JOHCM UK Equity Income Fund

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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

This fund is not available to new investors from the European Union after 31 December 2020

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

    small image path
  • Clive Beagles

    Senior Fund Manager

    small image path

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

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

Other UK Equity Funds

JOHCM UK Dynamic Fund (onshore)

Stock picker Alex Savvides aims to profit from understanding and backing positive corporate change, change that is often misunderstood or under-appreciated by the stock market. The Fund may therefore feature a mixture of restructuring/recovery plays, cheap or hidden growth and other more general special situations. The fact that each stock h...

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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 Roshni Bolton, 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 tea...

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JOHCM UK Dynamic Fund (offshore)

Stock picker Alex Savvides aims to profit from understanding and backing positive corporate change, change that is often misunderstood or under-appreciated by the stock market. The Fund may therefore feature a mixture of restructuring/recovery plays, cheap or hidden growth and other more general special situations. The fact that each stock h...

Read More
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Investment Objective

The 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 31 August 2021
Fund size GBP 2.14bn
Benchmark FTSE All-Share TR 12pm adjusted
Domicile UK
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 31 August 2021
Notes

©2021 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 30/04/2021.

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

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.

Strategy Highlights

As at 31 August 2021

Stock markets were up in August and the Fund outperformed its benchmark modestly. Beneath the surface, market trends were lacklustre with the usual Summer lull impacting trading volumes, and, to a lesser extent, newsflow.

The food retail sector continued to perform well. A further set of bids for WM Morrison moved its shares up 6% relative to the benchmark, with Tesco up a similar amount. 

We saw continued strength in our portfolio companies with results from Kenmare, Keller, WPP and Raven Group all better than expected. There has been virtually no negative stock specific newsflow in recent months, which, given the low valuations, bodes well for future performance. 

The banking sector modestly outperformed with all of our stocks here producing above forecast results while emphasising strong capital return messages. 

On the negative side ABRDN (the new name for Aberdeen Standard Life) saw its shares fall despite robust results. The non-life insurance sector fell slightly due to news on loss events (e.g. various US wind storms) and Phoenix went ex-dividend badly. Phoenix now yields 8%, which, given its low risk / hedged positioning and its predictability (as back books run off), is astonishing. 

There has been a material uplift in dividend expectations across the Fund in the last two months. This has been driven by: (a) the better-than-expected economic recovery; (b) the strong recovery in the banking sector - partly linked to point (a) - which has meant the PRA has moved capital allocation decisions ‘back to the boardroom’; (c) material free cashflow in the mining sector which has translated into better-than-expected dividend flows; and (d) both the UK oil majors lifting dividends earlier than expected. The percentage of our portfolio companies conducting buybacks alongside dividends is testament to the strength of balance sheets across the Fund. Much of the oil, mining and banking sectors are actively buying back shares (with six of our top ten active positions included in this list). 

In January we indicated we were forecasting growth of 37% in 2021 on a cash dividend paid basis. We upgraded this to 42-43% at the end of June. Due to the factors mentioned above we now increase this to ‘approaching 60%’. This is based on the expected cash dividends to be received in 2021. If we look at our fiscal year 2021 forecast dividends (which include the final dividends which will be paid in the first part of 2022) versus fiscal year 2020, our forecast has risen from the c. 60% growth (made in January 2021) which was upgraded to c. 67-68% in June to ‘above 80%’ now. 

Looking ahead to 2022 our forecasts show continuing strength in dividend growth, with an aggregate picture indicating the Fund’s dividend will get back to or above where it was in 2019, in late 2022 / early 2023. 

