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 understood 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. 

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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

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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 April 2020
Fund size GBP 1.39bn
Strategy size GBP 1.75bn (as at 31 December 2019)
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 April 2020
  • 4 Stars
  • Silver
  • 4 star
  • +
  • FE_AlexSavvides
  • RaynerSpencerMills
  • FEInvest_Approved_logo_yellowBG
  • EliteFund
Notes

Source and copyright of Citywire. Alex Savvides is rated "+" by Citywire for his three year risk-adjusted performance for the period 30/11/2016 to 30/11/2019. Citywire awards apply to the Manager, rather than the Fund.

©2019 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 30/11/2019.

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. 

Investment Background

As at 30 April 2020

Global equity markets retraced much of their previous month’s losses as news flow challenged investors’ bearish positioning. Markets took comfort from signs that the daily global death toll from Covid-19 may have peaked, preliminary trial results from Gilead Sciences’s remdesivir and further central bank stimulus. The US Federal Reserve’s further pledge of up to US$2.3 trillion to support businesses including the purchase of high yield bonds averted any growing fears of a credit crisis. The VIX index unwound the previous month’s gains and bond yields fell globally, with the average bond yield of the 12 largest equity nations reaching an all-time month-end low of 1.00%. 

 

 

Strategy Highlights

The Fund underperformed the index in April. Underperformance was attributable to the Fund not owning AstraZeneca, an unwind of the previous month’s share price gains versus the benchmark at QinetiQ (-9%), and a trading statement from Pearson (-21%). Whilst the latter was in line with the company’s update in March, it was not enough for a very bearish set of analysts. Aviva also had a tough month, albeit there was no significant news flow. 

Whilst the Fund participated in the market rally to a degree, the bounce back was underwhelming with no particular standout positive performances. Stocks that did have a reasonably strong bounce included Crest Nicholson, Electrocomponents, WPP, ITV, Elementis, Barclays and John Wood Group. 

The Fund continued to actively allocate capital in line with the priorities we set out at the end of Q1 (our quarterly webinar is available on our website). A cash buffer of 3.5-4.0% was maintained (an 18bp headwind over the month), whilst the Fund also allocated capital to support a placing of shares at The Restaurant Group. The £57m raised should provide the company with sufficient liquidity to survive the crisis, a crisis which will undoubtedly lead to substantial capacity withdrawal across the UK restaurant sector. The Fund continues to tactically allocate capital to those portfolio companies that need additional liquidity. With Hyve Group’s rights issue now announced (7 May), all ‘high likelihood’ candidates have been addressed. Q1 results from Elementis provided welcome relief, with trading slightly ahead of some analysts’ forecasts and a relaxation of the net debt/ebitda covenant until the June 2021 test date. We believe that this company may not need to raise equity, contrary to market expectations.

Barclays posted a better-than-expected Q1 performance where the diversity of the bank’s earnings proved its worth. Of note was a record quarter from the markets division within the investment bank. Capital and tangible net asset value were both slightly better than expected.

The Fund continues to build conviction positon sizes. The importance of this was confirmed by strong Q1 trading from Convatec, a position the Fund which has increased from 64bps to 154bps year to date. Sales came in ahead of consensus whilst resilient trading demonstrates the underlying quality of this business. 

With over 50% of the Fund’s capital in stocks trading below their book value (versus 18% at the beginning of the year), we believe there remains significant potential to create meaningful value for investors. We remain confident that performance should improve through the second half of Q2 and could be materially better in the second half of the year.

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

Return history (%)

Data as at 30 April 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.


Mar 15 - Mar 16 Mar 16 - Mar 17 Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20
Fund -6.58% 28.88% 3.74% 1.51% -27.42%

Monthly returns (%)

Data as at 30 April 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 -30.60 118.00
Benchmark 2020 -2.84 -9.37 -15.89 8.64 -19.54 74.19

Net yield

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

Net Yield %
Share class A - accumulating 5.71
Share class A - distributing 5.94
Share class B - accumulating 5.73
Share class B - distributing 5.97

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 April 2020
Fund size GBP 1.39bn
Number of holdings 46

