distributing GBP 28 Feb 2020 pence per share 6.1496
B - accumulating GBP 28 Feb 2020 pence per share 8.7487
Y - accumulating GBP 28 Feb 2020 pence per share 1.6547
Y - distributing GBP 28 Feb 2020 pence per share 4.3346

 

Net dividends quoted in the local share class currency.

If you would like more information, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled). Email us at oeicdealing@johcm.co.uk.

Views & News

  • 11 Oct 2020

    Under the Bonnet

    A September review - a month of peaking extremes and emerging change for markets. 

    Read More
  • 10 Sep 2020

    Under the Bonnet

    Positive stock-specific newsflow: Alex and Tom provide their usual monthly portfolio roundup.

    Read More
  • 11 Aug 2020

    Under the Bonnet

    An update on the market backdrop and portfolio holdings over July from the JOHCM UK Dynamic team.

    Read More
  • 10 Jul 2020

    Under the Bonnet

    A roundup of portfolio newsflow covering June from Alex Savvides, manager of the JOHCM UK Dynamic Fund. 

    Read More
  • 09 Jun 2020

    Under the Bonnet

    The last week of the month saw the first signs of an unwind in excessively bearish analyst and investor sentiment.

    Read More
  • 12 May 2020

    Under the Bonnet

    Alex and Tom provide a portfolio update in a month where equity markets retraced some of their previous month’s losses. 

    Read More
  • 09 Apr 2020

    Under the Bonnet

    An update from the JOHCM UK Dynamic team in a month when investors had to contend with unprecedented conditions.

    Read More
  • 12 Mar 2020

    JOHCM UK Dynamic Fund: thoughts on the coronavirus

    Despite the current gloom, we are encouraged by the number of our holdings that have issued positive strategic or financial updates in recent weeks.

    Read More
  • 11 Mar 2020

    Under the Bonnet

    The JOHCM UK Dynamic team provide their usual monthly portfolio update in a month where markets fell sharply on coronavirus fears.   

    Read More
  • 11 Feb 2020

    Under the Bonnet

    The outbreak of the coronavirus reversed initial market gains in January. Alex and Tom take a look at the impacts for the portfolio. 

    Read More
  • 15 Jan 2020

    Under the Bonnet

    Alex Savvides and Tom Matthews round off a year of outperformance with their usual portfolio update.

    Read More
  • 06 Dec 2019

    Under the Bonnet

    Alex Savvides and Tom Matthews provide a strategy update for November. 

    Read More
  • 07 Nov 2019

    Under the Bonnet

    The JOHCM UK Dynamic team provide their usual monthly update in what was an extremely busy month for portfolio news flow.

    Read More

Webcasts & Videos

  • JOHCM UK Dynamic Fund Q3 2020 Update

    19 Oct 2020 | 51 mins

  • JOHCM UK Dynamic Fund Q2 2020 Update

    21 Jul 2020 | 57 mins

  • JOHCM UK Dynamic Fund Q1 2020 Update

    28 Apr 2020 | 50 mins

  • JOHCM UK Dynamic Fund: Savvides takes stock

    25 Mar 2020 | 33 mins

  • Alex Savvides

    Senior Fund Manager

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  • Tom Matthews

    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.

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 UK Equity Funds

JOHCM UK Equity Income Fund

Established stock pickers James Lowen and Clive Beagles operate a strict yield discipline: they only buy stocks that they believe will yield more than the FTSE All-Share Index on a prospective basis, although every stock held must also have the potential for capital appreciation. This focus on higher-yielding stocks leads to a naturally cont...

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JOHCM UK Growth Fund

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JOHCM UK Opportunities Fund

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