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

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

Fund Reporting

KIIDs
(Key Investor Information Documents)

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

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

Percentage growth of the fund versus benchmark

Data as at 31 August 2021
A GBP share class, since launch (30 November 2004)

Return history (%)

Data as at 31 August 2021

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 16 - Jun 17 Jun 17 - Jun 18 Jun 18 - Jun 19 Jun 19 - Jun 20 Jun 20 - Jun 21
Fund 29.95% 12.59% -9.92% -21.59% 38.72%

Monthly returns (%)

Data as at 31 August 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2004 3.74 3.74
Benchmark 2004 2.54 2.54
Fund 2005 3.45 1.37 -0.77 -3.49 3.35 3.96 2.88 0.93 1.13 -2.65 6.47 5.43 23.82
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 5.45 1.66 -0.49 -5.60 2.25 0.26 2.24 2.91 2.63 1.13 3.77 20.83
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 0.93 -0.88 2.41 2.07 1.73 -5.65 -2.97 -1.23 -1.69 3.19 -6.69 -1.00 -9.86
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 -8.88 0.89 -2.22 3.12 -0.37 -9.43 -0.13 5.90 -9.52 -12.34 2.81 5.72 -23.74
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 -6.25 -6.09 2.54 16.79 3.98 -2.56 8.11 13.64 5.50 -1.66 -0.36 3.45 40.36
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 -2.20 1.83 6.56 0.64 -6.65 -5.37 6.86 -1.03 7.57 3.60 -2.11 6.78 16.25
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 1.64 1.88 -0.55 3.42 -0.85 -1.24 -1.99 -8.72 -4.01 10.53 -4.79 1.43 -4.42
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 4.27 4.61 1.49 -1.30 -6.55 5.12 2.86 4.03 2.20 2.76 0.70 1.73 23.56
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 6.76 2.55 2.22 1.17 3.74 -3.73 6.62 -1.25 1.84 5.46 -0.34 1.87 29.82
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 -1.91 5.04 -3.09 1.76 1.36 -1.75 0.19 1.85 -2.72 -0.56 1.28 -0.52 0.64
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 1.90 3.73 0.25 3.37 3.43 -5.13 0.42 -5.93 -3.15 4.28 -0.25 -1.71 0.52
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 -5.96 1.77 2.21 2.46 -0.55 -3.23 5.11 5.63 0.38 1.76 0.95 5.30 16.26
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 1.89 1.14 0.98 3.76 -1.20 2.01 -0.14 1.48 2.66 -0.28 3.21 17.74
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 -0.27 -3.23 -1.99 7.58 2.26 -0.94 -0.97 -2.97 0.46 -5.87 -3.15 -4.77 -13.61
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 5.95 0.98 0.88 3.77 -6.07 2.17 -1.02 -4.47 7.61 0.95 3.89 4.04 19.32
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 -4.46 -11.13 -25.32 9.15 0.08 1.97 -6.21 2.02 -4.54 -1.42 25.59 5.00 -16.14
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 -0.72 7.25 5.91 2.89 2.64 -1.89 0.94 2.89 21.35 287.70
Benchmark 2021 -0.44 2.06 3.73 3.43 1.74 -0.13 0.37 2.65 14.12 216.85

Net yield

Net Yield %
Share class A - accumulating 2.93
Share class A - distributing 3.00
Share class B - accumulating 2.94
Share class B - distributing 3.01

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. 

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

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

Fund statistics

Data as at 31 August 2021
Fund size GBP 2.14bn
Number of holdings 57

Top 10 holdings and active weights

Data as at 31 August 2021
Top 10 holdings
BP 5.29%
Glencore 4.60%
Anglo American 4.45%
Barclays 4.30%
Legal & General 3.68%
Rio Tinto 3.66%
Aviva 3.61%
WPP 3.32%
Vodafone 3.31%
Standard Chartered 3.27%
Top 10 active weights
Barclays +3.03%
Legal & General +3.03%
Vistry Group +3.02%
Glencore +2.99%
Aviva +2.97%
Phoenix Group +2.91%
Anglo American +2.91%
ITV +2.91%
BP +2.88%
WPP +2.85%

Sector breakdown

Data as at 31 August 2021
Portfolio Benchmark Relative
Financials 31.87% 22.49% 9.38%
Consumer Discretionary 16.95% 12.73% 4.22%
Basic Materials 15.39% 9.35% 6.04%
Industrials 12.97% 13.33% -0.37%
Energy 9.53% 7.21% 2.32%
Consumer Staples 3.93% 14.61% -10.67%
Telecommunications 3.31% 2.19% 1.11%
Utilities 2.30% 3.01% -0.71%
Real Estate 1.80% 3.28% -1.48%
Technology 0.00% 2.05% -2.05%
Health Care 0.00% 9.75% -9.75%
Cash 1.97% 0.00% 1.97%

