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.

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 Rajan

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.

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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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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 30 June 2020

Fund size

GBP 329.94m

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 30 June 2020

Notes

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

Fees and charges

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

Administration

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

Strategy Highlights

As at 30 June 2020

Rather than speculate on the shape or pace of an economic recovery, we continue to focus on companies that can deliver long-term structural growth. We look for companies that can grow sustainably by selling more products and services to more customers for a long period of time. In order to achieve this growth, there must be both the market opportunity (growth runway) and a willingness of management to invest.

A big part of the value-add in our investment process is where the top-down analysis of structural trends meets bottom-up detailed stock analysis. We identify the big picture drivers of long-term cash flows and ensure management are investing to capture the opportunity in a way that creates value.

Our portfolio is dominated by large and diverse companies that have both big addressable market opportunities and management that are prioritising investment. We carefully monitor the progress of return on capital employed and engage with remuneration committees to ensure management are rewarded and held accountable for their investment decisions. On an aggregate level, where the Fund owns both asset-heavy and asset-light business models, the median forward-looking ROCE is 12.8%, with a healthy growth in cash flows of 5% p.a.

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 30 June 2020

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

Return history (%)

Data as at 30 June 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.

	Jun 15 - Jun 16	Jun 16 - Jun 17	Jun 17 - Jun 18	Jun 18 - Jun 19	Jun 19 - Jun 20
Fund	8.84%	10.12%	2.67%	4.48%	-5.61%

Monthly returns (%)

Data as at 30 June 2020

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual	Since inception
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							-9.09	184.20
Benchmark	2020	-2.84	-9.37	-15.89	8.64	2.17	0.72							-17.20	109.54

Net yield

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

	Net Yield %
Share class A - accumulating	3.28
Share class A - distributing	3.38
Share class B - accumulating	3.29
Share class B - distributing	3.39

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 30 June 2020

Fund size	GBP 329.94m
Number of holdings	33

Top 10 holdings and active weights

Data as at 30 June 2020

Top 10 holdings

Serco	3.86%
GSK	3.70%
Homeserve	3.61%
Vodafone	3.50%
Reckitt Benckiser	3.46%
Unilever	3.43%
National Grid	3.33%
SSE	3.32%
Barrick	3.27%
PZ Cussons	3.09%

Top 10 active weights

Serco	+3.76%
Homeserve	+3.43%
Barrick	+3.27%
PZ Cussons	+3.08%
Tate & Lyle	+2.89%
Morrisons	+2.72%
Smiths	+2.65%
SSE	+2.59%
QinetiQ	+2.41%
Smith & Nephew	+2.34%

Sector breakdown

Data as at 30 June 2020

	Portfolio	Benchmark	Relative
Industrials	24.83%	12.11%	12.72%
Consumer Services	18.48%	11.73%	6.75%
Consumer Goods	14.90%	15.67%	-0.77%
Health Care	9.12%	11.40%	-2.28%
Basic Materials	8.49%	8.40%	0.09%
Utilities	6.65%	3.57%	3.09%
Telecommunications	3.50%	2.43%	1.07%
Technology	2.64%	1.09%	1.55%
Financials	0.00%	25.18%	-25.18%
Oil & Gas	0.00%	8.42%	-8.42%
Cash	11.40%	0.00%	11.40%

Market cap breakdown

Data as at 30 June 2020

	Portfolio	Benchmark	Relative
Large Cap	68.86%	80.61%	-11.75%
Medium Cap	19.74%	16.20%	3.54%
Small Cap	0.00%	3.19%	-3.19%
Cash	11.40%	0.00%	11.40%

