JO Hambro CM Global Opportunities A GBP

  • 203.10p
    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?

  • 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!

  • 0.75%
    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).

  • 0.83%
    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.

  • 2.50%
    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 08 July 2020, fund data last updated 19 October 2015

The fund aims to achieve long-term total return by investing in a concentrated portfolio of global equities across developed and emerging markets. The selection of equity securities will primarily be driven by a cashflow analysis from the perspective of a long-term business owner. At no time will less than 80% of the Fund’s total net assets be invested in such securities. The fund will be managed on an ‘unconstrained basis’ with no restrictions in terms of regional or sector allocation versus this benchmark.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched
Size £471m
Yield 2.50%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.83%

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Investment process

Managers Ben Leyland and Robert Lancaster select from a universe of circa 3000 global companies. Stock selection criteria favour capital light cash generative businesses with high marginal return on invested capital, able to demonstrate pricing power, high barriers to entry, recurring revenue business models, and ability to grow their earnings and dividends. The fund's watch list typically consists of circa 200 companies, broadly spread across sectors and geographies. These are then subjected to valuation control, which emphasises absolute rather than relative value. Position size is based on the upside/downside ratio, typically ranging from 1.5-5%. The portfolio will typically include clusters of stocks – allocating capital to companies within the same sectors, which managers find particularly attractive. The portfolio is managed on an unconstrained basis and will typically include between 20-45 companies.

This is a relatively new fund from an established group JO Hambro Capital Management. Fund manager Ben Leyland and co-manager Rob Lancastle are primarily responsible for running the fund. Leyland was a co-manager on the highly successful UK Opportunities fund alongside the manager John Wood for five years having joined the group in April 2006 from Schroder Investment Management. The fund is primarily bottom-up and seeks quality cash generative businesses with strong balance sheets, capable of compounding growth over the long term. The manager is benchmark agnostic, which means the fund can significantly deviate from its index. The fund will typically have lower volatility compared to the broader market and offers defensive characteristics.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

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  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Track record

Periods of worst performance

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Relative 0.00% ()

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

25-40 stocks. Unconstrained by sector / geography. Can hold up to 20% in cash.

Key Investor Information

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