JOHCM Credit Income Institutional
Name
As of 04/05/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.0%
1 yr return
-2.7%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$6.28 M
Holdings in Top 10
45.1%
52 WEEK LOW AND HIGH
$9.0
$8.67
$9.21
Expenses
OPERATING FEES
Expense Ratio 0.59%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/05/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
JOCIX - Profile
Distributions
- YTD Total Return 2.0%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.11%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameJOHCM Credit Income Fund
-
Fund Family NameJOHCM Funds
-
Inception DateAug 17, 2020
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerGiorgio Caputo
Fund Description
The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The fixed income investments give exposure to a wide range of maturities and can include investment grade corporate debt, high yield securities (higher risk, lower rated fixed income securities rated below BBB- by S&P or below Baa3 by Moody’s, also known as “junk bonds”), convertible bonds (including contingent convertible bonds), preferred stock, floating-rate debt, collateralized debt, municipal debt, non-U.S. debt (including in emerging markets), commercial paper, loans and loan participations. The Fund may also gain exposure to up to 10% of equity securities in companies of any size. The Fund intends to invest in non-U.S. debt (including in emerging markets) and/or depositary receipts. The Fund’s investments in any one sector may exceed 25% of its net assets. The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”) and closed-end funds.
The Adviser seeks to build a portfolio that reflects their investment views across the fixed income markets that is consistent with the Fund’s objective of preserving capital and delivering returns through a combination of income and modest capital appreciation. The Adviser seeks to identify investments in companies that produce resilient income streams by evaluating, among other factors: (1) a business’s durability and capacity to avoid permanent impairment of capital; (2) a company’s financial position, particularly its cash flow, stability of revenues and cost structure; and (3) an investment’s corporate and legal structure.
The Fund typically invests across a wide range of maturities. As market conditions change, the volatility and attractiveness of sectors, securities, and strategies can change as well. To optimize the Fund’s risk/return, the portfolio managers may dynamically adjust the mix of different asset class exposures.
The Fund may also enter into derivatives transactions and various other hedging assets that the portfolio managers believe will reduce the overall volatility of the Fund, protecting capital, in certain market environments. Such hedging assets may include, but are not limited to: ETFs and commodity-linked investment vehicles that primarily invest in gold and precious metals; inflation-linked investments; currency hedging instruments such as currency forward contracts and currency futures; futures contracts and options on futures contracts. The Fund may also use hedging and derivative instruments to reduce certain risk exposures present in the Fund’s holdings. The Fund may also engage in short sales or take short positions for hedging or other investment purposes.
The Fund may invest in contingent securities structured as contingent convertible securities also known as “CoCos.” A contingent convertible security is a hybrid debt security either convertible into equity at a predetermined share price or written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs (the “Trigger Event”), such as a decline in the issuer’s capital below a specified threshold or increase in the issuer’s risk-weighted assets. Unlike traditional convertible securities, the conversion of a contingent convertible security from debt to equity is “contingent” and will occur only in the case of a Trigger Event. The Fund anticipates that it may invest up to 20% of its assets in CoCos.
When the portfolio managers believe that asset prices are attractive (for example, during widespread market selloffs), the Adviser may use leverage, which it has not yet taken advantage of in recent market environments, in an amount up to 15% of the Fund’s total assets to increase its market exposure in order to pursue additional investments in such assets. Although there is currently no leverage facility in place, the Fund may at any time establish such a leverage facility (e.g., through borrowing from a bank for investment purposes) for the portfolio managers to draw upon depending on market conditions. The portfolio managers may consider selling a security if the portfolio managers believe that company fundamentals are deteriorating or if the portfolio managers identify a security that they believe offers a better investment opportunity regardless of market capitalization.
Additionally, as part of the research process, the portfolio managers consider financially material environmental, social and governance (“ESG”) factors, including potential impacts on the long-term risk and return profile of a company. In doing so, the portfolio managers have access to a range of proprietary research and third-party analytics sources, which may include Sustainalytics and MSCI. Such ESG factors, alongside other relevant factors, may be taken into account in the Fund’s securities selection process.
