JOHCM UK Dynamic Fund (offshore)

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Fund Description

Build Back Better – In UK equities
Click to read Build Back Better

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.

 

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

Please note that with effect from 1 January 2022, this fund will make semi-annual distributions.

  • Alex Savvides

    Senior Fund Manager

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  • Stephanie Geary

    Analyst

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  • Siddharth Sukumar

    Analyst

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This is a marketing communication.

Information on the rights of investors can be found here.

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 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, supported by experienced analyst Eoghan Reid, run a concentrated portfolio of best-in-class UK large and mid-cap companies.

They invest in companies with reliable cashflows which they expect and encourage management to invest back into their businesses to sustain future growth. The ...

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JOHCM UK Dynamic Fund (offshore)

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 h...

Read More
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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 14 September 2022
Benchmark FTSE All-Share TR 12pm adjusted
Domicile Ireland
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, 30 June
Payment date 28 February, 31 August
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 14 September 2022
Notes

©2022 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Overall Ratings and Morningstar Analyst Ratings are as at 30/06/2022.

The Elite Rating™ system is proprietary to FundCalibre Ltd, but should not be taken as a recommendation.

Fees and charges

Initial charge Up to 5%
Performance fee

Annual management charge - 0.625%. 
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

This is a marketing communication.

Information on the rights of investors can be found here.

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 31 August 2022

Turbulence returned to global stock markets in August, as concerns of global growth and hawkish central banks revived. Revised forecasts suggest domestic inflation is set to be higher for longer. 

Consumer cyclical stocks led declines, while energy remained the top performer on elevated gas prices, despite weakening oil prices. Ofgem announced the reset of the energy price cap, set to increase 80% from 1st October, worsening the domestic cost of living outlook. 

Against the backdrop of a stronger Dollar, cyclical declines and further risk to the domestic economy from rising energy costs, the FTSE 250 considerably underperformed the FTSE 100 by -4.1% in August. 

In this macro environment, the fund had a difficult month, underperforming the FTSE All Share by -1.61%. Some of the fund’s cyclical positions were caught up in the macro move without any material idiosyncratic news flow. 

WPP (-50bps) came in with some good H122 numbers, beating consensus expectations (+8.3% Rev growth vs 5.5% Consensus). Despite the robust trading performance, the market took a very dim view of performance on margins and cash, and the European advertising market more generally, de-rating WPP further in the process.

The performance in Centrica (-39bps) was surprising, given yields, gas and power prices continued to rise providing material tailwinds. This is after the company beat and raised expectations for the full year in their H122 results presentation. The company trades on a forward PE of 5x, despite holding net cash on the balance sheet and a pension deficit that has been materially de-risked. We believe Centrica is a strategic asset that will help the UK transition to Net Zero with a unique set of competitive advantages, including two unique physical assets with the optionality to be valued at greater than £1bn each (currently valued at zero by the market). We find the level of pessimism embedded in the share price to be extreme and consequently have used this as an opportunity to increase position size.

Rising yields and fears over the future of London offices and retail led to Land Securities (-29bps) being de-rated 10% to 0.6x book value. It is worth keeping in mind these book values have already been severely written down post-Covid. We believe this broad stroke approach does not take into account the polarisation in office demand between quality modern office spaces and low-grade offices.

Travis Perkins (-25bps) continued to stay out of favour as fears of a deep recession in the UK led to the market de-rating the stock close to its decade low PE, despite next year's earnings having been revised lower by the market. At current prices, we believe the entire merchanting division alone could potentially justify the value of the company, with more than £400m of unrealised freehold property gains and the entire Toolstation business being offered for free.

The share price of GlaxoSmithKline (+2bps) fell 20% in August, over fears of litigation actions relating to Zantac.  At this stage we believe the case to be complex and the financial outcome difficult to predict, given the significant number and diversity of plaintiffs potentially involved, but we believe the market cap decline of -£12.8bn in response to be extreme. Relative impact to fund performance was minimal, as the fund began August with an underweight position, but we have taken the weakness as an opportunity to add to our weighting. 

On a positive note, Pearson (+52bps) shares rallied after delivering a strong set of H122 results, reporting growth ahead of consensus expectations. The main surprise came from the announcement of at least £100mn in incremental cost efficiencies for 2023, resulting in delivering the target of mid-teens margin in 2023, two years ahead of expectation.

