JOHCM UK Opportunities Fund

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Fund Description

Build Back Better – In UK equities
Click to read Build Back Better

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 future growth. The team conduct their own work on sustainability that goes beyond the box-ticking exercises conducted by rating agencies. They engage with management teams to encourage them to develop transparent and meaningful sustainability goals.

The team view markets as cyclical, inefficient and prone to bouts of irrational behaviour, where capital can be permanently destroyed. They believe that a focus on capital preservation is key to achieving long-term growth. The team look for companies with strong balance sheets and robust accounting, where organic investment is prioritised over ego-boosting and value-destroying acquisitions. They believe sell discipline is an underrated skill and use valuation control to protect clients’ capital.

The team buy companies whose end markets benefit from tailwinds that will enable these firms to grow over long periods. They avoid businesses reliant on an economic cycle or mature markets, where growth can only be achieved through a fight for market share.

The team run a concentrated portfolio and are unconstrained by sector or benchmark weights. This absolute approach to portfolio construction means the portfolio will have no exposure to areas of the market that the fund managers believe will destroy value.

The result is a high conviction portfolio of best-in-class companies with attractive growth and valuation characteristics.

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.

 

UK equities blog

  • Rachel Reutter

    Senior Fund Manager

    small image path
  • Michael Ulrich

    Senior Fund Manager

    small image path
  • Roshni Bolton

    Analyst

    small image path
  • Eoghan Reid

    Analyst

    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.

Other UK Equity Funds

JOHCM UK Dynamic Fund (onshore)

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

Read More
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 Growth Fund

Mark Costar and Vishal Bhatia aim to identify mispriced or undiscovered growth stocks that typically reside in one of three categories: the clear and unassailable market leader, the innovator or market disruptor and the supply side beneficiary. The Fund typically has a small-cap bias and contains stocks that have a high margin of safety...

Read More
JOHCM UK 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 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 May 2022
Fund size GBP 186.2m
Benchmark FTSE All-Share TR 12pm adjusted
Domicile UK
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 May 2022
Notes

©2022 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 31/03/2022.

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 with the exception of the Class A shares, where there is no performance fee charged.

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

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.

Strategy Highlights

As at 31 May 2022

The withdrawal of quantitative easing across the globe appears to be bringing to an end to the super cycles of over-leverage and over-valuation which have been driving the greatest returns for investors over the last 15 years. At last, the binary buckets of growth and value investing are giving way to investing based on scrutiny of company fundamentals. Our fund focuses on fundamentals and has avoided both the extremes of quality/ growth investing at any price on the one hand, and the realms of deep value with the associated perils of leverage and disintermediation on the other. We welcome this change and think it sets our style of investing into a strongposition for the coming years. 

Valuations are starting to come back to more reasonable levels and in the last few months we have bought new positions in Experian and Hargreaves Lansdown. These are both companies with very strong franchises and thematic tailwinds and, crucially, the management teams are willing and able to invest into them. 

Inflationary times bring challenges to all companies. As interest rates rise, investors have been piling into ‘deep value’ sectors, worrying more about valuation than business fundamentals. It has and will always remain the case that growth remains a company’s best defence against inflation, alongside franchises which have the stickiness to deliver pricing increases without materially damaging demand, and a margin structure which is high enough to have some ‘give’ in flexible costs when times get tough. We remain focused on the stability of earnings in the P/E equation so as to not get lost in the mirage of value, and based on our estimates, over 50% of the portfolio has recurring revenue characteristics. 

During the month of May the fund returned 1.29% which was ahead of the FTSE All Share return of 1.26%. Homeserve and Serco were the fund’s best performing stocks and are both great examples of the latent value which lies within the portfolio. Homeserve has received bid interest from private equity, whilst Serco has started to register investor interest having seen a 40% derating in its valuation to only 12x P/E, despite growing its profits 94% since 2019. 

