JOHCM UK Equity Income Fund

Back

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.

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

  • 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

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 Dynamic Fund (onshore)

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
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
Back

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.

Fund details

Data as at 30 June 2024
Fund size GBP 1.61bn
Benchmark FTSE All-Share TR 12pm adjusted
Domicile UK
Denomination GBP
Share classes

Please click here

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 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

Economic data in the US continues to reflect an economy where the consumer has run out of spending ‘ammunition’. Retail sales in May grew by just 0.1% month on month (MoM) and April was revised lower to -0.2%. With the savings ratio below 4%, consumers' spending power is clearly constrained until policy is eased. Several corporates also reflected these weaker spending patterns, including Nike, Walgreens and Brown-Forman. However, the Fed has relatively little room for manoeuvre in the short term, with inflation continuing to prove somewhat sticky above 3%. This month's CPI did come in modestly softer at 0.2% MoM for the core, but the subsequent Fed meeting notes showed that the average member of the FOMC is only assuming one rate cut during the second half of 2024, despite sluggish consumer activity. Interestingly, the Fed also moved its view of the long-term neutral interest rate higher again to 2.8% (vs 2.5% two months ago), which is highly unusual. An obvious conclusion is that it may cut rates by less than some market participants have been hoping for. 

The UK stock market’s strength subsided in June (with the FTSE All Share down 0.35%). The fund was down 2.58%, underperforming the market by 2.24%. Year-to-date, the Fund is up 12.24%, compared to the market increase of 8.13%. In many respects, June's performance trends represented a modest pullback and some profit-taking in some of the sectors that had led the market higher in the previous three months. We have recently added two new stocks to the Fund: Forterra and FDM. Forterra: As the second-largest brick producer in the UK, Forterra is well-positioned for growth. Factors driving this include falling interest rates, the Labour Party’s housing plans, and the general UK economic recovery. Forterra recently commissioned an efficient, low-carbon brick plant. With a current PE ratio of 5x, it has potential for growth if housing starts reach 200k per annum. FDM: This global tech-based consultancy places trained IT employees into large businesses. Despite recent profit warnings, FDM’s unique platform, strong management team, and net cash position make it an attractive investment. Demand for its services is likely to accelerate due to technological changes and legacy system updates.

The 2024 dividend growth forecast remains flat, considering factors like share buybacks prioritisation, delayed UK dividend growth, mining sector impact and sterling appreciation. Mid-year surprises and disappointments have occurred, with a positive rotational effect boosting Fund-level dividend growth. The Fund’s yield is around 5%, with significant share buyback activity across holdings. Approximately £40bn in equity is being bought back this year, representing a 5% average reduction in share count. This could lead to earnings per share, dividends per share, and share price increases. The combined effect of 5% dividend and 5% buyback creates a potent 10% dynamic.

The UK’s economic outlook is brightening, with a potential election result accelerating this trend. The Bank of England is likely to ease policy modestly, with rate cuts potentially smaller than expected due to rapid economic recovery. High consumer confidence, increased savings, and 3% real wage growth suggest a positive trajectory. Political stability in the UK, contrasted with rising uncertainties in Europe, could attract international investors. Compelling valuations have spurred M&A activity, and a potential Labour administration may boost domestic equities. With a focus on consumer spending and infrastructure projects, stocks in these areas could see significant growth.
 

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 (30 November 2004)

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 -21.59% 38.72% -1.90% 4.15% 21.13%

Monthly returns (%)

Data as at 30 June 2024
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 -0.08 1.81 -4.34 5.12 24.13
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 2.32 -3.10 1.37 -1.46 2.98 -9.47 4.34 -1.81 -7.68 4.76 8.90 -1.01 -1.36
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 6.54 2.28 -7.39 0.94 -4.42 0.13 4.75 -2.23 3.12 -8.27 4.68 6.67 5.47
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 -2.23 7.83 4.69 4.17 -2.61 11.97 362.00
Benchmark 2024 -0.99 0.01 4.46 3.19 1.67 -0.35 8.13 283.55

Net yield

Net Yield %
Share class A - accumulating 5.12
Share class A - distributing 5.20
Share class B - accumulating 5.13
Share class B - distributing 5.24

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. 

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 1.61bn
Number of holdings 60

Top 10 holdings and active weights

Data as at 30 June 2024
Top 10 holdings
BP 5.69%
Barclays 4.29%
Glencore 3.96%
Natwest 3.62%
Standard Chartered 3.56%
Aviva 3.51%
DS Smith 3.27%
Phoenix Group 3.24%
Anglo American 3.15%
ITV 3.12%
Top 10 active weights
Phoenix Group +3.08%
DS Smith +3.03%
ITV +2.98%
Barclays +2.98%
Aviva +2.97%
Standard Chartered +2.93%
Natwest +2.80%
BP +2.34%
Legal & General +2.21%
KELLER GROUP +2.21%

