JOHCM UK Opportunities Fund J O Hambro Capital Management (JOHCM)

Fund Description

Fund managers Rachel Reutter and Michael Ulrich focus firstly on preserving a client’s capital and secondly, on growing that capital. Growth will be achieved over the long term through a concentrated portfolio of low risk business models purchased at attractive valuations. The Fund typically invests in larger companies that operate with multiple products across multiple geographies. These characteristics result in a more diverse, stable and resilient stream of company cash flows.

The team believe markets are cyclical, inefficient and prone to bouts of irrational behaviour where capital can be permanently destroyed. During such periods the managers may hold high levels of cash in order to protect the capital entrusted to them.

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

Investment Strategy

The team use top-down thematic research to identify ‘following winds’ along with analysis of economic and investment cycles. This approach ensures the portfolio benefits from positive and often structural trends that persist for long periods of time. The team then apply a rigorous quality control in order to identify companies which are able to generate predictable and growing cash flows on a forecast basis. The final element of analysis is the application of a valuation control which emphasises absolute, not relative valuation. Valuation is viewed as art not science.
The fund managers believe that sell discipline is essential to protect client capital. The managers implement a sell-to-zero policy when material downside risk is identified. The team takes high conviction positions in 20-40 stocks and investments are made irrespective of benchmark weightings.
Risk is defined as the probability and scale of a capital loss and not deviation from the benchmark. Within investments risk is seen as possible impairment to cash-flow not the short-term move in a share price.

Reasons To Invest

Focus on capital preservation and absolute performance over the long-term sets the fund apart from competitor funds chasing short term performance.
Value-add from where assessment of top-down thematic research meets rigorous bottom-up company analysis.
High-conviction positions in 20-40 stocks made irrespective of benchmark weightings.
The fund has established a long and successful track record and has a clear investment process which has been tested over many market cycles.

Rachel Reutter

Senior Fund Manager
Michael Ulrich

Senior Fund Manager
Roshni Bolton

Analyst

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.

Other UK Equity Funds

JOHCM UK Dynamic Fund

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...

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...

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...

Back

Investment Objective

The Fund aims to achieve consistent capital appreciation over the longer term by investing in stocks of primarily UK-listed large and mid-sized companies. Up to 10% of the Fund may be in international stocks. A thematic, top-down process is used to identify stock ideas and then married to a rigorous approach to valuation. Portfolio construction is benchmark-unaware with roughly equally-weighted positions in typically 30-40 stocks reflecting high conviction management.

Fund details

Data as at 31 December 2020

Fund size

GBP 322.14m

Benchmark

FTSE All-Share TR 12pm adjusted

Domicile

Denomination

GBP

Share classes

A accumulating GBP	(Launch date) 30-November-2005
A distributing GBP	(Launch date) 08-December-2008
B accumulating GBP	(Launch date) 30-November-2005
B distributing GBP	(Launch date) 08-December-2008

Unit type

Distribution & accumulation

XD Date

31 December

Payment date

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	GB00B0LLB641	B0LLB64
A distributing GBP	GB00B3K76Q93	B3K76Q9
B accumulating GBP	GB00B0LLB757	B0LLB75
B distributing GBP	GB00B3K76P86	B3K76P8

Fund ratings and awards

Data as at 31 December 2020

Notes

©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Overall Ratings and Morningstar Analyst Ratings are as at 31/10/2020.

Fees and charges

Initial charge	Up to 5%
Annual mgmt charge (A)	0.75%
Annual mgmt charge (B)	1.25%
Performance fee	15% on excess if Fund outperforms benchmark, calculated daily. Any underperformance carried forward. This fee applies to all share classes.

Administration

Status	UCITS
Investment manager	J O Hambro Capital Management Limited
Transfer agent and registrar	RBC Investor Services Limited
Depositary	Northern Trust Global Services Limited

Strategy Highlights

As at 31 December 2020

Valuation discipline remains core to our investment approach. Our search for great businesses set for long-term structural growth is always balanced by our refusal to overpay for such investments. In December we added three new positions where we can see good growth potential at attractive valuations.

During the period we started a new position in IMI. The business is a global leader in hydraulic, pneumatic and mechanical valves. Its technology is used across industries such as energy, automotive and factory automation. The business has spent the last five years focusing on operational best practice but has needed a more commercial sales focus to reignite growth. It has a new CEO and a new strategy with a greater focus on investment in innovation and client interactions. Whilst the pandemic has interrupted the new strategy, it has also provided an opportunity for us to start a position in a company we know well at an attractive valuation.

