JOHCM UK Dynamic Fund (onshore)

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Fund Description

The team look for business transformation opportunities, under the belief that companies are dynamic and not static. These are companies that are at low points in their lifecycle, where management recognises there is a need for strategic change. These situations are often accompanied by a change in senior management or the board. These companies tend to follow a similar process: stabilise and restructure the balance sheet, employ stricter capital allocation, and sustainably improving the business model. As this plays out, the stock begins to re-rate as the market recognises the higher growth, margins, and cashflows delivered from the streamlined efficiencies.

  • The team 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.
  • The team looks for investments where they have a more positive view of medium to long-term future revenues and cash flows than the prevailing market opinion. They believe 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
  • The team 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 the team within the next financial year, giving the Fund attractive yield characteristics
  • Mark Costar

    Senior Fund Manager

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  • Vishal Bhatia

    Senior Fund Manager

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  • Tom Matthews

    Portfolio Manager

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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)

The team look for business transformation opportunities, under the belief that companies are dynamic and not static. These are companies that are at low points in their lifecycle, where management recognises there is a need for strategic change. These situations are often accompanied by a change in senior management or the board. These compa...

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 31 March 2024
Fund size GBP 798.37m
Strategy size GBP 1.46bn (as at 31 December 2023)
Benchmark FTSE All-Share TR 12pm adjusted
Domicile UK
Denomination GBP
Share classes

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Unit type Distribution & accumulation
XD Date 31 December, 30 June
Payment date 28 February, 31 August
Minimum investment
A distributing GBP 1,000
Valuation point Daily (12 noon, UK time)
Dealing frequency Daily 9-5pm

Fund ratings and awards

Data as at 31 March 2024

For our latest fund ratings and awards, please view our latest factsheet here

Fees and charges

Initial charge Up to 5%
Performance fee

Please review the latest factsheet for more information our fees and charges here

Administration

Status UCITS
Investment manager J O Hambro Capital Management Limited
Transfer agent and registrar The Northern Trust Company (UK Branch)
Depositary Northern Trust Investor Services Limited

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 March 2024

Market Overview

  • Global equity markets continued to push higher in March, driven by a strong earnings season and continued evidence that macro indicators are turning more positive. Flash PMIs showed expansion continues in the US economy and that economic growth is now broadening to include the UK, whilst there are also signs of a stabilisation in the Eurozone. Correspondingly, the FTSE-All share increased 4.8% over the period, outstripping the S&P 500’s monthly move, and closing less than 40p off last year’s all-time high.
  • Central banks globally are signalling there will be downward pressure on interest rates. This is giving corporates increasing confidence, with their balance sheets now mostly repaired and cash holdings close to record highs.
  • Proactive management teams are benefitting from the marked disconnect between valuations and fundamentals created by UK equities, which remain the most favoured underweight of global asset allocators. Buybacks are on the rise (see examples below) and so too are acquisitions: at the time of writing, there have been 12 transactions in the UK in the first quarter alone, with delivered premiums the highest since 2018. Corporate buyers have undertaken all of these. An encouraging backdrop for the Fund.