The fund remains well positioned for a more challenging macro environment. We believe our investment approach of finding well-positioned companies, with a focus on stability of cash flow, strong balance sheets and valuation upside will continue to deliver an attractive and differentiated outcome for clients. 
 

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.

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.

Percentage growth of the fund versus benchmark

Data as at 31 May 2022
A GBP share class, since launch (30 November 2005)

Return history (%)

Data as at 31 May 2022

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. 
 


Mar 17 - Mar 18 Mar 18 - Mar 19 Mar 19 - Mar 20 Mar 20 - Mar 21 Mar 21 - Mar 22
Fund -3.46% 9.71% -14.67% 26.10% 0.13%

Monthly returns (%)

Data as at 31 May 2022
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 -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
Fund 2021 -0.10 1.37 3.91 3.64 0.85 -0.67 0.82 2.27 -2.78 -1.28 -2.65 4.56 10.06
Benchmark 2021 -0.44 2.06 3.73 3.43 1.74 -0.13 0.37 2.65 -0.41 1.32 -2.30 4.68 17.77
Fund 2022 -3.15 -2.41 1.28 0.57 1.29 -2.48 222.30
Benchmark 2022 -0.24 -1.29 2.73 -0.56 1.26 1.86 174.68

Net yield

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

Net Yield %
Share class A - accumulating 2.61
Share class A - distributing 2.68
Share class B - accumulating 2.62
Share class B - distributing 2.69

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

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

The 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.

Fund statistics

Data as at 31 May 2022
Fund size GBP 186.2m
Number of holdings 28

Top 10 holdings and active weights

Data as at 31 May 2022
Top 10 holdings
Unilever 4.01%
SERCO GROUP 3.98%
AstraZeneca 3.96%
Relx (GB) 3.76%
Anglo American 3.72%
National Grid 3.71%
ASHTEAD GROUP 3.67%
SSE 3.64%
SSP Group 3.61%
HOMESERVE 3.61%
Top 10 active weights
SERCO GROUP +3.89%
SSP Group +3.52%
HOMESERVE +3.48%
IMI +3.31%
HAYS +3.20%
Future Plc +3.19%
REDROW +3.17%
INCHCAPE PLC +3.16%
Barrick Gold +3.14%
WHITBREAD +3.09%

Sector breakdown

Data as at 31 May 2022
Portfolio Benchmark Relative
Industrials 30.69% 10.69% 20.00%
Consumer Discretionary 23.23% 10.59% 12.65%
Basic Materials 10.42% 8.70% 1.71%
Financials 8.91% 21.97% -13.06%
Health Care 7.42% 11.39% -3.97%
Utilities 7.35% 3.55% 3.80%
Consumer Staples 7.05% 15.24% -8.18%
Energy 0.00% 11.32% -11.32%
Real Estate 0.00% 3.10% -3.10%
Technology 0.00% 1.30% -1.30%
Telecommunications 0.00% 2.16% -2.16%
Cash 4.93% 0.00% 4.93%

Market cap breakdown

Data as at 31 May 2022
Portfolio Benchmark Relative
Large Cap 61.91% 82.05% -20.14%
Medium Cap 30.77% 15.03% 15.74%
Small Cap 2.39% 2.92% -0.53%
Cash 4.93% 0.00% 4.93%

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.

