JOHCM UK Growth Fund

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Fund Description

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 but significant upside potential.

Investment Strategy
  • Mark and Vishal use a disciplined, stock selection-driven process in aiming to achieve long-term capital growth
  • The Fund represents a portfolio of typically 50-60 investments in companies that are capable of generating growth throughout the economic cycle and regardless of economic conditions
  • Aims to identify mispriced or undiscovered growth stocks,investing in good companies which are well-managed with consistent track records and a clear strategy
  • Imposes a ruthless selling discipline: a strict selling discipline is the underestimated skill of fund management
Reasons To Invest
  • Mark Costar is a highly experienced manager with a proven track record: he has been managing the Fund since its launch in 2001
  • Strong long-term performance record built on identifying mispriced or undiscovered growth stocks with high margins of safety but significant upside potential
  • All-cap product with a small-cap bias
  • Mark Costar

    Senior Fund Manager

    small image path
  • Vishal Bhatia

    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 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.

Loss of PEA status: As a result of the United Kingdom no longer being a member state of the EEA following its withdrawal from the EU (commonly known as Brexit), we wish to remind you that as at 1 October 2021, shares in the Fund are no longer eligible for inclusion in a Plan d’Epargne en Actions (“PEA”) and can no longer be retained in a PEA.

Other UK Equity Funds

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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 Equity Income Fund

Established stock pickers James Lowen and Clive Beagles operate a strict yield discipline: they only buy stocks that they believe will yield more than the FTSE All-Share Index on a prospective basis, although every stock held must also have the potential for capital appreciation. This focus on higher-yielding stocks leads to a naturally cont...

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JOHCM UK Opportunities Fund

Fund managers Rachel Reutter and Michael Ulrich, supported by experienced analysts Roshni Bolton and Eoghan Reid, run a concentrated portfolio of best-in-class UK large and mid-cap companies.

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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 by investing in UK listed companies across the broad market cap range.

Fund details

Data as at 31 December 2021
Fund size GBP 409.81m
Benchmark FTSE All-Share TR 12pm adjusted
Domicile Ireland
Denomination GBP
Share classes
A GBP (Launch date) 07-May-2003
B GBP (Launch date) 06-November-2001
Unit type Distribution
XD Date 31 December
Payment date 28 February
Minimum investment
A GBP 1,000
B GBP 1,000
Valuation point Daily (12pm, UK time)
Dealing frequency Daily 9-5pm
Fund codes
ISIN SEDOL
A GBP IE0033009345 3300934
B GBP IE0031005543 3100554

Fund ratings and awards

Data as at 31 December 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 31/08/2021.

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 RBC Investor Services Limited

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 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.

Loss of PEA status: As a result of the United Kingdom no longer being a member state of the EEA following its withdrawal from the EU (commonly known as Brexit), we wish to remind you that as at 1 October 2021, shares in the Fund are no longer eligible for inclusion in a Plan d’Epargne en Actions (“PEA”) and can no longer be retained in a PEA.

Strategy Highlights

As at 31 December 2021

The Fund underperformed over the month, capping off a difficult quarter and ultimately leading to a sub-par result for the year as a whole. Given the promising start and coming off a very strong 2020 this is obviously a somewhat disappointing outcome.

The critically important point is, aside from a small one earlier in the year (Abingdon Health) in our honest and considered opinion there have been no permanent impairments. Throughout the Funds history we have always been consistently candid and transparent when we have such had any such hits, so this is not a statement we make lightly. Put another way, what we are implicitly saying is that in the fullness of time and assuming our analysis is correct, we expect to not only fully recover the underperformance of the names that have not worked in the short term but to generate very substantial alpha over and beyond this. This of course is in addition to the plethora of undiscovered growth assets that populate the fund and are themselves very meaningfully mispriced. It is a judgement validated by 88 individual director equity purchases of UKG portfolio assets over the course of the year and a conviction shared by ourselves where we have both made recent, meaningful Fund purchases. With an overall profile significantly cheaper than the market, appreciably stronger balance sheets than the market and yet offering substantially higher earnings growth (and in a market that itself trades a multi-decade discount to developed peers) we believe the case is a very compelling one.