We have also started a position in Redrow, a UK housebuilder that will benefit from proposals to simplify planning laws and ongoing government support for first-time buyers. The company is exiting its London operations to focus on its core strength in regional family houses. The company’s strong balance sheet will enable it to grow volumes and a disciplined track record of land purchases should maintain an attractive return on capital. Concerns over a no-deal Brexit enabled us to buy the shares at an attractive entry point, close to book value.

During the month we participated in the Conduit Reinsurance IPO. We normally avoid IPOs due to the information advantage enjoyed by the sellers and our reluctance to own anything that is sold by private equity. The Conduit IPO is entirely new money (and therefore has no backbook issues) and does not involve private equity. We see this as an opportunity to invest at book value in a hardening reinsurance market with an experienced and well incentivised management team.

Valuation discipline led to the disposal of Ferguson, where the share price reached an all-time high during the month. We believe that the company’s strong growth prospects are more than anticipated in its share price whilst its low margins and cyclical end markets are not. We also sold our position in Tesco where the prospects for growth look limited.

Fund Reporting

Monthly Portfolio Review

KIIDs
(Key Investor Information Documents)

A Accumulating	A Distributing	A GBP
B Accumulating	B Distributing
Y Accumulating	Y Distributing	Y GBP

Percentage growth of the fund versus benchmark

Data as at 31 December 2020

A GBP share class, since launch (30 November 2005)

Return history (%)

Data as at 31 December 2020

Standardised Performance

Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential for capital growth.

	Dec 15 - Dec 16	Dec 16 - Dec 17	Dec 17 - Dec 18	Dec 18 - Dec 19	Dec 19 - Dec 20
Fund	13.75%	3.19%	-1.85%	13.06%	-3.93%

Monthly returns (%)

Data as at 31 December 2020

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual
Fund	2005												3.83	3.83
Benchmark	2005												3.20	3.20
Fund	2006	2.92	4.48	1.35	-0.25	-5.87	1.30	1.74	1.37	3.96	2.56	0.56	3.63	18.80
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	0.83	0.53	1.88	2.63	1.44	-3.15	-2.23	2.33	1.80	4.84	-1.67	1.50	10.96
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	-7.41	1.85	-0.19	1.81	0.69	-6.27	0.43	4.38	-9.92	-12.22	1.05	7.48	-18.59
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	-2.71	-6.55	-2.26	6.71	0.78	-1.69	5.91	6.39	5.13	1.03	0.79	4.52	18.44
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	-2.24	2.50	6.05	-0.15	-4.51	-1.09	3.51	-0.65	6.14	1.25	-2.43	5.32	13.83
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	-1.00	1.82	0.22	3.18	1.79	-1.71	-1.34	-4.95	-0.46	6.73	-1.58	2.47	4.77
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	-0.19	5.67	1.33	-1.19	-3.25	3.73	3.06	1.63	-0.29	0.86	0.34	-0.40	11.56
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	5.30	2.16	3.71	0.36	3.51	-3.39	4.73	-1.46	0.15	3.74		2.32	22.84
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	-3.43	4.61	-0.60	1.39	3.28	-1.72	-1.48	2.41	-2.27	-0.41	1.51	0.18	3.20
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	4.45	2.02	-1.69	2.10	3.40	-4.87	2.01	-3.98	-0.31	4.37	2.30	-1.72	7.82
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	-2.08	1.79	3.22	0.45	0.77	2.00	3.81	1.70	0.11	0.22	-1.67	2.82	13.75
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	-1.28	1.48	1.39	-0.76	4.40	-2.30	-0.29	0.86	-0.60	0.43	-0.75	0.72	3.19
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	-1.35	-3.53	-0.15	5.16	2.31	0.07	0.38	-0.86	0.66	-2.25	1.06	-3.05	-1.85
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	2.39	0.74	2.98	1.29	-1.71	2.98	1.79	-1.44	0.99	-1.64	2.13	1.99	13.06
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	-2.02	-7.22	-11.82	8.26	3.28	1.43	-0.53	1.31	-1.19	-4.91	8.84	2.53	-3.93
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

Net yield

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

	Net Yield %
Share class A - accumulating	2.35
Share class A - distributing	2.34
Share class B - accumulating	2.35
Share class B - distributing	2.35

Source and notes

JOHCM/FTSE Group/Bloomberg/Lipper.

