Emerging Markets Equities
JOHCM Emerging Markets Opportunities Fund (JOEMX)
For fund managers James Syme, Paul Wimborne and Ada Chan, identifying the most attractive emerging markets in which to invest is the most important influence on investment performance. Through an extensive process that focuses on growth, liquidity, currency, management/politics and valuations, they produce country allocation targets for each of the 20+ countries within the MSCI Emerging Markets Index. Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks within their favored countries. The result is a large-cap biased portfolio of 50-60 stocks.
JOHCM Emerging Markets Discovery Fund (JOMEX)
Experienced emerging equity market investors Emery Brewer, Dr Ivo Kovachev and Stephen Lew use a predominantly stock-picking approach in finding opportunities in the fast-growing developing markets. They focus on growth companies that have the potential to develop world-class products or become industry leaders in local markets.
JOHCM International Opportunities Fund (JOPSX)
The JOHCM International Opportunities Fund is managed by Ben Leyland, senior fund manager, and Robert Lancastle, fund manager, supported by dedicated analyst Jasmeet Munday. The team seeks to generate high risk-adjusted returns with volatility below that of the broad market by focusing on high-quality, cash-flow-generative companies. They blend the best of quality investing with the best of value investing in order to avoid the two major sources of capital destruction at market turning points: overvaluation and overleverage. They prioritize businesses with strong franchises, strong balance sheets and the ability to create shareholder value by reinvesting in areas of competitive advantage, but they only commit capital where they see a favorable risk/reward ratio, i.e., limited downside and substantial upside on a 3- to 5-year horizon. They emphasize absolute rather than relative returns and are prepared to hold up to 20% cash in the fund when valuations are unattractive.
JOHCM International Select Fund (JOHIX)
Fund managers Christopher Lees and Nudgem Richyal believe stock markets are inefficient and aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. Their intuitive “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behavior of each share price to determine whether the most important driver of each prospective investment is stock specific, sector or country-based. The fund invests in both developed international and emerging markets, with the fund managers frequently drawing upon the stocks ideas generated by JOHCM’s regional equity teams.
Global Select Fund (JOGIX)
Fund managers Christopher Lees and Nudgem Richyal believe stock markets are inefficient and aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. Their distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) focuses on the behaviour of each share price to determine whether the most important driver of each prospective investment is stock specific, sector or country-based. The fund invests in both developed global (including the United States) and emerging markets, with the fund managers frequently drawing upon the stocks ideas generated by JOHCM’s regional equity teams.
Regnan Global Equity Impact Solutions (REGIX)
Regnan Global Equity Impact Solutions is a high conviction, diversified, global multi-cap portfolio with a strong emphasis on driving impact through engagement. The team aim to generate long-term outperformance by investing in mission-driven companies that create value for investors by providing solutions for the growing unmet sustainability needs of society and the environment. They use the United Nations Sustainable Development Goals (SDGs) as an investment lens.
TSW High Yield Bond Fund (TSWHX)
To fund manager Bill Bellamy, high yield bonds are an often misunderstood and overlooked asset class. With the help of analysts David McMackin and Chuck Finley, the team seeks to identify opportunities in high yield corporate credit that generates strong current income and total return potential per unit of risk taken. As a boutique manager, the team combines fundamental credit work, relative value analysis, and a macroeconomic overlay in portfolio construction. Focus is placed on higher quality non-investment grade credit (primarily BB and B rated) although positions in CCC bonds are opportunistically added when risk/reward is believed favorable.
TSW Large Cap Value Fund (TSWEX)
The TSW Large Cap Value Fund is managed by Brett Hawkins and Bryan Durand. They are supported by research analyst Michael Creager. The Fund seeks maximum long-term total return, consistent with reasonable risk to principal. The Fund utilizes a bottom-up, business-focused approach based on careful study of individual companies and competitive dynamics of the industries in which they participate. TSW strives to identify companies that are well managed, financially sound, fast growing, and strongly competitive and whose shares are underpriced relative to their intrinsic value.