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 30 June 2024
Fund size GBP 502.36m
Strategy size GBP 918.29m (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 30 June 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 30 June 2024

In the context of the UK’s very recent political history there is no denying it is quite a shift to be talking about clarity. But after the decisive majority delivered in the early July elections, and given the ongoing political polarisation in other countries, it is not such a bold statement after all. After having its political midlife crisis early and delivering Brexit as a byproduct, the UK has retreated to the safe refuge of the centre at precisely the same time others are splintering in all directions. France has had to pull out all the stops to suppress the far right, while Germany has a myriad of structural problems. In contrast, Latin America has gone completely the other way, embracing a noticeably hard left doctrine at the same time as Asia, which has the precarious and highly fluid Sino-US relationship to navigate.  Even the US has a leadership crisis of its own, faced with an invidious choice between a freewheeling convicted felon or an incumbent demonstrating a precipitous decline in mental acuity. Set against all this, the UK really does look like a haven of tranquillity, and the JOHCM UK Dynamic strategy should be well-placed to benefit.

The Fund underperformed over the month, with some modest mix effects and some small stock specific negatives being the main factors.

GSK surrendered gains from earlier in the year.  Our view has been that the Zantac litigation and associated liabilities were already more than discounted in the price, masking an improving R&D productivity story and a broadening pipeline of attractive therapeutic assets. Given the Delaware court reversal in the key Daubert case on this issue and the renewed uncertainty this has caused, it is clear that, at least in the short term, this view has proven to be misplaced. Despite strong Q1 results lending clear credence to the core fundamental story, and whilst an appeal has already begun and previous precedents lean heavily in favour of the equity at this juncture, we are not naïve enough to believe recovery can happen in the absence of this being resolved. The shares are clearly very cheap, and the underlying progress is tangible, but we will manage the position size proactively in this period.

WPP underperformed as the market continued to fret over a revival of organic growth and fears of AI-induced fee pressure in the industry. The company has materially lagged behind peers despite demonstrating an elevated rate of innovation at its recent technology showcase and possessing hidden optionality for value release with its Kantar and PR assets. 

On the positive side, NCC performed well and continued on its path to redemption. The business is being reinvigorated by a strong new management team that is returning it to its core competencies, thereby placing it firmly in UK Dynamic territory. It has a skill set that is well equipped for the modern world, in this case, being the world’s leading independent cyber security consultancy. As well as a robust trading update, a well-received mini capital markets day on its Escode and managed security propositions have showcased its enviable armoury of offerings to improve corporate resilience and defences in a world of ever escalating threats. AI is only going to push that in one direction; whether we like it or not companies need to be prepared and NCC is increasingly becoming their partner of choice.
 
Meanwhile further good share price momentum continued at BT and 3i following strong cashflow projections and operating momentum respectively. Both remain significant conviction longs in the portfolio with the former in particular still looking exceptionally cheap and at the very early stages of its revitalisation journey.

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 30 June 2024
A GBP share class, since launch (16 June 2008)

Return history (%)

Data as at 30 June 2024

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The 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.


Jun 19 - Jun 20 Jun 20 - Jun 21 Jun 21 - Jun 22 Jun 22 - Jun 23 Jun 23 - Jun 24
Fund -24.40% 35.62% 0.53% 7.67% 19.81%

Monthly returns (%)

Data as at 30 June 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 2.37 4.14 -1.32 9.73 290.10
Benchmark 2024 -0.99 0.01 4.46 3.19 1.67 -0.35 8.13 170.61

Net yield

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

Net Yield %
Share class A - accumulating 3.63
Share class A - distributing 3.65
Share class B - accumulating 3.63
Share class B - distributing 3.66

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 30 June 2024
Fund size GBP 502.36m
Number of holdings 39

Top 10 holdings and active weights

Data as at 30 June 2024
Top 10 holdings
GSK 5.13%
BP 4.98%
Barclays 4.97%
HSBC 4.35%
Centrica 4.19%
ROLLS-Royce 4.13%
Aviva 4.02%
3i 3.95%
MONY GROUP 3.58%
BT 3.42%
Top 10 active weights
Centrica +3.89%
Barclays +3.66%
MONY GROUP +3.54%
Aviva +3.48%
Johnson Matthey +3.24%
BT +3.05%
WPP +2.82%
3i +2.77%
GSK +2.58%
ROLLS-Royce +2.52%

