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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$9.72

$83.8 M

0.00%

0.98%

Vitals

YTD Return

1.4%

1 yr return

-5.5%

3 Yr Avg Return

0.0%

5 Yr Avg Return

N/A

Net Assets

$83.8 M

Holdings in Top 10

18.8%

52 WEEK LOW AND HIGH

$9.7
$8.82
$10.35

Expenses

OPERATING FEES

Expense Ratio 0.98%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 92.03%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$9.72

$83.8 M

0.00%

0.98%

JOIIX - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return 0.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.73%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JOHCM Global Income Builder Fund
  • Fund Family Name
    JOHCM Funds
  • Inception Date
    Jun 28, 2019
  • Shares Outstanding
    N/A
  • Share Class
    B
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Giorgio Caputo

Fund Description

The Fund seeks to achieve its investment objective by applying a bottom-up, long-term global value investing philosophy across a broad range of asset classes. In a bottom-up approach, companies and securities are researched and chosen individually.
The Fund normally will invest in a wide range of income-producing equity securities of U.S. and non-U.S. companies, including common stocks that offer attractive dividend yields. The Fund’s equity securities include direct and indirect investments in common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may obtain its exposure to equity securities indirectly through participatory notes and depositary receipts. The Fund also normally will invest in a wide range of fixed income instruments from markets in the United States and multiple countries around the world such as high-yield instruments (commonly referred to as ‘‘junk bonds’’), investment grade instruments, sovereign debt, loans and loan participations. The Fund maintains flexibility to have significant exposure to high-yield instruments in response to current market conditions. The Fund may invest in securities of any maturity or investment rating, as well as unrated securities, and will normally invest in hybrid securities that embody elements of both equity and fixed income securities such as preferred shares and convertible bonds. The Fund may invest in initial public offerings (“IPOs”) and real estate investment trusts (“REITs”). While the Fund may hold investments in non-income producing securities, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) will be comprised of income producing securities.
  
