JOHCM UK Equity Income Fund J O Hambro Capital Management (JOHCM)

Fund Description

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 contrarian style. Unlike many UK equity income funds, the fund managers have a track record of adding significant value from small and mid-cap holdings.

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

Investment Strategy

A naturally contrarian investment process
A strict yield discipline: every stock must yield more than FTSE All Share-Index on a prospective basis
All cap approach: the Fund invests in small, mid and large-cap stocks
A total return emphasis: the Fund seeks both capital appreciation and income growth over time.

Reasons To Invest

Robust dividend discipline and strong growth in the Fund's dividend over time
A naturally contrarian approach means the portfolio's profile is unlike that of many rival UK equity income funds

James Lowen

Senior Fund Manager
Clive Beagles

Senior Fund Manager

The information provided on this webpage is for professional advisers only.; The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.

The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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Investment Objective

The Fund aims to achieve long-term capital growth and to generate a dividend yield that is above that of the FTSE All-Share Index average. The Fund focuses predominantly on stocks within the FTSE 350 Index that generate a prospective yield above that of the FTSE All-Share Index average. The Fund's performance benchmark is the FTSE All-Share Total Return Index denominated in sterling.Please note that for capacity reasons the Fund is now 'soft-closed' to new direct investors.

Fund details

Data as at 30 September 2020

Fund size

GBP 1.59bn

Benchmark

FTSE All-Share TR 12pm adjusted

Domicile

Denomination

GBP

Share classes

A accumulating GBP	(Launch date) 30-November-2004
A distributing GBP	(Launch date) 30-November-2004
B accumulating GBP	(Launch date) 30-November-2004
B Distributing GBP	(Launch date) 30-November-2004

Unit type

Distribution & accumulation

XD Date

31 March, 30 June, 30 September, 31 December

Payment date

31 May, 31 August, 30 November, 28 February

Minimum investment

A Accumulating	GBP 1,000
A Distributing	GBP 1,000
B Accumulating	GBP 1,000
B Distributing	GBP 1,000

Valuation point

Daily (12pm, UK time)

Dealing frequency

Daily 9-5pm

Fund codes

	ISIN	SEDOL
A Accumulating GBP	GB00B03KR500	B03KR50
A Distributing GBP	GB00B03KP231	B03KP23
B Accumulating GBP	GB00B03KR831	B03KR83
B Distributing GBP	GB00B03KR617	B03KR61

Fund ratings and awards

Data as at 30 September 2020

Notes

©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Overall Ratings and Morningstar Analyst Ratings are as at 30/06/2020.

Fees and charges

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

Strategy Highlights

As at 30 September 2020

The Fund underperformed the benchmark in September. The drivers of this underperformance have existed since the start of Covid-19, with defensive parts of the market performing strongly. Our top five sector underweights – pharmaceuticals, equity investment trusts (where the biggest component is the Scottish Mortgage Trust), tobacco, beverages and personal goods, which collectively are close to 30% of the UK market – all outperformed. This was partly due to the risk-off mentality of the market (linked to Covid-19 developments), and partly due to sterling falling in the middle of the month on Brexit concerns.

Occasionally we see how positively the Fund responds when there is a potential break in the current narrative. For example, the Fund had one of its best ever days in relative performance terms towards the end of the month – it was up c. 135bp after a flicker of Brexit negotiation positivity and a slight rally in sterling. This shows the polarised state of the market, the extremity of market positioning and also highlights the extremely low valuations within the Fund.

Financials were weak. In the main this was not driven by any specific negative news flow, but rather the general market tone and, in the UK, the moves to step-up Covid-19 restrictions. Barclays and Legal & General were particularly weak. Aviva held up better due to the announcement of asset sales.

Our paper & packaging stocks Mondi and DS Smith were both up 15% relative to the benchmark. In commodities, oil stocks were weak but this was partly offset by strength in certain mining stocks. The best performer was Kenmare, which announced the successful move of equipment from one mine to another. This complex, high-risk transfer creates a much higher output profile that leaves the stock on a free cash flow yield of over 30%.

We have an excellent set of exposures in the Fund. Our portfolio companies are increasingly on the front foot after adjusting to the new normal. We have plenty of exposure to parts of the economy that have seen spending shift in their favour, and very limited exposure to the sectors deeply affected by Covid-19. The valuation upside in the Fund is, in our opinion, material, which we hope will flow through in the short to medium term.