Turning to December specifically and aside from the small cap/AIM market lagging the rally overall, the main culprit was Venture Life. This is a business that executed fantastically during the pandemic but has run into some trading difficulties as this year has progressed. Venture is a manufacturer and distributor of proprietary OTC medications throughout Europe and Asia. This an attractive, structurally growing market, playing into the growing trend of self-medication, shifting hygiene habits post COVID and an aging population. It is a unique business for its size, having not only the scientific expertise to develop and create formulations, but also the regulatory function to bring them to market and the specialist manufacturing capability to capture all of the margin in house and scale as the business grows. 

The company has experienced issues over freight and driver availability, as well as rising input prices as well as some caution amongst some of its retail customer base given uncertainty over Omicron. Because Venture is a vertically integrated business, this has an especially magnified impact on the drop through margin and therefore on short term profitability.

The impact on the shares has been significant, falling to 29p at one stage from north of 90p at their peak earlier this year and 48p at the start of the month. We see this as a pretty dramatic overreaction. At this price the business trades around 2.5x EV/Gross profits and just over 4.5x EV/EBITDA. For context, peers trade in excess of 10x and with considerable M&A transaction recently undertaken in the space at nearer 20x. The very same operational gearing that hit on the way down will be just as potent on the way up. The business has some unique assets in a growing sector and with considerable IP and a valuable customer base. We do not think the share price will languish down here for long. The management have been understandably been buying stock (in fact they have had two bites at the cherry) and we have done exactly the same.
 

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 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.

Loss of PEA status: As a result of the United Kingdom no longer being a member state of the EEA following its withdrawal from the EU (commonly known as Brexit), we wish to remind you that as at 1 October 2021, shares in the Fund are no longer eligible for inclusion in a Plan d’Epargne en Actions (“PEA”) and can no longer be retained in a PEA.

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 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.

Loss of PEA status: As a result of the United Kingdom no longer being a member state of the EEA following its withdrawal from the EU (commonly known as Brexit), we wish to remind you that as at 1 October 2021, shares in the Fund are no longer eligible for inclusion in a Plan d’Epargne en Actions (“PEA”) and can no longer be retained in a PEA.

Percentage growth of the fund versus benchmark

Data as at 31 December 2021
A GBP share class, since launch (6 November 2001)

Return history (%)

Data as at 31 December 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 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.


Dec 16 - Dec 17 Dec 17 - Dec 18 Dec 18 - Dec 19 Dec 19 - Dec 20 Dec 20 - Dec 21
Fund 16.55% -14.96% 15.44% 5.62% 11.73%

Monthly returns (%)