Data shown net of fees, net income reinvested. Performance of other share classes may vary and is available on request. Please note that all fund performance is shown against the FTSE All-Share TR Index. 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.

J O Hambro Capital Management Ltd is licensed by FTSE to redistribute the FTSE All-Share Total Return Index. All rights in and to the Index and trade mark vest in FTSE and/or its licensors (including the Financial Times Limited and the London Stock Exchange PLC), none of whom shall be responsible for any error or omission in the Index.

Disclaimer

Fund statistics

Data as at 31 December 2020

Fund size	GBP 322.14m
Number of holdings	34

Top 10 holdings and active weights

Data as at 31 December 2020

Top 10 holdings

SSE	3.40%
WPP	3.26%
Rio Tinto	3.16%
TATE & LYLE	3.10%
Next	3.07%
HAYS	3.02%
GlaxoSmithKline	3.00%
Smith & Nephew	2.99%
WHITBREAD	2.96%
Relx (GB)	2.95%

Top 10 active weights

TATE & LYLE	+2.95%
HAYS	+2.92%
SERCO GROUP	+2.86%
QinetiQ	+2.83%
WPP	+2.82%
PZ CUSSONS	+2.76%
UDG HEALTHCARE	+2.75%
Johnson Matthey	+2.71%
SSE	+2.68%
WHITBREAD	+2.67%

Sector breakdown

Data as at 31 December 2020

	Portfolio	Benchmark	Relative
Consumer Services	22.49%	12.37%	10.12%
Industrials	20.46%	12.94%	7.52%
Consumer Goods	16.51%	17.11%	-0.60%
Health Care	8.84%	9.00%	-0.16%
Basic Materials	8.32%	9.02%	-0.70%
Utilities	6.19%	3.04%	3.15%
Telecommunications	2.67%	2.17%	0.50%
Oil & Gas	2.57%	7.21%	-4.63%
Technology	2.50%	1.11%	1.39%
Financials	1.91%	26.05%	-24.14%
Cash	7.54%	0.00%	7.54%

Market cap breakdown

Data as at 31 December 2020

	Portfolio	Benchmark	Relative
Large Cap	61.65%	79.00%	-17.35%
Medium Cap	30.81%	17.62%	13.19%
Small Cap	0.00%	3.39%	-3.39%
Cash	7.54%	0.00%	7.54%

Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JOHCM Asia ex Japan Fund	22/01/2021	A	EUR	Ireland	B431KK7	2.780	-0.011
		A	GBP	Ireland	B3RQ272	2.938	0.007
		A	USD	Ireland	B435PM6	2.509	-0.006
		B	GBP	Ireland	B3ZQS76	2.893	0.007
		B	USD	Ireland	BF7NZT0	2.550	-0.004
		B	EUR	Ireland	B5L49R5	2.818	-0.012
		Z	GBP	Ireland	B44PG77	2.080	0.005
		Z	USD	Ireland	BVG7681	1.671	-0.005
JOHCM Asia ex Japan Small and Mid Cap Fund	22/01/2021	A	GBP	Ireland	B6R5LS4	2.898	0.039
		A	USD	Ireland	B6R5QW3	2.629	0.024
		A	EUR	Ireland	B6R5VD9	2.467	0.018
		B	GBP	Ireland	B6R63P8	2.847	0.044
		B	USD	Ireland	B6R5YM9	2.524	0.027
		B	EUR	Ireland	B6R5HM0	2.806	0.025
		Z	GBP	Ireland	B4X3T62	2.192	0.034
JOHCM Continental European Fund	22/01/2021	A	GBP	Ireland	3300912	4.980	-0.037
		A	USD	Ireland	BJ4G0G2	1.507	-0.021
		A	EUR	Ireland	3300923	3.899	-0.055
		A Hedged	GBP	Ireland	BSJCJ49	1.317	-0.019
		B	GBP	Ireland	3100543	4.811	-0.035
		B	USD	Ireland	BJ4G0H3	1.542	-0.020
		B	EUR	Ireland	3300901	3.934	-0.054
		Y	GBP	Ireland	B993PD0	1.834	-0.013
		Y	EUR	Ireland	B98YKX9	1.502	-0.021
		Y Hedged	GBP	Ireland	BSJCJ50	1.376	-0.019
JOHCM European Concentrated Value Fund	22/01/2021	A	EUR	Ireland	BW0DJY9	1.037	-0.014
		B	EUR	Ireland	BW0DJZ0	1.033	-0.013
		Z	AUD	Ireland	BYNJFM8	1.177	-0.004
		Z	EUR	Ireland	BYNJFN9	0.953	-0.012
JOHCM European Select Values Fund	22/01/2021	A	GBP	Ireland	3290422	5.750	-0.048
		A	EUR	Ireland	3290433	3.589	-0.054
		B	GBP	Ireland	3290400	5.275	-0.044
		B	EUR	Ireland	3290411	2.406	-0.036
		Non-Distributing	EUR	Ireland	BSFWK51	1.336	-0.018
		X	EUR	Ireland	B4K14L9	1.724	-0.025
JOHCM Global Emerging Markets Opportunities Fund	22/01/2021	A	GBP	Ireland	B4002N4	1.571	-0.006
		A	USD	Ireland	B4M6CN0	1.384	-0.012
		A	EUR	Ireland	B3ZBLW7	1.659	-0.016
		B	GBP	Ireland	B41RZ57	1.514	-0.006
		B	USD	Ireland	B4XXMP2	1.812	-0.015
		B	EUR	Ireland	B4TRCR0	1.642	-0.016
		Y	GBP	Ireland	BYSGJY4	1.893	-0.007
		Y	USD	Ireland	BYSGJZ5	1.684	-0.014
		Z	GBP	Ireland	B6R54W9	1.973	-0.007
		Z	CAD	Ireland	BBPK0L2	1.842	-0.003
		Z	AUD	Ireland	B5W6ZB6	2.049	-0.001
JOHCM Global Income Builder Fund	22/01/2021		GBP	Ireland	BFZWPH7	1.068	0.000
		A	SGD	Ireland	BFZWPG6	1.019	-0.002
		A	GBP	Ireland	BFZWPC2	1.021	0.000
		A	USD	Ireland	BFZWPF5	1.040	-0.005
		A	EUR	Ireland	BFZWPD3	1.011	-0.007
		B	EUR	Ireland	BFZWPJ9	0.982	-0.008
		EUR	EUR	Ireland	BKF2GH9	0.898	-0.006
		GBI	GBP	Ireland	BHR0DJ1	1.033	-0.001
JOHCM Global Opportunities Fund (offshore)	22/01/2021	A	USD	Ireland	B89JY23	2.110	-0.015
		A	EUR	Ireland	B7MR557	2.198	-0.020
		A	GBP	Ireland	B89PQM5	2.068	-0.005
		B	GBP	Ireland	BF7NZS9	2.282	-0.005
		B	USD	Ireland	B8295C7	2.013	-0.013
		B	EUR	Ireland	B80FZF0	2.028	-0.018
		IHX	EUR	Ireland	BFZWWX2	1.021	-0.007
		X	GBP	Ireland	BQVC9L0	1.765	-0.004
		X	EUR	Ireland	BMCZLF8	1.074	-0.009
		X	EUR	Ireland	BJ5JW42	1.002	-0.009
		X	GBP	Ireland	BK8M212	1.007	-0.003
		X Hedged	GBP	Ireland	BF29TX5	1.086	-0.007
		Z	GBP	Ireland	B83MS15	0.820	-0.002
		Z	GBP	Ireland	BD6R4D6	1.561	-0.004
		Z	EUR	Ireland	BDZD4M4	0.985	-0.009
JOHCM Global Opportunities Fund (onshore)	22/01/2021	A Accumulating	GBP	UK	BJ5JMC0	1.060	-0.003