Fund Reporting

Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

A Accumulating	A Distributing	A GBP
B Accumulating	B Distributing
Y Accumulating	Y Distributing	Y GBP
xx X Distributing

Percentage growth of the fund versus benchmark

Data as at 30 September 2020

A GBP share class, since launch (30 November 2004)

Return history (%)

Data as at 30 September 2020

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth. The Funds investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

	Sep 15 - Sep 16	Sep 16 - Sep 17	Sep 17 - Sep 18	Sep 18 - Sep 19	Sep 19 - Sep 20
Fund	10.53%	20.87%	5.64%	-4.55%	-29.25%

Monthly returns (%)

Data as at 30 September 2020

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual	Since inception
Fund	2004												3.80	3.80
Benchmark	2004												2.54	2.54
Fund	2005	3.46	1.40	-0.74	-3.46	3.39	4.00	2.93	0.99	1.17	-2.66	6.47	5.46	24.25
Benchmark	2005	1.70	2.99	-0.98	-2.61	4.15	3.25	3.48	0.83	3.47	-3.40	4.38	3.20	22.03
Fund	2006	3.29	5.48	1.72	-0.47	-5.55	2.27	0.30	2.29	2.95	2.68	1.15	3.80	21.30
Benchmark	2006	3.24	2.00	3.14	1.01	-5.67	2.79	1.55	0.59	1.51	2.90	0.38	2.56	16.85
Fund	2007	0.97	-0.85	2.45	2.10	1.77	-5.62	-2.94	-1.16	-1.65	3.23	-6.61	-0.91	-9.35
Benchmark	2007	0.07	0.22	2.45	2.85	2.90	-2.07	-2.65	-0.45	1.96	4.00	-4.38	0.55	5.22
Fund	2008	-8.83	0.93	-2.17	3.18	-0.35	-9.39	-0.08	5.94	-9.48	-12.30	2.85	5.76	-23.34
Benchmark	2008	-10.33	3.18	-2.53	5.65	0.99	-8.21	-2.44	4.35	-14.16	-13.79	0.44	5.13	-29.74
Fund	2009	-6.21	-6.05	2.59	16.84	4.01	-2.50	8.16	13.68	5.55	-1.66	-0.33	3.48	40.98
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	-2.17	1.85	6.60	0.68	-6.61	-5.34	6.91	-0.98	7.61	3.63	-2.08	6.82	16.75
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	1.68	1.91	-0.52	3.45	-0.80	-1.20	-1.96	-8.68	-3.97	10.58	-4.75	1.48	-3.95
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	4.31	4.68	1.49	-1.26	-6.54	5.18	2.97	3.99	2.27	2.77	0.77	1.81	24.21
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	6.79	2.59	2.27	1.21	3.76	-3.70	6.70	-1.24	1.88	5.51	-0.33	1.90	30.35
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	-1.87	5.05	-3.03	1.80	1.41	-1.67	0.21	1.84	-2.60	-0.61	1.40	-0.53	1.11
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	1.92	3.80	0.24	3.42	3.43	-5.08	0.43	-5.92	-3.11	4.29	-0.14	-1.66	0.96
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	-5.91	1.80	2.28	2.48	-0.53	-3.14	5.13	5.64	0.46	1.79	0.99	5.27	16.79
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	1.05	2.00	1.17	0.87	3.93	-1.27	2.01	-0.08	1.53	2.67	-0.24	3.24	18.11
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	-0.23	-3.20	-1.96	7.60	2.33	-0.93	-0.89	-2.92	0.51	-5.85	-3.09	-4.76	-13.19
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	6.03	1.03	0.91	3.83	-6.05	2.20	-0.95	-4.46	7.73	0.99	3.95	4.08	20.02
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	-4.43	-11.07	-25.30	9.22	0.11	2.01	-6.16	2.03	-4.48				-35.24	164.40
Benchmark	2020	-2.84	-9.37	-15.89	8.64	2.17	0.72	-2.68	1.55	-2.05				-19.86	145.92

Net yield

	Net Yield %
Share class A - accumulating	4.64
Share class A - distributing	6.04
Share class B - accumulating	5.89
Share class B - distributing	6.06

Source and notes

JOHCM/FTSE Group/Bloomberg/Lipper.

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.

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.

