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J O Hambro Capital Management Umbrella Fund J O Hambro Capital Management Umbrella Fund plc 2020 Annual Report & Financial Statements www.johcm.com for the financial year ended 31 December 2020 General information Contents Reporting fund status Where “reporting fund” status is obtained, General information 1 Shareholders who are resident in the United Kingdom for tax purposes (other than persons Directors’ report 2 who are dealing in the Shares who are subject to Corporate Governance statement 5 different rules) should be liable to capital gains tax (or corporation tax on chargeable gains) in respect Report of the Depositary to the Shareholders 7 of any gain realised on disposal or repurchase of Independent Auditor’s 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 24 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 Holders of Redeemable Participating Shares 32 to maintain “reporting fund” status. It cannot, however, be guaranteed that “reporting Sub-fund reporting fund” status will be maintained in respect of any JOHCM Continental European Fund 37 relevant period of account. It should be noted that JOHCM UK Growth Fund 47 it is not necessary to obtain “reporting fund” status on an annual or certificated basis; a sub-fund that JOHCM European Select Values Fund 55 obtains “reporting fund” status will maintain that JOHCM Japan Fund 63 status until such time as a material breach of the reporting regime occurs (for example, if the JOHCM Global Select Fund 73 sub-fund does not report its income as required). JOHCM Global Emerging Markets Opportunities Fund 81 JOHCM Asia ex-Japan Fund 91 Further information JOHCM Asia ex-Japan Small and Mid-Cap Fund 99 The following information is available free of JOHCM Global Opportunities Fund 109 charge at www.johcm.com: JOHCM Japan Dividend Growth Fund 117 • The Key Investor Information Documents (“KIIDs”), Prospectus, Annual and Interim JOHCM European Concentrated Value Fund 121 reports of the Company. Hard copies are JOHCM UK Dynamic Fund 129 available upon written request to the Investment Manager or the Administrator. JOHCM Global Income Builder Fund 137 • Information on the sub-funds and their share JOHCM Concentrated Global Share Fund* 151 classes. Notes to the Financial Statements 159 • Share prices. Appendix 1 (unaudited) 217 Further information is available from the Appendix 2 (unaudited) 220 Administrator: Appendix 3 (unaudited) 221 RBC Investor Services Ireland Limited 4th Floor, One George’s Quay Plaza George’s Quay Dublin 2 Ireland J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 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) 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 Persons service provider Manager Paying Agent in Liechtenstein to the Manager JOHCM Funds (Ireland) Limited VP Fund Solutions (Liechtenstein) AG Carne Global Financial Services Limited Riverside One Aeulestrasse 6 2nd Floor, Block E Sir John Rogerson’s Quay 9490 Vaduz Iveagh Court, Harcourt Road Dublin 2 D02 X576 Liechtenstein Dublin Ireland 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, Ireland Dublin 2 A-1010 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 2020 1 Directors’ report for the financial year ended 31 December 2020 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 2020. 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 2020 the Company had thirteen 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. • The Directors confirm that they believe that they have Information about the material risks of the Company, the complied with the above requirements in preparing the financial risk management objectives and policies of the financial statement. Company are disclosed in note 8 to the financial statements. The Directors are responsible for keeping adequate Review of Business and Future Developments accounting records which disclose with reasonable accuracy The level of business and the financial position at the at any time the assets, liabilities, financial position and financial year-end were satisfactory and the Directors profit and loss of the Company and which enable them expect this to continue in the coming financial year. A more to ensure that the financial statements are prepared comprehensive overview of the Company’s investment in accordance with accounting standards generally activities is detailed in the Investment Management accepted in Ireland and comply with the provisions of Reports. the Companies Act 2014 (the “Act”), as amended, the European Communities (Undertakings for Collective As of the reporting date, the Directors have no reason to Investment in Transferable Securities) Regulations, believe that the Company is not able to continue as a going 2011 (as amended) and the Central Bank of Ireland (the concern. “Central Bank”) (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment Results for the Financial Year and State of in Transferable Securities) Regulations 2019, as amended, Affairs at 31 December 2020 (the “UCITS Regulations”) and that they can be audited. The state of affairs of the Company at 31 December They are also responsible for safeguarding the assets of 2020 is set out on pages 10 to 23 and the results for the the Company and hence for taking reasonable steps for the financial year are set out on pages 24 to 31. prevention and detection of fraud and other irregularities. The directors are responsible for ensuring that adequate Directors accounting records are kept that are sufficient to correctly The names of the persons who were Directors at any time record and explain the transactions of the Company. during the financial year are set out on page 1. 2 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 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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