Fund

As at noon Share class Currency Domicile Sedol number NAV per share Change
JOHCM Asia ex Japan Fund 24/06/2022 A EUR Ireland B431KK7 2.393 0.042
A GBP Ireland B3RQ272 2.431 0.039
A USD Ireland B435PM6 1.869 0.034
B EUR Ireland B5L49R5 2.405 0.042
B GBP Ireland B3ZQS76 2.373 0.038
B USD Ireland BF7NZT0 1.885 0.035
Z GBP Ireland B44PG77 1.732 0.028
Z USD Ireland BVG7681 1.254 0.024
JOHCM Asia ex Japan Small and Mid Cap Fund 24/06/2022 A USD Ireland B6R5QW3 2.350 0.040
A EUR Ireland B6R5VD9 2.524 0.042
A GBP Ireland B6R5LS4 2.876 0.043
B EUR Ireland B6R5HM0 2.866 0.046
B GBP Ireland B6R63P8 2.795 0.041
B USD Ireland B6R5YM9 2.230 0.037
Z GBP Ireland B4X3T62 2.189 0.032
JOHCM Continental European Fund 24/06/2022 A EUR Ireland 3300923 4.012 0.054
A GBP Ireland 3300912 4.928 0.061
A USD Ireland BJ4G0G2 1.577 0.022
A Hedged GBP Ireland BSJCJ49 1.370 0.018
B EUR Ireland 3300901 4.038 0.052
B GBP Ireland 3100543 4.748 0.054
B USD Ireland BJ4G0H3 1.607 0.022
Y EUR Ireland B98YKX9 1.546 0.021
Y GBP Ireland B993PD0 1.814 0.023
Y Hedged GBP Ireland BSJCJ50 1.429 0.019
JOHCM European Concentrated Value Fund 24/06/2022 A EUR Ireland BW0DJY9 0.968 0.009
B EUR Ireland BW0DJZ0 0.962 0.008
Z AUD Ireland BYNJFM8 1.065 0.011
Z EUR Ireland BYNJFN9 0.892 0.007
JOHCM European Select Values Fund 24/06/2022 A EUR Ireland 3290433 3.277 0.008
A GBP Ireland 3290422 5.047 0.006
B EUR Ireland 3290411 2.192 0.005
B GBP Ireland 3290400 4.620 0.005
Non-Distributing EUR Ireland BSFWK51 1.218 0.004
X EUR Ireland B4K14L9 1.566 0.004
Y EUR Ireland BMXC8L3 0.883 0.003
JOHCM Global Emerging Markets Opportunities Fund 24/06/2022 A EUR Ireland B3ZBLW7 1.497 0.012
A GBP Ireland B4002N4 1.364 0.009
A USD Ireland B4M6CN0 1.081 0.010
B EUR Ireland B4TRCR0 1.478 0.011
B GBP Ireland B41RZ57 1.311 0.009
B USD Ireland B4XXMP2 1.414 0.012
Y GBP Ireland BYSGJY4 1.643 0.011
Y USD Ireland BYSGJZ5 1.315 0.013
Z CAD Ireland BBPK0L2 1.474 0.013
Z GBP Ireland B6R54W9 1.719 0.012
JOHCM Global Income Builder Fund 24/06/2022 A EUR Ireland BFZWPD3 1.079 0.003
A GBP Ireland BFZWPC2 1.046 0.000
A SGD Ireland BFZWPG6 0.984 0.002
A USD Ireland BFZWPF5 0.960 0.004
B EUR Ireland BFZWPJ9 1.032 0.003
Seed EUR Ireland BKF2GH9 0.963 0.002
Seed GBP Ireland BFZWPH7 1.101 0.001
Seed GBP Ireland BHR0DJ1 1.127 0.001
JOHCM Global Opportunities Fund (offshore) 24/06/2022 A EUR Ireland B7MR557 2.592 0.011
A GBP Ireland B89PQM5 2.344 0.007
A USD Ireland B89JY23 2.153 0.011
A Hedged EUR Ireland BFZWWX2 1.018 0.005
B EUR Ireland B80FZF0 2.365 0.010
B GBP Ireland BF7NZS9 2.559 0.007
B USD Ireland B8295C7 2.032 0.011
X EUR Ireland BJ5JW42 1.183 0.006
X EUR Ireland BMCZLF8 1.295 0.007
X GBP Ireland BQVC9L0 2.004 0.006
X Hedged GBP Ireland BF29TX5 1.103 0.005
Z EUR Ireland BDZD4M4 1.174 0.005
Z GBP Ireland B83MS15 0.940 0.003
JOHCM Global Opportunities Fund (offshore) 24/06/2022 X Non-distributing NOK NOK Ireland BMFV6C5 10.271 -0.004
JOHCM Global Opportunities Fund (onshore) 24/06/2022 A Accumulating GBP UK BJ5JMC0 1.229 0.003
A Accumulating Hedged GBP UK BKDV8G1 1.092 0.006
A Distributing GBP UK BJ5JMD1 1.156 0.003
X Accumulating GBP UK BJ5JMF3 1.199 0.003
X Distributing GBP UK BJ5JMG4 1.157 0.003