Aviva (+35bps) shares had a good month after reporting a strong set of H122 results that beat market expectations and announcing another round of buybacks using excess capital.

BP (+24bps) was a positive, however the fund’s aggregate underweight to the energy sector was an overall detractor through allocation effects. 

This is a marketing communication.

Information on the rights of investors can be found here.

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.

KIIDs
(Key Investor Information Documents)

This is a marketing communication.

Information on the rights of investors can be found here.

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.

Return history (%)

Data as at 14 September 2022

Standardised Performance


Jun 17 - Jun 18 Jun 18 - Jun 19 Jun 19 - Jun 20 Jun 20 - Jun 21 Jun 21 - Jun 22
Fund 10.82% -3.87% -24.40% 35.62% 0.53%

Monthly returns (%)

Data as at 14 September 2022
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 -1.98 21.10 4.55 -18.05
Benchmark 2020 -2.84 -9.37 -15.89 8.64 2.17 0.72 -2.68 1.55 -2.05 -4.04 14.39 2.85 -9.52
Fund 2021 0.12 5.63 5.07 1.82 3.54 -0.23 1.23 3.35 -2.16 -0.06 -2.21 4.32 21.95
Benchmark 2021 -0.44 2.06 3.73 3.43 1.74 -0.13 0.37 2.65 -0.41 1.32 -2.30 4.68 17.77
Fund 2022 1.21 -2.42 2.29 -1.51 2.72 -5.74 4.27 -3.58 -3.15 204.00
Benchmark 2022 -0.24 -1.29 2.73 -0.56 1.26 -6.15 3.92 -1.42 -2.07 125.91

Net yield

Net Yield %
Share class A - accumulating 5.52
Share class A - distributing 5.55
Share class B - accumulating 5.54
Share class B - distributing 5.78

This is a marketing communication.

Information on the rights of investors can be found here.

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 14 September 2022
Fund size GBP 1.23bn
Number of holdings 41

Top 10 holdings and active weights

Data as at 14 September 2022
Top 10 holdings
BP 5.27%
3i 4.95%
ConvaTec Group 4.92%
Barclays 4.79%
Vodafone 4.75%
HSBC 4.64%
Aviva 4.19%
Anglo American 4.18%
Pearson 3.87%
WPP 3.56%
Top 10 active weights
ConvaTec Group +4.76%
3i +4.45%
Aviva +3.67%
Barclays +3.60%
Pearson +3.59%
Vodafone +3.33%
Land Securities Group +3.31%
Centrica +3.22%
WPP +3.21%
RS GROUP +2.98%

Sector breakdown

Data as at 14 September 2022
Portfolio Benchmark Relative
Financials 27.53% 22.46% 5.07%
Industrials 13.89% 10.68% 3.21%
Consumer Discretionary 11.16% 10.30% 0.86%
Health Care 9.28% 11.21% -1.93%
Energy 7.95% 11.55% -3.60%
Consumer Staples 6.55% 16.12% -9.57%
Basic Materials 5.24% 7.53% -2.29%
Telecommunications 4.75% 2.10% 2.65%
Real Estate 4.65% 2.96% 1.69%
Technology 4.33% 1.51% 2.82%
Utilities 3.41% 3.58% -0.17%
Cash 1.25% 0.00% 1.25%

Market cap breakdown

Data as at 14 September 2022
Portfolio Benchmark Relative
Large Cap 65.41% 82.40% -16.99%
Medium Cap 30.16% 14.77% 15.38%
Small Cap 3.19% 2.83% 0.36%
Cash 1.25% 0.00% 1.25%

This is a marketing communication.

Information on the rights of investors can be found here.