Data as at 31 December 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Since inception
Fund 2001 1.93 1.88 3.84
Benchmark 2001 1.01 0.45 1.47
Fund 2002 -0.10 0.98 4.17 -0.65 0.19 -6.92 -8.54 -0.55 -11.38 5.86 6.24 -5.21 -16.34
Benchmark 2002 -1.04 -0.81 4.19 -1.55 -1.23 -8.42 -8.69 -0.87 -10.13 6.64 2.98 -4.84 -22.58
Fund 2003 -9.47 -1.16 2.22 11.13 7.83 1.17 4.11 4.46 -1.36 4.92 3.28 28.89
Benchmark 2003 -9.48 1.00 1.98 8.60 4.83 0.87 2.34 2.95 -0.89 3.44 1.48 2.96 20.83
Fund 2004 1.18 2.87 -2.09 2.14 -2.35 2.05 -1.84 1.34 3.43 1.11 2.02 3.87 14.34
Benchmark 2004 -0.32 3.26 -1.92 2.23 -1.70 1.73 -2.01 1.93 3.10 0.93 2.45 2.40 12.52
Fund 2005 2.78 3.78 -1.34 -3.85 2.74 4.53 4.85 0.98 2.57 -6.30 6.43 3.12 21.38
Benchmark 2005 1.64 3.17 -1.02 -2.60 4.09 3.07 3.68 0.72 3.58 -3.65 4.68 3.16 22.08
Fund 2006 4.81 2.39 2.82 1.69 -6.36 0.89 0.88 1.25 1.60 3.03 -0.41 3.31 16.61
Benchmark 2006 3.29 1.90 3.15 1.01 -5.44 2.56 1.46 0.63 1.66 2.83 0.40 2.47 16.77
Fund 2007 2.06 0.11 1.90 3.62 2.05 -2.06 -3.93 -1.23 -0.34 3.30 -8.66 -1.39 -5.13
Benchmark 2007 0.13 0.34 2.35 2.85 2.84 -1.90 -3.05 -0.43 2.18 4.41 -4.58 0.38 5.24
Fund 2008 -8.70 -0.67 -3.85 7.45 2.47 -9.04 1.99 4.91 -10.39 -11.21 -1.82 5.02 -23.34
Benchmark 2008 -10.17 2.85 -2.63 5.71 1.12 -8.43 -2.23 4.47 -14.36 -13.88 0.61 5.50 -29.59
Fund 2009 -3.61 -6.09 2.50 23.73 1.81 -0.15 10.08 12.53 4.61 -1.54 -1.98 1.84 48.64
Benchmark 2009 -5.31 -7.14 2.05 12.11 3.67 -2.65 7.88 7.38 5.38 -0.58 1.25 3.90 29.62
Fund 2010 -1.40 0.35 3.65 1.88 -8.98 -6.19 5.88 -3.52 9.09 2.40 -1.32 8.76 9.27
Benchmark 2010 -3.49 2.73 7.57 -0.81 -6.04 -4.89 6.70 -1.94 8.23 1.97 -1.53 6.99 15.01
Fund 2011 2.17 1.00 -3.82 2.72 -0.69 -2.77 -0.60 -11.21 -4.10 4.93 -5.81 0.33 -17.39
Benchmark 2011 -0.96 2.33 -0.15 2.45 -0.47 -1.52 -1.15 -8.36 -3.79 9.97 -4.22 2.67 -4.20
Fund 2012 8.99 6.79 -0.63 -1.67 -8.79 5.21 3.48 2.01 4.86 4.03 1.22 2.52 30.39
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 7.75 3.66 0.61 1.83 4.65 -4.00 7.33 0.55 2.55 2.52 1.29 3.23 36.38
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 -0.46 5.08 -2.51 2.35 -0.26 -1.78 0.26 3.28 -1.24 -0.92 2.09 -0.40 5.33
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 0.44 3.15 -2.13 1.01 2.69 -3.00 0.11 -4.28 -3.53 2.88 -0.76 -1.95 -5.59
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 -6.35 -1.36 4.08 0.21 -4.61 8.16 2.67 1.55 -0.15 0.73 4.26 8.68
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 4.15 -0.14 1.75 -1.33 4.45 -2.45 1.40 0.03 0.90 3.55 -0.30 3.70 16.55
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 -1.43 -3.39 -2.16 5.69 2.97 0.51 -1.83 -2.96 1.56 -7.30 -2.92 -4.17 -14.96
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 3.09 0.15 -0.52 5.36 -1.14 3.02 -1.05 -6.92 3.64 1.28 2.17 6.05 15.44
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 -2.42 -10.70 -22.14 17.44 2.85 1.53 -4.20 6.13 -3.97 0.79 20.21 7.30 5.62
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 -0.79 7.98 4.44 3.28 2.14 -1.64 -0.64 2.59 0.08 -2.36 -5.62 2.36 11.73
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

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. All performance figures illustrate performance from the first full day that the Fund held investments. During the period 6 November 2001 to 7 May 2003 the performance record is based on the pre-existing share class that had a higher management fee.

FTSE International Limited (“FTSE”) © FTSE 2017. The Industry Classification Benchmark (“ICB”) and all  rights in it are owned by and vest in FTSE and/or its licensors. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. Neither FTSE, nor its licensors accept any liability for any errors or omissions in the ICB. No further distribution of ICB is permitted without FTSE’s express written consent.

Disclaimer

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

Loss of PEA status: As a result of the United Kingdom no longer being a member state of the EEA following its withdrawal from the EU (commonly known as Brexit), we wish to remind you that as at 1 October 2021, shares in the Fund are no longer eligible for inclusion in a Plan d’Epargne en Actions (“PEA”) and can no longer be retained in a PEA.

Fund statistics

Data as at 31 December 2021
Fund size GBP 409.81m
Number of holdings 55

Top 10 holdings and active weights

Data as at 31 December 2021
Top 10 holdings
BP 5.71%
AstraZeneca 4.02%
Standard Chartered 3.84%
BT 3.72%
Associated British Foods 3.63%
Barclays 3.51%
NCC 3.36%
Rank Group 3.04%
Unilever 3.04%
ROLLS-Royce 3.03%
Top 10 active weights
Standard Chartered +3.39%
Associated British Foods +3.35%
NCC +3.33%
BT +3.21%
BP +3.14%
Rank Group +3.03%
ACCESSO TECHNOLOGY GROUP +2.75%
Just group +2.69%
FD TECHNOLOGIES +2.65%
ROLLS-Royce +2.62%