Sector breakdown

Data as at 30 June 2024
Portfolio Benchmark Relative
Financials 24.98% 24.50% 0.48%
Industrials 11.84% 12.39% -0.55%
Consumer Discretionary 9.90% 10.76% -0.86%
Consumer Staples 9.28% 13.40% -4.12%
Energy 8.15% 11.20% -3.05%
Basic Materials 7.74% 7.05% 0.68%
Health Care 7.21% 11.95% -4.75%
Technology 6.15% 1.35% 4.81%
Utilities 4.19% 3.59% 0.60%
Telecommunications 4.18% 1.21% 2.96%
Real Estate 4.08% 2.60% 1.48%
Cash 2.30% 0.00% 2.30%

Market cap breakdown

Data as at 30 June 2024
Portfolio Benchmark Relative
Large Cap 66.60% 84.27% -17.67%
Medium Cap 26.59% 13.67% 12.92%
Small Cap 4.51% 2.06% 2.45%
Cash 2.30% 0.00% 2.30%

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) 26/07/2024 A Accumulating GBP UK GB00B4T7HR59 3.59 0.06
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 A Distributing GBP UK GB00B4T85529 2.191 0.037
UK Equities JOHCM UK Dynamic Fund (offshore) A GBP Ireland IE00BDGKPY39
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 B Accumulating GBP UK GB00B4T7JX59 3.923 0.065
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 B Distributing GBP UK GB00B4TXJ339 1.962 0.033
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 K Accumulating GBP UK GB00BQQ84293 1.194 0.02
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 K Distributing GBP UK GB00BQQ84301 1.142 0.019
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 L Accumulating GBP UK GB00BPG4DC34 1.144 0.019
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 L Distributing GBP UK GB00BPG4DD41 1.119 0.018
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 M Accumulating GBP UK GB00BMBQQY64 1.172 0.02
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 M Distributing GBP UK GB00BMBQQZ71 1.12 0.018
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 X Accumulating GBP UK GB00BJ7HNB87 1.405 0.023
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 X Distributing GBP UK GB00BJ5JMB96 1.147 0.019
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 Y Accumulating GBP UK GB00BDZRJ101 2.071 0.034
UK Equities JOHCM UK Dynamic Fund (onshore) 26/07/2024 Y Distributing GBP UK GB00BDZRJ218 1.375 0.022
UK Equities JOHCM UK Dynamic Fund (offshore) 26/07/2024 Y EUR EUR Ireland IE000UUSWK64 1.155 0.019
UK Equities JOHCM UK Dynamic Fund (offshore) 26/07/2024 Y GBP GBP Ireland IE00BDGKPZ46 1.143 0.019
UK Equities JOHCM UK Dynamic Fund (offshore) 26/07/2024 Y USD USD Ireland IE000R902PU3 1.356 0.023

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 (estimated)
A distributing GBP 3.141 1.831 2.105 3.272 3.429 1.561 1.710 3.862524
A accumulating GBP 7.115 4.227 4.910 7.720 8.243 3.821 4.223 9.627698
B distributing GBP 2.890 1.682 1.932 3.000 3.140 1.480 1.561 3.52353
B accumulating GBP 6.553 3.888 4.510 7.085 7.553 3.498 3.860 8.792624
Y distributing GBP 2.121 1.238 1.424 2.213 2.320 1.056 1.158 2.615854
Y accumulating GBP 2.876 1.709 1.932 3.123 3.336 1.547 1.710 3.899444
X distributing GBP 1.570 0.915 1.053 1.638 1.717 0.782 0.857 1.937067
M distributing GBP 0.000 0.000 0.000 0.000 0.000 0.785 1.005 2.272155
M accumulating GBP 0.000 0.000 0.000 0.000 0.000 0.785 1.012 2.30927