Top 10 holdings and active weights

Data as at 30 April 2020
Top 10 holdings
GlaxoSmithKline 6.20%
BP 4.51%
3i 4.37%
Morrison 4.28%
Vodafone 4.08%
Anglo American 4.05%
Tesco 4.05%
Daily Mail & General Trust A 3.61%
Royal Dutch Shell 3.58%
Barclays 3.49%
Top 10 active weights
Morrison +4.07%
3i +3.97%
Daily Mail & General Trust A +3.61%
Electrocomponents +3.27%
Anglo American +3.11%
Tesco +2.82%
St. Modwen Properties +2.71%
QinetiQ +2.65%
WPP +2.55%
Barclays +2.50%

Sector breakdown

Data as at 30 April 2020
Portfolio Benchmark Relative
Financials 26.96% 25.22% 1.74%
Consumer Services 23.25% 11.63% 11.61%
Industrials 12.60% 11.52% 1.08%
Oil & Gas 9.75% 9.19% 0.56%
Health Care 8.16% 11.95% -3.79%
Basic Materials 7.24% 7.44% -0.20%
Telecommunications 4.08% 2.29% 1.79%
Consumer Goods 3.65% 16.15% -12.51%
Technology 0.78% 1.07% -0.29%
Utilities 0.58% 3.54% -2.96%
Cash 2.96% 0.00% 2.96%

Market cap breakdown

Data as at 30 April 2020
Portfolio Benchmark Relative
Large Cap 57.66% 80.40% -22.74%
Medium Cap 30.80% 16.40% 14.41%
Small Cap 8.58% 3.20% 5.38%
Cash 2.96% 0.00% 2.96%