		A Distributing	GBP	UK	BJ5JMD1	1.019	-0.003
		AHA	GBP	UK	BKDV8G1	1.086	-0.008
		X Accumulating	GBP	UK	BJ5JMF3	1.031	-0.002
		X Distributing	GBP	UK	BJ5JMG4	1.016	-0.003
JOHCM Global Select Fund	22/01/2021	A	GBP	Ireland	B3DBRN2	4.465	0.016
		A	USD	Ireland	B3T31Z2	2.516	-0.001
		A	EUR	Ireland	B3DBRP4	4.034	-0.011
		B	GBP	Ireland	B3DBRL0	4.311	0.015
		B	USD	Ireland	B5L7L67	2.874	-0.003
		B	EUR	Ireland	B3DBRM1	3.910	-0.011
		Z	GBP	Ireland	B3DCMB8	3.211	0.012
		Z	USD	Ireland	B4V7J00	2.830	-0.002
JOHCM Japan Fund	22/01/2021	A	GBP	Ireland	B00X0H5	2.434	-0.003
		A	EUR	Ireland	3438880	1.728	-0.014
		A Hedged	GBP	Ireland	B5LD7P6	1.654	-0.007
		A JPY	JPY	Ireland	3438891	332.572	-1.504
		B	GBP	Ireland	3438846	2.379	-0.004
		B	EUR	Ireland	3438857	1.678	-0.013
		B Hedged	GBP	Ireland	B6386R1	1.687	-0.007
		B JPY	JPY	Ireland	3438868	329.172	-1.492
JOHCM UK Dynamic Fund	22/01/2021	A Accumulating	GBP	UK	B4T7HR5	2.365	-0.023
		A Distributing	GBP	UK	B4T8552	1.653	-0.016
		B Accumulating	GBP	UK	B4T7JX5	2.631	-0.025
		B Distributing	GBP	UK	B4TXJ33	1.506	-0.015
		X Accumulating	GBP	UK	BJ7HNB8	0.921	-0.009
		X Distributing	GBP	UK	BJ5JMB9	0.861	-0.008
		Y	GBP	Ireland	BDGKPZ4	0.862	-0.008
		Y	GBP	UK	BDZRJ21	1.036	-0.010
		Y Accumulating	GBP	UK	BDZRJ10	1.364	-0.013
JOHCM UK Equity Income Fund	22/01/2021	A Accumulating	GBP	UK	B03KR50	3.513	-0.045
		A Distributing	GBP	UK	B03KP23	1.665	-0.021
		B Accumulating	GBP	UK	B03KR83	3.261	-0.042
		B Distributing	GBP	UK	B03KR61	1.544	-0.020
		X Distributing	GBP	UK	BYV9S21	0.829	-0.011
		Y	GBP	UK	B95FCK6	1.123	-0.014
		Y Accumulating	GBP	UK	B8FCHK5	1.417	-0.018
JOHCM UK Growth Fund	22/01/2021	A	GBP	Ireland	3300934	3.679	-0.046
		B	GBP	Ireland	3100554	3.194	-0.041
		REU	EUR	Ireland	BLLV8D7	1.915	-0.037
		RUD	USD	Ireland	BLLV8C6	2.169	-0.037
		X	GBP	Ireland	BLLV893	1.833	-0.023
		X	USD	Ireland	BLLV871	2.174	-0.037
		X	EUR	Ireland	BLLV8B5	1.858	-0.024
		X	EUR	Ireland	BLLV882	1.919	-0.037
JOHCM UK Opportunities Fund	22/01/2021	A Accumulating	GBP	UK	B0LLB64	3.066	-0.013
		A Distributing	GBP	UK	B3K76Q9	2.013	-0.009
		B Accumulating	GBP	UK	B0LLB75	2.858	-0.012
		B Distributing	GBP	UK	B3K76P8	1.903	-0.009
		X Accumulating	GBP	UK	BQJZQQ5	1.410	-0.006
		X Distributing	GBP	UK	B95MSF4	1.140	-0.005
		Y	GBP	UK	B95J5C1	1.355	-0.005
		Y Accumulating	GBP	UK	B95HP81	1.714	-0.007
Regnan Global Equity Impact Solutions Fund (offshore)	22/01/2021		GBP	Ireland	BN2BDR9	1.006	0.003
			USD	Ireland	BN2BDV3	1.010	-0.002
		A	GBP	Ireland	BN2BD80	1.006	0.003
		A	USD	Ireland	BN2BDC4	1.010	-0.002
		A	EUR	Ireland	BN2BD91	1.006	-0.004
		B	GBP	Ireland	BN2BDD5	1.006	0.003
		B	USD	Ireland	BN2BDH9	1.010	-0.002
		B	EUR	Ireland	BN2BDF7	1.006	-0.004
		EUR	EUR	Ireland		1.006	-0.004
		HSE	EUR	Ireland		1.010	-0.001
		IHX	EUR	Ireland	BN2BDB3	1.010	-0.001
		RHX	EUR	Ireland	BN2BDG8	1.010	-0.001
		Z	GBP	Ireland		1.006	0.003
Regnan Global Equity Impact Solutions Fund (onshore)	22/01/2021	A Accumulating	GBP	UK	BMCZDD0	1.177	0.005
		DNA	GBP	UK	BMCZDJ6	1.180	0.006
		Y Accumulating	GBP	UK	BMCZDK7	1.178	0.006