JOHCM Global Select Fund 24/06/2022 A EUR Ireland B3DBRP4 3.848 0.027
A GBP Ireland B3DBRN2 4.095 0.023
A USD Ireland B3T31Z2 2.078 0.017
B EUR Ireland B3DBRM1 3.695 0.026
B GBP Ireland B3DBRL0 3.913 0.022
B USD Ireland B5L7L67 2.350 0.018
Z GBP Ireland B3DCMB8 2.965 0.017
Z USD Ireland B4V7J00 2.352 0.019
JOHCM Uk Dynamic Fund 24/06/2022 Y GBP Ireland BDGKPZ4 0.973 0.011
JOHCM UK Dynamic Fund (onshore) 24/06/2022 A Accumilating GBP UK B4T7HR5 2.760 0.031
A Distributing GBP UK B4T8552 1.868 0.021
B Accumulating GBP UK B4T7JX5 3.048 0.034
B Distributing GBP UK B4TXJ33 1.690 0.019
X Accumulating GBP UK BJ7HNB8 1.078 0.012
X Distributing GBP UK BJ5JMB9 0.976 0.011
Y GBP UK BDZRJ21 1.173 0.013
Y Accumulating GBP UK BDZRJ10 1.594 0.018
JOHCM UK Equity Income Fund 24/06/2022 A Accumulating GBP UK B03KR50 3.985 0.008
A Distributing GBP UK B03KP23 1.794 0.004
B Accumulating GBP UK B03KR83 3.673 0.007
B Distributing GBP UK B03KR61 1.652 0.004
X Distributing GBP UK BYV9S21 0.896 0.002
Y GBP UK B95FCK6 1.212 0.002
Y Accumulating GBP UK B8FCHK5 1.610 0.003
JOHCM UK Growth Fund 24/06/2022 A GBP Ireland 3300934 3.547 0.022
B GBP Ireland 3100554 3.075 0.020
Non-distributing EUR Ireland BLLV8D7 1.943 0.015
Non-distributing USD Ireland BLLV8C6 1.905 0.017
X EUR Ireland BLLV882 1.957 0.016
X EUR Ireland BLLV8B5 1.800 0.012
X GBP Ireland BLLV893 1.769 0.011
X USD Ireland BLLV871 1.918 0.017
JOHCM UK Opportunities Fund 24/06/2022 A Accumulating GBP UK B0LLB64 2.953 0.033
A Distributing GBP UK B3K76Q9 1.890 0.021
B Accumulating GBP UK B0LLB75 2.733 0.030
B Distributing GBP UK B3K76P8 1.774 0.020
X Accumulating GBP UK BQJZQQ5 1.360 0.015
X Distributing GBP UK B95MSF4 1.073 0.012
Y GBP UK B95J5C1 1.274 0.014
Y Accumulating GBP UK B95HP81 1.653 0.018
Regnan Global Equity Impact Solutions Fund (offshore) 24/06/2022 A EUR Ireland BN2BD91 0.829 0.016
A GBP Ireland BN2BD80 0.797 0.014
A USD Ireland BN2BDC4 0.723 0.014
A Hedged EUR Ireland BN2BDB3 0.706 0.014
B EUR Ireland BN2BDF7 0.821 0.017
B GBP Ireland BN2BDD5 0.791 0.014
B USD Ireland BN2BDH9 0.716 0.014
B Hedged EUR Ireland BN2BDG8 0.695 0.014
Seed EUR Ireland BN2BDS0 0.841 0.017
Seed GBP Ireland BN2BDR9 0.808 0.015
Seed USD Ireland BN2BDV3 0.730 0.014
Seed Hedge EUR Ireland BN2BDT1 0.711 0.014
Z GBP Ireland BN2BDN5 0.805 0.014
Regnan Global Equity Impact Solutions Fund (offshore) 24/06/2022 Y CAD CAD Ireland BMWMY49 0.834 0.018
Regnan Global Equity Impact Solutions Fund (onshore) 24/06/2022 A Accumulating GBP UK BMCZDD0 0.940 0.016
F Accumulating GBP UK BMCZDJ6 0.950 0.016
Y Accumulating GBP UK BMCZDK7 0.942 0.016
Regnan Sustainable Water and Waste Fund (offshore) 24/06/2022 A EUR Ireland BLPKC72 0.825 0.008
A USD Ireland BLPKC94 0.771 0.008
A GBP Ireland BLPKC61 0.831 0.007
B GBP Ireland BLPKCB6 0.833 0.007
B USD Ireland BLPKF84 0.773 0.008
B EUR Ireland BLPKCC7 0.827 0.007
Y GBP Ireland BLPKF95 0.832 0.007
Y EUR Ireland BLPKFC8 0.825 0.008
Y USD Ireland BLPKFF1 0.771 0.009
Regnan Sustainable Water and Waste Fund (onshore) 24/06/2022 A Accumulating GBP UK BMYXD32 0.892 0.008
F Accumulating GBP UK BMYXQ55 0.897 0.007
Y Accumulating GBP UK BMYXQ55 0.897 0.007

