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. transactions carried out with a UCITS by a manager, depositary, investment manager and/or associated or group Directors’ and Secretary’s Interests companies of these (“connected persons”) must be carried Details of Directors’ and Secretary’s interests are shown in out as if negotiated at arm’s length. Transactions must be note 7 to the financial statements. in the best interests of the Shareholders.

Directors’ Compliance Statement The Directors confirm that there are arrangements It is the policy of the Company to comply with its relevant (evidenced by written procedures) in place to ensure obligations (as defined in the Companies Act 2014, as that any transactions carried out with the Company amended). As required by Section 225(2) of the Companies by its manager, investment manager, depositary and/ Act 2014, as amended, the Directors acknowledge that they or associated or group companies of these (“Connected are responsible for securing the Company’s compliance with Persons”) are carried out as if negotiated at arm’s length the relevant obligations. and are in the best interests of the Shareholders. The Directors are satisfied that the transactions with Connected The Directors have drawn up a compliance policy statement Persons during the financial year were carried out as if as defined in Section 225(3)(a) of the Companies Act 2014, negotiated at arm’s length and in the best interests of the as amended and a compliance policy which refers to the Shareholders. arrangements and structures that are in place and which are, in the Directors’ opinion, designed to secure material Accounting Records compliance with the Company’s relevant obligations. In To ensure that adequate accounting records are kept in discharging their responsibilities under Section 225, the accordance with Section 281 to 285 of the Companies Act Directors relied upon, among other things, the services 2014, as amended, the Company has employed a service provided, advice and/or representations from third parties, organisation, RBC Investor Services Ireland Limited (“the whom the Directors believe have the requisite knowledge Administrator’’). The books of account are located at the and experience in order to secure material compliance with offices of the Administrator as stated on page 1. the Company’s relevant obligations. Securities Financing Transactions The Directors confirm that the three assurance measures As the Company undertakes securities lending, it is have been implemented during the financial year end required to report on Securities Financing Transactions 31 December 2020 as follows: (as defined in Article 3 of Regulation (EU) 2019/2365, securities financing transactions include repurchase a. Drawing up a compliance policy statement that sets out transactions, securities on commodities lending and the Company’s policies respecting compliance by the securities on commodities borrowing and margin lending Company with its relevant obligations; transactions). In accordance with Article 13 of the b. Putting in place appropriate arrangements or structures Regulation, the Company’s involvement in and exposures that are designed to secure material compliance with the relating to securities lending for the accounting year ended Company’s relevant obligations; and 31 December 2020 are detailed in Appendix 3. c. Conducting an annual review during the financial year of Audit Committee any arrangements or structures referred to in (b) that The Company has not established a separate audit have been put into place. committee as the Directors operate as a unitary Board whilst considering such related matters. The Directors believe that the Company’s straightforward structure, together with the delegation of responsibilities to the Administrator does not warrant such a function. This is reviewed by the Board annually.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 3 Directors’ report (continued)

Independent Auditors Significant Events during the year The Auditors, Ernst & Young, Chartered Accountants, COVID-19 have indicated their willingness to continue in office in Reported economic activity has reflected the severe accordance with Section 383(2) of the Companies Act impact of the effective lockdown across most developed 2014, as amended. economies. There have been significant increases in unemployment in all affected countries, despite many Basis of Accounting governments doing their best to mitigate such outcomes The Company’s financial statements have been prepared via support schemes. in compliance with FRS 102 as it applies to the financial statements of the Company for the financial year ended Nevertheless the vaccines have provided light at the end 31 December 2020. of the tunnel while central banks and governments have continued to provide very loose and supportive policy for Distributions to Shareholders their economies, including the extra £200bn of quantitative Distributions during the financial year are disclosed in note easing in the UK, the €750bn recovery fund across Europe 9 to the financial statements. and large incremental stimulus programmes in Japan and North America. Remuneration Policy The European Union Directive 2014/91/EU (known Markets have subsequently rallied strongly since their as “UCITS V Directive”) came into effect on 18 March March 2020 lows but clearly for this improving picture 2016. The Company operates a remuneration policy in to continue, developed nations need to avoid further accordance with applicable UCITS requirements and which meaningful spikes in virus infections. is summarised in the Company’s Remuneration Policy in Appendix 2. Other significant events during the year are disclosed in note 16. Brexit The United Kingdom formally left the European Union on Subsequent Events during the year 31 January 2020 but remained subject to EU regulations Subsequent events are disclosed in note 17. during an agreed transition period from 31 January 2020 to 31 December 2020. The United Kingdom left the single market and customs union with an EU-United Kingdom Trade and Cooperation Agreement in place. Whilst the implications of Brexit are far-reaching and difficult to On Behalf of the Board predict, equity and foreign exchange markets may see continued volatility as a result.

Robert Burke Máire O’Connor Director Director 18 March 2021 18 March 2021

4 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Corporate Governance statement for the financial year ended 31 December 2020

The Company is subject to and complies with Irish Statute Risk Assessment comprising the Companies Act 2014, as amended, the The Board is responsible for assessing the risk of European Communities (Undertakings for Collective irregularities whether caused by fraud or error in financial Investment in Transferable Securities) Regulations, 2011, reporting and ensuring that processes are in place for the the Central Bank (Supervision and Enforcement) Act 2013 timely identification of internal and external matters with a (Section 48(1)) (Undertakings for Collective Investment potential effect on financial reporting. The Board has also in Transferable Securities) Regulations 2019 (the “UCITS put in place processes to identify changes in accounting Regulations”). The Board resolved to adopt the Corporate rules and recommendations and to ensure that these Governance Code issued by Irish Funds (“IF”) in 2011 (the changes are accurately reflected in the Company’s financial “Code”) from 1 January 2013. Each of the service providers statements. engaged by the Company is subject to their own corporate governance requirements. Control Activities The Administrator is contractually obliged to design and Financial Reporting Process - description of maintain control structures to manage the risks which main features the Board judges to be significant for internal control The Board of Directors (‘‘the Board’’) is responsible for over financial reporting. These control structures include establishing and maintaining adequate internal control and appropriate division of responsibilities and specific control risk management systems of the Company in relation to activities aimed at detecting or preventing the risk of the financial reporting process. significant deficiencies in financial reporting for every significant account in the financial statements and the The Board has established processes regarding internal related notes in the Company’s annual report. Examples control and risk management systems to ensure its of control activities exercised by the Administrator effective oversight of the financial reporting process. These include approval of transactions, analytical procedures, include appointing the Administrator, RBC Investor Services reconciliations and automatic controls in IT systems. Prices Ireland Limited, to maintain the accounting records of the not available from external independent sources are subject Company independently of the Investment Manager and to Board review and approval. the Depositary. The Administrator is contractually obliged to keep adequate accounting records in line with the Information and Communication Companies Act 2014, as amended sections 281 to 285. To The Company’s policies and the Board’s instructions that end the Administrator performs regular reconciliations with relevance for financial reporting are updated and of its records to those of the Depositary. The Administrator communicated via appropriate channels, such as e-mail, is also contractually obliged to prepare for review and correspondence and meetings to ensure that all financial approval by the Board, the annual report including financial reporting information requirements are met in a complete statements intended to give a true and fair view, and the and accurate manner. half yearly financial statements. Monitoring The Board evaluates and discusses significant accounting The Board receives regular presentations and reviews and reporting issues as the need arises. The Board also reports from the Depositary, Manager, Investment Manager assesses and evaluates the Administrator’s financial and Administrator. accounting and reporting routines and further assesses and evaluates the external auditors’ performance, qualifications The Board also has an annual process to ensure that and independence. The Administrator has operating appropriate measures are taken to consider and address responsibility for internal control in relation to the financial the shortcomings identified and measures recommended by reporting process and the Administrator’s report to the the independent auditors. Given the contractual obligations Board. of the Administrator, the Board has concluded that there is currently no need for the Company to have a separate internal audit function in order for the Board to perform effective monitoring and oversight of the internal control and risk management systems of the Company in relation to the financial reporting process.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 5 Corporate Governance statement (continued)

