Dr Ivo Kovachev
Senior Fund Manager
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.
Senior Fund Manager
Senior Fund Manager
Senior Fund Manager
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...
Read MoreFund size | $65.56mn | ||||||||||||
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Strategy size | $290.53mn | ||||||||||||
Benchmark | MSCI Emerging Markets Small Cap NR | ||||||||||||
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Morningstar Category | Diversified Emerging Markets | ||||||||||||||||||||
Morningstar rankings are based on the Institutional share class and on total returns. Past performance does not guarantee future results. © 2022 Morningstar. 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. |
Investment Advisor | Perpetual Americas Funds Services |
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Transfer Agent | Northern Trust |
Custodian | Northern Trust |
As we cross the midpoint of the year, it’s heartening to see that emerging markets are on an upward trajectory. This positive trend reaffirms the core principles of our investment strategy, which are predicated on better growth, attractive valuations and more traditional economic policies.
The journey hasn’t been smooth. We’ve weathered three corrections approximately every two months. These volatile shifts test not only our trading skills and long-term predictions but also our faith in the system. They challenge our belief that markets function as effective discounting mechanisms and that, over time, they reward deserving participants.
In emerging markets, we’re all too aware that markets are often less efficient, even among the larger, liquid index names. There are periods when good stocks are discarded along with the bad, leading to frustrating inconsistencies. For instance, India and Mexico, both market favourites until their respective elections, experienced significant declines for different reasons. India managed to rebound, while Mexico did not, possibly due to fears of Mr. Trump’s potential return to power. As a result, Turkey emerged as our top-performing country for the quarter.
Returning to the winners, we must mention Exide, an Indian leader in lead-acid batteries for the auto and industrial sectors. The company has been pioneering local production of lithium batteries in India, securing major customers like Hyundai/Kia. It seems that national champions, particularly in countries like India, can yield attractive returns. MLP Saglik Hizmetleri, a Turkish hospital group, drove positive performance during the quarter on the back of improvement in rates and client uptake of its services. VA Tech Wabag, an Indian water and sewage plant builder, also performed positively, which is attributed to continuing improvement in orders and a rising Indian equities market.
On the detractor front, Tongcheng Travel, a Chinese online travel agency, delivered negative performance during the quarter due to the company announcing increased spending on expanding its international business. Marcopolo, a Brazilian bus manufacturer, also drove negative performance due to heavy profit-taking during the period. Lastly, ZJLD Group, a Chinese manufacturer of baijiu, was a detractor to performance due to a correction in the Chinese equities market.
Despite facing negativity, concerns, opposition, easy selling, and multiple elections, we’ve managed to make gains. This success prompts a somewhat sarcastic contemplation of the upcoming election cycle in several developed countries. While emerging markets may lack the ‘Aspen’ effect typical of the US stock market, their relative advantages continue to offer enticing returns, which our dual philosophy is well-positioned to capture.
Sources for all data: JOHCM/Bloomberg (unless otherwise stated).
1 Month Total Return | 3 Month Total Return | YTD Total Return | 1 Year Total Return | Cumulative Since Inception | |