Performance highlights

  • The fund returned 5.64% in March, outperforming the FTSE All Share. Performance was attributed almost entirely to stock selection as share prices responded to a strong earnings results season for much of the portfolio.
  • Convatec (38bps) numbers were impressive. The bedrock ethos of investment-led product innovation is starting to gestate through the P&L, demonstrating that this turnaround is taking shape. Organic growth has accelerated in all the key divisions, and portfolio vitality (defined by the company as the percentage of contribution from new products) continues to improve. This is a long-cycle asset, so the impact of this should be enduring. However, the sharp re-rating in the share price has led the Fund to trim its position.
  • ITV (29bps) results led to significant consensus upgrades as solid results from ITVX and Studios were compounded by the announcement of a transformational cost savings programme and the accretive effect of a £235m buyback using proceeds from the sale of their 50% stake in Britbox International to the BBC. This is a marked change in direction for the earnings profile of this company and evidences the deep restructuring management has undertaken: consensus now shows higher quality and double-digit earnings growth out to 2025, but the shares are still trading on a p/e of just 10x.   
  •  A capital markets update on 3i Group’s (26bps) holding in the value retailer Action (c.65% of 3i’s net asset value) resulted in further upgrades to analyst forecasts as management raised guidance on EBITDA margins whilst demonstrating their confidence on the growth runway. This remains a high conviction holding for the portfolio. Still, the position has been reduced to allocate capital to a new position in Associated British Foods (9bps) – the owner of value-clothing retailer Primark – where we see a similar growth runway but at an implied 60% discount in EV/EBITDA terms plus an additional benefit of management change following the appointment of the first new CFO in 23 years.
  • Barclays (24bps) announced they will return approximately 50% of their market capitalisation over the next three years in buybacks or distributions. Given the market is valuing their equity at 0.4X tangible book, despite making near double digit returns on equity, this is undeniably the best route to go down, and it has finally injected life into the moribund share price.
  • The turnaround strategy at Aviva (25bps) continued to deliver. Results demonstrated how building a leading proposition in workplace pensions and a strong presence in bulk annuities has created a multi-year growth runway. Combined with an improving backdrop in general insurance, this led medium-term guidance to be upgraded.

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.

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.

Percentage growth of the fund versus benchmark

Data as at 31 March 2024
A GBP share class, since launch (16 June 2008)

Return history (%)

Data as at 31 March 2024

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The 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 19 - Mar 20 Mar 20 - Mar 21 Mar 21 - Mar 22 Mar 22 - Mar 23 Mar 23 - Mar 24
Fund -27.42% 39.99% 10.87% 4.01% 12.43%

Monthly returns (%)

Data as at 31 March 2024
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 -7.47 5.15 7.91 -0.34 1.34
Benchmark 2022 -0.24 -1.29 2.73 -0.56 1.26 -6.15 3.92 -1.42 -5.72 2.61 7.56 -1.14 0.74
Fund 2023 6.22 2.75 -5.01 3.43 -4.13 -0.43 3.65 -0.92 2.33 -4.27 3.88 4.47 11.76
Benchmark 2023 3.57 2.36 -3.00 2.52 -3.12 0.12 2.61 -2.11 2.17 -4.18 2.61 4.37 7.69
Fund 2024 -1.55 0.31 5.61 4.30 270.80
Benchmark 2024 -0.99 0.01 4.46 3.43 158.85

Net yield

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

Net Yield %
Share class A - accumulating 3.73
Share class A - distributing 3.85
Share class B - accumulating 3.74
Share class B - distributing 3.86

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.

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 31 March 2024
Fund size GBP 798.37m
Number of holdings 40

Top 10 holdings and active weights

Data as at 31 March 2024
Top 10 holdings
GSK 5.75%
Barclays 5.00%
Centrica 4.69%
HSBC 4.55%
Aviva 4.47%
Land Securities Group 4.37%
BP 4.35%
3i 4.19%
Moneysupermarket.com 3.90%
ConvaTec Group 3.27%
Top 10 active weights
Centrica +4.40%
Land Securities Group +4.17%
Aviva +3.90%
Moneysupermarket.com +3.85%
Barclays +3.83%
ConvaTec Group +3.08%
3i +3.05%
Johnson Matthey +2.88%
GSK +2.84%
WPP +2.69%

Sector breakdown

Data as at 31 March 2024
Portfolio Benchmark Relative
Financials 24.89% 23.64% 1.25%
Industrials 10.71% 12.61% -1.90%
Consumer Discretionary 9.54% 12.43% -2.88%
Health Care 9.03% 11.43% -2.40%
Basic Materials 7.88% 6.75% 1.14%
Consumer Staples 7.77% 13.56% -5.79%
Energy 6.80% 11.01% -4.21%
Real Estate 6.39% 2.61% 3.78%
Technology 5.70% 1.37% 4.33%
Utilities 4.69% 3.49% 1.20%
Telecommunications 2.65% 1.12% 1.53%
Cash 3.94% 0.00% 3.94%