Sector breakdown

Data as at 31 December 2021
Portfolio Benchmark Relative
Technology 19.77% 1.64% 18.13%
Financials 16.24% 22.55% -6.30%
Industrials 14.47% 13.45% 1.02%
Consumer Discretionary 11.56% 11.90% -0.34%
Health Care 8.96% 9.81% -0.85%
Consumer Staples 8.63% 14.93% -6.29%
Energy 8.60% 7.87% 0.73%
Basic Materials 5.38% 9.29% -3.91%
Telecommunications 3.72% 1.96% 1.76%
Real Estate 0.00% 3.33% -3.33%
Utilities 0.00% 3.28% -3.28%
Cash 2.67% 0.00% 2.67%

Market cap breakdown

Data as at 31 December 2021
Portfolio Benchmark Relative
Large Cap 40.69% 79.69% -39.00%
Medium Cap 16.42% 17.04% -0.63%
Small Cap 40.22% 3.26% 36.96%
Cash 2.67% 0.00% 2.67%

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 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.

Loss of PEA status: As a result of the United Kingdom no longer being a member state of the EEA following its withdrawal from the EU (commonly known as Brexit), we wish to remind you that as at 1 October 2021, shares in the Fund are no longer eligible for inclusion in a Plan d’Epargne en Actions (“PEA”) and can no longer be retained in a PEA.