JOCIX - Performance
Return Ranking - Trailing
| Period | JOCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -21.8% | 17.7% | 17.62% |
| 1 Yr | -2.7% | -26.4% | 18.0% | 30.26% |
| 3 Yr | N/A* | -29.6% | 52.0% | N/A |
| 5 Yr | N/A* | -33.0% | 28.7% | N/A |
| 10 Yr | N/A* | -27.0% | 12.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | JOCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -11.7% | -31.8% | 18.4% | 44.63% |
| 2022 | -1.2% | -14.3% | 103.5% | 68.26% |
| 2021 | N/A | -20.2% | 60.6% | N/A |
| 2020 | N/A | -13.4% | 10.9% | N/A |
| 2019 | N/A | -12.3% | 4.1% | N/A |
Total Return Ranking - Trailing
| Period | JOCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -21.8% | 28.6% | 17.62% |
| 1 Yr | -2.7% | -26.4% | 38.5% | 30.55% |
| 3 Yr | N/A* | -29.6% | 52.0% | N/A |
| 5 Yr | N/A* | -33.0% | 29.9% | N/A |
| 10 Yr | N/A* | -27.0% | 16.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | JOCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -11.7% | -31.8% | 18.4% | 44.77% |
| 2022 | -1.2% | -14.3% | 103.5% | 68.26% |
| 2021 | N/A | -20.2% | 60.6% | N/A |
| 2020 | N/A | -13.4% | 10.9% | N/A |
| 2019 | N/A | -12.3% | 4.7% | N/A |
NAV & Total Return History
JOCIX - Holdings
Concentration Analysis
| JOCIX | Category Low | Category High | JOCIX % Rank | |
|---|---|---|---|---|
| Net Assets | 6.28 M | 100 | 124 B | 99.57% |
| Number of Holdings | 50 | 2 | 8175 | 87.55% |
| Net Assets in Top 10 | 2.92 M | -1.57 B | 20.5 B | 90.46% |
| Weighting of Top 10 | 45.14% | 4.3% | 100.0% | 22.93% |
Top 10 Holdings
- Northern Institutional Treasury Premier 10.75%
- Go Daddy Operating Company LLC and GD Finance Co Inc 5.25% 4.93%
- Tripadvisor Inc 7% 4.80%
- Netflix, Inc. 6.375% 4.55%
- Advantage Solutions Finco Llc 6.5% 4.40%
- Uber Technologies Inc 8% 4.11%
- Wesco Distribution, Inc. 7.25% 4.11%
- NBCUniversal Enterprise Inc 5.25% 3.97%
- Marriott International, Inc. 5.75% 3.53%
- MGM Growth Properties Operating Partnership LP/ MGP Escrow Co Issuer Inc. 5 3.49%
Asset Allocation
| Weighting | Return Low | Return High | JOCIX % Rank | |
|---|---|---|---|---|
| Bonds | 68.18% | -150.81% | 188.92% | 78.98% |
| Convertible Bonds | 16.49% | 0.00% | 33.50% | 2.63% |
| Cash | 12.53% | -261.12% | 258.91% | 30.84% |
| Preferred Stocks | 3.10% | 0.00% | 31.88% | 7.05% |
| Stocks | 0.15% | -38.22% | 261.12% | 52.70% |
| Other | -0.44% | -25.82% | 276.99% | 94.47% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | JOCIX % Rank | |
|---|---|---|---|---|
| Financial Services | 99.87% | 0.00% | 100.00% | 5.24% |
| Industrials | 0.13% | 0.00% | 100.00% | 47.63% |
| Utilities | 0.00% | 0.00% | 100.00% | 52.12% |
| Technology | 0.00% | 0.00% | 33.40% | 44.39% |
| Real Estate | 0.00% | 0.00% | 100.00% | 53.12% |
| Healthcare | 0.00% | 0.00% | 100.00% | 45.64% |
| Energy | 0.00% | 0.00% | 100.00% | 79.05% |
| Communication Services | 0.00% | 0.00% | 100.00% | 52.12% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 46.38% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 56.11% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 47.88% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | JOCIX % Rank | |
|---|---|---|---|---|
| US | 0.15% | -40.06% | 261.12% | 47.30% |
| Non US | 0.00% | -6.04% | 17.73% | 47.58% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | JOCIX % Rank | |
|---|---|---|---|---|
| Corporate | 86.44% | 0.00% | 100.00% | 3.06% |
| Cash & Equivalents | 12.49% | 0.00% | 100.00% | 35.56% |
| Securitized | 1.07% | 0.00% | 99.65% | 86.53% |
| Derivative | 0.00% | 0.00% | 72.98% | 67.08% |
| Municipal | 0.00% | 0.00% | 54.26% | 50.00% |
| Government | 0.00% | 0.00% | 99.43% | 87.50% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | JOCIX % Rank | |
|---|---|---|---|---|
| US | 63.89% | -151.11% | 194.51% | 54.50% |
| Non US | 4.29% | -136.75% | 90.11% | 84.51% |
JOCIX - Expenses
Operational Fees
| JOCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.59% | 0.01% | 6.46% | 86.96% |