Fund	As at noon	Share class	Currency	Domicile	Sedol number	NAV per share	Change
JOHCM Asia ex Japan Fund	31/07/2020	A	GBP	Ireland	B3RQ272	2.219	-0.014
		A	USD	Ireland	B435PM6	1.822	0.003
		A	EUR	Ireland	B431KK7	2.074	-0.008
		B	GBP	Ireland	B3ZQS76	2.191	-0.014
		B	USD	Ireland	BF7NZT0	1.856	0.002
		B	EUR	Ireland	B5L49R5	2.108	-0.008
		Z	GBP	Ireland	B44PG77	1.575	-0.010
		Z	USD	Ireland	BVG7681	1.216	0.001
JOHCM Asia ex Japan Small and Mid Cap Fund	31/07/2020	A	GBP	Ireland	B6R5LS4	2.325	-0.006
		A	USD	Ireland	B6R5QW3	2.029	0.009
		A	EUR	Ireland	B6R5VD9	1.956	-0.001
		B	GBP	Ireland	B6R63P8	2.292	-0.007
		B	USD	Ireland	B6R5YM9	1.954	0.008
		B	EUR	Ireland	B6R5HM0	2.234	-0.001
		Z	GBP	Ireland	B4X3T62	1.761	-0.005
JOHCM Continental European Fund	31/07/2020	A	GBP	Ireland	3300912	4.443	0.052
		A	USD	Ireland	BJ4G0G2	1.320	0.017
		A	EUR	Ireland	3300923	3.436	0.049
		A Hedged	GBP	Ireland	BSJCJ49	1.158	0.016
		B	GBP	Ireland	3100543	4.284	0.050
		B	USD	Ireland	BJ4G0H3	1.348	0.018
		B	EUR	Ireland	3300901	3.459	0.049
		Y	GBP	Ireland	B993PD0	1.637	0.020
		Y	EUR	Ireland	B98YKX9	1.323	0.018
		Y Hedged	GBP	Ireland	BSJCJ50	1.211	0.017
JOHCM European Concentrated Value Fund	31/07/2020	A	EUR	Ireland	BW0DJY9	0.927	0.008
		B	USD	Ireland	BW0DK13	1.074	0.014
		B	EUR	Ireland	BW0DJZ0	0.921	0.008
		Z	AUD	Ireland	BYNJFM8	1.103	0.006
		Z	EUR	Ireland	BYNJFN9	0.853	0.007
JOHCM European Select Values Fund	31/07/2020	A	GBP	Ireland	3290422	4.821	0.033
		A	EUR	Ireland	3290433	2.972	0.028
		B	GBP	Ireland	3290400	4.415	0.030
		B	EUR	Ireland	3290411	1.990	0.020
		Non-Distributing	EUR	Ireland	BSFWK51	1.097	0.010
		X	EUR	Ireland	B4K14L9	1.423	0.013
JOHCM Global Emerging Markets Opportunities Fund	31/07/2020	A	GBP	Ireland	B4002N4	1.302	-0.009
		A	USD	Ireland	B4M6CN0	1.103	0.000
		A	EUR	Ireland	B3ZBLW7	1.358	-0.005
		B	GBP	Ireland	B41RZ57	1.252	-0.009
		B	USD	Ireland	B4XXMP2	1.440	0.000
		B	EUR	Ireland	B4TRCR0	1.340	-0.007
		Y	GBP	Ireland	BYSGJY4	1.570	-0.011
		Y	USD	Ireland	BYSGJZ5	1.342	0.000
		Z	CAD	Ireland	BBPK0L2	1.555	-0.003
		Z	AUD	Ireland	B5W6ZB6	1.757	-0.014
		Z	GBP	Ireland	B6R54W9	1.641	-0.011
JOHCM Global Income Builder Fund	31/07/2020		GBP	Ireland	BFZWPH7	1.054	-0.002
		A	USD	Ireland	BFZWPF5	0.989	0.006
		A	EUR	Ireland	BFZWPD3	0.988	0.001
		A	SGD	Ireland	BFZWPG6	1.002	0.002
		A	GBP	Ireland	BFZWPC2	1.010	-0.002
		B	EUR	Ireland	BFZWPJ9	0.965	0.001
		EUR	EUR	Ireland	BKF2GH9	0.876	0.001
		GBI	GBP	Ireland	BHR0DJ1	0.995	-0.002
		HEU	EUR	Ireland	BJGW7C3	0.948	0.005
JOHCM Global Opportunities Fund (offshore)	31/07/2020	A	GBP	Ireland	B89PQM5	1.976	-0.006
		A	USD	Ireland	B89JY23	1.939	0.009
		A	EUR	Ireland	B7MR557	2.075	0.000
		B	GBP	Ireland	BF7NZS9	2.188	-0.007
		B	USD	Ireland	B8295C7	1.856	0.008