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 22/05/2020 A GBP Ireland B3RQ272 1.977 -0.048
A USD Ireland B435PM6 1.505 -0.040
A EUR Ireland B431KK7 1.862 -0.044
B GBP Ireland B3ZQS76 1.954 -0.048
B USD Ireland BF7NZT0 1.535 -0.042
B EUR Ireland B5L49R5 1.895 -0.045
Z GBP Ireland B44PG77 1.400 -0.035
Z USD Ireland BVG7681 1.004 -0.027
JOHCM Asia ex Japan Small and Mid Cap Fund 22/05/2020 A GBP Ireland B6R5LS4 2.080 -0.047
A USD Ireland B6R5QW3 1.684 -0.042
A EUR Ireland B6R5VD9 1.765 -0.038
B EUR Ireland B6R5HM0 2.016 -0.044
B GBP Ireland B6R63P8 2.053 -0.047
B USD Ireland B6R5YM9 1.624 -0.041
Z GBP Ireland B4X3T62 1.575 -0.037
JOHCM Continental European Fund 22/05/2020 A GBP Ireland 3300912 4.013 -0.050
A USD Ireland BJ4G0G2 1.203 -0.014
A EUR Ireland 3300923 3.128 -0.037
A Hedged GBP Ireland BSJCJ49 1.054 -0.012
B GBP Ireland 3100543 3.873 -0.048
B USD Ireland BJ4G0H3 1.228 -0.014
B EUR Ireland 3300901 3.152 -0.038
X Hedged GBP Ireland BDZD4P7 0.818 -0.009
Y GBP Ireland B993PD0 1.478 -0.018
Y EUR Ireland B98YKX9 1.206 -0.013
Y Hedged GBP Ireland BSJCJ50 1.103 -0.012
JOHCM European Concentrated Value Fund 22/05/2020 A EUR Ireland BW0DJY9 0.874 -0.012
B USD Ireland BW0DK13 0.933 -0.017
B EUR Ireland BW0DJZ0 0.869 -0.013
Z AUD Ireland BYNJFM8 1.050 -0.014
Z EUR Ireland BYNJFN9 0.803 -0.013
JOHCM European Select Values Fund 22/05/2020 A GBP Ireland 3290422 4.484 -0.065
A EUR Ireland 3290433 2.787 -0.037
B GBP Ireland 3290400 4.110 -0.060
B EUR Ireland 3290411 1.867 -0.025
Non-Distributing EUR Ireland BSFWK51 1.030 -0.014
X EUR Ireland B4K14L9 1.337 -0.017
JOHCM Global Emerging Markets Opportunities Fund 22/05/2020 A GBP Ireland B4002N4 1.206 -0.026
A USD Ireland B4M6CN0 0.948 -0.023
A EUR Ireland B3ZBLW7 1.267 -0.027
B GBP Ireland B41RZ57 1.161 -0.025
B USD Ireland B4XXMP2 1.239 -0.030
B EUR Ireland B4TRCR0 1.254 -0.025
Y GBP Ireland BYSGJY4 1.454 -0.031
Y USD Ireland BYSGJZ5 1.153 -0.027
Z GBP Ireland B6R54W9 1.517 -0.033
Z CAD Ireland BBPK0L2 1.393 -0.028
Z AUD Ireland B5W6ZB6 1.658 -0.031
JOHCM Global Income Builder Fund 22/05/2020 GBP Ireland BFZWPH7 1.063 -0.005
A GBP Ireland BFZWPC2 1.019 -0.005
A USD Ireland BFZWPF5 0.926 -0.006
A EUR Ireland BFZWPD3 1.006 -0.003
A SGD Ireland BFZWPG6 0.973 -0.004
B EUR Ireland BFZWPJ9 0.983 -0.005
EUR EUR Ireland BKF2GH9 0.890 -0.003
GBI GBP Ireland BHR0DJ1 0.994 -0.005
HEU EUR Ireland BJGW7C3 0.891 -0.007
JOHCM Global Opportunities Fund (offshore) 22/05/2020 A GBP Ireland B89PQM5 1.942 -0.016
A USD Ireland B89JY23 1.767 -0.019
A EUR Ireland B7MR557 2.056 -0.014
B GBP Ireland BF7NZS9 2.154 -0.017
B USD Ireland B8295C7 1.695 -0.018
B EUR Ireland B80FZF0 1.906 -0.013
IHX EUR Ireland BFZWWX2 0.863 -0.008
X GBP Ireland BQVC9L0 1.656 -0.013
X EUR Ireland BJ5JW42 0.938 -0.005
X GBP Ireland BK8M212 0.925 -0.007
X Hedged GBP Ireland BF29TX5 0.900 -0.010
Z GBP Ireland B83MS15 0.767 -0.006
Z GBP Ireland BD6R4D6 1.426 -0.011
Z EUR Ireland BDZD4M4 0.916 -0.007
JOHCM Global Opportunities Fund (onshore) 22/05/2020 A Accumulating GBP UK BJ5JMC0 0.974 -0.006
A Distributing GBP UK BJ5JMD1 0.960 -0.005
AHA GBP UK BKDV8G1 0.895 -0.008
X Accumulating GBP UK BJ5JMF3 0.945 -0.006
X Distributing GBP UK BJ5JMG4 0.955 -0.005
JOHCM Global Select Fund 22/05/2020 A GBP Ireland B3DBRN2 3.497 -0.031
A USD Ireland B3T31Z2 1.757 -0.020
A EUR Ireland B3DBRP4 3.146 -0.023
B GBP Ireland B3DBRL0 3.387 -0.032
B USD Ireland B5L7L67 2.013 -0.023
B EUR Ireland B3DBRM1 3.059 -0.026
Z GBP Ireland B3DCMB8 2.501 -0.024
Z USD Ireland B4V7J00 1.965 -0.024
JOHCM Japan Fund 22/05/2020 A GBP Ireland 3438879 2.123 -0.021
A EUR Ireland 3438880 1.501 -0.013
A Hedged GBP Ireland B5LD7P6 1.336 -0.021
A JPY JPY Ireland 3438891 267.894 -4.334
B GBP Ireland 3438846 2.072 -0.021
B EUR Ireland 3438857 1.455 -0.013
B Hedged GBP Ireland B6386R1 1.360 -0.022
B JPY JPY Ireland 3438868 264.882 -4.185
JOHCM UK Dynamic Fund 22/05/2020 A Accumulating GBP UK B4T7HR5 1.892 -0.031
A Distributing GBP UK B4T8552 1.359 -0.023
B Accumulating GBP UK B4T7JX5 2.111 -0.035
B Distributing GBP UK B4TXJ33 1.243 -0.021
X Accumulating GBP UK BJ7HNB8 0.736 -0.012
X Distributing GBP UK BJ5JMB9 0.707 -0.012
Y GBP Ireland BDGKPZ4 0.708 -0.011
Y GBP UK BDZRJ21 0.852 -0.014
Y Accumulating GBP UK BDZRJ10 1.090 -0.018
JOHCM UK Equity Income Fund 22/05/2020 A Accumulating GBP UK B03KR50 2.696 -0.040
A Distributing GBP UK B03KP23 1.309 -0.019
B Accumulating GBP UK B03KR83 2.511 -0.037
B Distributing GBP UK B03KR61 1.218 -0.018
X Distributing GBP UK BYV9S21 0.651 -0.010
Y GBP UK B95FCK6 0.882 -0.013
Y Accumulating GBP UK B8FCHK5 1.087 -0.016
JOHCM UK Growth Fund 22/05/2020 A GBP Ireland 3300934 2.670 -0.040
B GBP Ireland 3100554 2.317 -0.034
REU EUR Ireland BLLV8D7 1.376 -0.019
RUD USD Ireland 1.396 -0.024
X USD Ireland BLLV871 1.396 -0.025
X EUR Ireland 1.343 -0.020
X EUR Ireland BLLV882 1.377 -0.019
X GBP Ireland BLLV893 1.323 -0.020
JOHCM UK Opportunities Fund 22/05/2020 A Accumulating GBP UK B0LLB64 2.708 -0.034
A Distributing GBP UK B3K76Q9 1.821 -0.022
B Accumulating GBP UK B0LLB75 2.533 -0.031
B Distributing GBP UK B3K76P8 1.728 -0.021
X Accumulating GBP UK BQJZQQ5 1.247 -0.016
X Distributing GBP UK B95MSF4 1.026 -0.013
Y GBP UK B95J5C1 1.223 -0.016
Y Accumulating GBP UK B95HP81 1.510 -0.019