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 (estimated)
A - distributing GBP 30 Aug 2024 pence per share 4.735399
A - accumulating GBP 30 Aug 2024 pence per share  7.59417
B - distributing GBP 30 Aug 2024 pence per share  4.245882
B - accumulating GBP 30 Aug 2024 pence per share 8.311086
Y - distributing GBP 30 Aug 2024 pence per share 2.974221
Y - accumulating GBP 30 Aug 2024 pence per share 4.383506
X - distributing GBP 30 Aug 2024 pence per share 2.47997
X - accummulating GBP 30 Aug 2024 pence per share 2.972206
L - distributing GBP 30 Aug 2024 pence per share 2.444
L - accummulating GBP 30 Aug 2024 pence per share 2.425166
M - distributing GBP 30 Aug 2024 pence per share 2.420092
M - accumulating GBP 30 Aug 2024 pence per share 2.476813
K - distributing GBP 30 Aug 2024 pence per share 2.472
K - accumulating GBP 30 Aug 2024 pence per share 2.525192

JOHCM UK Dynamic Fund (Offshore)

Share class Currency Pay date Dividend paid in Dividend rate
Sterling Y Shares GBP 31 Jul 2024 pence per share 2.4668
Euro Y Shares EUR 31 Jul 2024 pence per share 2.476
US Dollar Y Shares USD 31 Jul 2024 pence per chare 2.845

JOHCM Global Select Shariah Fund

Share class Currency Pay date Dividend paid in Dividend rate
US Dollar A Shares USD 31 Jul 2024 pence per share 0.4694

Funds paying annual dividends

Distribution of income occur on or before 28 February

JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
Sterling A Shares GBP 28 Feb 2024 pence per share 3.0011
US Dollar A Shares USD 28 Feb 2024 cents per share 2.3900
Euro A Shares EUR 28 Feb 2024 cents per share 2.9114
Sterling B Shares GBP 28 Feb 2024 pence per share 1.5626
US Dollar B Shares USD 28 Feb 2024 cents per share 1.2851
Euro B Shares EUR 28 Feb 2024 cents per share 1.5605
Sterling Z Shares GBP 28 Feb 2024 cents per share 3.6312
US Dollar Z Shares USD 28 Feb 2024 cents per share 2.7222

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
Sterling A Shares GBP 28 Feb 2024 pence per share 0.0000
US Dollar A Shares USD 28 Feb 2024 cents per share 0.0000
Euro A Shares USD 28 Feb 2024 cents per share 0.0000
Sterling B Shares GBP 28 Feb 2024 pence per share 0.0000
US Dollar B Shares EUR 28 Feb 2024 cents per share 0.0000
Euro B Shares USD 28 Feb 2024 cents per share 0.0000
Sterling Z Shares GBP 28 Feb 2024 cents per share 1.56820


JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
Euro A Shares EUR 28 Feb 2024 pence per share 5.7782
Euro B Shares EUR 28 Feb 2024 cents per share 3.7784
Euro Y Shares EUR 28 Feb 2024 pence per share 2.4506
Sterling A Shares GBP 28 Feb 2024 pence per share 7.1582
Sterling A Shares - Hedge GBP 28 Feb 2024 cents per share 1.3875
Sterling B Shares GBP 28 Feb 2024 cents per share 4.5079
Sterling X Shares GBP 28 Feb 2024 pence per share 1.6701
Sterling Y Shares GBP 28 Feb 2024 pence per share 2.8389
Sterling Y Shares - Hedge GBP 28 Feb 2024 cents per share 1.5828
US Dollar A Shares USD 28 Feb 2024 cents per share 1.8816
US Dollar B Shares - Hedge USD 28 Feb 2024 pence per share 0.9958
US Dollar Y Shares USD 28 Feb 2024 pence per share 1.7692

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
Sterling A Shares GBP 28 Feb 2024 pence per share 5.5762
Euro A Shares EUR 28 Feb 2024 cents per share 3.5682
Sterling B Shares GBP 28 Feb 2024 pence per share 2.6361
Euro B Shares EUR 28 Feb 2024 cents per share 1.233
Euro X Shares EUR 28 Feb 2024 cents per share 0.5376
Euro Y Shares EUR 28 Feb 2024 cents per share 1.1704


JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
Sterling A Shares GBP 28 Feb 2024 pence per share 2.2775
US Dollar A Shares USD 28 Feb 2024 cents per share 1.8887
Euro A Shares EUR 28 Feb 2024 cents per share 2.4749
Sterling B Shares GBP 28 Feb 2024 pence per share 1.4135
US Dollar B Shares USD 28 Feb 2024 cents per share 1.5795
Euro B Shares EUR 28 Feb 2024 cents per share 1.571
Sterling Y Shares GBP 28 Feb 2024 pence per share 2.9977
US Dollar Y Shares USD 28 Feb 2024 cents per share 2.5092
Sterling Z Shares GBP 28 Feb 2024 cents per share 4.4746
Canadian Dollar Z Shares CAD 28 Feb 2024 cents per share 4.0653

JOHCM Global Opportunities Fund (onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A DISTRIBUTING GBP 28 Feb 2024 pence per share 2.411497
A ACCUMULATING GBP 28 Feb 2024 pence per share 2.699908
X DISTRIBUTING GBP 28 Feb 2024 cents per share 2.460528
X ACCUMULATING GBP 28 Feb 2024 cents per share 2.526286
A ACCUMULATING HEDGED GBP 28 Feb 2024 cents per share 2.361961

JOHCM Global Opportunities Fund (offshore)

Share class Currency Pay date Dividend paid in Dividend rate
Sterling A Shares GBP 28 Feb 2024 pence per share 4.1679
US Dollar A Shares USD 28 Feb 2024 cents per share 3.958
Euro A Shares EUR 28 Feb 2024 cents per share 4.5388
Euro A Shares - Hedge EUR 28 Feb 2024 cents per share 1.8065
Sterling B Shares GBP 28 Feb 2024 cents per share 4.0053
US Dollar B Shares USD 28 Feb 2024 cents per share 3.2958
Euro B Shares EUR 28 Feb 2024 cents per share 3.6494
Sterling X Shares GBP 28 Feb 2024 cents per share 3.6351
Euro X Shares EUR 28 Feb 2024 cents per share 2.1128
Sterling X Shares - Hedge GBP 28 Feb 2024 cents per share 1.9782
Sterling Z Shares GBP 28 Feb 2024 cents per share 1.8735
Euro Z Shares EUR 28 Feb 2024 cents per share 2.3066

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
Sterling A Shares GBP 28 Feb 2024 pence per share 2.915
US Dollar A Shares USD 28 Feb 2024 cents per share 1.5321
Euro A Shares EUR 28 Feb 2024 cents per share 2.6999
Sterling B Shares GBP 28 Feb 2024 pence per share 0.0000
US Dollar B Shares USD 28 Feb 2024 cents per share 0.0000
Euro B Shares EUR 28 Feb 2024 cents per share 0.0000
Sterling Z Shares GBP 28 Feb 2024 pence per share 4.2729

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
Sterling A Shares GBP 28 Feb 2024 pence per share 5.1881
Sterling B Shares GBP 28 Feb 2024 pence per share 2.8603
Sterling X Shares GBP 28 Feb 2024 pence per share 2.8694

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2024 pence per share 6.322169
A - accumulating GBP 28 Feb 2024 pence per share 10.185733
B - distributing GBP 28 Feb 2024 pence per share 5.90282
B - accumulating GBP 28 Feb 2024 pence per share 9.378544
Y - accumulating GBP 28 Feb 2024 pence per share 4.26672
Y - distributing GBP 28 Feb 2024 pence per share 5.711236

Net dividends quoted in the local share class currency.

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
  • 10 Jul 2024

    Under the Bonnet

    The UK has retreated to the safe refuge of the centre

    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

Webcasts & Videos

  • Hiding in Plain Sight: Profit From Quiet Disruption

    19 Jul 2024 | 30 mins

  • UK Election Special

    12 Jul 2024 | 31 mins

  • JOHCM UK Dynamic Insight,Outlook

    11 Jul 2024 | 38 mins

  • JOHCM UK Dynamic Insight,Outlook

    11 Jul 2024 | 38 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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