Shareholder Meetings Composition and Operation of Board and The Annual General Meetings of the Company are held Committees in Ireland. Twenty-one days’ notice is given in respect of During the financial year, the Board of Directors was each general meeting. A proxy may attend on behalf of comprised of: any Shareholder. An ordinary resolution is a resolution Robert Burke* passed by a plurality of votes cast and a special resolution Helen Vaughan** is a resolution passed by a majority of 75% or more of the Máire O’Connor* votes cast. Markus Lewandowski** (appointed 25 February 2020) Alexandra Altinger** (appointed 25 March 2020) Each of the subscriber and participating shares entitles the * Independent non-executive director holder to attend and vote at any general meeting provided ** Non-executive director that the holder of a subscriber share shall not be entitled to exercise any voting rights in respect of any subscriber There are five Directors currently, all of whom are non- share at any time that participating shares are held by executive Directors and two of whom are independent more than one Shareholder. of the Investment Manager. None of the Directors has entered into an employment or service contract with the Matters may be determined by a meeting of Shareholders Company. Mr. Lewandowski acts as Chief Operating Officer on a show of hands unless a poll is requested. Each of the Investment Manager and Ms. Altinger acts as Chief Shareholder has one vote on a show of hands. Each share Executive Officer of the Investment Manager. The Articles gives the holder one vote in relation to any matters relating of Association do not provide for retirement of Directors to the Company which are submitted to Shareholders for a by rotation. However, the Directors may be removed by vote by poll. the Shareholders by ordinary resolution in accordance with the procedures established under the Irish Companies Act No class of share confers on the holder thereof any 2014, as amended. Currently the Board of Directors meets preferential or pre-emptive rights or any rights to at least quarterly. There are no standing subcommittees of participate in the profits and dividends of any other share the Board of Directors; however a class or any voting rights in relation to matters relating sub- committee of any two Directors can convene on an ad solely to any other share class. hoc basis if required to do so.

Any resolution to alter the class rights of the shares requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting of the class. The quorum for any general meeting of the class convened to consider any alteration to the class rights of the shares shall be such number of Shareholders being two or more persons whose holdings comprise one third of the shares.

Each of the shares, other than subscriber shares, entitles the Shareholder to participate equally on a pro-rata basis in the dividends and net assets of the sub-fund in respect of which the shares have been issued, save in the case of dividends declared prior to becoming a Shareholder.

Subscriber shares entitle the Shareholders holding them to attend and vote at all general meetings of the Company but do not entitle the holders to participate in the dividends or net assets of the Company.

6 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Report of the Depositary to the Shareholders for the year ended 31 December 2020

As required by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (“the Regulations”), and solely within the context of our oversight duties as depositary, we are pleased to present our report as follows.

In our opinion, J O Hambro Capital Management Umbrella Fund plc (the “Company”) has been managed for the year ended 31 December 2020:

(i) In accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association and the Regulations; and

(ii) Otherwise in accordance with the provisions of the Memorandum & Articles of Association and the Regulations.

RBC INVESTOR SERVICES BANK S.A. Date: 4 March 2021 DUBLIN BRANCH

RBC Investor Services Bank S.A. RBC Investor Services Bank S.A., Dublin Branch Dublin Branch is a branch of RBC Investor Services Bank S.A. 4th Floor Registered office: 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg One George’s Quay Plaza Registered in Ireland 905449 George’s Quay Incorporated in Luxembourg with Limited Liability Dublin 2, Ireland Registered in Luxembourg B 47 192

T +353 1 613 0400 F +353 1 613 1198

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 7 Independent Auditor’s report to the members of J O Hambro Capital Management Umbrella Fund plc

Report on the audit of the financial statements Conclusions relating to going concern In auditing the financial statements, we have concluded Opinion that the directors’ use of the going concern basis of We have audited the financial statements of JO Hambro accounting in the preparation of the financial statements Capital Management Umbrella Fund plc (‘the Company’) is appropriate. for the year ended 31 December 2020, which comprise the Statement of Financial Position, Statement of Based on the work we have performed, we have not Comprehensive Income, Statement of Changes in identified any material uncertainties relating to events Net Assets Attributable to Holders of Redeemable or conditions that, individually or collectively, may cast Participating Shares, Schedules of Investments and notes significant doubt on the Company’s ability to continue to the financial statements, including the summary of as a going concern for a period of at least twelve months significant accounting policies set out in note 2.1 The from the date when the financial statements are authorised financial reporting framework that has been applied in for issue. their preparation is Irish Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Our responsibilities and the responsibilities of the directors Ireland issued in the United Kingdom by the Financial with respect to going concern are described in the relevant Reporting Council. sections of this report. However, because not all future events or conditions can be predicted, this statement is In our opinion the financial statements: not a guarantee as to the company’s ability to continue as a going concern. • give a true and fair view of the assets, liabilities and financial position of the company as at 31 December Other information 2020 and of its profit for the year then ended; The directors are responsible for the other information. • have been properly prepared in accordance with FRS The other information comprises the information included 102 The Financial Reporting Standard applicable in the in the Annual Report other than the financial statements UK and Republic of Ireland;2 and and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information • have been properly prepared in accordance with the and, except to the extent otherwise explicitly stated in our requirements of the Companies Act 2014, the European report, we do not express any form of assurance Communities (Undertakings for Collective Investment conclusion thereon. in Transferable Securities) Regulations, 2011, and the Central Bank (Supervision and Enforcement) Act 2013 Our responsibility is to read the other information and, (Section 48(1)) (Undertakings for Collective Investment in doing so, consider whether the other information is in Transferable Securities) Regulations 2015. materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears Basis for opinion to be materially misstated. If we identify such material We conducted our audit in accordance with International inconsistencies or apparent material misstatements, we Standards on Auditing (Ireland) (ISAs (Ireland)) and are required to determine whether there is a material applicable law. Our responsibilities under those standards misstatement in the financial statements or a material are further described in the Auditor’s Responsibilities misstatement of the other information. If, based on the for the Audit of the Financial Statements section of our work we have performed, we conclude that there is a report. We are independent of the Company in accordance material misstatement of this other information, we are with ethical requirements that are relevant to our audit required to report that fact. of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting We have nothing to report in this regard. Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

1 The maintenance and integrity of the J O Hambro Capital Management web site is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the web site. 2 Legislation in the Republic of Ireland governing the preparation and dissemination of financial statement may differ from legislation in other jurisdictions.

8 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Independent Auditor’s report to the members of J O Hambro Capital Management Umbrella Fund plc (continued)

Opinions on other matters prescribed by the Auditor’s responsibilities for the audit of the Companies Act 2014 financial statements In our opinion, based solely on the work undertaken in the Our objectives are to obtain reasonable assurance about course of the audit, we report that: whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, • the information given in the directors’ report for the and to issue an auditor’s report that includes our opinion. financial year ended for which the financial statements Reasonable assurance is a high level of assurance, but is are prepared is consistent with the financial statements; not a guarantee that an audit conducted in accordance with and ISAs (Ireland) will always detect a material misstatement • the directors’ report has been prepared in accordance when it exists. Misstatements can arise from fraud or with applicable legal requirements. error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence We have obtained all the information and explanations the economic decisions of users taken on the basis of these which, to the best of our knowledge and belief, are financial statements. necessary for the purposes of our audit. In our opinion the accounting records of the Company were A further description of our responsibilities for the audit sufficient to permit the financial statements to be readily of the financial statements is located on the IAASA’s and properly audited and the financial statements are in website at: http://www.iaasa.ie/getmedia/b2389013- agreement with the accounting records. 1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_ responsibilities_for_audit.pdf. Matters on which we are required to report by exception This description forms part of our auditor’s report. Based on the knowledge and understanding of the company and its environment obtained in the course of the The purpose of our audit work and to whom we audit, we have not identified material misstatements in the owe our responsibilities directors’ report. Our report is made solely to the Company’s members, as a body, in accordance with section 391 of the Companies The Companies Act 2014 requires us to report to you if, in Act 2014. Our audit work has been undertaken so that we our opinion, the disclosures of directors’ remuneration and might state to the Company’s members those matters we transactions required by sections 305 to 312 of the Act, are required to state to them in an auditor’s report and which relate to disclosures of directors’ remuneration and for no other purpose. To the fullest extent permitted by transactions are not complied with by the Company. We law, we do not accept or assume responsibility to anyone have nothing to report in this regard. other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions Respective responsibilities we have formed.

