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Name

As of 04/24/2024

Price

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

JOHCM Emerging Markets Discovery Fund

JOMMX | Fund

$14.31

$62.5 M

0.90%

$0.13

1.62%

Vitals

YTD Return

4.6%

1 yr return

22.9%

3 Yr Avg Return

3.7%

5 Yr Avg Return

10.5%

Net Assets

$62.5 M

Holdings in Top 10

17.4%

52 WEEK LOW AND HIGH

$14.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.62%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 163.54%

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 04/24/2024

Price

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

JOHCM Emerging Markets Discovery Fund

JOMMX | Fund

$14.31

$62.5 M

0.90%

$0.13

1.62%

JOMMX - Profile

Distributions

  • YTD Total Return 4.6%
  • 3 Yr Annualized Total Return 3.7%
  • 5 Yr Annualized Total Return 10.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.18%
DIVIDENDS
  • Dividend Yield 0.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    JOHCM Emerging Markets Discovery Fund
  • Fund Family Name
    JOHCM Funds
  • Inception Date
    Dec 17, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Lew

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 equity securities issued by companies located in emerging markets, including frontier markets. Equity securities include common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may achieve its equity exposure either directly or indirectly, such as through depositary receipts, exchange-traded funds (“ETFs”) and participatory notes (commonly known as “P-notes”). Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank), and other countries with similar emerging market characteristics.
The portfolio managers seek to identify growth potential in companies that they believe are recovering (or will soon begin to recover) from market or business setbacks and therefore have the potential to outpace broader financial markets on a relative basis. Setbacks are company-, country- or sector-specific developments, which result in a negative market environment for a company’s business or the trading of its stock. Setbacks can include, among other things, failed product launches, supply chain issues, and economic or geopolitical instability in an emerging market country. In identifying those companies that they believe have the potential for recovery, the portfolio managers often seek companies with improving fundamentals and/or are taking actions to address recent or ongoing setbacks.
The portfolio managers primarily use a disciplined fundamental bottom-up research approach, namely by focusing on analyzing individual companies. As part of this approach, the portfolio managers aim to identify emerging market companies that they believe are inefficiently priced and that typically demonstrate positive growth characteristics. As part of the selection process for its “discovery” strategy, the portfolio managers typically look for companies that are: (a) in emerging industries with pioneering business models, or (b) have innovative technologies that have the potential to disrupt the status quo, or (c) are offering products or services that are not yet widely available or adopted in the local market, with the potential for long-term growth.
While the portfolio managers build the Fund’s portfolio primarily from a bottom-up growth philosophy and individual stock selection process they also consider top-down macroeconomic information, particularly in determining sector and country weightings in the portfolio. The portfolio managers consider the country and sector allocation of the Fund’s performance benchmark (the MSCI Emerging Markets Small Cap Index) but may depart from the benchmark’s allocations at any time. In selecting companies for investment, the portfolio managers also consider the investment risks associated with the liquidity of the company’s stock, taking into account the depth of the trading market for the company’s shares, and how reliable the company’s reporting (particularly its financial reporting) appears to be while also seeking to take advantage of market inefficiencies as to individual companies and industries.
Under normal circumstances, the Fund will typically hold securities of 70 to 120 companies and will invest at least 80% of its assets in small and medium capitalization companies, which the Fund currently considers to be companies with market capitalizations below U.S. $8 billion. The Fund may invest a significant portion of its assets in issuers located in one country or a small number of countries. These countries may change from time to time. While the Fund does not pursue active or frequent trading as a principal strategy, the nature of the portfolio frequently results in higher levels of portfolio turnover (in excess of 100% of the average value of its portfolio on an annualized basis) when the portfolio managers implement their strategy in certain economic and market conditions.
The Fund expects to invest a portion of its assets in securities of developed markets companies that derive, or are expected to derive, a significant portion of their revenues from their operations in emerging or frontier markets. The Fund may also participate in initial public offerings (“IPO“s).
The Fund also may purchase futures contracts and other derivative contracts, including index derivatives for equities and currencies. Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may do so at any time. The Fund also may invest in physical currencies and spot and forward currency contracts. The Fund typically does not seek to hedge its exposure to non-U.S. dollar currencies.
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JOMMX - Performance