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

As at noon Share class Currency Domicile Sedol number NAV per share Change
JO Hambro Global Select Shariah Fund 05/10/2022 A USD Ireland BMZQQY2 0.937 0.004
JOHCM (ire) Uk Dynamic Fund 05/10/2022 EUR Y EUR Ireland BP6NT66 0.887 -0.009
USD Y USD Ireland BPP4K90 0.944 -0.013
JOHCM Asia ex Japan Fund 05/10/2022 A EUR Ireland B431KK7 2.370 0.071
A GBP Ireland B3RQ272 2.454 0.074
A USD Ireland B435PM6 1.743 0.047
B EUR Ireland B5L49R5 2.378 0.071
B GBP Ireland B3ZQS76 2.392 0.072
B USD Ireland BF7NZT0 1.754 0.047
Z GBP Ireland B44PG77 1.753 0.053
Z USD Ireland BVG7681 1.172 0.032
JOHCM Asia ex Japan Small and Mid Cap Fund 05/10/2022 A EUR Ireland B6R5VD9 2.513 0.028
A GBP Ireland B6R5LS4 2.918 0.032
A USD Ireland B6R5QW3 2.204 0.018
B EUR Ireland B6R5HM0 2.849 0.032
B GBP Ireland B6R63P8 2.832 0.031
B USD Ireland B6R5YM9 2.088 0.016
Z GBP Ireland B4X3T62 2.226 0.025
JOHCM Continental European Fund 05/10/2022 USD Y USD Ireland BPP4K89 0.990 -0.003
JOHCM Continental European Fund 05/10/2022 A EUR Ireland 3300923 3.936 -0.001
A GBP Ireland 3300912 4.925 -0.003
A USD Ireland BJ4G0G2 1.560 -0.001
A Hedged GBP Ireland BSJCJ49 1.347 0.000
B EUR Ireland 3300901 3.953 -0.002
B GBP Ireland 3100543 4.738 -0.002
B USD Ireland BJ4G0H3 1.587 -0.001
GBP X GBP Ireland BP6NT77 0.977 0.000
Y EUR Ireland B98YKX9 1.516 -0.001
Y GBP Ireland B993PD0 1.815 -0.001
Y Hedged GBP Ireland BSJCJ50 1.407 -0.001
JOHCM European Concentrated Value Fund 05/10/2022 A EUR Ireland BW0DJY9 0.873 -0.004
B EUR Ireland BW0DJZ0 0.865 -0.004
Z AUD Ireland BYNJFM8 0.966 -0.004
Z EUR Ireland BYNJFN9 0.804 -0.005
JOHCM European Select Values Fund 05/10/2022 A EUR Ireland 3290433 2.936 -0.027
A GBP Ireland 3290422 4.609 -0.043
B EUR Ireland 3290411 1.962 -0.018
B GBP Ireland 3290400 4.214 -0.039
Non-Distributing EUR Ireland BSFWK51 1.089 -0.010
X EUR Ireland B4K14L9 1.400 -0.013
Y EUR Ireland BMXC8L3 0.791 -0.007
JOHCM Global Emerging Markets Opportunities Fund 05/10/2022 A EUR Ireland B3ZBLW7 1.543 0.027
A GBP Ireland B4002N4 1.432 0.025
A USD Ireland B4M6CN0 1.052 0.017
B EUR Ireland B4TRCR0 1.527 0.027
B GBP Ireland B41RZ57 1.380 0.024
B USD Ireland B4XXMP2 1.375 0.020
Y USD Ireland BYSGJZ5 1.273 0.019
Y GBP Ireland BYSGJY4 1.725 0.030
Z CAD Ireland BBPK0L2 1.508 0.020
Z GBP Ireland B6R54W9 1.817 0.031
JOHCM Global Income Builder Fund 05/10/2022 A EUR Ireland BFZWPD3 1.081 0.007
A GBP Ireland BFZWPC2 1.070 0.008
A SGD Ireland BFZWPG6 0.954 0.003
A USD Ireland BFZWPF5 0.906 0.003
B EUR Ireland BFZWPJ9 1.032 0.007
Seed EUR Ireland BKF2GH9 0.967 0.007
Seed GBP Ireland BFZWPH7 1.126 0.007
Seed GBP Ireland BHR0DJ1 1.169 0.008
JOHCM Global Opportunities Fund (offshore) 05/10/2022 X Non-distributing NOK NOK Ireland BMFV6C5 10.662 0.045
JOHCM Global Opportunities Fund (offshore) 05/10/2022 A EUR Ireland B7MR557 2.681 0.015
A GBP Ireland B89PQM5 2.472 0.014
A USD Ireland B89JY23 2.099 0.005
A Hedged EUR Ireland BFZWWX2 0.982 0.003
B EUR Ireland B80FZF0 2.442 0.014
B GBP Ireland BF7NZS9 2.692 0.014
B USD Ireland B8295C7 1.976 0.004
X EUR Ireland BJ5JW42 1.224 0.007
X GBP Ireland BQVC9L0 2.114 0.011
X Hedged GBP Ireland BF29TX5 1.064 0.003
Z EUR Ireland BDZD4M4 1.218 0.007
Z GBP Ireland B83MS15 0.993 0.005
JOHCM Global Opportunities Fund (onshore) 05/10/2022 A Accumulating GBP UK BJ5JMC0 1.292 0.007