Responsibilities of directors for the financial statements As explained more fully in the directors’ responsibilities statement set out on page 5, the directors are responsible Aidan Tiernan for the preparation of the financial statements in for and on behalf of accordance with the applicable financial reporting Ernst & Young framework that give a true and fair view, and for such Chartered Accountants and Statutory Audit Firm internal control as they determine is necessary to enable Dublin the preparation of financial statements that are free from 23 March 2021 material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 9 Statement of Financial Position as at 31 December 2020

JOHCM Continental JOHCM European Select European Fund JOHCM UK Growth Fund Values Fund JOHCM Japan Fund1 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 ASSETS Financial assets at fair value through profit or loss: (£’000) Investments in transferable securities (note 8) 477,303 1,009,922 290,784 238,220 711,758 1,158,187 133,401 239,039 Investments in financial derivative instruments (note 8) 127 536 1 - 425 356 212 1,011 Cash and cash equivalents (note 2) 1,940 9,365 6,079 943 11,455 63,502 641 517 Cash collateral - - - - - 165 - - Dividends and interest receivable (note 2) - - 62 439 - 371 127 225 Subscriptions receivable (note 2) 515 772 2,459 1,408 141 770 14 68 Amounts due from brokers (note 2) 718 4,712 148 297 2,363 117 417 38 Other receivables 936 957 1 - 764 695 1 - Total assets 481,539 1,026,264 299,534 241,307 726,906 1,224,163 134,813 240,898

LIABILITIES Financial liabilities at fair value through profit or loss: (£’000) Investments in financial derivative instruments (note 8) 34 292 18 - 10 166 - 1 Bank overdraft (note 2) - - 3 - - 5 - - Redemptions payable (note 2) 1,334 1,635 144 255 1,817 329 456 198 Amounts due to brokers (note 2) - 2,067 1,864 1,152 195 2,497 - - Management, directors’ and advisory fees payable (note 6) 296 624 172 167 573 1,009 113 173 Performance fee payable (note 6) 77 ------Administration and transfer agency fee payable (note 6) 77 62 17 16 27 23 30 27 Other payables 82 125 36 28 83 135 50 47 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 1,900 4,805 2,254 1,618 2,705 4,164 649 446 Net assets attributable to holders of redeemable participating shares 479,639 1,021,459 297,280 239,689 724,201 1,219,999 134,164 240,452

1 JOHCM Japan Fund is valued as at 30 December 2020 as that was the last official NAV for the year ended 31 December 2020. This is due to 31 December 2020 being a Japanese public holiday. The financial statements for the Fund were prepared based on 30 December 2020 prices to value the portfolio positions and cash, receivables and liabilities were all valued as at 31 December 2020

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 10 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 11 Statement of Financial Position (continued)

JOHCM Continental JOHCM European Select European Fund JOHCM UK Growth Fund Values Fund JOHCM Japan Fund 3 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue (‘000) 9,296.160 21,318.424 39,410.148 59,847.970 5,997.117 5,399.414 33,806.216 62,028.960 Net asset value per Share £5.011 £4.612 £3.601 £3.465 £5.682 £5.217 £2.400 £2.480 GBP Hedged Class A Shares in issue (‘000) 6,935.285 33,127.784 - - - - 8,251.999 24,071.261 Net asset value per Share £1.313 £1.290 - - - - £1.617 £1.719 EUR Class A Shares in issue (‘000) 18,007.878 39,064.937 - - 131,036.849 243,907.574 334.146 424.861 Net asset value per Share €3.886 €3.785 - - €3.514 €3.413 €1.689 €1.846 JPY Class A Shares in issue (‘000) ------3,495.702 3,436.722 Net asset value per Share ------¥325.427 ¥342.922 USD Class A Shares in issue (‘000) 4,803.728 9,687.274 ------Net asset value per Share $1.496 $1.448 ------Class B GBP Class B Shares in issue (‘000) 4,119.336 10,844.664 2,387.916 10,775.609 567.380 470.029 2,281.816 2,742.662 Net asset value per Share £4.821 £4.439 £3.115 £2.999 £5.192 £4.766 £2.336 £2.414 GBP Hedged Class B Shares in issue (‘000) ------15,538.221 16,652.137 Net asset value per Share ------£1.643 £1.750 EUR Class B Shares in issue(‘000) 3,771.615 5,699.436 - - 124,055.241 238,302.996 32.650 32.649 Net asset value per Share €3.905 €3.804 - - €2.347 €2.279 €1.632 €1.772 JPY Class B Shares in issue (‘000) ------78.668 238.008 Net asset value per Share ------¥320.645 ¥338.046 USD Hedged Class B Shares in issue (‘000) 9,194.966 11,769.643 ------Net asset value per Share $1.527 $1.476 ------X Shares GBP X Shares in issue (000) 2 - - 31,500.005 - - - - - Net asset value per Share - - £1.786 - - - - - EUR X Shares in issue (‘000) - - - - 5,374.555 14,314.834 - - Net asset value per Share - - - - €1.677 €1.628 - - GBP Hedged X Shares in issue (‘000) 1 - 189.970 ------Net asset value per Share - £0.973 ------Y Shares GBP Y Shares in issue (‘000) 124,201.494 321,766.815 ------Net asset value per Share £1.847 £1.699 ------EUR Y Shares in issue (‘000) 57,481.277 82,204.756 ------Net asset value per Share €1.499 €1.459 ------GBP Hedged Y Shares in issue (‘000) 4,029.979 11,451.762 ------Net asset value per Share £1.373 £1.345 ------Non-Distributing EUR E Shares in issue (‘000) - - - - 2,721.810 418.605 - - Shares Net asset value per Share - - - - €1.294 €1.249 - - EUR R Shares in issue (‘000) 2 - - 1.000 - - - - - Net asset value per Share - - €1.846 - - - - - USD R Shares in issue (‘000) 2 - - 48.710 - - - - - Net asset value per Share - - $2.107 - - - - - EUR X Shares in issue (‘000) 2 - - 26,343.792 - - - - - Net asset value per Share - - €1.849 - - - - - EUR Hedged X Shares in issue (‘000) 2 - - 1,203.964 - - - - - Net asset value per Share - - €1.808 - - - - - USD X Shares in issue (‘000) 2 - - 29,608.818 - - - - - Net asset value per Share - - $2.111 - - - - -

1. This share class was terminated on 28 July 2020 for JOHCM Continental European Fund 2. These share classes were launched on 19 March 2020 for JOHCM UK Growth Fund 3. JOHCM Japan Fund is valued as at 30 December 2020 as that was the last official NAV for the year ended 31 December 2020. This is due to 31 December 2020 being a Japanese public holiday. The financial statements for the Fund were prepared based on 30 December 2020 prices to value the portfolio positions and cash. Receivables and liabilities were all valued as at 31 December 2020

The accompanying notes form an integral part of the financial statements

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 12 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 13 Statement of Financial Position (continued)

JOHCM Global Emerging Markets JOHCM Global Select Fund JOHCM Emerging Markets Fund 1 Opportunities Fund JOHCM Asia ex-Japan Fund 2 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 ASSETS Financial assets at fair value through profit or loss: (£’000) Investments in transferable securities (note 8) 1,516,767 1,263,996 - - 333,384 354,540 104,935 117,687 Investments in financial derivative instruments (note 8) 19 23 - - - - - 23 Cash and cash equivalents (note 2) 45,864 26,912 - 1,555 5,100 7,847 1,581 845 Dividends and interest receivable (note 2) 868 862 - 1 859 1,054 110 108 Subscriptions receivable (note 2) 2,228 1,022 - - 126 46 171 57 Amounts due from brokers (note 2) 5,473 - - - 7,827 - - - Receivable from investment manager - - - - 12 25 - - Other receivables 1 - - - 1 - 1 - Total assets 1,571,220 1,292,815 - 1,556 347,309 363,512 106,798 118,720

