TSW High Yield Bond Fund (TSWHX)

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Fund Material

Data as at 31 October 2022

Fund Description

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.

Investment Objective

The primary investment objective of the TSW High Yield Bond Fund (the "Fund") is to seek high current income with a secondary focus on capital appreciation.

Other TSW Equity Funds

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 compet...

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Fund details

Data as at 31 October 2022
Fund size $13.78mn
Strategy size
Fund inception date 27 October 2021
Benchmark ICE® Bank of America Merrill Lynch U.S. High Yield Constrained Index
Share classes
Institutional (Launch date) 26-October-2021
Minimum investment
Institutional $1,000,000
Fund codes
Fund Ticker Share Class Fund Number CUSIP
TSWHX Institutional 703 46653M658
Fees and Expenses
Fund Ticker Share Class Net Expense Ratio* Gross Expense Ratio*
TSWHX Institutional 0.65% 1.16%

Fees and charges

Performance fee

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until January 28, 2023.

Administration

Investment manager J O Hambro Capital Management Limited
Transfer agent and registrar Northern Trust
Custodian Northern Trust

Total Return (%)

Data as at October 31, 2022
  1 Month Total Return 3 Month Total Return YTD Total Return 1 Year Total Return Cumulative Since Inception
Benchmark 2.51 -2.83 -11.52 -10.53 -10.56

Annualised Return (%)

Data as at September 30, 2022
  1 Year 2 Year 3 Year 4 Year 5 Year 10 Year Annualized Since Inception
Benchmark

Monthly returns (%)

Data as at 31 October 2022
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

Top 10 holdings and active weights

Data as at 31 October 2022
Top 10 holdings
Allegheny Ludlum Corp 6.95% 15-dec-2025 3.01%
Seaworld Parks & Entertainment, Inc. 8.75% 01-may-2025 2.01%
Burford Capital Global Finance Llc 6.25% 15-apr-2028 1.97%
Transdigm, Inc. 8.0% 15-dec-2025 1.93%
Bluelinx Holdings Inc. 6.0% 15-nov-2029 1.90%
Nustar Logistics, L.p. 6.0% 01-jun-2026 1.87%
Vista Outdoor, Inc. 4.5% 15-mar-2029 1.85%
Herc Holdings, Inc. 5.5% 15-jul-2027 1.81%
Colgate Energy Partners Iii, Llc 5.875% 01-jul-2029 1.79%
Rent-a-center, Inc. 6.375% 15-feb-2029 1.79%

Regional / Country breakdown

Data as at 31 October 2022
Portfolio Benchmark Relative
Canada 6.18% 0% 0%
Cayman Islands 1.70% 0% 0%
Ireland 1.17% 0% 0%
Luxembourg 1.43% 0% 0%
United Kingdom 2.73% 0% 0%
United States 86.76% 0% 0%

Sector breakdown

Data as at 31 October 2022
Portfolio Benchmark Relative
Financial Services 12.57% 0.00% 0.00%
Basic Industry 12.44% 0.00% 0.00%
Energy 10.80% 0.00% 0.00%
Services 9.93% 0.00% 0.00%
Leisure 8.49% 0.00% 0.00%
Consumer Goods 7.56% 0.00% 0.00%
Capital Goods 7.15% 0.00% 0.00%
Healthcare 7.13% 0.00% 0.00%
Retail 6.38% 0.00% 0.00%
Real Estate 4.11% 0.00% 0.00%
Technology & Electronics 3.57% 0.00% 0.00%
Transportation 2.94% 0.00% 0.00%
[Unassigned] 2.01% 0.00% 0.00%
Media 1.79% 0.00% 0.00%
Telecommunications 1.70% 0.00% 0.00%
Automotive 1.36% 0.00% 0.00%

Important Information

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 02/12/2022 Institutional USD 46653M849 21.05 -0.07 -0.33% 21.12
Investor USD 46653M823 21.03 -0.08 -0.38% 21.11
JOHCM Emerging Markets Opportunities Fund 02/12/2022 Advisor USD 46653M203 10.68 -0.01 -0.09% 10.69
Institutional USD 46653M104 10.71 -0.01 -0.09% 10.72
Investor USD 46653M302 10.68 -0.01 -0.09% 10.69
JOHCM Global Select Fund 02/12/2022 Advisor USD 46653M807 14.14 -0.01 -0.07% 14.15
Institutional USD 46653M708 14.19 -0.02 -0.14% 14.21
JOHCM Emerging Markets Small-Mid Cap Equity Fund 02/12/2022 Advisor USD 46653M500 11.41 0.04 0.35% 11.37
Institutional USD 46653M401 11.42 0.04 0.35% 11.38
JOHCM Global Income Builder Fund 02/12/2022 Advisor USD 46653M799 9.85 -0.02 -0.20% 9.87
Institutional USD 46653M815 9.85 -0.03 -0.30% 9.88
Investor USD 46653M781 9.84 -0.03 -0.30% 9.87
JOHCM International Opportunities Fund 02/12/2022 Institutional USD 46653M872 10.20 0.02 0.20% 10.18
JOHCM Credit Income Fund 02/12/2022 Institutional USD 46653M740 8.93 0.00 0.00% 8.93
Regnan Global Equity Impact Solutions 02/12/2022 Institutional USD 46653M716 7.44 -0.01 -0.13% 7.45
TSW Large Cap Value Fund 02/12/2022 Institutional USD 46653M641 14.74 0.04 0.27% 14.70
TSW High Yield Bond Fund 02/12/2022 Institutional USD 46653M658 8.67 0.01 0.12% 8.66

No Data

No Data

Prospectus

An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending any money. This and other important information about the Funds can be found in the Fund’s(s) prospectus or summary prospectus which can be obtained at www.johcm.com or by calling 866-260-9549 or 312-557-5913. Please read the prospectus or summary prospectus carefully before investing. The JOHCM Funds are advised by JOHCM (USA) Inc. and distributed through JOHCM Funds Distributors, LLC, member FINRA. The JOHCM Funds are not FDIC-insured, may lose value, and have no bank guarantee.

Risks

Investors should note that the Fund invests in fixed income high yield securities. High yield securities (commonly known as “junk bonds”) are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. Fixed income securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund’s fixed income securities generally declines. Investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. The Fund is a newly organized investment company with a limited operating history and a limited track record. Other risks may include, but are not limited to those related to derivatives usage and investment in preferred stocks and loan related investments. Below investment grade fixed income securities, also known as “junk bonds,” are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy.

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