Sector breakdown

Data as at 30 June 2024
Portfolio Benchmark Relative
Financials 32.79% 24.50% 8.29%
Industrials 22.24% 12.39% 9.85%
Consumer Discretionary 14.66% 10.76% 3.90%
Energy 10.31% 11.20% -0.90%
Basic Materials 9.47% 7.05% 2.42%
Real Estate 3.33% 2.60% 0.73%
Utilities 2.90% 3.59% -0.69%
Telecommunications 1.61% 1.21% 0.39%
Consumer Staples 1.61% 13.40% -11.79%
Technology 0.00% 1.35% -1.35%
Health Care 0.00% 11.95% -11.95%
Cash 1.09% 0.00% 1.09%

Market cap breakdown

Data as at 30 June 2024
Portfolio Benchmark Relative
Large Cap 53.29% 84.27% -30.98%
Medium Cap 29.27% 13.67% 15.60%
Small Cap 16.35% 2.06% 14.29%
Cash 1.09% 0.00% 1.09%

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 Equity Income Fund 16/07/2024 A Accumulating GBP UK GB00B03KR500 5.223 -0.01
UK Equities JOHCM UK Equity Income Fund 16/07/2024 A Distributing GBP UK GB00B03KP231 2.056 -0.004
UK Equities JOHCM UK Equity Income Fund 16/07/2024 B Accumulating GBP UK GB00B03KR831 4.765 -0.009
UK Equities JOHCM UK Equity Income Fund 16/07/2024 B Distributing GBP UK GB00B03KR617 1.873 -0.004
UK Equities JOHCM UK Equity Income Fund 16/07/2024 M Accumulating GBP UK GB00BRJRX676 1.254 -0.002
UK Equities JOHCM UK Equity Income Fund 16/07/2024 M Distributing GBP UK GB00BRJRX783 1.21 -0.002
UK Equities JOHCM UK Equity Income Fund 16/07/2024 X Distributing GBP UK GB00BYV9S217 1.031 -0.002
UK Equities JOHCM UK Equity Income Fund 16/07/2024 Y Accumulating GBP UK GB00B8FCHK57 2.11 -0.006
UK Equities JOHCM UK Equity Income Fund 16/07/2024 Y Distributing GBP UK GB00B95FCK64 1.39 -0.004

Dividend Rates

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

Share class Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
A distributing GBP 3.445 3.141 1.831 2.105 3.272 3.429 1.561 1.710
A accumulating GBP 7.654 7.115 4.227 4.910 7.720 8.243 3.821 4.223
B distributing GBP  3.175 2.890 1.682 1.932 3.000 3.140 1.480 1.561
B accumulating GBP 7.060 6.553 3.888 4.510 7.085 7.553 3.498 3.860
Y distributing GBP 2.327 2.121 1.238 1.424 2.213 2.320 1.056 1.158
Y accumulating GBP 3.092 2.876 1.709 1.932 3.123 3.336 1.547 1.710
X distributing GBP 1.721 1.570 0.915 1.053 1.638 1.717 0.782 0.857
M distributing GBP 0.000 0.000 0.000 0.000 0.000 0.000 0.785 1.005
M accumulating GBP 0.000 0.000 0.000 0.000 0.000 0.000 0.785 1.012

Dividends are quoted and paid in pence per share

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

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

Funds paying semi-annual dividends

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

JOHCM UK Dynamic Fund (Onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2024 pence per share 3.388444
A - accumulating GBP 28 Feb 2024 pence per share  5.345332
B - distributing GBP 28 Feb 2024 pence per share  3.046355
B - accumulating GBP 28 Feb 2024 pence per share 5.864666
Y - distributing GBP 28 Feb 2024 pence per share 2.13129
Y - accumulating GBP 28 Feb 2024 pence per share 3.090886
X - distributing GBP 28 Feb 2024 pence per share 1.774937
X - accummulating GBP 28 Feb 2024 pence per share 2.093736
M - distributing GBP 28 Feb 2024 pence per share 1.73384
M - accumulating GBP 28 Feb 2024 pence per share 1.741298
K - distributing GBP 28 Feb 2024 pence per share 1.7720
K - accumulating  GBP 28 Feb 2024 pence per share 1.776166

JOHCM UK Dynamic Fund (Offshore)

Share class Currency Pay date Dividend paid in Dividend rate
Y GBP 28 Feb 2024 pence per share 1.7437
Y EUR 28 Feb 2024 pence per share 1.728
Y USD 28 Feb 2024 pence per chare 2.0475

JOHCM Global Select Shariah Fund 

Share class Currency Pay date Dividend paid in Dividend rate
A USD 28 Feb 2024 pence per share 0.2992

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

  • 01 Jul 2024

    UK Equity Income Bulletin

    Rising confidence, inflation on target and active buybacks attract investors

    Read More
  • 03 Jun 2024

    UK Equity Income Bulletin

    BoE rate cut potentially deferred, cyclicals triumph and investors eye clearing event

    Read More
  • 09 May 2024

    Global Growth to UK Value

    Why has Japan surged but not the UK? What are the signs of pending change?