A Accumulating Hedged GBP UK BKDV8G1 1.049 0.003
A Distributing GBP UK BJ5JMD1 1.216 0.007
X Accumulating GBP UK BJ5JMF3 1.261 0.006
X Distributing GBP UK BJ5JMG4 1.217 0.006
JOHCM Global Select Fund 05/10/2022 A EUR Ireland B3DBRP4 3.914 0.057
A GBP Ireland B3DBRN2 4.245 0.061
A USD Ireland B3T31Z2 1.990 0.023
B EUR Ireland B3DBRM1 3.750 0.054
B GBP Ireland B3DBRL0 4.047 0.057
B USD Ireland B5L7L67 2.247 0.026
Z GBP Ireland B3DCMB8 3.080 0.044
JOHCM Uk Dynamic Fund 05/10/2022 Y GBP Ireland BDGKPZ4 0.906 -0.010
JOHCM UK Dynamic Fund (onshore) 05/10/2022 A Accumilating GBP UK B4T7HR5 2.627 -0.028
A Distributing GBP UK B4T8552 1.737 -0.019
B Accumulating GBP UK B4T7JX5 2.897 -0.030
B Distributing GBP UK B4TXJ33 1.570 -0.016
X Accumulating GBP UK BJ7HNB8 1.027 -0.011
X Distributing GBP UK BJ5JMB9 0.908 -0.009
Y GBP UK BDZRJ21 1.092 -0.011
Y Accumulating GBP UK BDZRJ10 1.518 -0.016
JOHCM UK Equity Income Fund 05/10/2022 A Accumulating GBP UK B03KR50 3.878 -0.097
A Distributing GBP UK B03KP23 1.680 -0.042
B Accumulating GBP UK B03KR83 3.570 -0.089
B Distributing GBP UK B03KR61 1.544 -0.039
X Distributing GBP UK BYV9S21 0.840 -0.021
Y GBP UK B95FCK6 1.135 -0.029
Y Accumulating GBP UK B8FCHK5 1.568 -0.039
JOHCM UK Growth Fund 05/10/2022 A GBP Ireland 3300934 3.364 -0.015
B GBP Ireland 3100554 2.912 -0.013
Non-distributing EUR Ireland BLLV8D7 1.807 -0.008
Non-distributing USD Ireland BLLV8C6 1.668 -0.012
X EUR Ireland BLLV882 1.821 -0.008
X EUR Ireland BLLV8B5 1.700 -0.007
X GBP Ireland BLLV893 1.678 -0.008
X USD Ireland BLLV871 1.682 -0.012
JOHCM UK Opportunities Fund 05/10/2022 A Accumulating GBP UK B0LLB64 2.969 -0.014
A Distributing GBP UK B3K76Q9 1.900 -0.009
B Accumulating GBP UK B0LLB75 2.744 -0.013
B Distributing GBP UK B3K76P8 1.781 -0.008
X Accumulating GBP UK BQJZQQ5 1.369 -0.006
X Distributing GBP UK B95MSF4 1.079 -0.005
Y GBP UK B95J5C1 1.281 -0.006
Y Accumulating GBP UK B95HP81 1.663 -0.008
Regnan Global Equity Impact Solutions Fund (offshore) 05/10/2022 A EUR Ireland BN2BD91 0.875 0.009
A GBP Ireland BN2BD80 0.857 0.008
A USD Ireland BN2BDC4 0.720 0.005
A Hedged EUR Ireland BN2BDB3 0.693 0.006
B USD Ireland BN2BDH9 0.711 0.005
B EUR Ireland BN2BDF7 0.865 0.009
B GBP Ireland BN2BDD5 0.850 0.009
B Hedged EUR Ireland BN2BDG8 0.679 0.004
Seed EUR Ireland BN2BDS0 0.889 0.009
Seed GBP Ireland BN2BDR9 0.871 0.009
Seed USD Ireland BN2BDV3 0.728 0.006
Seed Hedge EUR Ireland BN2BDT1 0.699 0.005
Z GBP Ireland BN2BDN5 0.868 0.009
Regnan Global Equity Impact Solutions Fund (offshore) 05/10/2022 Y CAD CAD Ireland BMWMY49 0.869 0.006
Regnan Global Equity Impact Solutions Fund (onshore) 05/10/2022 A Accumulating GBP UK BMCZDD0 1.012 0.010
F Accumulating GBP UK BMCZDJ6 1.025 0.010
Y Accumulating GBP UK BMCZDK7 1.015 0.010
Regnan Sustainable Water and Waste Fund (offshore) 05/10/2022 A EUR Ireland BLPKC72 0.901 0.005
A USD Ireland BLPKC94 0.794 0.003
A GBP Ireland BLPKC61 0.925 0.006
B EUR Ireland BLPKCC7 0.903 0.005
B GBP Ireland BLPKCB6 0.927 0.005
B USD Ireland BLPKF84 0.795 0.002
Y GBP Ireland BLPKF95 0.926 0.005
Y EUR Ireland BLPKFC8 0.901 0.004
Y USD Ireland BLPKFF1 0.794 0.003
Regnan Sustainable Water and Waste Fund (onshore) 05/10/2022 A Accumulating GBP UK BMYXD32 0.992 0.006
F Accumulating GBP UK BMYXQ55 0.999 0.006
Y Accumulating GBP UK BMYXQ55 0.999 0.006