Market cap breakdown

Data as at 31 March 2024
Portfolio Benchmark Relative
Large Cap 67.79% 84.23% -16.43%
Medium Cap 24.91% 13.69% 11.22%
Small Cap 3.35% 2.08% 1.27%
Cash 3.94% 0.00% 3.94%

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 Group

Fund

As at noon Share class Currency Domicile ISIN number NAV per share Change   KIID
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 A Accumulating GBP UK GB00B4T7HR59 3.33 -0.008
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 A Distributing GBP UK GB00B4T85529 2.076 -0.005
UK Equities JOHCM UK Dynamic Fund (offshore) A GBP Ireland IE00BDGKPY39
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 B Accumulating GBP UK GB00B4T7JX59 3.644 -0.009
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 B Distributing GBP UK GB00B4TXJ339 1.861 -0.005
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 K Accumulating GBP UK GB00BQQ84293 1.107 -0.003
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 K Distributing GBP UK GB00BQQ84301 1.082 -0.002
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 L Accumulating GBP UK GB00BPG4DC34 1.06 -0.003
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 L Distributing GBP UK GB00BPG4DD41 1.06 -0.003
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 M Accumulating GBP UK GB00BMBQQY64 1.086 -0.003
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 M Distributing GBP UK GB00BMBQQZ71 1.061 -0.002
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 X Accumulating GBP UK GB00BJ7HNB87 1.304 -0.003
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 X Distributing GBP UK GB00BJ5JMB96 1.088 -0.003
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 Y Accumulating GBP UK GB00BDZRJ101 1.923 -0.005
UK Equities JOHCM UK Dynamic Fund (onshore) 19/04/2024 Y Distributing GBP UK GB00BDZRJ218 1.305 -0.003
UK Equities JOHCM UK Dynamic Fund (offshore) 19/04/2024 Y EUR EUR Ireland IE000UUSWK64 1.082 -0.003
UK Equities JOHCM UK Dynamic Fund (offshore) 19/04/2024 Y GBP GBP Ireland IE00BDGKPZ46 1.086 -0.003
UK Equities JOHCM UK Dynamic Fund (offshore) 19/04/2024 Y USD USD Ireland IE000R902PU3 1.244 -0.007

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23
A distributing GBP 1.2881 1.9828 3.4453 3.1410 1.8309 2.1053 3.2723 3.4292
A accumulating GBP 2.8152 4.3509 7.6541 7.1149 4.2268 4.9097 7.7197 8.2427
B distributing GBP  1.1897 1.8271 3.1746 2.8895 1.6822 1.9315 3.0000 3.1395
B accumulating GBP 2.6020 4.0228 7.0604 6.5526 3.8884 4.5096 7.0851 7.5529
Y distributing GBP 0.8697 1.3383 2.3274 2.1211 1.2376 1.4237 2.2134 2.3200
Y accumulating GBP 1.1364 1.7602 3.0924 2.8757 1.7088 1.9315 3.1230 3.3359

Dividends are quoted and paid in pence per share

Distribution of income occur on or before: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on an accounting rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com.
 

Funds paying semi-annual dividends

Distribution of income occur on or before: 31 August and 28 February

JOHCM UK Dynamic Fund (Onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 31 Aug 2023 pence per share 4.7348
A - accumulating GBP 31 Aug 2023 pence per share  7.2848
B - distributing GBP 31 Aug 2023 pence per share  4.2666
B - accumulating GBP 31 Aug 2023 pence per share 8.0119
Y - distributing GBP 31 Aug 2023 pence per share 2.9766
Y - accumulating GBP 31 Aug 2023 pence per share 4.2119
X - distributing GBP 31 Aug 2023 pence per share 2.4775
X - accummulating GBP 31 Aug 2023 pence per share 2.8519
M - distributing GBP 31 Aug 2023 pence per share 0.6975
M - accumulating GBP 31 Aug 2023 pence per share 0.6975
K - distributing GBP 31 Aug 2023 pence per share 0.6130
K - accumulating  GBP 31 Aug 2023 pence per share 0.6128

