TSW Large Cap Value Fund (TSWEX)

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Fund Material

Data as at 31 October 2022

Fund Description

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.

Investment Objective

The TSW Large Cap Value Fund (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal.

Other TSW Equity Funds

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,...

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Fund details

Data as at 31 October 2022
Fund size $37.06mn
Strategy size
Fund inception date 07 December 2021
Benchmark Russell 1000 Value
Fund codes
Fund Ticker Share Class Fund Number CUSIP
TSWEX Institutional 701 46653M641
Fees and Expenses
Fund Ticker Share Class Net Expense Ratio* Gross Expense Ratio*
TSWEX Institutional 0.74% 0.91%

*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

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
Institutional Net 10.23 0.52 -0.79 2.39 878.53
Benchmark 10.25 -2.41 -9.32 -7.00 1481.56

Annualised Return (%)

Data as at September 30, 2022
  1 Year 2 Year 3 Year 4 Year 5 Year 10 Year Annualized Since Inception
Institutional Net -3.46 14.12 8.75 6.75 8.33 9.66 7.50

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
Berkshire Hathaway Inc. Class B 5.48%
Lockheed Martin Corporation 4.02%
Merck & Co., Inc. 3.88%
Post Holdings, Inc. 3.86%
Williams Companies, Inc. 3.70%
Verizon Communications Inc. 3.43%
Arch Capital Group Ltd. 3.39%
Pfizer Inc. 3.39%
Kinder Morgan Inc Class P 3.29%
Nintendo Co., Ltd. Unsponsored ADR 3.13%

Regional / Country breakdown

Data as at 31 October 2022
Portfolio Benchmark Relative
Belgium 2.66% 0% 0%
Japan 3.13% 0% 0%
United States 94.20% 0% 0%

Sector breakdown

Data as at 31 October 2022
Portfolio Benchmark Relative
Financials 22.29% 0.00% 0.00%
Consumer Staples 14.13% 0.00% 0.00%
Health Care 12.95% 0.00% 0.00%
Energy 10.52% 0.00% 0.00%
Industrials 10.16% 0.00% 0.00%
Consumer Discretionary 9.95% 0.00% 0.00%
Telecommunications 8.32% 0.00% 0.00%
Technology 4.99% 0.00% 0.00%
Utilities 3.41% 0.00% 0.00%
Basic Materials 3.24% 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. Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

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