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 01/22 02/22 03/22 04/22 05/22 06/22 07/22 08/22 09/22 10/22
A  GBP 0.3789 0.3654 0.3251 0.3709 0.3481 0.3848 0.3507 0.3439 0.3982 0.3509
A EUR 0.4003 0.3863 0.3443 0.3889 0.3655 0.3990 0.3571 0.3622 0.4055 0.3547
A USD   0.3812 0.3676 0.0349 0.3634 0.3242 0.3611 0.3151 0.3128 0.3431 0.2930
A SGD  0.3823 0.3665 0.3256 0.3641 0.3321 0.3661 0.3248 0.3189 0.3548 0.3107
B EUR 0.3850 0.3712 0.3306 0.3731 0.3503 0.3820 0.3416 0.3462 0.3872 0.3385
Seed GBP 0.3978 0.3838 0.3416 0.3470 0.3262 0.3562 0.3189 0.3619 0.4193 0.3695

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 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
A distributing GBP 1.5930 1.1154 1.2632 1.0771 1.1681 2.3283 3.0863 1.2881 1.9828 3.4453
A accumulating GBP 3.2391 2.2958 2.6218 2.2581 2.4649 4.9447 6.6368 2.8152 4.3509 7.6541
B distributing GBP  1.4790 1.0379 1.1739 0.9997 1.0825 2.1559 2.8539 1.1897 1.8271 3.1746
B accumulating GBP 3.0210 2.1395 2.4391 2.0980 2.2869 4.5836 6.1431 2.6020 4.0228 7.0604
Y distributing GBP 1.0730 0.7534 0.8514 0.7263 0.7879 1.5709 2.0833 0.8697 1.3383 2.3274
Y accumulating GBP 1.3051 0.9242 1.0570 0.5363 0.9944 1.9953 2.6787 1.1364 1.7602 3.0924

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 semi-annual dividends

All funds have a XD date of 1 July 2022 and pay date of 31 August 2022.

JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in  Dividend rate
Y GBP 31 Aug 2022 pence per share 2.1779

Funds paying annual dividends

All funds have a XD date of 31 December 2021 and pay date of 28 February 2022.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 1.2717
Z USD 28 Feb 2022 cents per share 1.0094

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 0.0000

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 8.6863
A EUR 28 Feb 2022 cents per share 7.2518
A - hedge GBP 28 Feb 2022 pence per share 2.3783
B GBP 28 Feb 2022 pence per share 5.7899
B EUR 28 Feb 2022 cents per share 5.0477
B - hedge USD 28 Feb 2022 cents per share 1.8425
Y GBP 28 Feb 2022 pence per share 3.4475
Y - hedge GBP 28 Feb 2022 pence per share 2.6955
Y EUR 28 Feb 2022 cents per share 3.0103

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 3.4279
A EUR 28 Feb 2022 cents per share 2.2816
B GBP 28 Feb 2022 pence per share 0.4023
B EUR 28 Feb 2021 cents per share 0.1956
Y EUR 28 Feb 2022 cents per share 0.6184

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2022 cents per share 0.8126
B EUR 28 Feb 2022 cents per share 0.3158
Z EUR 28 Feb 2022 cents per share 1.5455