JOHCM UK Dynamic Fund (Offshore)

Share class Currency Pay date Dividend paid in  Dividend rate
Y GBP 31 Aug 2023 pence per share 2.2517
Y EUR 31 Aug 2023 pence per share 2.1310
Y USD 31 Aug 2023 pence per chare 2.3831

JOHCM Global Select Shariah Fund 

Share class Currency Pay date Dividend paid in  Dividend rate
A USD 31 Aug 2023 pence per share 0.3187

Funds paying annual dividends

Distribution of income occur on or before 28 February

JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 0.0000
A EUR 28 Feb 2023 cents per share 0.0000
A USD 28 Feb 2023 cents per share 0.0000
B GBP 28 Feb 2023 pence per share 0.0000
B EUR 28 Feb 2023 cents per share 0.0000
B USD 28 Feb 2023 cents per share 0.0000
Z GBP 28 Feb 2023 cents per share 1.2559
Z USD 28 Feb 2023 cents per share 0.0088

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 0.0000
A EUR 28 Feb 2023 cents per share 0.0000
A USD 28 Feb 2023 cents per share 0.0000
B GBP 28 Feb 2023 pence per share 0.0000
B EUR 28 Feb 2023 cents per share 0.0000
B USD 28 Feb 2023 cents per share 0.0000
Z GBP 28 Feb 2023 cents per share 0.0000


JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 10.0915
A EUR 28 Feb 2023 cents per share 7.9953
A - hedge GBP 28 Feb 2023 pence per share 2.9851
B GBP 28 Feb 2023 pence per share 7.7618
B EUR 28 Feb 2023 cents per share 6.4068
B - hedge USD 28 Feb 2023 cents per share 1.1526
Y GBP 28 Feb 2023 pence per share 3.7378
Y - hedge GBP 28 Feb 2023 pence per share 3.2781
Y EUR 28 Feb 2023 cents per share 3.0566

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2023 pence per share 4.8151
A EUR 28 Feb 2023 cents per share 2.6779
B GBP 28 Feb 2023 pence per share 2.0318
B EUR 28 Feb 2023 cents per share 0.8256
Y EUR 28 Feb 2023 cents per share 0.8964


JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 3.9725
A EUR 28 Feb 2023 cents per share 3.7874
A USD 28 Feb 2023 cents per share 2.7065
B GBP 28 Feb 2023 pence per share 3.5330
B EUR 28 Feb 2023 cents per share 3.4128
B USD 28 Feb 2023 cents per share 3.0881
Y GBP 28 Feb 2023 pence per share 4.9039
Y USD 28 Feb 2023 cents per share 2.8124
Z GBP 28 Feb 2023 cents per share 7.3245

JOHCM Global Opportunities Fund (onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 2.5742
A - hedged GBP 28 Feb 2023 pence per share 2.3240
X GBP 28 Feb 2023 cents per share 2.4772

JOHCM Global Opportunities Fund (offshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 4.4298
A EUR 28 Feb 2023 cents per share 4.1956
A USD 28 Feb 2023 cents per share 3.3076
B EUR 28 Feb 2023 cents per share 3.8301
B USD 28 Feb 2023 cents per share 3.1239
A - hedged EUR 28 Feb 2023 cents per share 1.6538
X GBP 28 Feb 2023 cents per share 3.7875
Z GBP 28 Feb 2023 cents per share 1.7774
X - hedged GBP 28 Feb 2023 cents per share 2.1090
X EUR 28 Feb 2023 cents per share 1.9147

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2023 pence per share 2.5774
A EUR 28 Feb 2023 cents per share 2.0747
A USD 28 Feb 2023 cents per share 1.0629
B GBP 28 Feb 2023 pence per share 0.0000
B EUR 28 Feb 2023 cents per share 0.0000
B USD 28 Feb 2023 cents per share 0.0000
Z GBP 28 Feb 2023 pence per share 4.2279


JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2023 pence per share 4.6405
B GBP 28 Feb 2023 pence per share 2.4239
X GBP 28 Feb 2023 pence per share 2.5898

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2023 pence per share 6.1160
A - accumulating GBP 28 Feb 2023 pence per share 9.5564
B - distributing GBP 28 Feb 2023 pence per share 5.7397
B - accumulating GBP 28 Feb 2023 pence per share 8.8440
Y - accumulating GBP 28 Feb 2023 pence per share 5.3515
Y - distributing GBP 28 Feb 2023 pence per share 4.1220

 

Net dividends quoted in the local share class currency.

If you would like more information, please contact Northern Trust directly on 0333 300 0359 or by email JOH_Onshore_TAQueries@ntrs.com. Email us at oeicdealing@johcm.co.uk.

Views & News

  • 11 Jan 2024

    New team to manage JOHCM UK Dynamic Strategy

    We are pleased to announce the evolution of our UK equities capabilities with the creation of a new investment team

    Read More
  • 09 Apr 2024

    Under the Bonnet - There is nothing so stable as change

    Corporate activity continues to drive up returns in the unloved UK equity fund

    Read More
  • 22 Jan 2024

    Under the Bonnet - Q4 2023 Review and Outlook

    Volatile macro conditions have overshadowed valuation and corporate characteristics

    Read More
  • 17 Oct 2023

    Under the Bonnet - Slipping Through the Analysis Gap

    Strong results that run against the grain of poor market sentiment and an uncertain macro outlook

    Read More
  • 16 Aug 2023

    Catalysts for Change

    Two Initiatives and a Shift in Perception Have the Potential to Catalyse Significant Change in the UK Equity Market. Not Before Time.

    Read More
  • 14 Aug 2023

    Tales of the Unexpected

    Identifying Growth, Embracing Transformation and Discovering Unexpected Market Leaders in the UK

    Read More
  • 18 Jul 2023

    Under the Bonnet - Absorbing the Quadruple Whammy

    Cautious positioning against negative newsflow was insufficient to withstand the ‘quadruple whammy’

    Read More
  • 23 May 2023

    Revival in M&A shows buyers feasting on UK stocks

    2023 M&A deals look set for a record year as private equity funds and corporates take advantage of the UK’s historically low valuations.

    Read More
  • 20 Apr 2023

    Advocate for UK equities

    The UK has companies that are genuine global leaders but trade at a discount to global markets

    Read More
  • 19 Apr 2023

    Under the Bonnet - Resilience Against Uncertainty

    Factor shifts are just some of the mixed signals coming from a rotating market.

    Read More
  • 30 Mar 2023

    Comedy Valuations

    Why are so many UK equities priced on laughable valuations?

    Read More
  • 19 Jan 2023

    Under the Bonnet

    2022 – the year the world woke up

    Read More
  • 16 Oct 2022

    Under the Bonnet

    Markets are overwhelmed with macro, especially the return of 'real' interest rates, while ignoring company fundamentals

    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

Webcasts & Videos

  • JOHCM UK Dynamic Insight,Outlook

    05 Mar 2024 | 46 mins

  • JOHCM UK Dynamic Insight,Outlook

    05 Mar 2024 | 46 mins

  • Trigger Warning – the Rush for Post-Peak UK

    23 Feb 2024 | 31 mins

  • UK Tech: From Disruption to Dominance

    29 Sep 2023 | 30 mins

  • Mark Costar

    Senior Fund Manager

    small image path
  • Vishal Bhatia

    Senior Fund Manager

    small image path
  • Tom Matthews

    Portfolio Manager

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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...

Read More
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...

Read More
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 ...

Read More
JOHCM UK Dynamic Fund (offshore)

The team look for business transformation opportunities, under the belief that companies are dynamic and not static. These are companies that are at low points in their lifecycle, where management recognises there is a need for strategic change. These situations are often accompanied by a change in senior management or the board. These compa...

Read More
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