    Read More
  • 01 May 2024

    UK Equity Income Bulletin

    UK emerges from the shadows as US rates stall and 'Value' takes centre stage

    Read More
  • 13 Apr 2024

    A Shrinking Market Brings Short-term Gains But Longer-term Pains

    As buybacks, M&A and transfers to the US slowly but surely reduce the UK equity market, short-term benefits will turn into long-term costs

    Read More
  • 01 Apr 2024

    UK Equity Income Bulletin

    UK cyclicals rally as the Bank of England turns dovish

    Read More
  • 01 Mar 2024

    UK Equity Income Bulletin

    Strong Results and Easing Rates Fuel Potential UK Market Recovery

    Read More
  • 01 Feb 2024

    UK Equity Income Bulletin

    In a resilient UK economy defying bearish sentiments, a rebound is anticipated as inflation eases, real wages climb and consumer confidence soars

    Read More
  • 02 Jan 2024

    UK Equity Income Bulletin

    Falling inflation and positive GDP growth signal a shift, creating opportunities in undervalued UK stocks amid monetary policy easing

    Read More
  • 01 Dec 2023

    UK Equity Income Bulletin

    As UK inflation declines, an optimistic economic outlook and a stable political landscape could help attract international investors 

    Read More
  • 20 Nov 2023

    Inflation Relief

    With receding inflation, UK equities anticipate a resurgence

    Read More
  • 01 Nov 2023

    UK Equity Income Bulletin

    Navigating Heightened Risk Aversion Amid Rising US Yields and Middle East Dynamics

    Read More
  • 02 Oct 2023

    UK Equity Income Bulletin

    UK Inflation Eases and the Equity Market Signals Turnaround

    Read More

Webcasts & Videos

  • JOHCM UK Equity Income Fund Q2 2024 Update

    30 Jul 2024 09:00 AM | 60 mins

  • JOHCM UK Equity Income Fund Q2 2024 Update

    30 Jul 2024 09:00 AM | 60 mins

  • UK Election Special

    12 Jul 2024 | 31 mins

  • Global Growth to UK Value

    09 May 2024 | 46 mins

  • James Lowen

    Senior Fund Manager

    small image path
  • Clive Beagles

    Senior Fund Manager

    small image path

This is a marketing communication.

Information on the rights of investors can be found here.

The investment promoted concerns the acquisition of shares in a fund and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investments include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

Other UK Equity Funds

JOHCM UK Dynamic Fund (onshore)

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
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
Back
| JOHCM UK Equity Income

From the Mild to the Wild

20 Years in the UK Stock Market with Clive Beagles and James Lowen

In association with the Centre for Financial History, University of Cambridge

What was it like to manage an equity fund through the wildest days of the Global Financial Crisis? What was life like for an investor when the world was analogue? Why, and when, did company management start listening to their shareholders? Has tighter regulation always worked?

Welcome to From the Mild to the Wild, a series of seven videos looking at change in the UK equity market since the launch, 20 years ago, of the JOHCM UK Equity Income Fund.

Senior fund managers Clive Beagles and James Lowen have run the fund since its inception in 2004, share the stories of two tumultuous decades.


Episodes

Episode 3: From Market to Portfolio

The UK equity market is very different to what it was 20 years ago. Companies have come and gone. Ideas have changed. What can the past teach us about the future?

Watch now

Episode 2: From Fingers to Digits

What was it like when the world was analogue? Is the new always better?

Watch now

Episode 1: From the Beginning

What makes a great partnership? Clive Beagles and James Lowen, two of the most prominent investors in UK equities talk about what brought them into investment management and the dynamic that has kept two very different personalities together for 20 years.

Watch now

Trailer

From change to crisis, from markets to managing each other – 20 years in the UK equity market with Clive Beagles and James Lowen

Watch now


About the Team

Clive Beagles

Senior Fund Manager

35 years' industry experience, joined JOHCM in Sep 2004.

Clive co-manages the JOHCM UK Equity Income Fund, alongside James Lowen, and is one of the UK’s most highly respected equity income managers. Prior to joining JOHCM, Clive worked at Newton Investment Management as Investment Leader, UK Equities and managed the successful Newton Higher Income Fund for three years. Clive holds a BA (Hons) in Economics and is an associate member of the Institute of Investment Management and Research.

James Lowen

Senior Fund Manager

30 years' industry experience, joined JOHCM in Sep 2004.

James co-manages the JOHCM UK Equity Income Fund, alongside Clive Beagles. James is a qualified Chartered Accountant and joined Newton Investment Management in 1998 as a member of their Research Department. James holds a first class degree in Economics from the University of Exeter and is an associate member of the Institute of Investment Management and Research.


Contact our team

To find out more about our UK Equity Income Strategy and how we can help you.

For a better experience, we recommend viewing this website in landscape orientation.

Webinars

×

JOHCM

×

Regnan

×