Dividend Rates

Funds paying monthly dividends

JOHCM Global Income Builder Fund

Share class 07/21 08/21 09/21 10/21 11/21 12/21 01/22 02/22 03/22 04/22 05/22 06/22
A  GBP 0.3257 0.3877 0.3516 0.3570 0.3621 0.3848 0.3789 0.3654 0.3251 0.3709 0.3481 0.3848
A EUR 0.3336 0.3978 0.3638 0.3677 0.3601 0.3996 0.4003 0.3863 0.3443 0.3889 0.3655 0.3990
A USD   0.3443 0.3985 0.3651 0.3597 0.3518 0.3821 0.3812 0.3676 0.0349 0.3634 0.3242 0.3611
A SGD  0.3364 0.3965 0.3644 0.3609 0.3506 0.3848 0.3823 0.3665 0.3256 0.3641 0.3321 0.3661
B EUR 0.3229 0.3847 0.3515 0.3546 0.3469 0.3847 0.3850 0.3712 0.3306 0.3731 0.3503 0.3820
Seed 0.2966 0.3538 0.3237 0.3274 0.3207 0.3561 0.3978 0.3838 0.3416 0.3470 0.3262 0.3562

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 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
A distributing GBP 2.0409 1.5930 1.1154 1.2632 1.0771 1.1681 2.3283 3.0863 1.2881 1.9828
A accumulating GBP 4.1082 3.2391 2.2958 2.6218 2.2581 2.4649 4.9447 6.6368 2.8152 4.3509
B distributing GBP  1.9017 1.4790 1.0379 1.1739 0.9997 1.0825 2.1559 2.8539 1.1897 1.8271
B accumulating GBP 3.8367 3.0210 2.1395 2.4391 2.0980 2.2869 4.5836 6.1431 2.6020 4.0228
Y distributing GBP 1.3744 1.0730 0.7534 0.8514 0.7263 0.7879 1.5709 2.0833 0.8697 0.9894
Y accumulating GBP 1.6547 1.3051 0.9242 1.0570 0.5363 0.9944 1.9953 2.6787 1.1364 1.3383

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 2022 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.

