JO Hambro CM Continental European B GBP

Targets capital growth from mainly large-cap Europe (ex UK) equities.

  • 461.40p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 5.00% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.25%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.31%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 1.40%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 24 November 2020, fund data last updated 26 May 2017

The fund aims to generate long-term capital growth from a portfolio of mainly large and mid-cap European (excluding UK) equities. Fund manager Paul Wild's primary target is consistency, aiming to outperform the benchmark in each calendar year. To achieve this he employs an investment process that combines top-down economic and sector views with bottom-up stock picking - in terms of the latter he is benchmark-aware and fairly style neutral, looking at both growth and value stocks.

Fund summary

Sector
Structure OFFSHORE FUND
Launched November, 2001
Size £520m
Yield 1.40%
Charging basis Income
Dividends paid Acc units only.

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.25%
Ongoing charges figure 1.31%

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Investment process

The fund’s investible universe is companies with a market cap of at least €250m, though there will be a focus on larger companies (minimum 65% weighting). Ideas are generated by using the manager’s macro and sector views to focus on attractive areas of the market, and by screening on various valuation measures across the universe of stocks. When researching individual companies Wild is pragmatic and will look at both value and growth stocks. Key factors he focuses on are: Quality of management, Company profitability, Competitiveness (market position, brand power, pricing power & industry consolidation), Financial soundness, Relative earnings growth & Relative valuation. In terms of portfolio construction, industry themes are also a driver and will affect decisions on which sectors to overweight and underweight. Wild works principally with his dedicated analyst Gael Colcombet, but can draw on the support of JOHCM's other investment professionals.

Manager research

Average monthly relative returns

  • 15/16 -0.19%
  • 16/17 -0.02%
  • 17/18 0.06%
  • 18/19 -0.32%
  • 19/20 -0.22%

Bestinvest MRI

  • 3 years -0.16%
  • 5 years -0.14%
  • Career 0.06%
  • 3 years 28.80%
  • 5 years 26.40%
  • Career 94.60%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Paul Wild

Wild joined JO Hambro in 2003 and is Senior Fund Manager of the JOHCM Continental European Fund, supported by investment analyst Gael Colcombet. His previous industry experience includes serving as a Pan-European Fund Manager at Sanwa Asset Management and a fund management role at Newton Investment Management. He began his career at Barclays Capital within its Capital Markets division. Wild is a CFA charterholder and holds a BA (Hons) in Economics from the University of Lancaster.

Track record

Paul Wild has 10.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.06%. During the worst period of relative performance (from February 2016 - March 2020) there was a decline of 10% relative to the index. The worst absolute loss has been 24%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 95%.

Periods of worst performance

Absolute -24.00% (April 2011 - May 2012)
Relative -10.00% (February 2016 - March 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Portfolio

55-70 stocks, closer to 70 during uncertain markets.

Constraints

Max active position of 3.5%. Min market cap €250m. Min 65% in large-cap equities (>€1 bn). Min/Max sector exposure of 75% above/below index weights

Key Investor Information

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