Return Ranking - Trailing

Period JOMMX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -9.6% 11.2% 7.32%
1 Yr 22.9% -9.4% 31.2% 2.17%
3 Yr 3.7%* -24.1% 7.4% 2.74%
5 Yr 10.5%* -7.8% 10.8% 0.32%
10 Yr N/A* -3.1% 6.2% N/A

* Annualized

Return Ranking - Calendar

Period JOMMX Return Category Return Low Category Return High Rank in Category (%)
2023 23.7% -6.5% 35.5% 1.49%
2022 -22.2% -50.1% -2.4% 30.63%
2021 -9.8% -33.1% 22.5% 70.75%
2020 23.0% -22.1% 80.1% 30.76%
2019 17.4% -0.7% 42.0% 55.59%

Total Return Ranking - Trailing

Period JOMMX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -9.6% 11.2% 7.32%
1 Yr 22.9% -9.4% 31.2% 2.17%
3 Yr 3.7%* -24.1% 7.4% 2.74%
5 Yr 10.5%* -7.8% 10.8% 0.32%
10 Yr N/A* -3.1% 6.2% N/A

* Annualized

Total Return Ranking - Calendar

Period JOMMX Return Category Return Low Category Return High Rank in Category (%)
2023 24.9% -2.7% 42.0% 2.58%
2022 -21.4% -42.2% 1.9% 36.36%
2021 22.2% -32.5% 33.1% 2.81%
2020 23.6% -20.0% 81.6% 31.84%
2019 18.2% 2.3% 42.0% 70.29%

NAV & Total Return History

JOMMX - Holdings

Concentration Analysis

JOMMX Category Low Category High JOMMX % Rank
Net Assets 62.5 M 682 K 103 B 79.76%
Number of Holdings 123 10 7049 39.01%
Net Assets in Top 10 9.66 M 118 K 19.2 B 87.94%
Weighting of Top 10 17.42% 0.7% 122.2% 93.69%

Top 10 Holdings

  1. KPIT TECHS. LTD 2.21%
  2. VARUN BEVERAGES LTD 2.14%
  3. PHOENIX MILLS LTD/THE 2.04%
  4. Northern Inst Fds TREAS PRT PRMR 1.96%
  5. INDOSAT TBK PT 1.73%
  6. BRIGADE ENTS. LTD 1.73%
  7. EXIDE INDS. LTD 1.43%
  8. ARCADYAN TECH. CORP 1.40%
  9. PAN AMERICAN SILVER CORP 1.40%
  10. VISUAL PHOTONICS EPITAXY 1.38%

Asset Allocation

Weighting Return Low Return High JOMMX % Rank
Stocks 		94.50% 0.00% 103.65% 78.02%
Bonds 		2.75% 0.00% 94.30% 6.17%
Cash 		1.96% -2.03% 99.29% 47.59%
Preferred Stocks 		1.11% 0.00% 10.09% 40.75%
Other 		0.00% -1.64% 50.31% 81.23%
Convertible Bonds 		0.00% 0.00% 7.40% 79.89%

Stock Sector Breakdown

Weighting Return Low Return High JOMMX % Rank
Technology 		23.24% 0.00% 47.50% 42.47%
Industrials 		14.54% 0.00% 43.53% 6.38%
Financial Services 		14.42% 0.00% 48.86% 89.01%
Consumer Cyclical 		12.85% 0.00% 48.94% 39.48%
Basic Materials 		10.53% 0.00% 30.03% 25.78%
Healthcare 		8.60% 0.00% 16.53% 13.98%
Consumer Defense 		4.34% 0.00% 25.90% 78.70%
Utilities 		3.59% 0.00% 39.12% 14.11%
Energy 		3.20% 0.00% 24.80% 62.28%
Communication Services 		2.44% 0.00% 39.29% 94.30%
Real Estate 		2.26% 0.00% 17.15% 31.61%

Stock Geographic Breakdown

Weighting Return Low Return High JOMMX % Rank
Non US 		84.76% 0.00% 100.18% 51.07%
US 		9.74% 0.00% 101.58% 53.62%