LIABILITIES Financial liabilities at fair value through profit or loss: (£’000) Investments in financial derivative instruments (note 8) 7 3 - - 1 - - - Bank overdraft (note 2) 24 51 ------Redemptions payable (note 2) 1,551 580 - - 587 61 220 3,575 Amounts due to brokers (note 2) 5,568 4,312 - - 1,619 - 41 - Management, directors’ and advisory fees payable (note 6) 1,659 1,371 - - 168 194 114 132 Performance fee payable (note 6) 5,320 ------Administration and transfer agency fee payable (note 6) 23 21 - 12 21 18 20 17 Provision on capital gain tax ------25 Other payables 73 127 - 1,544 71 67 67 161 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 14,225 6,465 - 1,556 2,467 340 462 3,910 Net assets attributable to holders of redeemable participating shares 1,556,995 1,286,350 - - 344,842 363,172 106,336 114,810 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue (‘000) 8,867.370 11,662.027 - - 2,949.043 3,057.495 4,776.652 5,156.612 Net asset value per Share £4.233 £3.337 - - £1.506 £1.372 £2.719 £2.017 EUR Class A Shares in issue (‘000) 85,570.442 91,638.414 - - 7,674.501 7,436.198 2,011.858 2,754.173 Net asset value per Share €3.788 €3.161 - - €1.576 €1.518 €2.549 €2.000 USD Class A Shares in issue (‘000) 15,132.125 19,278.732 - - 17,956.529 18,380.901 4,205.434 7,738.341 Net asset value per Share $2.381 $1.819 - - $1.325 $1.168 $2.319 $1.664 Class B GBP Class B Shares in issue (‘000) 8,092.924 8,256.756 - - 134.780 147.280 48.365 58.639 Net asset value per Share £4.089 £3.202 - - £1.444 £1.315 £2.678 £1.987 EUR Class B Shares in issue (‘000) 305,177.526 316,477.341 - - 140.943 1,401.049 1,199.960 1,306.238 Net asset value per Share €3.674 €3.045 - - €1.551 €1.495 €2.584 €2.029 USD Class B Shares in issue (‘000) 45,036.052 43,562.234 - - 59,793.822 89,781.092 42,422.197 65,819.895 Net asset value per Share $2.722 $2.063 - - $1.726 $1.522 $2.357 $1.692 Y Shares GBP Y Shares in issue (‘000) - - - - 13,564.245 19,584.859 - - Net asset value per Share - - - - £1.817 £1.655 - - USD Y Shares in issue (‘000) - - - - 38,338.456 24,850.409 - - Net asset value per Share - - - - $1.613 $1.423 - - Z Shares GBP Z Shares in issue (‘000) 3,336.866 3,474.963 - - 256.649 247.223 1,638.498 1,114.668 Net asset value per Share £3.053 £2.385 - - £1.905 £1.734 £1.936 £1.436 CAD Z Shares in issue (‘000) - - - - 143,010.856 134,262.580 - - Net asset value per Share - - - - CA$1.781 CA$1.605 - - AUD Z Shares in issue (‘000) - - - - 17,070.447 42,186.277 - - Net asset value per Share - - - - AU$1.970 AU$1.915 - - USD Z Shares in issue (‘000) 30,487.298 34,438.707 - - - - 1,971.817 1,971.817 Net asset value per Share $2.687 $2.032 - - - - $1.554 $1.115

1. JOHCM Emerging Markets Fund was terminated on 07 November 2019. 2. JOHCM Japan Fund is valued as at 30 December 2020 as that was the last official NAV for the year ended 31 December 2020. This is due to 31 December 2020 being a Japanese public holiday. The financial statements for the Fund were prepared based on 30 December 2020 prices to value the portfolio positions and cash, receivables and liabilities were all valued as at 31 December 2020.

The accompanying notes form an integral part of the financial statements

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 14 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 15 Statement of Financial Position (continued)

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020. 2. JOHCM US Small Mid Cap Equity Fund was terminated on 07 November 2019.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 16 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 17 Statement of Financial Position (continued)

JOHCM Asia ex-Japan Small JOHCM Global JOHCM Japan Dividend JOHCM US Small Mid Cap and Mid-Cap Fund Opportunities Fund Growth Fund 1 Equity Fund 2 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue (‘000) 1,266.249 1,560.662 51,569.713 65,829.736 - 3,089.784 - - Net asset value per Share £2.632 £2.020 £2.101 £2.132 - £1.361 - - GBP Hedged Class A Shares in issue (‘000) - - - - - 1,414.253 - - Net asset value per Share - - - - - £1.132 - - EUR Class A Shares in issue (‘000) 21.032 226.295 71,304.229 60,782.134 - - - - Net asset value per Share €2.218 €1.805 €2.213 €2.375 - - - - EUR Hedged Class A Shares in issue (‘000) - - 49.826 49.826 - - - - Net asset value per Share - - €1.035 €1.011 - - - - USD Class A Shares in issue (‘000) 293.975 1,527.992 3,753.290 3,266.743 - 211.868 - - Net asset value per Share $2.384 $1.773 $2.141 $2.103 - $1.119 - - USD Hedged Class A Shares in issue (‘000) - - - - - 207.646 - - Net asset value per Share - - - - - $1.169 - - Class B GBP Class B Shares in issue (‘000) 114.900 137.465 2,761.031 2,963.076 - - - - Net asset value per Share £2.580 £1.980 £2.320 £2.371 - - - - EUR Class B Shares in issue (‘000) 36.011 39.165 5,439.729 11,126.984 - 1,062.821 - - Net asset value per Share €2.520 €2.046 €2.043 €2.209 - €1.462 - - USD Class B Shares in issue (‘000) 6.277 22.000 218.219 969.406 - - - - Net asset value per Share $2.284 $1.697 $2.044 $2.022 - - - - X Shares GBP X Shares in issue (‘000) - - 16,872.089 13,668.521 - - - - Net asset value per Share - - £1.794 £1.817 - - - - GBP Hedged X Shares in issue (‘000) - - 675.000 6,822.700 - - - - Net asset value per Share - - £1.100 £1.086 - - - - EUR X Shares in issue (‘000) - - 29,327.512 50,700.000 - - - - Net asset value per Share - - €1.010 €1.069 - - - - Z Shares GBP Z Shares in issue (‘000) 6,600.651 5,446.658 336.701 328.943 - - - - Net asset value per Share £1.991 £1.523 £0.833 £0.839 - - - - EUR Z Shares in issue (‘000) - - 11,100.000 11,850.000 - - - - Net asset value per Share - - €0.992 €1.046 - - - - Seed Shares GBP Shares in issue (‘000) - - - - - 18.470 - - Net asset value per Share - - - - - £1.392 - - Non-Distributing GBP X Shares in issue (‘000) - - 1,288.573 38,640.190 - - - - X Shares Net asset value per Share - - £1.001 £0.990 - - - - EUR X Shares in issue (‘000) 3 - - 76,098.000 - - - - - Net asset value per Share - - €1.057 - - - - - Non-Distributing GBP Z Shares in issue (‘000) - - 6,122.532 6,079.042 - - - - Z Shares Net asset value per Share - - £1.550 £1.523 - - - -

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020. 2. JOHCM US Small Mid Cap Equity Fund was terminated on 07 November 2019. 3. This share class was launched on 07 September 2020 for JOHCM Global Opportunities Fund.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 18 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 19 Statement of Financial Position (continued)

JOHCM European Concentrated JOHCM Global Smaller JOHCM Global Income Value Fund Companies Fund 1 JOHCM UK Dynamic Fund Builder Fund 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 ASSETS Financial assets at fair value through profit or loss: (£’000) Investments in transferable securities (note 8) 113,448 162,074 - - 4,060 17,351 105,332 36,159 Investments in financial derivative instruments (note 8) - - - - 38 - - 23 Cash and cash equivalents (note 2) 4,942 11,443 - 23 - - 893 1,982 Dividends and interest receivable (note 2) - 102 - - 22 55 433 208 Subscriptions receivable (note 2) - - - - - 151 56 - Amount due from brokers (note 2) 119 45,518 - - 7 10 12 - Receivable from investment manager 42 31 - - 42 85 8 100 Other receivables 113 154 - - 1 - 21 14 Total assets 118,664 219,322 - 23 4,170 17,652 106,755 38,486

LIABILITIES Financial liabilities at fair value through profit or loss: (£’000) Investments in financial derivative instruments (note 8) - 89 - - - - 33 11 Bank overdraft (note 2) - - - - - 54 52 79 Redemptions payable (note 2) - 49,136 - - 31 - - 2 Amounts due to brokers (note 2) - - - - 7 20 - - Management, directors’ and advisory fees payable (note 6) 32 130 - - 5 10 27 10 Performance fee payable (note 6) ------Administration and transfer agency fee payable (note 6) 8 7 - - 6 6 14 16 Other payables 37 37 - 23 15 25 37 25 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 77 49,399 - 23 64 115 163 143 Net assets attributable to holders of redeemable participating shares 118,587 169,923 - - 4,106 17,537 106,592 38,343 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue (‘000) ------1,227.775 929.279 Net asset value per Share ------£1.018 £1.065 EUR Class A Shares in issue (‘000) 13,867.888 14,855.808 - - - - 530.622 431.617 Net asset value per Share €1.019 €1.053 - - - - €1.000 €1.106 USD Class A Shares in issue (‘000) ------1,427.663 1,358.466 Net asset value per Share ------$1.036 $1.049 SGD Class A Shares in issue (‘000) ------1,932.360 1,838.645 Net asset value per Share ------SGD1.012 SGD 1.043 Class B EUR Class B Shares in issue (‘000) 20,540.458 63,569.207 - - - - 26.237 1.237 Net asset value per Share €1.010 €1.045 - - - - €0.972 €1.086 USD Class B Shares in issue (‘000) 1,357.918 6,220.891 ------Net asset value per Share $1.220 $1.155 ------SGD Hedged Class B Shares in issue (‘000) ------Net asset value per Share ------Z Shares AUD Z Shares in issue (‘000) 91,012.985 131,862.107 ------Net asset value per Share AU$1.169 AU$1.220 ------EUR Z Shares in issue (‘000) 30,277.273 11,300.000 ------Net asset value per Share €0.941 €0.965 ------Seed Shares EUR Hedged Shares in issue (‘000) 2 ------2,250.000 Net asset value per Share ------€1.016 GBP Shares in issue (‘000) ------55,713.537 29,548.004 Net asset value per Share ------£1.065 £1.109 EUR Shares in issue (‘000) 3 ------53,757.048 - Net asset value per Share ------€0.887 - Non-Distributing GBP Y Shares in issue (‘000) - - - - 4,750.409 15,930.570 - - Shares Net asset value per Share - - - - £0.864 £1.100 - - GBP A Share in issue (‘000) 4 - - - - - 12.500 440.585 84.921 Net asset value per Share - - - - - £0.993 £1.026 £1.016