The Fund anticipates that it may also invest in contingent convertible securities, and may 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: exchange-traded funds 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, including interest-rate futures, which are exchange-traded contracts in which the specified underlying security is either an interest-bearing fixed income security or an inter-bank deposit, Treasury futures, and “e-mini” futures contracts representing a fraction of the value of a corresponding standard futures contract; 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. 
As part of its investment strategy, the Fund may invest in exchange-traded and over-the-counter derivative instruments, including interest rate, credit, index, and currency futures; currency, interest rate, total rate of return, and credit default swaps; currency, bond, and swap options; deliverable and non-deliverable currency forward contracts; bonds for forward settlement; options, including buying and selling puts and calls; and equity-linked notes. 
As a multi-asset portfolio, the Fund invests in the various asset classes described above and may shift its investments from one asset class to another. The portfolio managers believe that maintaining this flexible approach is critical to avoiding pockets of overvalued securities. The Adviser also seeks to preserve flexibility across geographic areas and company size. As a result, the Fund may invest in securities of companies of any market capitalization or domicile. The Adviser anticipates that, under normal circumstances, the Fund will invest in a portfolio of between 30% and 70% common equity securities, with the balance of its assets invested in fixed income securities, hedging assets (as defined below), and cash or cash equivalents. However, the Adviser maintains the ability to adjust the Fund’s allocations as needed to adapt the portfolio to various income, market, and valuation environments. In pursuing the Fund’s investment objective, under normal circumstances, at least 40% of the Fund’s investments will be in issuers located outside of the United States or in issuers that derive a significant proportion of their revenues or profits from goods produced or sold, investments made, or services performed outside the United States or have at least 50% of its assets situated outside the United States (“non-U.S. issuers”). If market conditions are deemed unfavorable the Fund reserves the right to invest as little as 30% of its assets in non-U.S. issuers. 
Pursuant to a value investing philosophy, the Fund seeks to invest in securities the portfolio managers believe provide a discount (or “margin of safety”) between a security’s price and what the portfolio managers believe to be the true value of the underlying business (which is sometimes referred to as “intrinsic value”). The Adviser examines economic, financial, and other qualitative and quantitative factors to evaluate a security’s value. In order to estimate the intrinsic value of a business, the Adviser will assess the overall quality of the business, including the competitive advantages that it enjoys, such as economies of scale, customer captivity, and access to scarce resources. The Adviser will also consider a variety of other factors, such as the strength of the issuer’s balance sheet and the quality of its management team. The outcome of this analysis is then compared to the security’s current value to determine if it is over- or underpriced. To this end the Fund’s investments and strategy may at times be viewed as contrarian. The portfolio managers believe that investing when such a margin of safety is present can help reduce the likelihood of permanent loss of capital, as opposed to temporary losses due to shifting investor sentiment or other normal asset price volatility. The Fund may consider selling a security as it reaches the portfolio managers’ estimate of the company’s value if the portfolio managers believe that the company’s underlying business is deteriorating or if the portfolio managers identify a security that they believe offers a better investment opportunity. 
Additionally, as part of the investment process, the portfolio managers consider financially material environmental, social and governance (“ESG”) factors to evaluate and monitor the securities in the Fund’s investment universe. The portfolio managers combine internal ESG assessments, third-party data (sources may include Sustainalytics, ISS and/or MSCI) and an ESG scoring mechanism in constructing the Fund’s portfolio. The Adviser believes there are long-term benefits in investing in companies with strong records for managing ESG risks, advancing sustainable development goals and applying good corporate governance. 
The Fund will seek to invest in companies that the portfolio managers believe have high quality management teams, strong balance sheets, and defensible businesses models; however the valuation of the specific investment under consideration is the most important criteria. As a result, the Fund may invest in securities of issuers which do not encompass all or, in some cases, any of the above qualities, if the portfolio managers believe the security is significantly undervalued and an exceptional margin of safety exists. In general, the lower the quality of the issuer’s business, the higher the margin of safety that is required. 
The margin of safety-based approach is common to both equity and debt investments, as the Adviser requires a similar buffer when lending to an issuer through the purchase of its debt securities. In this regard, a margin of safety can be viewed as similar to a “loan-to-value” ratio relative to the underlying business’s intrinsic value. As a result, the assessment of a debt instrument for purchase will require a similar business quality evaluation as described above. The “seniority” of the debt instrument relative to other claims on the issuer’s assets and business is also central to investment decisions. 
In general, the decision to allocate incremental capital to a security in one asset class versus another is based on a bottom-up assessment of the relative merits of the specific security being considered for investment as opposed to a top-down down view of asset class returns or macroeconomic predictions. 
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JOIIX - Performance

Return Ranking - Trailing

Period JOIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -23.7% 16.4% 50.00%
1 Yr -5.5% -8.9% 48.3% 42.27%
3 Yr 0.0%* -2.2% 16.4% 57.24%
5 Yr N/A* -0.7% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period JOIIX Return Category Return Low Category Return High Rank in Category (%)
2022 -14.8% -40.8% 20.6% 32.37%
2021 3.4% -21.0% 24.5% 64.46%
2020 0.4% -24.2% 27.8% N/A
2019 N/A -23.1% 11.7% N/A
2018 N/A -100.0% 20.6% N/A

Total Return Ranking - Trailing

Period JOIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -23.7% 16.4% 48.93%
1 Yr -5.5% -12.8% 48.3% 39.62%
3 Yr 0.0%* -3.4% 16.4% 52.84%
5 Yr N/A* -1.1% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period JOIIX Return Category Return Low Category Return High Rank in Category (%)
2022 -14.8% -40.8% 20.6% 32.37%
2021 3.4% -21.0% 24.5% 64.46%
2020 0.4% -24.2% 27.8% N/A
2019 N/A -23.1% 11.7% N/A
2018 N/A -2.9% 23.1% N/A

NAV & Total Return History


JOIIX - Holdings

Concentration Analysis

JOIIX Category Low Category High JOIIX % Rank
Net Assets 83.8 M 1.12 M 110 B 81.21%
Number of Holdings 122 2 10961 66.60%
Net Assets in Top 10 16.6 M -31.7 M 22 B 85.18%
Weighting of Top 10 18.84% 10.8% 100.0% 80.04%