Bond Sector Breakdown

Weighting Return Low Return High JOMMX % Rank
Cash & Equivalents 		1.96% 0.00% 100.00% 38.34%
Derivative 		0.00% -1.64% 74.21% 79.22%
Securitized 		0.00% 0.00% 23.79% 78.39%
Corporate 		0.00% 0.00% 100.00% 87.82%
Municipal 		0.00% 0.00% 0.32% 78.39%
Government 		0.00% 0.00% 70.66% 80.57%

Bond Geographic Breakdown

Weighting Return Low Return High JOMMX % Rank
US 		2.75% 0.00% 57.31% 3.62%
Non US 		0.00% 0.00% 78.09% 80.03%

JOMMX - Expenses

Operational Fees

JOMMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.62% 0.03% 24.48% 33.51%
Management Fee 1.05% 0.00% 2.00% 90.47%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.85% N/A

Sales Fees

JOMMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

JOMMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

JOMMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 163.54% 0.00% 189.00% 97.70%

JOMMX - Distributions

Dividend Yield Analysis

JOMMX Category Low Category High JOMMX % Rank
Dividend Yield 0.90% 0.00% 10.26% 77.48%

Dividend Distribution Analysis

JOMMX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annual

Net Income Ratio Analysis

JOMMX Category Low Category High JOMMX % Rank
Net Income Ratio 0.18% -1.98% 17.62% 71.49%

Capital Gain Distribution Analysis

JOMMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Quarterly Annually

Distributions History

View More +

JOMMX - Fund Manager Analysis

Managers

Stephen Lew

Start Date

Tenure

Tenure Rank

Dec 17, 2014

7.46

7.5%

Stephen Lew joined JOHCM in September 2013. Prior to joining JOHCM, from 2010 to 2012, Stephen was a Senior Portfolio Manager for Artio Global Investors. At Artio, he was responsible for managing the Asia ex-Japan sleeve of Artio International Equity Fund, Artio International Equity Fund II and separately managed accounts. From 2005 to 2010, Stephen was the Senior Asia ex-Japan Analyst at Janus Capital Group. Between 1999 and 2005 he worked at Driehaus Capital Management along-side Emery Brewer and Ivo Kovachev as the Asia ex-Japan Analyst. Stephen has a BA in Business Economics and Japanese from the University of California, an MBA with concentration in Finance from the University of Chicago, Graduate School of Business, a Certified Public Accountant and a CFA charterholder. He is a native Mandarin and conversational Japanese speaker.

Emery Brewer

Start Date

Tenure

Tenure Rank

Dec 17, 2014

7.46

7.5%

Emery Brewer is Senior Fund Manager of JOHCM and joined JOHCM in March 2010, following a brief retirement from 2008-2010. He has over 15 years of experience in Emerging Markets equity fund management, gained while working at Driehaus Capital Management from 1997 to 2007. In December 1997, Emery founded the Driehaus Capital Management Emerging Markets Growth Fund which he managed for ten years until he left Driehaus in December 2007. In 1998, he founded the Driehaus International Discovery Fund. Prior to this, he was an analyst and manager for the Driehaus East Europe Fund.

Ivo Kovachev

Start Date

Tenure

Tenure Rank

Dec 17, 2014

7.46

7.5%

Dr. Ivo Kovachev is Senior Fund Manager of JOHCM and joined JOHCM in March 2010, following a brief sabbatical from 2008 to 2010. Prior to joining JOHCM, Ivo worked at Kinsale Capital Management from 2005 to 2008, where he was Chief Investment Officer. Prior to this role, he spent ten years at Driehaus Capital Management, from 1995 to 2005. During his tenure with Driehaus Capital Management, he also contributed to the Emerging Markets Growth investment process for many years. Ivo holds a MEng in Management Information Systems from the Prague School of Economics, MSc in Technology and Innovation Management from the University of Sussex. In addition, he holds a PhD in Industrial and Development Policy. Ivo is also a Fulbright Scholar, having attended the Thunderbird School of Global Management in Arizona (USA).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 33.71 6.54 13.42

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