Market cap breakdown

Data as at 31 August 2021
Portfolio Benchmark Relative
Large Cap 58.84% 78.63% -19.79%
Medium Cap 21.29% 17.95% 3.34%
Small Cap 17.91% 3.42% 14.49%
Cash 1.97% 0.00% 1.97%

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

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

Fund

As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 24/09/2021 A EUR Ireland B431KK7 2.829 -0.017
A GBP Ireland B3RQ272 2.875 -0.011
A USD Ireland B435PM6 2.461 -0.017
B EUR Ireland B5L49R5 2.857 -0.017
B GBP Ireland B3ZQS76 2.820 -0.010
B USD Ireland BF7NZT0 2.491 -0.017
Z GBP Ireland B44PG77 2.048 -0.007
Z USD Ireland BVG7681 1.650 -0.012
JOHCM Asia ex Japan Small and Mid Cap Fund 24/09/2021 A EUR Ireland B6R5VD9 2.742 -0.011
A GBP Ireland B6R5LS4 3.098 -0.006
A USD Ireland B6R5QW3 2.817 -0.016
B GBP Ireland B6R63P8 3.024 -0.005
B USD Ireland B6R5YM9 2.687 -0.014
B EUR Ireland B6R5HM0 3.100 -0.013
Z GBP Ireland B4X3T62 2.348 -0.004
JOHCM Continental European Fund 24/09/2021 A EUR Ireland 3300923 4.515 -0.025
A GBP Ireland 3300912 5.545 -0.019
A USD Ireland BJ4G0G2 1.756 -0.010
A Hedged GBP Ireland BSJCJ49 1.529 -0.009
B EUR Ireland 3300901 4.539 -0.026
B GBP Ireland 3100543 5.339 -0.018
B USD Ireland BJ4G0H3 1.787 -0.011
Y GBP Ireland B993PD0 2.043 -0.007
Y EUR Ireland B98YKX9 1.740 -0.010
Y Hedged GBP Ireland BSJCJ50 1.598 -0.009
JOHCM European Concentrated Value Fund 24/09/2021 A EUR Ireland BW0DJY9 1.153 -0.004
B EUR Ireland BW0DJZ0 1.145 -0.004
Z AUD Ireland BYNJFM8 1.348 0.003
Z EUR Ireland BYNJFN9 1.064 -0.004
JOHCM European Select Values Fund 24/09/2021 A EUR Ireland 3290433 3.939 -0.020
A GBP Ireland 3290422 6.069 -0.016
B EUR Ireland 3290411 2.633 -0.013
B GBP Ireland 3290400 5.549 -0.015
Non-Distributing EUR Ireland BSFWK51 1.460 -0.008
X EUR Ireland B4K14L9 1.883 -0.009
Y EUR Ireland BMXC8L3 1.060 -0.005
JOHCM Global Emerging Markets Opportunities Fund 24/09/2021 A USD Ireland B4M6CN0 1.318 -0.012
A EUR Ireland B3ZBLW7 1.639 -0.013
A GBP Ireland B4002N4 1.493 -0.009
B EUR Ireland B4TRCR0 1.615 -0.013
B GBP Ireland B41RZ57 1.432 -0.009
B USD Ireland B4XXMP2 1.718 -0.017
Y GBP Ireland BYSGJY4 1.799 -0.011
Y USD Ireland BYSGJZ5 1.604 -0.015
Z CAD Ireland BBPK0L2 1.761 -0.012
Z GBP Ireland B6R54W9 1.886 -0.011
JOHCM Global Income Builder Fund 24/09/2021 A GBP Ireland BFZWPC2 1.079 0.002
A SGD Ireland BFZWPG6 1.100 0.002
A USD Ireland BFZWPF5 1.101 -0.003
A EUR Ireland BFZWPD3 1.111 0.000
B EUR Ireland BFZWPJ9 1.073 0.000
Seed EUR Ireland BKF2GH9 0.990 0.000
Seed GBP Ireland BFZWPH7 1.131 0.002
Seed GBP Ireland BHR0DJ1 1.124 0.002
JOHCM Global Opportunities Fund (offshore) 24/09/2021 A EUR Ireland B7MR557 2.478 -0.009
A GBP Ireland B89PQM5 2.242 -0.002
A USD Ireland B89JY23 2.293 -0.011
A Hedged EUR Ireland BFZWWX2 1.099 -0.005
B EUR Ireland B80FZF0 2.275 -0.007
B GBP Ireland BF7NZS9 2.461 -0.003
B USD Ireland B8295C7 2.176 -0.011
X EUR Ireland BJ5JW42 1.130 -0.004
X EUR Ireland BMCZLF8 1.213 -0.004
X GBP Ireland BQVC9L0 1.915 -0.002
X Hedged GBP Ireland BF29TX5 1.182 -0.006
Z EUR Ireland BDZD4M4 1.117 -0.004