1. JOHCM Global Smaller Companies Fund was terminated on 17 October 2019. 2. This share class was launched on 26 December 2019 and terminated on 21 December 2020 for JOHCM Global Income Builder Fund. 3. This share class was launched on 11 February 2020 for JOHCM Global Income Builder Fund. 4. This share class was terminated on 6 February 2020 for JOHCM UK Dynamic Fund

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 20 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 21 Statement of Financial Position (continued)

JOHCM Concentrated Global Share Fund TOTAL 31 December 31 December 31 December 31 December 2020 2019 2020 2019 ASSETS Financial assets at fair value through profit or loss: (£’000) Investments in transferable securities (note 8) 2,169 2,068 4,211,594 5,011,520 Investments in financial derivative instruments (note 8) - - 796 2,152 Cash and cash equivalents (note 2) 66 58 100,742 164,216 Cash collateral - - - 165 Dividends and interest receivable (note 2) - - 2,909 3,672 Subscriptions receivable (note 2) - - 8,499 7,545 Amounts due from brokers (note 2) - - 18,539 53,187 Receivable from investment manager 28 36 149 339 Other receivables 1 - 1,846 1,820 Total assets 2,264 2,162 4,345,074 5,244,616

LIABILITIES Financial liabilities at fair value through profit or loss: (£’000) Investments in financial derivative instruments (note 8) - - 110 589 Bank overdraft (note 2) - - 125 342 Redemptions payable (note 2) - - 6,703 56,032 Amounts due to brokers (note 2) - - 12,072 10,716 Management, directors’ and advisory fees payable (note 6) 3 2 3,430 4,114 Performance fee payable (note 6) - - 5,397 - Administration and transfer agency fee payable (note 6) 5 5 286 280 Provision on capital gain tax - - - 65 Other payables 12 10 655 2,488 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 20 17 28,778 74,626 Net assets attributable to holders of redeemable participating shares 2,244 2,145 4,316,296 5,169,990 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue (‘000) 2,020.317 2,001.907 The financial statements and the accompanying notes on pages 10 to Net asset value per Share £1.111 £1.072 216 were approved by the Board of Directors on 18 March 2021 and are signed on its behalf by:

Robert Burke Máire O’Connor Director Director 18 March 2021

The accompanying notes form an integral part of the financial statements

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 22 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 23 Statement of Comprehensive Income for the financial year ended 31 December 2020

JOHCM Continental JOHCM European Select European Fund JOHCM UK Growth Fund Values Fund JOHCM Japan Fund JOHCM Global Select Fund

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019

INCOME (£’000) Dividends 17,126 38,169 3,188 8,267 16,829 37,412 4,468 7,232 13,529 29,170 Bank interest - 2 2 2 32 83 - 1 111 2,909 Swap interest - - 2 - - - - Other income 420 1,052 40 145 307 819 20 32 302 999 Net gain/(loss) on financial assets/liabilities at fair value through profit or loss (note 12) 6,665 171,993 10,703 35,121 (3,074) 46,568 (15,883) 37,279 347,485 331,938 Total investment income/(loss) 24,211 211,216 13,933 43,535 14,096 84,882 (11,395) 44,544 361,427 365,016

EXPENSES (£’000) Management fees (note 6) (4,565) (8,336) (1,502) (2,154) (6,875) (17,054) (1,439) (2,268) (16,775) (15,916) Performance fees (note 6) (77) ------(5,320) - Administration fees (note 6) (49) (49) (37) (29) (38) (55) (43) (41) (47) (56) Depositary fees (note 6) (96) (140) (14) (13) (97) (131) (23) (30) (75) (41) Depositary oversight fees (note 6) (42) (47) (15) (9) (47) (75) (14) (9) (86) (75) Transfer and domiciliary agency fees (note 6) (293) (397) (73) (84) (100) (123) (126) (150) (91) (96) Directors’ fees (note 6) (5) (6) (6) (3) (5) (7) (5) (3) (5) (7) Audit fees (note 6) (20) (24) (6) (5) (22) (36) (5) (6) (42) (36) Legal fees - (75) (20) (10) - (81) (13) (11) - (52) Printing and publication expenses - (48) - (18) - (71) - (12) - (61) Bank interest and charges (63) (336) (6) (25) (2) (9) (13) (34) (4) (4) Transaction costs (1,361) (3,427) (211) (204) (452) (795) (138) (203) (543) (887) Swap interest fees - - - - (14) (4) - - - - Withholding tax (note 4) (2,465) (2,484) - - (2,565) (2,966) (672) (1,074) (2,484) (3,362) Other charges (91) (117) (61) (53) (112) (160) (57) (55) (100) (121) Total Operating Expenses (9,127) (15,486) (1,951) (2,607) (10,329) (21,567) (2,548) (3,896) (25,572) (20,714) Net income / (loss) (£’000) 15,084 195,730 11,982 40,928 3,767 63,315 (13,943) 40,648 335,855 344,302

FINANCE COSTS (£’000) Distributions to holders of redeemable participating shares (note 9) (20,331) (31,565) (4,947) (7,590) (11,427) (31,429) (2,879) (5,763) (4,705) (15,552) Total comprehensive (loss)/income (5,247) 164,165 7,035 33,338 (7,660) 31,886 (16,822) 34,885 331,150 328,750

All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above.

The accompanying notes form an integral part of the financial statements

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 24 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 25 Statement of Comprehensive Income (continued)

JOHCM Global Emerging Markets JOHCM JOHCM Asia ex-Japan Small JOHCM Global JOHCM Emerging Markets Fund 1 Opportunities Fund Asia ex-Japan Fund and Mid Cap Fund Opportunities Fund

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019

INCOME (£’000) Dividends - 147 8,299 13,177 1,170 2,991 244 354 12,043 10,528 Bank interest - 2 36 213 6 46 - 2 131 591 Expense reimbursement from investment manager (note 6) - 236 36 - - - 32 60 - - Other income - 16 63 69 139 19 16 83 301 72 Net gain/(loss) on financial assets/liabilities at fair value through profit or loss (note 12) - 553 31,818 25,202 27,312 17,993 4,377 1,447 (4,720) 39,651 Total investment income/(loss) - 954 40,252 38,661 28,627 21,049 4,669 1,946 7,755 50,842

EXPENSES (£’000) Management fees (note 6) - (66) (1,823) (2,191) (1,249) (1,798) (50) (63) (2,946) (2,885) Administration fees (note 6) - (43) (50) (47) (43) (42) (40) (39) (55) (48) Depositary fees (note 6) - (81) (144) (137) (53) (53) (15) (16) (46) (37) Depositary oversight fees (note 6) - (5) (29) (23) (11) (10) (7) (7) (28) (19) Transfer and domiciliary agency fees (note 6) - (18) (68) (58) (62) (76) (28) (26) (130) (129) Directors’ fees (note 6) - (3) (6) (3) (6) (2) (6) (2) (5) (3) Audit fees (note 6) - - (10) (7) (3) (3) - - (13) (8) Legal fees - (9) (12) (11) (13) (9) (13) (7) (17) (19) Printing and publication expenses - (2) - (9) (1) (10) (1) (3) - (15) Bank interest and charges - - (4) (1) - (6) (2) - (10) (7) Transaction costs - (17) (332) (224) (129) (142) (16) (13) (347) (207) Withholding tax (note 4) - (9) (940) (1,154) (127) (271) (34) - (1,980) (1,465) Other charges - (113) (91) (97) (85) (194) (55) (115) (88) (86) Total operating expenses - (366) (3,509) (3,962) (1,782) (2,616) (267) (291) (5,665) (4,928) Net income (£’000) - 588 36,743 34,699 26,845 18,433 4,402 1,655 2,090 45,914

FINANCE COSTS (£’000) Distributions to holders of redeemable participating shares (note 9) - (82) (9,730) (5,913) (550) (3,167) (219) (273) (8,586) (5,056) Total comprehensive (loss)/income - 506 27,013 28,786 26,295 15,266 4,183 1,382 (6,496) 40,858

1. JOHCM Emerging Markets Fund was terminated on 07 November 2019.

All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above.