Fund statistics

Data as at 30 September 2020

Fund size	GBP 1.59bn
Number of holdings	57

Top 10 holdings and active weights

Data as at 30 September 2020

Top 10 holdings

BP	5.23%
Rio Tinto	4.28%
Anglo American	4.27%
Tesco	4.14%
Barclays	4.00%
Glencore	3.71%
Legal & General	3.67%
Vodafone	3.66%
WPP	3.62%
Phoenix Group	3.41%

Top 10 active weights

WPP	+3.23%
Phoenix Group	+3.22%
Barclays	+3.10%
Legal & General	+3.07%
ITV	+3.05%
Tesco	+3.05%
Anglo American	+3.04%
Bovis Homes	+3.02%
DS Smith	+3.00%
BP	+2.85%

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

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

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

Net dividends quoted in the local share class currency.

If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

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

Dividends are quoted and paid in pence per share

XD dates: 31 March, 30 June, 30 September and 31 December
Payment dates: 31 May, 31 August, 30 November and 28 February

The quarterly table above shows the last two years net dividends (on a XD rather than a paid basis) for this fund. If you require the dividends for previous time periods, please contact RBC directly on 00353 14406555 or by fax on 00353 16131132 (0845 450 1974 and 02077475690 have been disabled).

Funds paying annual dividends

All funds have a XD date of 31 December 2019 and pay date of 28 February 2020.

JOHCM Asia ex Japan Fund

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

JOHCM Asia ex Japan Small and Mid Cap Fund

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

JOHCM Concentrated Global Share Fund

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

JOHCM Continental European Fund

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

JOHCM European Select Values Fund

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

JOHCM European Concentrated Value Fund

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

JOHCM Global Emerging Markets Opportunities Fund

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

JOHCM Global Opportunities Fund

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

JOHCM Global Select Fund

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

JOHCM Japan Fund

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

JOHCM UK Dynamic Fund

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

JOHCM UK Growth Fund

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

JOHCM UK Opportunities Fund

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

Net dividends quoted in the local share class currency.

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

Views & News

02 Oct 2020
UK Equity Income Bulletin

“Ignore Chicken Licken pessimists” – Andy Haldane, Bank of England chief economist
Read More
30 Aug 2020
UK Equity Income Bulletin

Fund Managers James Lowen and Clive Beagles give a Fund update in a more positive month for UK economic data.
Read More
02 Aug 2020
UK Equity Income Bulletin

A portfolio update in what was a difficult and disappointing month for the Fund.
Read More
02 Aug 2020
A spotlight on our small caps

We provide some bottom-up granularity on our small cap exposure.
Read More
01 Jul 2020
JOHCM UK Equity Income Fund Dividend Update

Latest guidance on the Fund dividend from James Lowen and Clive Beagles.
Read More
30 Jun 2020
UK Equity Income Bulletin

A portfolio update from James and Clive in a month which saw a brief value rally.
Read More
14 Jun 2020
The Value Puzzle

James and Clive break the portfolio down into its sector pieces, highlighting the tremendous value across the Fund.
Read More
31 May 2020
UK Equity Income Bulletin

James Lowen and Clive Beagles review their fund’s performance in May, a month which saw the recovery in global stock markets continue.
Read More
31 May 2020
Positioned for recovery

An update from James and Clive on the Fund's recent performance and their current positioning.
Read More
04 May 2020
UK Equity Income Bulletin

The latest Bulletin from James and Clive with a comprehensive Fund dividend update.
Read More
01 Apr 2020
UK Equity Income Bulletin

An update from James and Clive in a dramatic month which saw one of the fastest stock market falls in history.
Read More
19 Mar 2020
JOHCM UK Equity Income: Mind the Gap 3

Coronavirus, oil, Fund dividend and value vs. growth redux - an update from James Lowen and Clive Beagles.
Read More
02 Mar 2020
UK Equity Income Bulletin

In a month where markets sold off sharply, Clive and James provide their usual portfolio review and their thoughts on the coronavirus.
Read More

Webcasts & Videos

JOHCM UK Equity Income Fund - Q3 2020

21 Oct 2020 | 53 mins
JOHCM UK Equity Income Fund - Q2 2020

23 Jul 2020 | 51 mins
JOHCM UK Equity Income Fund - Q1 2020

30 Apr 2020 | 48 mins
JOHCM UK Equity Income Fund: making sense of the markets

26 Mar 2020 | 54 mins

JOHCM UK Equity Income Fund