---|---|---|---|---|---|
Advisor Shares Net | 0.47 | 1.71 | 9.90 | 14.44 | 149.52 |
Institutional Shares Net | 0.47 | 1.78 | 9.91 | 14.53 | 151.51 |
Benchmark | 1.78 | 4.98 | 8.89 | 16.20 | 115.28 |
1 Year | 2 Year | 3 Year | 4 Year | 5 Year | 10 Year | Annualized Since Inception | |
---|---|---|---|---|---|---|---|
Advisor Shares Net | 18.02 | 16.88 | 3.15 | 13.86 | 11.84 | 10.08 | |
Institutional Shares Net | 18.11 | 16.91 | 3.22 | 13.94 | 11.93 | 10.17 | |
Benchmark | 20.04 | 16.61 | 2.54 | 15.27 | 9.99 | 6.62 |
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fund | 2014 | 1.97 | 1.97 | |||||||||||
Benchmark | 2014 | 3.30 | 3.30 | |||||||||||
Fund | 2015 | 1.49 | 3.66 | 3.77 | 9.30 | 1.72 | -2.94 | -7.44 | -10.36 | -0.57 | 7.03 | -0.96 | -0.20 | 2.81 |
Benchmark | 2015 | 1.44 | 2.26 | -0.14 | 9.06 | 0.41 | -4.57 | -7.77 | -9.65 | 0.00 | 5.91 | -2.57 | 0.08 | -6.84 |
Fund | 2016 | -5.96 | -0.53 | 9.27 | 3.64 | -1.79 | 3.84 | 5.15 | 2.47 | 0.74 | -0.93 | -5.95 | -0.97 | 8.18 |
Benchmark | 2016 | -7.88 | -0.36 | 10.00 | 1.49 | -3.53 | 2.54 | 4.28 | 1.84 | 1.31 | -1.48 | -4.67 | -0.16 | 2.26 |
Fund | 2017 | 4.43 | 4.59 | 3.31 | 3.33 | 2.81 | -0.02 | 6.59 | 3.86 | -1.09 | 3.78 | 1.65 | 3.72 | 43.58 |
Benchmark | 2017 | 4.68 | 5.20 | 2.63 | 1.13 | 0.69 | 0.78 | 3.57 | 1.95 | 0.04 | 3.51 | 1.76 | 3.70 | 33.82 |
Fund | 2018 | 4.94 | -2.62 | 0.98 | -1.90 | -1.13 | -3.58 | -1.89 | -3.73 | -4.04 | -10.45 | 4.69 | -2.64 | -20.16 |
Benchmark | 2018 | 5.80 | -4.10 | -1.27 | -0.11 | -2.08 | -6.56 | 1.22 | -2.11 | -3.32 | -10.55 | 5.47 | -1.60 | -18.59 |
Fund | 2019 | 6.54 | 1.86 | 1.32 | 0.46 | -6.53 | 6.40 | -0.43 | -2.35 | 1.03 | 4.90 | -1.80 | 6.26 | 18.12 |
Benchmark | 2019 | 5.38 | 1.30 | 0.94 | 0.21 | -4.92 | 3.92 | -1.49 | -5.01 | 1.96 | 3.82 | -0.59 | 6.11 | 11.50 |
Fund | 2020 | 0.36 | -6.66 | -20.59 | 14.12 | 5.30 | 8.30 | 9.89 | 1.93 | -2.29 | -0.83 | 9.78 | 7.04 | 23.49 |
Benchmark | 2020 | -3.99 | -7.05 | -23.09 | 13.94 | 2.36 | 9.01 | 9.24 | 4.10 | -1.64 | -0.55 | 14.09 | 7.72 | 19.29 |
Fund | 2021 | -1.08 | 5.67 | 2.19 | 6.70 | 2.62 | 2.68 | -1.83 | 2.14 | -2.03 | -0.07 | -0.45 | 4.04 | 22.11 |
Benchmark | 2021 | 0.08 | 5.96 | 1.53 | 6.04 | 1.93 | 2.93 | -1.31 | 1.16 | -1.99 | 0.18 | -2.94 | 4.21 | 18.75 |
Fund | 2022 | -4.53 | -3.54 | 2.11 | -6.36 | 0.36 | -10.59 | 2.29 | 0.13 | -8.61 | 0.74 | 8.88 | -3.09 | -21.33 |
Benchmark | 2022 | -4.42 | -2.50 | 2.66 | -5.02 | -1.64 | -10.53 | 2.76 | 2.48 | -10.03 | -0.07 | 9.41 | -1.03 | -18.02 |
Fund | 2023 | 6.77 | -2.83 | 3.70 | -0.51 | 2.14 | 6.36 | 5.98 | -2.82 | -3.82 | -5.08 | 10.71 | 3.03 | 24.71 |
Benchmark | 2023 | 5.93 | -2.85 | 0.93 | 0.67 | 1.11 | 4.52 | 6.53 | -1.35 | -2.05 | -4.83 | 9.64 | 4.42 | 23.92 |
Fund | 2024 | 1.70 | 4.14 | -0.07 | 1.05 | 1.04 | 1.85 | -0.60 | 9.39 | |||||
Benchmark | 2024 | -1.73 | 2.75 | 0.08 | 1.98 | 3.73 | 3.20 | -0.05 | 6.99 |
Share Class | Gross Expense* | Net Expense* |
---|---|---|
Advisor | 1.97% | 1.59% |
Institutional | 1.87% | 1.49% |
The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.
Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.
The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of small capitalization equities in the emerging markets. The MSCI Emerging Markets Small Cap Index includes small cap representation across 23 Emerging Markets countries. Investing in an index is not possible.Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
Historical performance of the Emerging Markets Opportunities Fund for Class II Shares prior to its inception is based on the performance of Class I Shares, the share class most similar to Class II. The performance of Class II Shares has been adjusted to reflect differences in expenses.
*Expense ratios as stated in the latest prospectus. Perpetual Americas Funds Services has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until February 1, 2025.