Fund

As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 17/01/2022 A EUR Ireland B431KK7 2.758 -0.010
A GBP Ireland B3RQ272 2.732 -0.012
A USD Ireland B435PM6 2.332 -0.013
B EUR Ireland B5L49R5 2.778 -0.012
B GBP Ireland B3ZQS76 2.674 -0.012
B USD Ireland BF7NZT0 2.358 -0.013
Z GBP Ireland B44PG77 1.939 -0.008
Z USD Ireland BVG7681 1.558 -0.009
JOHCM Asia ex Japan Small and Mid Cap Fund 17/01/2022 A EUR Ireland B6R5VD9 2.842 0.018
A GBP Ireland B6R5LS4 3.132 0.018
A USD Ireland B6R5QW3 2.842 0.014
B GBP Ireland B6R63P8 3.051 0.017
B USD Ireland B6R5YM9 2.705 0.012
B EUR Ireland B6R5HM0 3.208 0.020
Z GBP Ireland B4X3T62 2.377 0.013
JOHCM Continental European Fund 17/01/2022 A EUR Ireland 3300923 4.803 0.015
A GBP Ireland 3300912 5.752 0.016
A USD Ireland BJ4G0G2 1.864 0.007
A Hedged GBP Ireland BSJCJ49 1.626 0.005
B EUR Ireland 3300901 4.850 0.014
B GBP Ireland 3100543 5.563 0.016
B USD Ireland BJ4G0H3 1.903 0.005
Y GBP Ireland B993PD0 2.116 0.006
Y EUR Ireland B98YKX9 1.848 0.005
Y Hedged GBP Ireland BSJCJ50 1.694 0.006
JOHCM European Concentrated Value Fund 17/01/2022 A EUR Ireland BW0DJY9 1.181 0.007
B EUR Ireland BW0DJZ0 1.177 0.008
Z AUD Ireland BYNJFM8 1.342 0.008
Z EUR Ireland BYNJFN9 1.084 0.006
JOHCM European Select Values Fund 17/01/2022 A EUR Ireland 3290433 3.970 0.029
A GBP Ireland 3290422 5.965 0.044
B EUR Ireland 3290411 2.663 0.019
B GBP Ireland 3290400 5.473 0.040
Non-Distributing EUR Ireland BSFWK51 1.478 0.011
X EUR Ireland B4K14L9 1.903 0.013
Y EUR Ireland BMXC8L3 1.069 0.009
JOHCM Global Emerging Markets Opportunities Fund 17/01/2022 A USD Ireland B4M6CN0 1.328 -0.003
A EUR Ireland B3ZBLW7 1.696 -0.002
A GBP Ireland B4002N4 1.507 -0.002
B EUR Ireland B4TRCR0 1.679 -0.002
B GBP Ireland B41RZ57 1.452 -0.002
B USD Ireland B4XXMP2 1.738 -0.005
Y GBP Ireland BYSGJY4 1.815 -0.002
Y USD Ireland BYSGJZ5 1.615 -0.004
Z CAD Ireland BBPK0L2 1.741 -0.008
Z GBP Ireland B6R54W9 1.892 -0.002
JOHCM Global Income Builder Fund 17/01/2022 A EUR Ireland BFZWPD3 1.165 0.005
A GBP Ireland BFZWPC2 1.102 0.004
A SGD Ireland BFZWPG6 1.118 0.003
A USD Ireland BFZWPF5 1.122 0.003
B EUR Ireland BFZWPJ9 1.119 0.004
Seed EUR Ireland BKF2GH9 1.038 0.004
Seed GBP Ireland BFZWPH7 1.157 0.004
Seed GBP Ireland BHR0DJ1 1.165 0.004
JOHCM Global Opportunities Fund (offshore) 17/01/2022 A EUR Ireland B7MR557 2.640 0.015
A GBP Ireland B89PQM5 2.329 0.014
A USD Ireland B89JY23 2.376 0.010
A Hedged EUR Ireland BFZWWX2 1.135 0.005
B EUR Ireland B80FZF0 2.418 0.015
B GBP Ireland BF7NZS9 2.551 0.016
B USD Ireland B8295C7 2.250 0.010
X EUR Ireland BJ5JW42 1.204 0.007
X EUR Ireland BMCZLF8 1.318 0.009
X GBP Ireland BQVC9L0 1.991 0.013
X Hedged GBP Ireland BF29TX5 1.223 0.006
Z EUR Ireland BDZD4M4 1.192 0.007
Z GBP Ireland B83MS15 0.931 0.006
Z GBP Ireland BD6R4D6 1.806 0.011
JOHCM Global Opportunities Fund (onshore) 17/01/2022 A Accumulating GBP UK BJ5JMC0 1.219 0.008
A Accumulating Hedged GBP UK BKDV8G1 1.207 0.005
A Distributing GBP UK BJ5JMD1 1.146 0.007
X Accumulating GBP UK BJ5JMF3 1.187 0.007
X Distributing GBP UK BJ5JMG4 1.146 0.007
JOHCM Global Select Fund 17/01/2022 A EUR Ireland B3DBRP4 4.751 0.036
A GBP Ireland B3DBRN2 4.931 0.036
A USD Ireland B3T31Z2 2.778 0.015
B EUR Ireland B3DBRM1 4.577 0.034
B GBP Ireland B3DBRL0 4.727 0.034
B USD Ireland B5L7L67 3.153 0.018
Z GBP Ireland B3DCMB8 3.559 0.026
Z USD Ireland B4V7J00 3.136 0.019
JOHCM Uk Dynamic Fund 17/01/2022 Y GBP Ireland BDGKPZ4 1.036 0.009
JOHCM UK Dynamic Fund (onshore) 17/01/2022 A Accumilating GBP UK B4T7HR5 2.946 0.023
A Distributing GBP UK B4T8552 1.994 0.016
B Accumulating GBP UK B4T7JX5 3.261 0.026
B Distributing GBP UK B4TXJ33 1.808 0.014
X Accumulating GBP UK BJ7HNB8 1.150 0.009
X Distributing GBP UK BJ5JMB9 1.040 0.008
Y GBP UK BDZRJ21 1.252 0.010
Y Accumulating GBP UK BDZRJ10 1.701 0.014
JOHCM UK Equity Income Fund 17/01/2022 A Accumulating GBP UK B03KR50 4.521 0.028
A Distributing GBP UK B03KP23 2.056 0.013
B Accumulating GBP UK B03KR83 4.176 0.025
B Distributing GBP UK B03KR61 1.897 0.012
X Distributing GBP UK BYV9S21 1.026 0.006
Y GBP UK B95FCK6 1.388 0.008
Y Accumulating GBP UK B8FCHK5 1.826 0.011
JOHCM UK Growth Fund 17/01/2022 A GBP Ireland 3300934 4.121 -0.008
B GBP Ireland 3100554 3.580 -0.006
Non-distributing EUR Ireland BLLV8D7 2.316 -0.004
Non-distributing USD Ireland BLLV8C6 2.459 -0.009
X EUR Ireland BLLV882 2.329 -0.004
X EUR Ireland BLLV8B5 2.101 -0.004
X GBP Ireland BLLV893 2.054 -0.003
X USD Ireland BLLV871 2.473 -0.008
JOHCM UK Opportunities Fund 17/01/2022 A Accumulating GBP UK B0LLB64 3.301 0.016
A Distributing GBP UK B3K76Q9 2.113 0.010
B Accumulating GBP UK B0LLB75 3.062 0.015
B Distributing GBP UK B3K76P8 1.987 0.009
X Accumulating GBP UK BQJZQQ5 1.520 0.007
X Distributing GBP UK B95MSF4 1.199 0.006
Y GBP UK B95J5C1 1.423 0.007
Y Accumulating GBP UK B95HP81 1.848 0.009
Regnan Global Equity Impact Solutions Fund (offshore) 17/01/2022 A EUR Ireland BN2BD91 0.966 -0.002
A GBP Ireland BN2BD80 0.905 -0.003
A USD Ireland BN2BDC4 0.911 -0.004
A Hedged EUR Ireland BN2BDB3 0.905 -0.003
B EUR Ireland BN2BDF7 0.959 -0.002
B GBP Ireland BN2BDD5 0.901 -0.002
B USD Ireland BN2BDH9 0.906 -0.003
B Hedged EUR Ireland BN2BDG8 0.892 -0.004
Seed EUR Ireland BN2BDS0 0.974 -0.004
Seed GBP Ireland BN2BDR9 0.914 -0.003
Seed USD Ireland BN2BDV3 0.918 -0.004
Seed Hedge EUR Ireland BN2BDT1 0.907 -0.004
Z GBP Ireland BN2BDN5 0.912 -0.002
Regnan Global Equity Impact Solutions Fund (onshore) 17/01/2022 A Accumulating GBP UK BMCZDD0 1.062 -0.003
F Accumulating GBP UK BMCZDJ6 1.071 -0.002
Y Accumulating GBP UK BMCZDK7 1.064 -0.003
Regnan Sustainable Water and Waste Fund (offshore) 17/01/2022 A EUR Ireland BLPKC72 0.946 0.001
A USD Ireland BLPKC94 0.958 -0.001
A GBP Ireland BLPKC61 0.930 0.001
B EUR Ireland BLPKCC7 0.948 0.000
B GBP Ireland BLPKCB6 0.932 0.001
B USD Ireland BLPKF84 0.960 -0.001
Y EUR Ireland BLPKFC8 0.947 0.002
Y USD Ireland BLPKFF1 0.958 -0.001
Y GBP Ireland BLPKF95 0.930 0.001
Regnan Sustainable Water and Waste Fund (onshore) 17/01/2022 A Accumulating GBP UK BMYXD32 0.991 0.000
F Accumulating GBP UK BMYXQ55 0.994 -0.001
Y Accumulating GBP UK BMYXQ55 0.994 -0.001