The accompanying notes form an integral part of the financial statements

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 26 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 27 Statement of Comprehensive Income (continued)

JOHCM Japan JOHCM US Small Mid Cap JOHCM European JOHCM Global Dividend Growth Fund 1 Equity Fund 2 Concentrated Value Fund Smaller Companies Fund 3 JOHCM UK Dynamic Fund 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019

INCOME (£’000) Dividends 98 1,035 - 427 2,608 9,560 - 44 182 679 Bank interest - 3 - 27 - - - 1 - 1 Expense reimbursement from investment manager (note 6) 66 36 - 36 96 - - 64 98 114 Other income 3 232 - 34 90 323 - 7 39 10 Net gain/(loss) on financial assets/liabilities at fair value through profit or loss (note 12) (945) 4,379 - 10,757 (4,729) 21,017 - 553 (3,079) 2,135 Total investment income/(loss) (778) 5,685 - 11,281 (1,935) 30,900 - 669 (2,760) 2,939

EXPENSES (£’000) Management fees (note 6) (19) (119) - (122) (410) (3,283) - (26) (41) (98) Administration fees (note 6) (21) (36) - (39) (36) (36) - (25) (29) (28) Depositary fees (note 6) (4) (7) - (7) (21) (27) - (7) (18) (16) Depositary oversight fees (note 6) (2) (5) - (3) (10) (13) - (4) (7) (7) Transfer and domiciliary agency fees (note 6) (10) (20) - (3) (13) (12) - (1) (5) (7) Directors’ fees (note 6) (3) (2) - (2) (5) (3) - (2) (6) (2) Audit fees (note 6) - (1) - (1) (4) (8) - - - (6) Legal fees (7) (8) - (9) (13) (15) - (8) (13) (8) Printing and publication expenses - (6) - (5) - (20) - (9) - (3) Bank interest and charges (1) (9) - - (45) (83) - - - - Transaction costs (4) (43) - (36) (76) (184) - (3) (7) (9) Withholding tax (note 4) (15) (155) - (126) (281) (542) - (10) - (1) Other charges (26) (49) - (48) (67) (81) - (29) (34) (45) Total operating expenses (112) (460) - (401) (981) (4,307) - (124) (160) (230) Net (loss)/income (£’000) (890) 5,225 - 10,880 (2,916) 26,593 - 545 (2,920) 2,709

FINANCE COSTS (£’000) Distributions to holders of redeemable participating shares (note 9) (166) (2,106) - - (3,003) (4,439) - - (690) (336) Total comprehesive (loss)/income (1,056) 3,119 - 10,880 (5,919) 22,154 - 545 (3,610) 2,373

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020. 2. JOHCM US Small Mid Cap Equity Fund was terminated on 07 November 2019. 3. JOHCM Global Smaller Companies Fund was terminated on 17 October 2019.

All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above.

The accompanying notes form an integral part of the financial statements

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 28 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 29 Statement of Comprehensive Income (continued)

JOHCM Global Income JOHCM Concentrated Builder Fund Global Share Fund TOTAL

2020 2019 2020 2019 2020 2019

INCOME (£’000) Dividends 2,110 532 40 53 81,934 159,777 Bank interest 9 16 - 2 327 3,901 Bond interest 705 440 - - 705 440 Swap interest - - - 2 Expense reimbursement from investment manager (note 6) 36 113 65 60 429 719 Other income 2 - 3 - 1,745 3,912 Net (loss)/gain on financial assets/liabilities at fair value through profit or loss (note 12) (915) 2,564 91 264 395,106 749,414 Total investment income 1,947 3,665 199 379 480,248 918,163

EXPENSES (£’000) Management fees (note 6) (256) (82) (15) (16) (37,965) (56,477) Performance fees (note 6) - - - - (5,397) Administration fees (note 6) (44) (36) (29) (29) (561) (678) Depositary fees (note 6) (22) (15) (5) (5) (633) (763) Depositary oversight fees (note 6) (9) (7) (7) (7) (314) (325) Transfer and domiciliary agency fees (note 6) (91) (64) (1) (1) (1,091) (1,265) Directors’ fees (note 6) (5) (2) (6) (2) (74) (54) Audit fees (note 6) (3) (1) - - (128) (142) Legal fees (16) (11) (12) (7) (149) (350) Printing and publication expenses (1) (3) - (2) (3) (297) Bank interest and charges (2) (1) - - (152) (515) Transaction costs (72) (9) - - (3,688) (6,403) Swap interest fees - - - - (14) (4) Withholding tax (note 4) (387) (92) (7) (10) (11,957) (13,721) Other charges (87) (54) (18) (18) (972) (1,435) Total operating expenses (995) (377) (100) (97) (63,098) (82,429) Net income (£’000) 952 3,288 99 282 417,150 835,734

FINANCE COSTS (£’000) Distributions to holders of redeemable participating shares (note 9) (4,594) (1,363) (20) (2) (71,847) (114,636) Total comprehesive (loss)/income (3,642) 1,925 79 280 345,303 721,098

All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above.

The accompanying notes form an integral part of the financial statements

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 30 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 31 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 31 December 2020

JOHCM Continental JOHCM European Select JOHCM European Fund JOHCM UK Growth Fund Values Fund JOHCM Japan Fund Global Select Fund 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019

Net assets attributable to holders of redeemable participating shares at the beginning of the financial year (£’000) 1,021,459 1,314,516 239,689 349,007 1,219,999 2,027,173 240,452 353,042 1,286,350 1,869,883 (Decrease)/increase in net assets attributable to holders of redeemable participating shares (5,247) 164,165 7,035 33,338 (7,660) 31,886 (16,822) 34,885 331,150 328,750

CAPITAL TRANSACTIONS (£’000) Proceeds from issuance of shares 123,834 325,761 181,164 38,501 142,664 308,472 34,671 45,267 253,723 234,473 Payments on redemption of shares (660,407) (782,983) (130,608) (181,157) (630,802) (1,147,532) (124,137) (192,742) (314,228) (1,146,756)

Net assets attributable to holders of redeemable participating shares at the end of the financial year (£’000) 479,639 1,021,459 297,280 239,689 724,201 1,219,999 134,164 240,452 1,556,995 1,286,350

Redeemable participating shares in issue at the beginning of the financial year 547,125,464.048 743,063,778.744 70,623,579.559 116,069,490.645 502,813,451.603 931,352,812.182 109,627,259.023 180,829,370.973 528,789,173.410 1,044,459,240.516 Shares issued during the financial year 81,757,522.616 190,214,888.104 107,998,167.785 12,231,634.839 56,416,493.158 120,372,443.095 16,861,963.041 23,324,440.099 107,236,708.560 112,088,648.504 Shares redeemed during the financial year (387,041,268.405) (386,153,202.800) (48,117,394.205) (57,677,545.925) (289,476,991.731) (548,911,803.674) (62,669,804.017) (94,526,552.049) (134,325,278.386) (627,758,715.610)

Redeemable participating shares in issue at the end of the financial year 241,841,718.259 547,125,464.048 130,504,353.139 70,623,579.559 269,752,953.030 502,813,451.603 63,819,418.047 109,627,259.023 501,700,603.584 528,789,173.410

JOHCM Emerging JOHCM Global Emerging JOHCM JOHCM Asia ex-Japan JOHCM Global Markets Fund 1 Markets Opportunities Fund Asia ex-Japan Fund Small and Mid-Cap Fund Opportunities Fund 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019

Net assets attributable to holders of redeemable participating shares at the beginning of the financial year (£’000) - 8,917 363,172 291,056 114,810 170,967 14,214 14,108 434,380 272,281 (Decrease)/increase in net assets attributable to holders of redeemable participating shares - 506 27,013 28,786 26,295 15,266 4,183 1,382 (6,496) 40,858