ASPEED | 1.67% |
Shriram Transport Finance | 2.17% |
Varun Beverages | 1.76% |
Genus Power Infrastructures | 1.98% |
Phoenix Mills | 2.71% |
VA Tech Wabag | 1.53% |
Asia Vital Components | 1.72% |
Marcopolo | 1.58% |
King Yuan Electronics | 1.45% |
Northern Institutional Treasury Portfolio | 3.77% |
Northern Institutional Treasury Portfolio | +3.77% |
Phoenix Mills | +2.71% |
Shriram Transport Finance | +2.17% |
Genus Power Infrastructures | +1.95% |
PB Fintech | +1.82% |
Varun Beverages | +1.76% |
Asia Vital Components | +1.72% |
Marcopolo | +1.51% |
VA Tech Wabag | +1.49% |
NH Investment & Securities | +1.38% |
Portfolio | Benchmark | Relative | ||
---|---|---|---|---|
Brazil | 8.47% | 3.43% | 5.03% | |
China | 3.84% | 7.79% | -3.95% | |
India | 29.40% | 29.97% | -0.56% | |
Indonesia | 3.45% | 1.96% | 1.48% | |
Mexico | 2.83% | 1.24% | 1.58% | |
Saudi Arabia | 2.27% | 3.81% | -1.53% | |
South Africa | 3.27% | 3.42% | -0.15% | |
South Korea | 7.17% | 11.52% | -4.35% | |
Taiwan | 19.42% | 22.29% | -2.86% | |
United States | 5.49% | 0% | 5.49% |
Portfolio | Benchmark | Relative | ||
---|---|---|---|---|
Industrials | 22.42% | 18.40% | 4.00% | |
Information Technology | 21.38% | 17.37% | 4.00% | |
Financials | 14.64% | 10.80% | 3.80% | |
Consumer Discretionary | 10.98% | 11.85% | -0.90% | |
Consumer Staples | 8.74% | 6.24% | 2.50% | |
Health Care | 7.47% | 9.14% | -1.60% | |
Real Estate | 6.24% | 6.18% | 0.00% | |
Materials | 4.69% | 11.20% | -6.50% | |
Utilities | 1.85% | 3.38% | -1.50% | |
Energy | 1.37% | 1.79% | -0.40% | |
Communication Services | 1.18% | 3.59% | -2.40% | |
Cash | -1.01% | 0.00% | -1.01% |
Portfolio | Benchmark | Relative | ||
---|---|---|---|---|
Large | 33.21% | 6.11% | 27.11% | |
Mid | 47.52% | 71.65% | -24.13% | |
Small | 14.39% | 22.24% | -7.85% |
Fund holdings, sector allocation, regional allocation and top 10 countries are subject to change without notification.
Fund |
As at noon | Share class | Currency | CUSIP Number | NAV | Change | Change % | Previous | |
JOHCM International Select Fund | 19/09/2024 | Institutional | USD | 46653M849 | 25.23 | 0.43 | 1.73% | 24.80 | |
Investor | USD | 46653M823 | 25.27 | 0.44 | 1.77% | 24.83 | |||
JOHCM Emerging Markets Opportunities Fund | 19/09/2024 | Advisor | USD | 46653M203 | 11.66 | 0.17 | 1.48% | 11.49 | |
Institutional | USD | 46653M104 | 11.69 | 0.17 | 1.48% | 11.52 | |||
Investor | USD | 46653M302 | 11.64 | 0.17 | 1.48% | 11.47 | |||
JOHCM Global Select Fund | 19/09/2024 | Advisor | USD | 46653M807 | 14.61 | 0.25 | 1.74% | 14.36 | |
Institutional | USD | 46653M708 | 14.65 | 0.25 | 1.74% | 14.40 | |||
JOHCM Emerging Markets Discovery Fund | 19/09/2024 | Advisor | USD | 46653M500 | 15.03 | 0.16 | 1.08% | 14.87 | |
Institutional | USD | 46653M401 | 15.02 | 0.16 | 1.08% | 14.86 | |||
JOHCM International Opportunities Fund | 19/09/2024 | Institutional | USD | 46653M872 | 13.38 | 0.20 | 1.52% | 13.18 | |
Regnan Global Equity Impact Solutions | 19/09/2024 | Institutional | USD | 46653M716 | 7.47 | 0.13 | 1.77% | 7.34 | |
TSW Large Cap Value Fund | 19/09/2024 | Institutional | USD | 46653M641 | 14.01 | 0.07 | 0.50% | 13.94 | |
TSW Emerging Markets Fund | 19/09/2024 | Institutional | USD | 46653M666 | 9.53 | 0.11 | 1.17% | 9.42 | |
TSW High Yield Bond Fund | 19/09/2024 | Institutional | USD | 46653M658 | 9.35 | 0.01 | 0.11% | 9.34 |
The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.
Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.
The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of small capitalization equities in the emerging markets. The MSCI Emerging Markets Small Cap Index includes small cap representation across 23 Emerging Markets countries. Investing in an index is not possible.Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
Historical performance of the Emerging Markets Opportunities Fund for Class II Shares prior to its inception is based on the performance of Class I Shares, the share class most similar to Class II. The performance of Class II Shares has been adjusted to reflect differences in expenses.
*Expense ratios as stated in the latest prospectus. Perpetual Americas Funds Services has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until February 1, 2025.
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