| Management Fee | 0.55% | 0.00% | 2.29% | 32.30% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| JOCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| JOCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| JOCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 496.00% | 52.20% |
JOCIX - Distributions
Dividend Yield Analysis
| JOCIX | Category Low | Category High | JOCIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 17.29% | 56.55% |
Dividend Distribution Analysis
| JOCIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| JOCIX | Category Low | Category High | JOCIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.11% | -1.55% | 11.51% | 44.29% |
Capital Gain Distribution Analysis
| JOCIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2022 | $0.027 | OrdinaryDividend |
| Oct 31, 2022 | $0.027 | OrdinaryDividend |
| Sep 30, 2022 | $0.031 | OrdinaryDividend |
| Aug 31, 2022 | $0.025 | OrdinaryDividend |
| Jul 29, 2022 | $0.025 | OrdinaryDividend |
| Jun 30, 2022 | $0.029 | OrdinaryDividend |
| May 31, 2022 | $0.028 | OrdinaryDividend |
| Apr 29, 2022 | $0.025 | OrdinaryDividend |
| Mar 31, 2022 | $0.026 | OrdinaryDividend |
| Feb 28, 2022 | $0.022 | OrdinaryDividend |
| Jan 31, 2022 | $0.028 | OrdinaryDividend |
| Dec 31, 2021 | $0.031 | OrdinaryDividend |
| Nov 30, 2021 | $0.026 | OrdinaryDividend |
| Oct 29, 2021 | $0.025 | OrdinaryDividend |
| Sep 30, 2021 | $0.029 | OrdinaryDividend |
| Aug 31, 2021 | $0.026 | OrdinaryDividend |
| Jul 30, 2021 | $0.026 | OrdinaryDividend |
| Jun 30, 2021 | $0.030 | OrdinaryDividend |
| May 28, 2021 | $0.027 | OrdinaryDividend |
| Apr 30, 2021 | $0.024 | OrdinaryDividend |
| Mar 31, 2021 | $0.032 | OrdinaryDividend |
| Feb 26, 2021 | $0.024 | OrdinaryDividend |
| Jan 29, 2021 | $0.025 | OrdinaryDividend |
| Dec 31, 2020 | $0.035 | OrdinaryDividend |
| Nov 30, 2020 | $0.021 | OrdinaryDividend |
| Oct 30, 2020 | $0.024 | OrdinaryDividend |
JOCIX - Fund Manager Analysis
Managers
Giorgio Caputo
Start Date
Tenure
Tenure Rank
Jul 17, 2020
1.87
1.9%
Giorgio Caputo joined JOHCM in August 2017. Giorgio is a Senior Fund Manager and Head of JOHCM's Multi-Asset Value team. Prior to joining JOHCM, he was most recently a Portfolio Manager and Senior Analyst with First Eagle Investment Management. Giorgio joined First Eagle in September 2009 as a Research Analyst and member of the firm’s Global Value Team. Prior to First Eagle, Giorgio was a Managing Director and Industry Generalist Investment Analyst at JANA Partners LLC, and an Investment Banking Associate at Credit Suisse First Boston. Before graduate school, he was a Quantitative Strategist and the Interest Rate Trader for the Equity Derivatives Group at Lehman Brothers. He has a BS in Operations Research, with minors in German Literature, Italian Literature and Applied and Computational Mathematics, from Princeton University, as well as an MBA in Finance with Honours from Columbia Business School. Giorgio speaks fluent German and Italian.
Adam Gittes
Start Date
Tenure
Tenure Rank
Nov 23, 2020
1.52
1.5%
Adam is a Senior Fund Manager and Head of Credit for JOHCM’s Multi Asset Value team. He was most recently employed as a Senior Investment Professional at Piney Lake Capital, a hedge fund, where he focused on private credit and special situations credit investing. Prior to Piney Lake, Adam was a Portfolio Manager at TOMS Capital. Before TOMS Capital, he was a Vice President at BlackRock Kelso Capital. While there, he worked on the formation of the firm’s liquid credit business. Prior to BlackRock Kelso Capital, Adam was a senior analyst at RockView, a credit and event driven hedge fund. While at RockView he researched and initiated investments across the capital structure while focusing on fundamental value in unfollowed, misunderstood, and complicated securities. Adam began his career in 2001 in the Mergers and Acquisitions group at Credit Suisse First Boston.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.64 | 3.19 |