Z GBP Ireland B83MS15 0.894 -0.001
Z GBP Ireland BD6R4D6 1.701 -0.002
JOHCM Global Opportunities Fund (onshore) 24/09/2021 A Accumulating GBP UK BJ5JMC0 1.152 -0.001
A Accumulating Hedged GBP UK BKDV8G1 1.177 -0.006
A Distributing GBP UK BJ5JMD1 1.107 -0.001
X Accumulating GBP UK BJ5JMF3 1.121 -0.001
X Distributing GBP UK BJ5JMG4 1.105 -0.002
JOHCM Global Select Fund 24/09/2021 A EUR Ireland B3DBRP4 4.712 0.006
A GBP Ireland B3DBRN2 5.014 0.018
A USD Ireland B3T31Z2 2.833 0.002
B EUR Ireland B3DBRM1 4.549 0.007
B GBP Ireland B3DBRL0 4.816 0.017
B USD Ireland B5L7L67 3.223 0.000
Z GBP Ireland B3DCMB8 3.635 0.016
Z USD Ireland B4V7J00 3.211 0.003
JOHCM Uk Dynamic Fund 24/09/2021 Y GBP Ireland BDGKPZ4 1.009 -0.007
JOHCM UK Dynamic Fund (onshore) 24/09/2021 A Accumilating GBP UK B4T7HR5 2.783 -0.018
A Distributing GBP UK B4T8552 1.945 -0.013
B Accumulating GBP UK B4T7JX5 3.084 -0.021
B Distributing GBP UK B4TXJ33 1.766 -0.012
X Accumulating GBP UK BJ7HNB8 1.085 -0.008
X Distributing GBP UK BJ5JMB9 1.014 -0.006
Y GBP UK BDZRJ21 1.220 -0.008
Y Accumulating GBP UK BDZRJ10 1.606 -0.010
JOHCM UK Equity Income Fund 24/09/2021 A Accumulating GBP UK B03KR50 4.168 -0.012
A Distributing GBP UK B03KP23 1.938 -0.006
B Accumulating GBP UK B03KR83 3.856 -0.011
B Distributing GBP UK B03KR61 1.791 -0.006
X Distributing GBP UK BYV9S21 0.967 -0.003
Y GBP UK B95FCK6 1.309 -0.003
Y Accumulating GBP UK B8FCHK5 1.683 -0.004
JOHCM UK Growth Fund 24/09/2021 A GBP Ireland 3300934 4.243 0.005
B GBP Ireland 3100554 3.687 0.009
Non-distributing EUR Ireland BLLV8D7 2.304 0.001
Non-distributing USD Ireland BLLV8C6 2.514 -0.003
X EUR Ireland BLLV882 2.314 0.001
X EUR Ireland BLLV8B5 2.145 0.005
X GBP Ireland BLLV893 2.125 0.005
X USD Ireland BLLV871 2.526 -0.002
JOHCM UK Opportunities Fund 24/09/2021 A Accumulating GBP UK B0LLB64 3.324 -0.012
A Distributing GBP UK B3K76Q9 2.183 -0.008
B Accumulating GBP UK B0LLB75 3.088 -0.011
B Distributing GBP UK B3K76P8 2.057 -0.007
X Accumulating GBP UK BQJZQQ5 1.530 -0.005
X Distributing GBP UK B95MSF4 1.238 -0.004
Y GBP UK B95J5C1 1.470 -0.005
Y Accumulating GBP UK B95HP81 1.860 -0.006
Regnan Global Equity Impact Solutions Fund (offshore) 24/09/2021 A EUR Ireland BN2BD91 1.061 -0.007
A GBP Ireland BN2BD80 1.020 -0.005
A USD Ireland BN2BDC4 1.029 -0.007
A Hedged EUR Ireland BN2BDB3 1.025 -0.008
B EUR Ireland BN2BDF7 1.056 -0.007
B GBP Ireland BN2BDD5 1.017 -0.004
B USD Ireland BN2BDH9 1.023 -0.009
B Hedged EUR Ireland BN2BDG8 1.014 -0.008
Seed EUR Ireland BN2BDS0 1.069 -0.007
Seed GBP Ireland BN2BDR9 1.028 -0.005
Seed USD Ireland BN2BDV3 1.034 -0.009
Seed Hedge EUR Ireland BN2BDT1 1.026 -0.008
Z GBP Ireland BN2BDN5 1.025 -0.004
Regnan Global Equity Impact Solutions Fund (onshore) 24/09/2021 A Accumulating GBP UK BMCZDD0 1.195 -0.005
A Accumulating Hedged GBP UK BMCZDJ6 1.202 -0.005
Y Accumulating GBP UK BMCZDK7 1.196 -0.005
Regnan Sustainable Water and Waste Fund (onshore) 24/09/2021 A Accumulating GBP UK BMYXD32 0.986 0.000
F Accumulating GBP UK BMYXQ55 0.986 0.000
Y Accumulating GBP UK BMYXQ55 0.986 0.000