		B	EUR	Ireland	B80FZF0	1.921	-0.001
		IHX	EUR	Ireland	BFZWWX2	0.942	0.003
		X	GBP	Ireland	BQVC9L0	1.686	-0.005
		X	EUR	Ireland	BJ5JW42	0.945	-0.001
		X	GBP	Ireland	BK8M212	0.941	-0.003
		X Hedged	GBP	Ireland	BF29TX5	0.999	0.004
		Z	GBP	Ireland	B83MS15	0.781	-0.003
		Z	GBP	Ireland	BD6R4D6	1.453	-0.004
		Z	EUR	Ireland	BDZD4M4	0.927	0.000
JOHCM Global Opportunities Fund (onshore)	31/07/2020	A Accumulating	GBP	UK	BJ5JMC0	0.990	-0.003
		A Distributing	GBP	UK	BJ5JMD1	0.975	-0.004
		AHA	GBP	UK	BKDV8G1	0.977	0.003
		X Accumulating	GBP	UK	BJ5JMF3	0.961	-0.003
		X Distributing	GBP	UK	BJ5JMG4	0.971	-0.003
JOHCM Global Select Fund	31/07/2020	A	GBP	Ireland	B3DBRN2	3.714	-0.004
		A	USD	Ireland	B3T31Z2	2.011	0.012
		A	EUR	Ireland	B3DBRP4	3.313	0.004
		B	GBP	Ireland	B3DBRL0	3.596	-0.005
		B	USD	Ireland	B5L7L67	2.305	0.014
		B	EUR	Ireland	B3DBRM1	3.221	0.003
		Z	GBP	Ireland	B3DCMB8	2.668	-0.002
		Z	USD	Ireland	B4V7J00	2.259	0.013
JOHCM Japan Fund	31/07/2020	A	GBP	Ireland	3438879	1.973	-0.067
		A	EUR	Ireland	3438880	1.383	-0.044
		A Hedged	GBP	Ireland	B5LD7P6	1.302	-0.039
		A JPY	JPY	Ireland	3438891	261.532	-7.874
		B	GBP	Ireland	3438846	1.924	-0.066
		B	EUR	Ireland	3438857	1.340	-0.042
		B Hedged	GBP	Ireland	B6386R1	1.324	-0.040
		B JPY	JPY	Ireland	3438868	258.232	-7.750
JOHCM UK Dynamic Fund	31/07/2020	A Accumulating	GBP	UK	B4T7HR5	1.891	0.019
		A Distributing	GBP	UK	B4T8552	1.359	0.014
		B Accumulating	GBP	UK	B4T7JX5	2.108	0.021
		B Distributing	GBP	UK	B4TXJ33	1.241	0.012
		X Accumulating	GBP	UK	BJ7HNB8	0.736	0.008
		X Distributing	GBP	UK	BJ5JMB9	0.707	0.007
		Y	GBP	UK	BDZRJ21	0.852	0.009
		Y	GBP	Ireland	BDGKPZ4	0.709	0.007
		Y Accumulating	GBP	UK	BDZRJ10	1.090	0.011
JOHCM UK Equity Income Fund	31/07/2020	A Accumulating	GBP	UK	B03KR50	2.713	0.028
		A Distributing	GBP	UK	B03KP23	1.307	0.013
		B Accumulating	GBP	UK	B03KR83	2.524	0.026
		B Distributing	GBP	UK	B03KR61	1.215	0.013
		X Distributing	GBP	UK	BYV9S21	0.650	0.006
		Y	GBP	UK	B95FCK6	0.881	0.009
		Y Accumulating	GBP	UK	B8FCHK5	1.094	0.012
JOHCM UK Growth Fund	31/07/2020	A	GBP	Ireland	3300934	2.712	0.013
		B	GBP	Ireland	3100554	2.351	0.011
		REU	EUR	Ireland	BLLV8D7	1.386	0.010
		RUD	USD	Ireland	BLLV8C6	1.528	0.018
		X	EUR	Ireland		1.365	0.007
		X	EUR	Ireland	BLLV882	1.388	0.010
		X	GBP	Ireland	BLLV893	1.344	0.006
		X	USD	Ireland	BLLV871	1.530	0.018
JOHCM UK Opportunities Fund	31/07/2020	A Accumulating	GBP	UK	B0LLB64	2.827	0.013
		A Distributing	GBP	UK	B3K76Q9	1.900	0.009
		B Accumulating	GBP	UK	B0LLB75	2.651	0.013
		B Distributing	GBP	UK	B3K76P8	1.807	0.008
		X Accumulating	GBP	UK	BQJZQQ5	1.299	0.006
		X Distributing	GBP	UK	B95MSF4	1.070	0.005
		Y	GBP	UK	B95J5C1	1.277	0.006
		Y Accumulating	GBP	UK	B95HP81	1.577	0.007

