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J O Hambro Capital Management Umbrella Fund J O Hambro Capital Management Umbrella Fund plc 2019 Annual Report & Financial Statements www.johcm.com for the financial year ended 31 December 2019 General information Contents Reporting fund status Where “reporting fund” status is obtained, General Information 1 Shareholders who are resident in the United Directors’ Report 2 Kingdom for tax purposes (other than persons who are dealing in the Shares who are subject to Corporate Governance Statement 5 different rules) should be liable to capital gains tax Report of the Depositary to the Shareholders 7 (or corporation tax on chargeable gains) in respect of any gain realised on disposal or repurchase of Independent Auditors’ Report 8 the Shares or on conversion from one sub-fund to another within the Company. Consolidated information Each sub-fund has received certification as a Statement of Financial Position 10 “reporting fund” under the UK reporting fund Statement of Comprehensive Income 20 regime. It is intended that the Company will conduct its affairs so as to enable each sub-fund Statement of Changes in Net Assets Attributable to 28 to maintain “reporting fund” status. Holders of Redeemable Participating Shares Market Update - coronavirus 32 It cannot, however, be guaranteed that “reporting fund” status will be maintained in respect of any relevant period of account. It should be noted that Sub-fund reporting it is not necessary to obtain “reporting fund” status JOHCM Continental European Fund 33 on an annual or certificated basis; a sub-fund that JOHCM UK Growth Fund 43 obtains “reporting fund” status will maintain that status until such time as a material breach of the JOHCM European Select Values Fund 51 reporting regime occurs (for example, if the sub-fund does not report its income as required). JOHCM Japan Fund 61 JOHCM Global Select Fund 70 Further information The following information is available free of JOHCM Emerging Markets Fund 81 charge at www.johcm.com: JOHCM Global Emerging Markets Opportunities Fund 85 • The Key Investor Information Documents JOHCM Asia ex-Japan Fund 95 (“KIIDs”), Prospectus, Annual and Interim reports of the Company. Hard copies are JOHCM Asia ex-Japan Small and Mid-Cap Fund 103 available upon written request to the Investment JOHCM Global Opportunities Fund 113 Manager or the Administrator. • Information on the sub-funds and their share JOHCM Japan Dividend Growth Fund 121 classes. JOHCM US Small Mid Cap Equity Fund 129 • Share prices. JOHCM European Concentrated Value Fund 133 Further information is available from JOHCM Global Smaller Companies Fund 141 the Administrator, JOHCM UK Dynamic Fund 145 RBC Investor Services Ireland Limited 4th Floor, One George’s Quay Plaza JOHCM Global Income Builder Fund 153 George’s Quay JOHCM Concentrated Global Share Fund 167 Dublin 2 Ireland Notes to the Financial Statements 175 Supplemental information Appendix 1 236 Appendix 2 240 Appendix 3 241 J O Hambro Capital Management Umbrella Fund plc | 31 December 2019 General information (continued) J O Hambro Capital Management Umbrella Fund plc An umbrella type open-ended investment company with variable capital incorporated with limited liability in Ireland. Registration number 345142. Board of Directors Robert Burke (Independent non-executive director) Graham Warner (Independent non-executive director. Graham Warner resigned on 30 September 2019) Helen Vaughan (Non-executive director) Máire O’Connor (Independent non-executive director) Markus Lewandowski (Non-executive director. Appointed 25 February 2020) Alexandra Altinger (Non-executive director. Appointed 25 March 2020) Designated Person to the Manager Manager Paying Agent in Liechtenstein Carne Global Financial Services Limited (effective from 1 November 2019) VP Fund Solutions (Liechtenstein) AG 2nd Floor, Block E JOHCM Funds (Ireland) Limited Aeulestrasse 6 Iveagh Court, Harcourt Road Riverside One 9490 Vaduz Dublin Sir John Rogerson’s Quay Liechtenstein Ireland Dublin 2 D02 X576 Ireland Company Secretary and Depositary Swiss Representative & Paying Registered Office RBC Investor Services Bank S.A. Agent in Switzerland HMP Secretarial Limited Dublin Branch, RBC Investor Services Bank S.A. Riverside One 4th Floor, One George’s Quay Plaza Esch-sur-Alzette, Zürich Branch Sir John Rogerson’s Quay George’s Quay, Dublin 2 Bleicherweg 7 Dublin 2 D02 X576 Ireland CH-8027 Zurich Ireland Switzerland Legal advisers in Ireland Administrator, Registrar and Paying Agent and Tax McCann FitzGerald Transfer Agent Representative in Austria Riverside One RBC Investor Services Ireland Limited Erste Bank der Osterreichischen Sir John Rogerson’s Quay 4th Floor, One George’s Quay Plaza Sparkassen AG Dublin 2 George’s Quay Graben 21, A-1010 Ireland Dublin 2 Vienna Ireland Austria Legal advisers in the Paying Agent in Luxembourg Paying Agent in Sweden United Kingdom RBC Investor Services Bank S.A. Skandinaviska Enskilda Banken AB MacFarlanes 14 Porte de France (publ) 20 Cursitor Street L-4360 Esch-sur-Alzette Sergels Torg 2 London EC4A 1LT Luxembourg SE-106 40 Stockholm England Sweden