Top 10 Holdings

  1. Northern Institutional Treasury Premier 4.54%
  2. United States Treasury Notes 0.5% 2.21%
  3. B.A.T. International Finance p.l.c. 3.95% 2.03%
  4. Microsoft Corp 1.99%
  5. Crown Castle International Corp 1.79%
  6. CCO Holdings, LLC/ CCO Holdings Capital Corp. 4% 1.78%
  7. Williams Companies Inc 1.70%
  8. United States Treasury Notes 2.5% 1.62%
  9. Alphabet Inc Class C 1.61%
  10. Nestle SA 1.55%

Asset Allocation

Weighting Return Low Return High JOIIX % Rank
Stocks
64.62% -45.72% 98.42% 43.84%
Bonds
18.81% -39.76% 93.84% 62.00%
Cash
6.75% -97.12% 185.58% 39.04%
Convertible Bonds
6.00% 0.00% 25.49% 5.85%
Other
2.81% -1.25% 197.12% 26.72%
Preferred Stocks
1.00% -0.03% 14.00% 13.36%

Stock Sector Breakdown

Weighting Return Low Return High JOIIX % Rank
Technology
18.07% 0.00% 39.48% 35.67%
Real Estate
12.52% 0.00% 90.14% 22.08%
Communication Services
10.93% 0.00% 28.59% 7.22%
Energy
10.76% 0.00% 38.61% 22.93%
Healthcare
10.66% 0.00% 30.30% 55.41%
Consumer Defense
9.17% 0.00% 31.85% 19.75%
Financial Services
8.64% 0.00% 30.34% 78.77%
Basic Materials
8.41% 0.00% 60.23% 20.81%
Industrials
4.06% 0.09% 32.39% 95.97%
Utilities
3.83% 0.00% 40.29% 41.19%
Consumer Cyclical
2.94% 0.00% 20.84% 84.08%

Stock Geographic Breakdown

Weighting Return Low Return High JOIIX % Rank
Non US
34.69% -46.69% 57.06% 17.95%
US
29.93% -4.82% 95.75% 69.31%

Bond Sector Breakdown

Weighting Return Low Return High JOIIX % Rank
Corporate
77.53% 0.00% 99.90% 8.56%
Cash & Equivalents
20.73% 0.10% 100.00% 40.29%
Securitized
1.74% 0.00% 83.28% 63.88%
Derivative
0.00% 0.00% 41.88% 64.93%
Municipal
0.00% 0.00% 31.28% 56.37%
Government
0.00% 0.00% 98.64% 93.11%

Bond Geographic Breakdown

Weighting Return Low Return High JOIIX % Rank
US
16.56% -177.12% 87.76% 39.46%
Non US
2.25% -39.00% 137.36% 70.77%

JOIIX - Expenses

Operational Fees

JOIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.98% 0.16% 2.71% 57.20%
Management Fee 0.67% 0.00% 1.70% 47.97%
12b-1 Fee 0.25% 0.00% 1.00% 29.88%
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

JOIIX 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% 5.50% N/A

Trading Fees

JOIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

JOIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 92.03% 0.00% 441.00% 70.10%

JOIIX - Distributions

Dividend Yield Analysis

JOIIX Category Low Category High JOIIX % Rank
Dividend Yield 0.00% 0.00% 10.92% 53.64%

Dividend Distribution Analysis

JOIIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

JOIIX Category Low Category High JOIIX % Rank
Net Income Ratio 2.73% -5.20% 6.33% 19.17%

Capital Gain Distribution Analysis

JOIIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

JOIIX - Fund Manager Analysis

Managers

Giorgio Caputo


Start Date

Tenure

Tenure Rank

Nov 29, 2017

4.5

4.5%

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.

Robert Hordon


Start Date

Tenure

Tenure Rank

Nov 29, 2017

4.5

4.5%

Robert Hordon joined JOHCM in October 2017. Robert is a Senior Fund Manager for 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 where he co-managed the First Eagle Global Income Builder Fund and the First Eagle Amundi Income Builder Fund. Robert joined First Eagle in 2001 as a Risk Arbitrage Analyst, moving to the firm’s Global Value team in 2008 as a Research Analyst. Before graduate school, he was an Equity Research Analyst with Credit Suisse First Boston. Robert holds a BA in Politics from Princeton University and an MBA from Columbia Business School. He also holds the Chartered Financial Analyst (CFA) designation.

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
0.03 30.27 6.52 9.25