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class	06/19	07/19	08/19	09/19	10/19	11/19	12/19	01/20	02/20	03/20
A GBP	0.4143	0.5095	0.4572	0.4716	0.4537	0.4537	0.4276	0.4668	0.4491	0.4176
A EUR	0.4075	0.4935	0.4441	0.4695	0.4650	0.4650	0.4426	0.4862	0.4680	0.4171
A USD	0.3902	0.4598	0.4114	0.4324	0.4384	0.4384	0.4117	0.4592	0.4372	0.3853
A SGD	0.3905	0.4672	0.4228	0.4429	0.4398	0.4398	0.4164	0.4573	0.4418	0.4079
B EUR	0.4025	0.4870	0.4379	0.4627	0.4579	0.4579	0.4355	0.4775	0.4595	0.4088
Seed	0.4297	0.5287	0.4746	0.4897	0.4714	0.4714	0.0411	0.4859	0.4677	0.3691

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
A distributing GBP	2.7765	1.9368	2.0957	3.6523	2.7970	2.0409	1.5930	1.1154
A accumulating GBP	5.2101	3.6835	4.0293	7.1000	5.5449	4.1082	3.2391	2.2958
B distributing GBP	2.6034	1.8139	1.9597	3.4124	2.6093	1.9017	1.4790	1.0379
B accumulating GBP	4.8980	3.4588	3.7777	6.6508	5.1861	3.8367	3.0210	2.1395
Y distributing GBP	1.8670	1.3028	1.4102	2.4582	1.8832	1.3744	1.0730	0.7534
Y accumulating GBP	2.0960	1.4823	1.6220	2.8588	2.2334	1.6547	1.3051	0.9242

Dividends are quoted and paid in pence per share

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

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

Funds paying annual dividends

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

JOHCM Asia ex Japan Fund

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

JOHCM Asia ex Japan Small and Mid Cap Fund

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

JOHCM Concentrated Global Share Fund

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

JOHCM Continental European Fund

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

JOHCM European Select Values Fund

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

JOHCM European Concentrated Value Fund

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

JOHCM Global Emerging Markets Opportunities Fund

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

JOHCM Global Opportunities Fund

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

JOHCM Global Select Fund

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

JOHCM Japan Fund

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

JOHCM UK Dynamic Fund

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

JOHCM UK Growth Fund

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

JOHCM UK Opportunities Fund

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

Net dividends quoted in the local share class currency.

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

Views & News

02 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 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 Update

19 Jun 2018 | 20 mins

JOHCM UK Opportunities Fund