CAPITAL TRANSACTIONS (£’000) Proceeds from issuance of shares - 393 58,093 73,976 13,497 19,577 2,723 1,265 249,281 368,679 Payments on redemption of shares - (9,816) (103,436) (30,646) (48,266) (91,000) (3,704) (2,541) (253,271) (247,438)

Net assets attributable to holders of redeemable participating shares at the end of the financial year (£’000) - - 344,842 363,172 106,336 114,810 17,416 14,214 423,894 434,380

Redeemable participating shares in issue at the beginning of the financial year - 7,786,116.293 341,335,362.741 300,226,050.129 85,920,383.387 133,871,311.494 8,960,236.888 9,682,486.096 273,077,300.203 166,977,585.929 Shares issued during the financial year - 306,672.792 57,576,080.385 64,160,678.506 8,521,239.746 15,321,524.626 1,492,387.020 684,718.753 188,243,251.402 245,201,519.548 Shares redeemed during the financial year - (8,092,789.085) (98,021,171.854) (23,051,365.894) (36,166,841.383) (63,272,452.733) (2,113,528.113) (1,406,967.961) (184,404,108.456) (139,101,805.274)

Redeemable participating shares in issue at the end of the financial year - - 300,890,271.272 341,335,362.741 58,274,781.750 85,920,383.387 8,339,095.795 8,960,236.888 276,916,443.149 273,077,300.203

1. JOHCM Emerging Markets Fund was terminated on 07 November 2019.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 32 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 33 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued)

JOHCM Japan JOHCM US Small Mid JOHCM European JOHCM Global Smaller Dividend Growth Fund 1 Cap Equity Fund 2 Concentrated Value Fund Companies Fund 3 JOHCM UK Dynamic Fund 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019

Net assets attributable to holders of redeemable participating shares at the beginning of the financial year (£’000) 7,517 61,538 - 45,150 169,923 397,546 - 3,866 17,537 13,452 (Decrease)/increase in net assets attributable to holders of redeemable participating shares (1,056) 3,119 - 10,880 (5,919) 22,154 - 545 (3,610) 2,373

CAPITAL TRANSACTIONS (£’000) Proceeds from issuance of shares 77 1,579 - 303 22,945 38,961 - - 3,764 10,005 Payments on redemption of shares (6,538) (58,719) - (56,333) (68,362) (288,738) - (4,411) (13,585) (8,293)

Net assets attributable to holders of redeemable participating shares at the end of the financial year (£’000) - 7,517 - - 118,587 169,923 - - 4,106 17,537

Redeemable participating shares in issue at the beginning of the financial year 6,004,841.561 49,293,221.149 - 43,038,181.221 227,808,011.834 613,963,239.945 - 4,461,600.000 15,943,070.051 14,418,191.313 Shares issued during the financial year 69,749.915 1,266,692.884 - 165,295.321 30,421,186.006 46,264,761.634 - - 4,424,680.055 9,758,061.861 Shares redeemed during the financial year (6,074,591.476) (44,555,072.472) - (43,203,476.542) (101,172,676.312) (432,419,989.745) - (4,461,600.000) (15,617,340.972) (8,233,183.123)

Redeemable participating shares in issue at the end of the financial year - 6,004,841.561 - - 157,056,521.528 227,808,011.834 - - 4,750,409.134 15,943,070.051

JOHCM Global Income JOHCM Concentrated Global Builder Fund Share Fund TOTAL 31 December 31 December 31 December 31 December 31 December 31 December 2020 2019 2020 2019 2020 2019

Net assets attributable to holders of redeemable participating shares at the beginning of the financial year (£’000) 38,343 18,289 2,145 1,863 5,169,990 7,212,654 (Decrease)/increase in net assets attributable to holders of redeemable participating shares (3,642) 1,925 79 280 345,303 721,098

CAPITAL TRANSACTIONS (£’000) Proceeds from issuance of shares 77,111 20,748 20 2 1,163,567 1,487,962 Payments on redemption of shares (5,220) (2,619) - - (2,362,564) (4,251,724)

Net assets attributable to holders of redeemable participating shares at the end of the financial year (£’000) 106,592 38,343 2,244 2,145 4,316,296 5,169,990

Redeemable participating shares in issue at the beginning of the financial year 36,442,169.549 18,234,190.756 2,001,906.555 2,000,000.000 Shares issued during the financial year 84,069,411.260 20,664,693.785 18,410.695 1,906.555 Shares redeemed during the financial year (5,455,754.006) (2,456,714.992) - -

Redeemable participating shares in issue at the end of the financial year 115,055,826.803 36,442,169.549 2,020,317.250 2,001,906.555

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 34 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 35 36 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Continental European Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Paul Wild, CFA Senior Fund Manager Paul joined JOHCM in March 2003 and has 23 years industry experience.

Investment Management Report 38

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 39 B) OTC financial derivative instruments: open foreign currency contracts 41 Geographic devision of investments 42 Economic division of investments 43 Significant portfolio changes 44

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 37 JOHCM Continental European Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance and moved heavily overweight in combined with the taboo-breaking The JOHCM Continental European Fund healthcare. We also reduced a number joint financing via the European returned 10.80%, net of fees and in of names which we felt lacked the Commission’s bond issuance, perhaps sterling terms for the ‘A’ share class, balance sheet resilience to survive Europe may just start to look a little for the calendar year 2020. the crisis, as well as a number of more cohesive and integrated than it The MSCI Europe ex UK NR Index names which were particularly hard has in the past. (12pm adjusted) returned 7.85% over hit by the pandemic and lockdown the same period. e.g. Airbus. During the market sell- We have been very impressed by off in early March, we added to a the momentum behind the European Portfolio review number of companies with excellent Green Deal in Europe and the fact The Fund’s performance was strong franchises that were trading at bargain that a third of the European recovery since the market nadir in March and valuations. These included CRH, fund and the 2021-27 budget will the pragmatic decision to look through Alstom, Philips, Fresenius Medical be focused on addressing climate the crisis, without taking excessive Care and ASML. Lockdowns had been change. Meanwhile the European balance sheet risk, paid off. imposed everywhere by late March. climate law should come to fruition. We therefore knew that we were When compared to the US and China, Both stock selection and sector likely in the period of peak pessimism Europe is gaining some credible allocation effects contributed and, by definition, close to the nadir leadership here. With likely changes positively to relative returns with of economic activity. Looking back, on EU taxonomy, carbon trading and our utilities and technology names April looks to have been the month cross-border carbon taxes, Europe standout performers. The overweight of maximum economic pain. What could become the go-to region when in healthcare and underweight in we didn’t know was how long the it comes to the E in ESG. The flows financials also proved beneficial. low point would last for, but new into ESG have been unstoppable and Looking at individual holdings RWE Covid-19 case data from the likes of will no doubt continue; no investors was the top performer for the year. Italy and a quickly flattening curve in can afford to be remiss upon ESG The asset swap with E.ON has Germany gave hope that some degree integration. We have the Dutch general repositioned RWE as a major European of normality would likely return in the election in March and the German renewables player and we strongly coming months. In light of this, we general election in the autumn, which believe that the environmental story in added around 2% each to industrials will likely further cement Europe’s Europe is one of the greatest structural and materials in April and May, whilst green enlightenment. trends in the region for the next 20 adding 6% to our insurance sector years. Elsewhere Capgemini also weighting. We financed these changes Naturally, the sooner the world performed well. We added significantly by deploying our cash in full and, normalises the less the post-furlough to our position during April after the after a period of very strong short- unemployment effect will be and this shares had almost halved during the term outperformance, reducing our will be a key point to monitor in 2021. sell-off. In a world of lockdowns, it healthcare weighting back down to Needless to say, this has ramifications was ideally placed to transition to staff 5%. Whilst our portfolio activity was for the GDP trajectory, bond yields working from home, even in emerging high over this period, the relative and whether the decade-long markets. This cushioned any revenue performance unquestionably benefited. outperformance of so-called growth declines. On the negative side of the and quality stocks can continue. It ledger, Societe Generale was the main When looking back over the period is likely that the sky-high delta of laggard while industrials Thales and since the global financial crisis, there valuation spreads between value and Eiffage also suffered. are few instances where Europe growth will see some closure. has emerged stronger, but there is The crisis period enabled us to add a chance that things have changed Paul Wild key exposure to favoured themes this time around. The European Senior Fund Manager in Europe, such as the European recovery fund will undoubtedly boost Green Deal, which remain at the Gross Domestic Product (GDP) for Past performance is not necessarily a heart of the portfolio. In early March the coming years and do so through guide to future performance. The price we significantly reduced our banks helping the most severely affected of shares may go down as well as up exposure to a large underweight sectors, regions and countries. When and future income is not guaranteed.