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.8311
A EUR 28 Feb 2022 cents per share 3.1858
A USD 28 Feb 2022 cents per share 2.4633
B GBP 28 Feb 2022 pence per share 1.8347
B EUR 28 Feb 2022 cents per share 2.1208
B USD 28 Feb 2022 cents per share 2.1654
Y GBP 28 Feb 2022 pence per share 3.6898
Y USD 28 Feb 2022 cents per share 3.1258
Z GBP 28 Feb 2022 cents per share 5.3164

JOHCM Global Opportunities Fund (onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.5871
A EUR 28 Feb 2022 cents per share 5.0441
A USD 28 Feb 2022 cents per share 4.8886
B EUR 28 Feb 2022 cents per share 4.6750
B USD 28 Feb 2022 cents per share 4.6865
A - hedged GBP 28 Feb 2022 pence per share 2.6653
A - hedged EUR 28 Feb 2022 cents per share 2.2077
X GBP 28 Feb 2022 cents per share 2.4784
X EUR 28 Feb 2022 cents per share 2.2293

JOHCM Global Opportunities Fund (offshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 4.5789
A EUR 28 Feb 2022 cents per share 5.1902
A USD 28 Feb 2022 cents per share 4.6148
B GBP 28 Feb 2022 pence per share 5.0376
B EUR 28 Feb 2022 cents per share 4.7737
B USD 28 Feb 2022 cents per share 4.3909
A - hedged EUR 28 Feb 2022 cents per share 2.3372
X GBP 28 Feb 2022 cents per share 3.9139
Z GBP 28 Feb 2022 cents per share 1.8229
X - hedged GBP 28 Feb 2022 cents per share 2.4327
X EUR 28 Feb 2022 cents per share 2.3658

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 pence per share 2.9482
Z USD 28 Feb 2022 cents per share 2.5658


JOHCM UK Dynamic Fund

Please note that with effect from 1 January 2022, this fund will make semi-annual distributions.

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 30 June 2022 pence per share 4.2307
A - accumulating GBP 30 June 2022 pence per share 6.2512
B - distributing GBP 30 June 2022 pence per share 3.8318
B - accumulating GBP 30 June 2022 pence per share 6.9098
Y - distributing GBP 30 June 2022 pence per share 2.6563
Y - accumulating GBP 30 June 2022 pence per share 3.6096

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 5.8783
B GBP 28 Feb 2022 pence per share 3.1115
X GBP 28 Feb 2022 pence per share 3.1342

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2022 pence per share 5.5257
A - accumulating GBP 28 Feb 2022 pence per share 8.4140
B - distributing GBP 28 Feb 2022 pence per share 5.2121
B - accumulating GBP 28 Feb 2022 pence per share 7.8256
Y - accumulating GBP 28 Feb 2022 pence per share 3.7193
Y - distributing GBP 28 Feb 2022 pence per share 4.7060

 

Net dividends quoted in the local share class currency.

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

Views & News

  • 20 Apr 2022

    Under the Bonnet

    The world is a very different place to what it was a month ago. As ever, we seek strategic idiosyncratic change where hidden value can be unlocked through management actions

    Read More
  • 18 Jan 2022

    Under the Bonnet

    A quarterly update from the UK Dynamic team on the macro environment, portfolio performance and outlook. 

    Read More
  • 15 Dec 2021

    Under the Bonnet

    A monthly portfolio update from the JOHCM UK Dynamic team on the strategic progress made by their portfolio companies. 

    Read More
  • 12 Nov 2021

    Under the Bonnet

    A monthly portfolio update from the JOHCM UK Dynamic team on the strategic progress made by their portfolio companies. 

    Read More
  • 19 Oct 2021

    Under the Bonnet

    The third quarter saw good strategic progress, strong results and interesting M&A activity for the JOHCM UK Dynamic portfolio.

    Read More
  • 12 Sep 2021

    Under the Bonnet

    A monthly portfolio update from the JOHCM UK Dynamic team in a month where the NASDAQ 100 and S&P500 made new all-time highs.

    Read More
  • 15 Aug 2021

    Under the Bonnet

    The UK Dynamic team take a look at a positive month for the Fund in July.

    Read More
  • 19 Jul 2021

    Under the Bonnet

    An update from the JOHCM UK Dynamic team in a quarter that saw frenzied bid activity for a number of portfolio holdings. 