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 06/19 07/19 08/19 09/19 10/19 11/19 12/19 01/20 02/20 03/20
A  GBP 0.4143 0.5095 0.4572 0.4716 0.4537 0.4537 0.4276 0.4668 0.4491 0.4176
A EUR 0.4075 0.4935 0.4441 0.4695 0.4650 0.4650 0.4426 0.4862 0.4680 0.4171
A USD   0.3902 0.4598 0.4114 0.4324 0.4384 0.4384 0.4117 0.4592 0.4372 0.3853
A SGD  0.3905 0.4672 0.4228 0.4429 0.4398 0.4398 0.4164 0.4573 0.4418 0.4079
B EUR 0.4025 0.4870 0.4379 0.4627 0.4579 0.4579 0.4355 0.4775 0.4595 0.4088
Seed 0.4297 0.5287 0.4746 0.4897 0.4714 0.4714 0.0411 0.4859 0.4677 0.3691

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 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
A distributing GBP 3.6600 2.7765 1.9368 2.0957 3.6523 2.7970 2.0409 1.5930
A accumulating GBP 6.7535 5.2101 3.6835 4.0293 7.1000 5.5449 4.1082 3.2391
B distributing GBP  3.4380 2.6034 1.8139 1.9597 3.4124 2.6093 1.9017 1.4790
B accumulating GBP 6.3593 4.8980 3.4588 3.7777 6.6508 5.1861 3.8367 3.0210
Y distributing GBP 2.4607 1.8670 1.3028 1.4102 2.4582 1.8832 1.3744 1.0730
Y accumulating GBP 2.7171 2.0960 1.4823 1.6220 2.8588 2.2334 1.6547 1.3051

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

  • 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
  • 16 Oct 2019

    Under the Bonnet

    Alex and Tom provide their usual strategy update in a month where the Fund had its best monthly performance in over five years.

    Read More
  • 11 Sep 2019

    Under the Bonnet

    Alex Savvides provides his usual monthly update in a month where sterling hit multi-decade lows and ONS data showed the UK economy contracting in Q2 for the first time in six years. 

    Read More
  • 18 Aug 2019

    Under the Bonnet

    July was a month in which geoploitical brinkmanship came to a head, leading government and central bank policies to be reappraised globally.

    Read More
  • 08 Jul 2019

    Under the Bonnet

    Alex Savvides and Tom Matthews provide a comprehensive portfolio update for June and the first half of the year. 

    Read More
  • 12 Jun 2019

    Under the Bonnet

    Alex Savvides and Tom Matthews provide their latest portfolio and macro review for the month of May. 

    Read More

Webcasts & Videos

  • JOHCM UK Dynamic Fund Q1 2020 Update

    28 Apr 2020 | 50 mins

  • JOHCM UK Dynamic Fund: Savvides takes stock

    25 Mar 2020 | 33 mins

  • JOHCM UK Dynamic Fund Q4 2019 Update

    12 Feb 2020 | 50 mins

  • JOHCM UK Dynamic Fund Q3 2019 Update

    12 Nov 2019 | 45 mins

  • 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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