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 12/20 01/21 02/21 03/21 04/21 05/21 06/21 07/21 08/21 09/21 10/21 11/21 12/21
A  GBP 0.4363 0.4312 0.3200 0.3071 0.3763 0.3485 0.3257 0.3877 0.3516 0.3570 0.3621 0.3848 0.3789
A EUR 0.4289 0.4233 0.3205 0.3138 0.3899 0.3555 0.3336 0.3978 0.3638 0.3677 0.3601 0.3996 0.4003
A USD   0.4335 0.4393 0.3270 0.3191 0.3864 0.3605 0.3443 0.3985 0.3651 0.3597 0.3518 0.3821 0.3812
A SGD  0.4296 0.4274 0.3217 0.3140 0.3844 0.3558 0.3364 0.3965 0.3644 0.3609 0.3506 0.3848 0.3823
B EUR 0.4174 0.4115 0.3114 0.3046 0.3781 0.3444 0.3229 0.3847 0.3515 0.3546 0.3469 0.3847 0.3850
Seed 0.3806 0.3757 0.2846 0.2787 0.3464 0.3160 0.2966 0.3538 0.3237 0.3274 0.3207 0.3561 0.3978

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 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21
A distributing GBP 2.7970 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681 2.3283 3.0863 1.2881
A accumulating GBP 5.5449 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649 4.9447 6.6368 2.8152
B distributing GBP  2.6093 1.9017 1.4790 1.0379 1.1739 0.9997 1.0825 2.1559 2.8539 1.1897
B accumulating GBP 5.1861 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869 4.5836 6.1431 2.6020
Y distributing GBP 1.8832 1.3744 1.0730 0.7534 0.8514 0.7263 0.7879 1.5709 2.0833 0.8697
Y accumulating GBP 2.2334 1.6547 1.3051 0.9242 1.0570 0.5363 0.9944 1.9953 2.6787 1.1364

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 2021 and pay date of 28 February 2022.