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  • 26 Oct 2020

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  • 17 Sep 2020

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  • 05 Jun 2019

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Webcasts & Videos

  • JOHCM UK Opportunities Fund Q1 2022 Update

    11 May 2022 | 25 mins

  • JOHCM UK Opportunities Fund Q4 2021 Update

    09 Feb 2022 | 28 mins

  • JOHCM UK Opportunities Fund Q3 2021 Update

    12 Oct 2021 | 28 mins

  • JOHCM UK Opportunities Fund February 2021 update

    03 Feb 2021 | 30 mins

  • Rachel Reutter

    Senior Fund Manager

    small image path
  • Michael Ulrich

    Senior Fund Manager

    small image path
  • Roshni Bolton

    Analyst

    small image path
  • Eoghan Reid

    Analyst

    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.

Other UK Equity Funds

JOHCM UK Dynamic Fund (onshore)

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

Read More
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...

Read More
JOHCM UK Growth Fund

Mark Costar and Vishal Bhatia aim to identify mispriced or undiscovered growth stocks that typically reside in one of three categories: the clear and unassailable market leader, the innovator or market disruptor and the supply side beneficiary. The Fund typically has a small-cap bias and contains stocks that have a high margin of safety...

Read More
JOHCM UK Dynamic Fund (offshore)

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

Read More
Back

Environmental and Social Characteristics

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

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”).  

In looking for investments, J O Hambro Capital Management Limited (“Investment Manager”) seeks to avoid investing in companies which contribute to significant social and/or environmental harms, and thereby fail environmental, social and governance (“ESG”) key performance indicators.    In order to achieve this, the Investment Manager uses ESG scores to populate its own proprietary ESG scorecard which it uses to assess and monitor its investments.  The Fund seeks to avoid those companies it rates as “Failing to meet standards” on that proprietary scorecard. The selection criteria may not be disapplied or overridden by the Investment Manager. 

When an investee company is rated as ‘Failing to meet standards’ on its proprietary ESG scorecard, the Investment Manager will engage with that issuer for a period of up to 18 months to allow the company to implement change, otherwise the Fund will exit that position.  

The team recognises that ESG factors can create risks and opportunities for companies and look for companies who may benefit from this. 

In order to measure and monitor the environmental characteristics of the Fund, the Investment Manager utilises a proprietary scorecard which measures each investee company against not only financial and business characteristics, but also relevant social and environmental metrics.  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. 

The Investment Manager treats climate change mitigation and adaptation as a material factor within its investment approach in accordance with the EU’s Taxonomy Regulation (TR) (Regulation (EU) 2020/852) and amending Regulation (EU) 2019/2088. Climate change poses fundamental risks and opportunities that can affect the long-term performance and value of investments; the Investment Manager promotes climate change mitigation and adaptation in the following way:  
•    Integration of climate change mitigation and climate change adaptation factors throughout the investment process.
•    Active monitoring of company actions to reduce GHG emissions focusing on the level of disclosure, an assessment of reduction targets, action taken to meet targets and the level of board oversight.
•    Climate change mitigation and climate change adaption-focused engagement with investee companies focused on adoption of a strategy to reduce emissions in line with the Science Based Targets Initiative.
•    Investment into companies developing solutions to climate change mitigation and adaption.

However, due to a lack of reliable, timely and verifiable data, the Investment Manager is unable to make a full assessment of the Fund’s investments against the TR’s Technical Screening Criteria (“TSC”).  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 provide an updated statement on the percentage of the Fund’s alignment with the TR’s TSC once sufficient data is available.
The do no significant harm principle only applies to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities.

The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.

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. JOHCM has met the expected standard of reporting under the UK Stewardship Code in 2021 and has been approved as a signatory. As a signatory to the Code and the UNPRI, the good governance practices of investee companies are assessed by the Investment Manager prior to making an investment and periodically thereafter. 

Index

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

Periodic Reports

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

Implementing exclusionary screens

In implementing its exclusionary screens, we utilise the business involvement screening service offered by our third-party provider, ISS. As such, we rely upon ISS’s business involvement definitions, data and assessments.  Further details are available on request. 

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.   

 

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