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	02/20	03/20	04/20	05/20	06/20	07/20	08/20	09/20	10/20	11/20	12/20	01/21
A GBP	0.4491	0.4176	0.4276	0.4164	0.4095	0.4554	0.4276	0.3871	0.4592	0.4016	0.4363	0.4312
A EUR	0.4680	0.4171	0.4180	0.4202	0.4065	0.4551	0.4180	0.3838	0.4431	0.3928	0.4289	0.4233
A USD	0.4372	0.3853	0.4154	0.3897	0.3833	0.4212	0.4154	0.3885	0.4393	0.3865	0.4335	0.4393
A SGD	0.4418	0.4079	0.4224	0.4070	0.3970	0.4323	0.4224	0.3895	0.4425	0.3899	0.4296	0.4274
B EUR	0.4595	0.4088	0.4083	0.4115	0.3978	0.4351	0.4083	0.3745	0.4319	0.3826	0.4174	0.4115
Seed	0.4677	0.3691	0.4464	0.4342	0.4272	0.4752	0.4464	0.3402	0.3929	0.3484	0.4153	0.3757

Net dividends quoted in the local share class currency.

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

Funds paying quarterly dividends

JOHCM UK Equity Income Fund

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

Dividends are quoted and paid in pence per share

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

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

Funds paying annual dividends

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

JOHCM Asia ex Japan Fund

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

JOHCM Asia ex Japan Small and Mid Cap Fund

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

JOHCM Concentrated Global Share Fund

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

JOHCM Continental European Fund

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

JOHCM European Select Values Fund

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

JOHCM European Concentrated Value Fund

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

JOHCM Global Emerging Markets Opportunities Fund

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

JOHCM Global Opportunities Fund

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

JOHCM Global Select Fund

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

JOHCM Japan Fund

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

JOHCM UK Dynamic Fund

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

JOHCM UK Growth Fund

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

JOHCM UK Opportunities Fund

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

Net dividends quoted in the local share class currency.

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

Views & News

22 Jan 2021
Core thoughts

Three topics that have been dominating the thoughts and actions of the JOHCM UK Opportunities team over the last quarter.
Read More
26 Oct 2020
Three years on, five lessons learnt

Three years on from assuming co-leadership of the JOHCM UK Opportunities Fund, Rachel Reutter and Michael Ulrich reflect on five lessons learnt.
Read More
04 Oct 2020
Core thoughts

An October update from Rachel Reutter and Michael Ulrich, managers of the JOHCM UK Opportunities Fund.
Read More
17 Sep 2020
A deep dive into UK equities

Rachel Reutter, JOHCM UK Opportunities Fund, on five factors UK equity investors need to look out for in the ‘new normal’.
Read More
02 Apr 2020
Time to adapt

The very latest thinking and portfolio changes from the JOHCM UK Opportunities team.
Read More
13 Mar 2020
Be calm, considered and patient

A letter from the JOHCM UK Opportunities team in light of the coronavirus-driven sell-off.
Read More
17 Dec 2019
Mind the value traps: beware the illusion of value

Investors picking between value and growth styles are choosing different ways to lose money.
Read More
05 Jun 2019
UK Opportunities Fund Bulletin

Navigating dysfunctional markets: Michael Ulrich and Rachel Reutter provide their 6 month Fund update.
Read More
04 Jan 2019
UK Opportunities Fund Bulletin

Michael Ulrich and Rachel Reutter, co-managers of the JOHCM UK Opportunties Fund, provide their outlook and an overview of the last six months.
Read More

Webcasts & Videos

JOHCM UK Opportunities Fund Q3 2020 update

08 Oct 2020 | 22 mins
JOHCM UK Opportunities Fund June 2020 update

24 Jun 2020 | 19 mins
Navigating dysfunctional markets: JOHCM UK Opportunities Fund Update

26 Jun 2019 | 13 mins
JOHCM UK Opportunities Fund Update

10 Jan 2019 | 16 mins

JOHCM UK Opportunities Fund