JOHCM Asia ex Japan Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 1.2717
Z USD 28 Feb 2022 cents per share 1.0094

JOHCM Asia ex Japan Small and Mid Cap Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 cents per share 0.0000

JOHCM Concentrated Global Share Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000

JOHCM Continental European Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 8.6863
A EUR 28 Feb 2022 cents per share 7.2518
A - hedge GBP 28 Feb 2022 pence per share 2.3783
B GBP 28 Feb 2022 pence per share 5.7899
B EUR 28 Feb 2022 cents per share 5.0477
B - hedge USD 28 Feb 2022 cents per share 1.8425
Y GBP 28 Feb 2022 pence per share 3.4475
Y - hedge GBP 28 Feb 2022 pence per share 2.6955
Y EUR 28 Feb 2022 cents per share 3.0103

JOHCM European Select Values Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 3.4279
A EUR 28 Feb 2022 cents per share 2.2816
B GBP 28 Feb 2022 pence per share 0.4023
B EUR 28 Feb 2021 cents per share 0.1956
Y EUR 28 Feb 2022 cents per share 0.6184

JOHCM European Concentrated Value Fund

Share class Currency Pay date Dividend paid in Dividend rate
A EUR 28 Feb 2022 cents per share 0.8126
B EUR 28 Feb 2022 cents per share 0.3158
Z EUR 28 Feb 2022 cents per share 1.5455

JOHCM Global Emerging Markets Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.8311
A EUR 28 Feb 2022 cents per share 3.1858
A USD 28 Feb 2022 cents per share 2.4633
B GBP 28 Feb 2022 pence per share 1.8347
B EUR 28 Feb 2022 cents per share 2.1208
B USD 28 Feb 2022 cents per share 2.1654
Y GBP 28 Feb 2022 pence per share 3.6898
Y USD 28 Feb 2022 cents per share 3.1258
Z GBP 28 Feb 2022 cents per share 5.3164

JOHCM Global Opportunities Fund (onshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 2.5871
A EUR 28 Feb 2022 cents per share 5.0441
A USD 28 Feb 2022 cents per share 4.8886
B EUR 28 Feb 2022 cents per share 4.6750
B USD 28 Feb 2022 cents per share 4.6865
A - hedged GBP 28 Feb 2022 pence per share 2.6653
A - hedged EUR 28 Feb 2022 cents per share 2.2077
X GBP 28 Feb 2022 cents per share 2.4784
X EUR 28 Feb 2022 cents per share 2.2293

JOHCM Global Opportunities Fund (offshore)

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 4.5789
A EUR 28 Feb 2022 cents per share 5.1902
A USD 28 Feb 2022 cents per share 4.6148
B GBP 28 Feb 2022 pence per share 5.0376
B EUR 28 Feb 2022 cents per share 4.7737
B USD 28 Feb 2022 cents per share 4.3909
A - hedged EUR 28 Feb 2022 cents per share 2.3372
X GBP 28 Feb 2022 cents per share 3.9139
Z GBP 28 Feb 2022 cents per share 1.8229
X - hedged GBP 28 Feb 2022 cents per share 2.4327
X EUR 28 Feb 2022 cents per share 2.3658

JOHCM Global Select Fund

Share class Currency Pay date Dividend paid in  Dividend rate
A GBP 28 Feb 2022 pence per share 0.0000
A EUR 28 Feb 2022 cents per share 0.0000
A USD 28 Feb 2022 cents per share 0.0000
B GBP 28 Feb 2022 pence per share 0.0000
B EUR 28 Feb 2022 cents per share 0.0000
B USD 28 Feb 2022 cents per share 0.0000
Z GBP 28 Feb 2022 pence per share 2.9482
Z USD 28 Feb 2021 cents per share 2.5658


JOHCM UK Dynamic Fund

Please note that with effect from 1 January 2022, this fund will make semi-annual distributions.