Auditors Information Agent in Germany Paying Agent, Distributor and Ernst & Young German Fund Information Service Nominee in Spain Chartered Accountants UG (publ) Bancoval Securities Services, S.A. Ernst & Young Building Zum Eichhagen 4 Fernando el Santo, 20 Harcourt Centre, Harcourt Street D-21382 Brietlingen Madrid Dublin 2, D02 YA40 Ireland Germany Spain Promoter, Investment Manager, Centralising Correspondent in Distributor and UK Facilities France Agent RBC Investor Services Bank France J O Hambro Capital Management 105 Rue Réaumur Limited 75002 Paris Level 3, 1 St James’s Market France London SW1Y 4AH England J O Hambro Capital Management Umbrella Fund plc | 31 December 2019 1 Directors’ report for the financial year ended 31 December 2019 The Directors of the Company (the “Directors”) submit Statement as to Disclosure of Information their report, together with the audited financial statements to Auditor for the financial year ended 31 December 2019. Each of the Directors who were members of the Board at the date of approval of this Annual Report confirms that, Statement of Directors’ Responsibilities in to the best of his or her knowledge and belief, there is Respect of the Financial Statements no information relevant to the preparation of the Annual Irish company law requires the Directors to prepare Report of which the Company’s Auditor has not been made financial statements for each financial year, which give a aware and he or she has taken all the steps a Director true and fair view of the state of affairs of the Company might reasonably be expected to have taken to be aware and of the profit or loss of the Company for the financial of relevant audit information and to establish that the year. In preparing those financial statements, the Directors Company’s Auditor is aware of that information. are required to: Principal Activities • select suitable accounting policies and then apply them The Company was incorporated on 3 July 2001 and was consistently; authorised by the Central Bank in accordance with the • make judgments and estimates that are reasonable and UCITS Regulations. The Company is organised as an open- prudent; ended investment company with variable capital pursuant to the UCITS Regulations. The Company is organised in the • state whether the financial statements have been form of an umbrella fund with segregated liability between prepared in accordance with the applicable accounting sub-funds. standards, identify those standards, and note the effect and the reasons for any material departure from those As at 31 December 2019 the Company had fourteen active standards; and sub-funds in respect of which 96 classes of shares have • prepare the financial statements on the going concern been offered for investment. basis unless it is inappropriate to presume that the Company will continue in business. Principal Risks Investment in the Company carries with it a degree of risk. Information about the material risks of the Company, the The Directors are responsible for keeping adequate financial risk management objectives and policies of the accounting records which disclose with reasonable accuracy Company are disclosed in Note 8 to the financial statements. at any time the assets, liabilities, financial position and profit and loss of the Company and which enable them Review of Business and Future Developments to ensure that the financial statements are prepared The level of business and the financial position at the in accordance with accounting standards generally financial year-end were satisfactory and the Directors accepted in Ireland and comply with the provisions of expect this to continue in the coming financial year. the Companies Act 2014 (the “Act”), as amended, the A more comprehensive overview of the Company’s European Communities (Undertakings for Collective investment activities is detailed in the Investment Investment in Transferable Securities) Regulations, Management Reports. 2011 (as amended) and the Central Bank of Ireland (the “Central Bank”) (Supervision and Enforcement) Act 2013 Results for the Financial Year and State of (Section 48(1)) (Undertakings for Collective Investment Affairs at 31 December 2019 in Transferable Securities) Regulations 2019, as amended, The state of affairs of the Company at 31 December (the “UCITS Regulations”) and that they can be audited. 2019 is set out on pages 10 to 19 and the results for the They are also responsible for safeguarding the assets of financial year are set out on pages 20 to 27. the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Directors The directors are responsible for ensuring that adequate The names of the persons who were Directors at any time accounting records are kept that are sufficient to correctly during the financial year are set out on page 1. record and explain the transactions of the Company. 2 J O Hambro Capital Management Umbrella Fund plc | 31 December 2019 Directors’ report (continued) Secretary Connected persons HMP Secreterial Limited acted as Secretary throughout the In accordance with the requirements of UCITS, any financial year.
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