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 09/20 10/20 11/20 12/20 01/21 02/21 03/21 04/21 05/21 06/21 07/21 08/21
A  GBP 0.3871 0.4592 0.4016 0.4363 0.4312 0.3200 0.3071 0.3763 0.3485 0.3257 0.3877 0.3516
A EUR 0.3838 0.4431 0.3928 0.4289 0.4233 0.3205 0.3138 0.3899 0.3555 0.3336 0.3978 0.3638
A USD   0.3885 0.4393 0.3865 0.4335 0.4393 0.3270 0.3191 0.3864 0.3605 0.3443 0.3985 0.3651
A SGD  0.3895 0.4425 0.3899 0.4296 0.4274 0.3217 0.3140 0.3844 0.3558 0.3364 0.3965 0.3644
B EUR 0.3745 0.4319 0.3826 0.4174 0.4115 0.3114 0.3046 0.3781 0.3444 0.3229 0.3847 0.3515
Seed 0.3402 0.3929 0.3484 0.3806 0.3757 0.2846 0.2787 0.3464 0.3160 0.2966 0.3538 0.3237

Net dividends quoted in the local share class currency.

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

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21
A distributing GBP 2.0957 3.6523 2.7970 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681 2.3283
A accumulating GBP 4.0293 7.1000 5.5449 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649 4.9447
B distributing GBP  1.9597 3.4124 2.6093 1.9017 1.4790 1.0379 1.1739 0.9997 1.0825 2.1559
B accumulating GBP 3.7777 6.6508 5.1861 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869 4.5836
Y distributing GBP 1.4102 2.4582 1.8832 1.3744 1.0730 0.7534 0.8514 0.7263 0.7879 1.5709
Y accumulating GBP 1.6220 2.8588 2.2334 1.6547 1.3051 0.9242 1.0570 0.5363 0.9944 1.9953

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 2020 and pay date of 28 February 2021.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 1.3082
Z USD 28 Feb 2021 cents per share 1.0517

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 0.0174
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 0.5072

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.4259

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 5.8996
A EUR 28 Feb 2021 cents per share 4.5760
A - hedge GBP 28 Feb 2021 pence per share 1.5657
B GBP 28 Feb 2021 pence per share 3.5824
B EUR 28 Feb 2021 cents per share 2.9017
B - hedge USD 28 Feb 2021 cents per share 0.7325
Y GBP 28 Feb 2021 pence per share 2.3739
Y - hedge GBP 28 Feb 2021 pence per share 1.7895
Y EUR 28 Feb 2021 cents per share 1.9265