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2022 pence per share 6.2558
A - accumulating GBP 28 Feb 2022 pence per share 8.9515
B - distributing GBP 28 Feb 2022 pence per share 5.6880
B - accumulating GBP 28 Feb 2022 pence per share 9.9325
Y - distributing GBP 28 Feb 2022 pence per share 3.9239
Y - accumulating GBP 28 Feb 2022 pence per share 5.1639
Y GBP 28 Feb 2022 pence per share 3.2091

JOHCM UK Growth Fund

Share class Currency Pay date Dividend paid in Dividend rate
A GBP 28 Feb 2022 pence per share 5.8783
B GBP 28 Feb 2022 pence per share 3.1115
X GBP 28 Feb 2022 pence per share 3.1342

JOHCM UK Opportunities Fund

Share class Currency Pay date Dividend paid in Dividend rate
A - distributing GBP 28 Feb 2022 pence per share 5.5257
A - accumulating GBP 28 Feb 2022 pence per share 8.4140
B - distributing GBP 28 Feb 2022 pence per share 5.2121
B - accumulating GBP 28 Feb 2022 pence per share 7.8256
Y - accumulating GBP 28 Feb 2022 pence per share 3.7193
Y - distributing GBP 28 Feb 2022 pence per share 4.7060

 

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

  • 20 Jun 2021

    Takeover talk and growth platforms

    Mark Costar and Vishal Bhatia discuss why the Fund is seeing plenty of M&A activity and describe why they are backing companies that back themselves.

    Read More

Webcasts & Videos

  • JOHCM UK Growth Fund November 2021 Update

    09 Nov 2021 | 50 mins

  • JOHCM UK Growth Fund February 2021 Update

    11 Feb 2021 | 41 mins

  • Mark Costar

    Senior Fund Manager

    small image path
  • Vishal Bhatia

    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 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.

Loss of PEA status: As a result of the United Kingdom no longer being a member state of the EEA following its withdrawal from the EU (commonly known as Brexit), we wish to remind you that as at 1 October 2021, shares in the Fund are no longer eligible for inclusion in a Plan d’Epargne en Actions (“PEA”) and can no longer be retained in a PEA.

Other UK Equity Funds

JOHCM UK Dynamic Fund (onshore)

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JOHCM UK Equity Income Fund

Established stock pickers James Lowen and Clive Beagles operate a strict yield discipline: they only buy stocks that they believe will yield more than the FTSE All-Share Index on a prospective basis, although every stock held must also have the potential for capital appreciation. This focus on higher-yielding stocks leads to a naturally cont...

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JOHCM UK Opportunities Fund

Fund managers Rachel Reutter and Michael Ulrich, supported by experienced analysts Roshni Bolton and 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 futur...

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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...

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Back

Environmental and Social Characteristics

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. The Investment Manager refers to the ten principles of the UN Global Compact, which promote sustainable and responsible corporate development in order to make globalisation more socially and ecologically focused. They fall into the categories of the protection of human rights, maintenance of appropriate labour standards, promoting environmental responsibility and the prevention of corruption.   

In order to achieve the above, the Fund excludes investment in those companies it considers “non-sustainable”. The issuer of a security is considered “non-sustainable” if it is “non-compliant” with the UN Global Compact. The selection criteria may not be disapplied or overridden by the Investment Manager. We utilise the UN Global Compact assessment of our third-party provider, Sustainalytics. 

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 a third-party provider, or such other source as the Investment Manager determines.  

In order to measure and monitor the environmental characteristics of the Fund, the Investment Manager will review the carbon footprint of the portfolio and environmental data published by its investee 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.  The Investment Manager will also consider data provided by a third- party data provider, although this will not necessarily directly influence whether a company will be bought or sold by the Fund. 

Although the Fund may invest in economic activities that contribute to an environmental objective within the meaning of the EU’s Sustainable Finance Disclosure Regulation (SFDR), the Investment Manager is not currently in a position to assess the proportion, as a percentage of the Fund’s portfolio, of investments in environmentally sustainable activities which are aligned to the EU’s Taxonomy Regulation (TR) (Regulation (EU) 2020/852) and amending Regulation (EU) 2019/2088.

This is due to a lack of reliable, timely and verifiable data for the Investment Manager to make a full and accurate assessment of the investments of the Fund against the TR’s Technical Screening Criteria in respect of climate change mitigation and climate change adaptation. It is also important to note that given the geographical focus of the Fund’s strategy, companies within the investment universe might not be under any obligation to provide the data required under EU legislation.

As a result, the Investment Manager is unable to determine whether the underlying investments in the Fund contribute to climate change mitigation and/or climate change adaptation, or whether the Fund has investments in economic activities that qualify as environmentally sustainable pursuant to the TR. As such, it has been determined that, 0% of the Fund’s investments are in economic activities that qualify as environmentally sustainable under the TR.

The Investment Manager is keeping this situation under review and will revisit the TR disclosure requirements once sufficient data is available.

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

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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