    Read More
  • 14 Jun 2021

    Under the Bonnet

    Increasing signs the market is beginning to recognise the undervaluation of some of the Fund’s holdings was aided by another period of strong earnings updates in May.

    Read More
  • 13 May 2021

    Under the Bonnet

    A monthly roundup from the JOHCM UK Dynamic team in a month where markets were buoyed by extraordinarily strong economic data. 

    Read More
  • 13 Apr 2021

    Under the Bonnet

    Alex and Tom provide an update on a strong quarter for the portfolio as operating performance and share price momentum continued to build.  

    Read More
  • 15 Mar 2021

    Under the Bonnet

    Investor confidence grew in February as Covid-19 vaccination roll-outs accelerated. Alex and Tom provide a portfolio update. 

    Read More
  • 11 Feb 2021

    Under the Bonnet

    Equity markets were broadly unchanged in January as exuberance over Covid-19 vaccine roll-outs was tempered by concerns for reduced efficacy.

    Read More
  • 20 Jan 2021

    Under the Bonnet

    Reflections on 2020 from the JOHCM UK Dynamic team.

    Read More

Webcasts & Videos

  • JOHCM UK Dynamic Fund Q2 2022 Update

    21 Jul 2022 | 28 mins

  • JOHCM UK Dynamic Fund Q1 2022 Update

    27 Apr 2022 | 34 mins

  • JOHCM UK Dynamic Fund Q4 2021 Update

    26 Jan 2022 | 47 mins

  • JOHCM UK Dynamic Fund Q3 2021 Update

    21 Oct 2021 | 48 mins

  • Alex Savvides

    Senior Fund Manager

    small image path
  • Stephanie Geary

    Analyst

    small image path
  • Siddharth Sukumar

    Analyst

    small image path

This is a marketing communication.

Information on the rights of investors can be found here.

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 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, supported by experienced analyst Eoghan Reid, run a concentrated portfolio of best-in-class UK large and mid-cap companies.

They invest in companies with reliable cashflows which they expect and encourage management to invest back into their businesses to sustain future growth. The ...

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JOHCM UK Dynamic Fund (offshore)

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 h...

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Environmental and Social Characteristics

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

In looking for investments, J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid investing in companies which contribute to significant social and/or environmental harms, and thereby fail environmental, social and governance (“ESG”) key performance indicators.  The Investment Manager takes a holistic approach when considering a company’s sustainability characteristics.  In particular, the team looks for the sustainability “mindset” of the organisation, asking how is this business thinking sustainably and how does this lead to more sustainable, forward-looking business decisions.  In order to achieve the above, the Fund applies an exclusion to those companies it considers “non-sustainable”. The Fund will invest no more than 10% of the Fund in companies rated ‘Severe’ by Sustainalytics, and for any such Severe-rated company to be investable it must be categorised as ‘transitioning’ as defined by the Investment Manager’s framework.  The selection criteria may not be disapplied or overridden by the Investment Manager.

The exclusion criteria referred to above will be applied prior to making any investment and the fund’s portfolio will be monitored for any investments which breach these exclusion criteria on a periodic basis. For this purpose, the Investment Manager will rely on data (and the ESG definitions aligned with that data) from a third-party provider, or such other source as the Investment Manager determines. 

In order to measure and monitor the environmental and social characteristics of the Fund, the Investment Manager will review relevant metrics including the carbon footprint of the portfolio, emissions reduction targets, diversity metrics, employee engagement, and whether investee companies have implemented appropriate policies and structures to support sustainable business practices. The Investment Manager will also consider data provided by a third-party data provider, although this will not necessarily directly influence whether a company will be bought or sold by the Fund.

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

This is due to a lack of reliable, timely and verifiable data for the Investment Manager to make a full and accurate assessment of the investments of the Fund against the TR’s Technical Screening Criteria in respect of climate change mitigation and climate change adaptation. It is also important to note that given the geographical focus of the Fund’s strategy, companies within the investment universe might not be under any obligation to provide the data required under EU legislation.

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

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

Governance

Investee companies must follow good governance practices. This requires investee companies to adhere to minimum standards in various areas including sound management structures, employee relations, remuneration of staff and tax compliance. The Investment Manager is a signatory to the UK Stewardship Code 2012. JOHCM has met the expected standard of reporting under the UK Stewardship Code in 2021 and has been approved as a signatory. As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter. 

Index

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

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