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 5.8627
A EUR 28 Feb 2021 cents per share 3.6253
B GBP 28 Feb 2021 pence per share 3.1469
B EUR 28 Feb 2021 cents per share 1.4223

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2021 cents per share 1.0427
B USD 28 Feb 2021 cents per share 0.7018
B EUR 28 Feb 2021 cents per share 0.5797
Z EUR 28 Feb 2021 cents per share 1.5956

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 1.6723
A EUR 28 Feb 2021 cents per share 1.7483
A USD 28 Feb 2021 cents per share 1.4737
B GBP 28 Feb 2021 pence per share 0.8550
B EUR 28 Feb 2021 cents per share 0.9178
B USD 28 Feb 2021 cents per share 1.0224
Y GBP 28 Feb 2021 pence per share 2.2520
Y USD 28 Feb 2021 cents per share 2.0030
Z GBP 28 Feb 2021 cents per share 3.5880

JOHCM Global Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 4.7894
A EUR 28 Feb 2021 cents per share 5.0441
A USD 28 Feb 2021 cents per share 4.8886
B GBP 28 Feb 2021 pence per share 5.3099
B EUR 28 Feb 2021 cents per share 4.6750
B USD 28 Feb 2021 cents per share 4.6865
A - hedged EUR 28 Feb 2021 cents per share 2.2077
X GBP 28 Feb 2021 cents per share 4.0923
Z GBP 28 Feb 2021 cents per share 1.8925
X - hedged GBP 28 Feb 2021 cents per share 2.3159
X EUR 28 Feb 2021 cents per share 2.2293

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2021 pence per share 0.0000
A EUR 28 Feb 2021 cents per share 0.0000
A USD 28 Feb 2021 cents per share 0.0000
B GBP 28 Feb 2021 pence per share 0.0000
B EUR 28 Feb 2021 cents per share 0.0000
B USD 28 Feb 2021 cents per share 0.0000
Z GBP 28 Feb 2021 cents per share 2.1310


JOHCM UK Dynamic Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.5474
A - accumulating GBP 28 Feb 2021 pence per share 6.3294
B - distributing GBP 28 Feb 2021 pence per share 4.1566
B - accumulating GBP 28 Feb 2021 pence per share 7.0581
Y - distributing GBP 28 Feb 2021 pence per share 2.8496
Y - accumulating GBP 28 Feb 2021 pence per share 3.6465
Y GBP 28 Feb 2021 pence per share 2.2768

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2021 pence per share 2.2139
B GBP 28 Feb 2021 pence per share 0.6152
X GBP 28 Feb 2021 pence per share 0.3146

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2021 pence per share 4.7354
A - accumulating GBP 28 Feb 2021 pence per share 7.0433
B - distributing GBP 28 Feb 2021 pence per share 4.4936
B - accumulating GBP 28 Feb 2021 pence per share 6.5893
Y - accumulating GBP 28 Feb 2021 pence per share 3.9303
Y - distributing GBP 28 Feb 2021 pence per share 3.1829

 

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

  • 31 Aug 2021

    UK Equity Income Bulletin

    The JOHCM UK Equity Income team discuss the macro and the micro, from economics to portfolio additions.

    Read More
  • 01 Aug 2021

    UK Equity Income Bulletin

    An update from the JOHCM UK Equity Income team in a positive month for the Fund, despite the macro headwinds.

    Read More
  • 01 Jul 2021

    UK Equity Income Bulletin

    June was an odd month with bond yields under pressure before and after the FOMC meeting despite positive economic data and company commentary. 

    Read More
  • 31 May 2021

    UK Equity Income Bulletin

    Continued strong economic prints, rising commodity prices, increased inflationary expectations and steepening yield curves were all features in May.

    Read More
  • 30 Mar 2021

    UK Equity Income Bulletin

    James and Clive on why the shift in stock market leadership towards 'value' has much further to run.

    Read More
  • 01 Mar 2021

    UK Equity Income Bulletin

    James and Clive's latest portfolio review covering February, a month which saw a sharp rise in government bond yields.

    Read More
  • 01 Feb 2021

    UK Equity Income Bulletin

    Ongoing lockdowns and the risk of new variants of Covid-19 held the market back in January. 

    Read More
  • 04 Jan 2021

    UK Equity Income Bulletin

    Rising Covid-19 infection rates and Brexit headlines created volatile market dynamics in December. James and Clive provide their latest thoughts. 

    Read More
  • 01 Dec 2020

    UK Equity Income Bulletin

    Vaccine developments allowed investors to look through the 2020 earnings disruption to the potential recovery. 

    Read More
  • 02 Nov 2020

    UK Equity Income Bulletin

    Better mood music around Brexit and increasing expectations of a Biden victory in the US election helped October's relative performance.

    Read More
  • 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

Webcasts & Videos

  • JOHCM UK Equity Income Fund Q2 2021 Update

    26 Jul 2021 10:00 AM | 60 mins

  • JOHCM UK Equity Income Fund Q1 2021 Update

    27 Apr 2021 | 42 mins

  • JOHCM UK Equity Income Fund - Q4 2020

    26 Jan 2021 | 50 mins

  • JOHCM UK Equity Income Fund - Q3 2020

    21 Oct 2020 | 53 mins

  • James Lowen

    Senior Fund Manager

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  • Clive Beagles

    Senior Fund Manager

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

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

Other UK Equity Funds

JOHCM UK Dynamic Fund (onshore)

Stock picker Alex Savvides aims to profit from understanding and backing positive corporate change, change that is often misunderstood or under-appreciated by the stock market. The Fund may therefore feature a mixture of restructuring/recovery plays, cheap or hidden growth and other more general special situations. The fact that each stock h...

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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 Roshni Bolton, 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 tea...

Read More
JOHCM UK Dynamic Fund (offshore)

Stock picker Alex Savvides aims to profit from understanding and backing positive corporate change, change that is often misunderstood or under-appreciated by the stock market. The Fund may therefore feature a mixture of restructuring/recovery plays, cheap or hidden growth and other more general special situations. The fact that each stock h...

Read More
Back

Environmental and Social Characteristics

The information set out below relates to the Irish-domiciled fund which has been established for this strategy. To date this fund has not yet been launched.  The UK-domiciled fund follows the same investment approach but is not required to comply with the full requirements of SFDR.

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

J O Hambro Capital Management Limited (“Investment Manager”) seeks to invest only in companies that meet minimum sustainability practices and have a coherent and well-articulated approach to sustainability to remain relevant to their customers, investors and society in general. The Investment Manager recognises that companies which fail to do so will progressively struggle.   

In order to achieve the above, the Investment Manager uses ESG scores to assess and monitor its investments and seeks to exclude businesses that are rated as ‘CCC’ by MSCI ESG or are assessed as ‘non-compliant’ with the UN Global Compact.  When an investee company no longer complies with any of these standards, the Investment Manager will engage with that issuer for a period of up to 18 months to allow the company to implement the necessary change, otherwise the Fund will exit that position.  The selection criteria may not be disapplied or overridden by the Investment Manager. 

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

In order to measure and monitor the environmental characteristics of the Fund, the Investment Manager will review the carbon footprint of the portfolio, the trajectory of change of its investee companies’ ESG ratings and environmental data published by those companies.  For the social characteristics of the Fund, the Investment Manager will review whether investee companies have implemented appropriate policies and structures to support sustainable business practices.   

Governance

Investee companies must follow good governance practices. This requires investee companies to adhere to minimum standards in various areas including sound management structures, employee relations, remuneration of staff and tax compliance. The Investment Manager is a signatory to the UK Stewardship Code 2012, is requesting to be a signatory to the UK Stewardship Code 2020 (together the “Code”) and is a signatory to the UN Principles for Responsible Investment (the “UNPRI”). As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter. 

Index

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

Periodic Reports

Irish-domiciled fund
A description of the extent to which environmental and social characteristics are met will be available as part of the annual report which will be published on this website once available. The Fund’s most recent annual report does not include any information pursuant to SFDR.  

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