38 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Continental European Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

AUSTRIA BAWAG Group 103 EUR 3,041 3,502 0.73

3,041 3,502 0.73

FINLAND Metso Outotec 1,541 EUR 7,530 11,333 2.36 UPM-Kymmene 371 EUR 8,726 10,154 2.12

16,256 21,487 4.48

FRANCE Accor 380 EUR 7,938 10,159 2.12 Alstom 456 EUR 15,189 19,266 4.02 Arkema 28 EUR 1,855 2,382 0.50 AXA 645 EUR 10,558 11,367 2.37 Cap Gemini 174 EUR 13,839 19,849 4.14 Eiffage 267 EUR 17,927 19,004 3.96 Elis 676 EUR 6,700 8,254 1.72 Engie 1,580 EUR 16,878 17,936 3.74 Sanofi 169 EUR 11,979 12,050 2.51 Societe Generale 325 EUR 4,638 4,993 1.04 SOITEC 47 EUR 4,647 6,809 1.42 Vivendi 574 EUR 11,943 13,643 2.84

124,091 145,712 30.38

GERMANY Allianz 30 EUR 4,109 5,363 1.12 Deutsche Post 189 EUR 4,775 6,887 1.44 Infineon Technologies 253 EUR 3,988 7,161 1.49 RWE 647 EUR 15,031 20,108 4.19 SAP 62 EUR 5,528 6,020 1.26 Siemens 161 EUR 13,574 16,994 3.54 Siemens Energy 336 EUR 6,312 9,062 1.89

53,317 71,595 14.93

GREAT BRITAIN Unilever 111 EUR 5,091 4,923 1.03

5,091 4,923 1.03

IRELAND CRH 283 EUR 6,585 8,726 1.82

283 EUR 6,585 8,726 1.82

ITALY Enel 3,395 EUR 21,201 25,272 5.27 Intesa Sanpaolo 3,479 EUR 5,955 5,983 1.24

27,156 31,255 6.51

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 39 JOHCM Continental European Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

NETHERLANDS Akzo Nobel 161 EUR 10,208 12,829 2.68 ASML Holding 12 EUR 2,297 4,146 0.86 ASR Nederland 412 EUR 11,237 12,203 2.54 Corbion 157 EUR 5,517 6,521 1.36 ING Groep 855 EUR 5,010 5,886 1.23 Just Eat Takeaway.com 97 EUR 7,118 8,029 1.67 Koninklijke Philips 368 EUR 12,612 14,605 3.05 NN Group 407 EUR 9,408 13,084 2.73 Prosus 80 EUR 4,765 6,393 1.33 STMicroelectronics 174 EUR 3,180 4,795 1.00

71,352 88,491 18.45

NORWAY Leroy Seafood Group 1,029 NOK 4,794 5,360 1.12 Mowi 630 NOK 10,385 10,339 2.15

15,179 15,699 3.27

PORTUGAL EDP - Energias de Portugal 2,622 EUR 8,973 12,311 2.57

8,973 12,311 2.57

SPAIN Cellnex Telecom 118 EUR 5,421 5,264 1.10

5,421 5,264 1.10

SWEDEN Nobina 2,252 SEK 10,886 14,001 2.92

10,886 14,001 2.92

SWITZERLAND Credit Suisse Group 1,157 CHF 9,186 10,978 2.29 Nestle 68 CHF 5,135 5,862 1.22 Novartis 277 CHF 18,671 19,277 4.02 Roche Holding 29 CHF 6,639 7,422 1.55 Swiss Life Holding 31 CHF 9,465 10,798 2.25

49,096 54,337 11.33

Transferable securities admitted to an official stock exchange listing 396,444 477,303 99.52

40 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Continental European Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg GBP 960 EUR (1,067) - - 04.01.21 RBC Investor Services Luxembourg GBP - EUR - - - 05.01.21 RBC Investor Services Luxembourg GBP 1 EUR (1) - - 05.01.21 RBC Investor Services Luxembourg GBP 2 EUR (2) - - 05.01.21 RBC Investor Services Luxembourg GBP - EUR - - - 05.01.21 RBC Investor Services Luxembourg GBP 1 EUR (1) - - 05.01.21 RBC Investor Services Luxembourg GBP - EUR - - - 05.01.21 RBC Investor Services Luxembourg GBP - EUR - - - 05.01.21 RBC Investor Services Luxembourg GBP - EUR - - - 29.01.21 RBC Investor Services Luxembourg GBP 5,400 EUR (5,949) 47 0.01 29.01.21 RBC Investor Services Luxembourg GBP 8,855 EUR (9,756) 77 0.02 29.01.21 RBC Investor Services Luxembourg USD 184 EUR (150) - - 29.01.21 RBC Investor Services Luxembourg GBP 270 EUR (298) 1 - 29.01.21 RBC Investor Services Luxembourg USD 359 EUR (292) 1 - 29.01.21 RBC Investor Services Luxembourg GBP 142 EUR (157) 1 - 29.01.21 RBC Investor Services Luxembourg EUR - GBP - - -

Total unrealised appreciation on forward currency contracts 31 December 2020 127 0.03

04.01.21 RBC Investor Services Luxembourg EUR 1 GBP (1) - - 05.01.21 RBC Investor Services Luxembourg EUR 16 GBP (15) - - 05.01.21 RBC Investor Services Luxembourg EUR - GBP - - - 29.01.21 RBC Investor Services Luxembourg USD 7,020 EUR (5,730) (12) - 29.01.21 RBC Investor Services Luxembourg USD 13,706 EUR (11,186) (22) (0.01)

Total unrealised depreciation on forward currency contracts 31 December 2020 (34) (0.01)

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 41 JOHCM Continental European Fund

GEOGRAPHIC DEVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

France 30.38 38.34 Netherlands 18.45 8.23 Germany 14.93 15.91 Switzerland 11.33 9.33 Italy 6.51 6.32 Finland 4.48 0.84 Norway 3.27 1.44 Sweden 2.92 4.42 Portugal 2.57 1.60 Ireland 1.82 1.68 Spain 1.10 2.10 Great Britain 1.03 - Austria 0.73 4.16 Belgium - 2.82 Bermuda Islands - 1.18 Denmark - 0.50

Total investments 99.52 98.87 Open foreign currency contracts 0.02 0.02

Total investments at fair value through profit or loss 99.54 98.89 Other net assets 0.46 1.11

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 88.18% (2019: 88.36%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

42 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Continental European Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Public services 15.78 6.27 Insurance 11.01 5.01 Pharmaceuticals and cosmetics 8.08 11.17 Electronic semiconductor 7.82 6.99 Electronics and electrical equipment 7.56 6.71 Internet software 6.73 5.44 Banks and financial institutions 6.53 12.17 Construction and building material 5.78 6.67 Food and distilleries 4.72 3.68 Holding and finance companies 3.39 - Chemicals 3.18 4.01 Automobile industry 2.92 1.27 Graphic art and publishing 2.84 2.67

Non-ferrous metals 2.36 - Agriculture and fishing 2.15 1.24 Leisure 2.12 1.61 Forest products and paper industry 2.12 - Mechanics and machinery 1.89 0.30 Transportation 1.44 5.28 News transmission 1.10 4.42 Aerospace technology - 4.17 Petrol - 3.19 Tyre and rubber - 2.66 Retail - 2.31 Tobacco and spirits - 1.05 Textile - 0.58

Total investments 99.52 98.87 Open foreign currency contracts 0.02 0.02

Total investments at fair value through profit or loss 99.54 98.89 Other net assets 0.46 1.11

Total net assets attributable to redeemable participating shareholders 100.00 100.00

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 43 JOHCM Continental European Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Cost

’000 £’000 ’000 £’000

PURCHASES PURCHASES Credit Suisse Group 4,230 37,071 Akzo Nobel 239 15,089 Banco Santander 8,074 25,299 NN Group 647 14,878 ASR Nederland 882 24,293 Deutsche Post 598 14,573 Cap Gemini 302 24,159 Konecranes 533 14,038 Eiffage 357 23,870 EDP - Energias de Portugal 3,758 14,025 Siemens 276 23,739 Unilever 322 13,534 Prosus 381 22,188 Cellnex Telecom 309 12,463 Novartis 317 21,454 Accor 598 12,411 Enel 3,258 20,695 Logitech International 369 12,390 RWE 789 19,780 ING Groep 2,145 12,370 Neste Oyj 724 19,685 ASML Holding 57 12,353 Allianz 142 19,333 Metso Outotec 2,443 11,933 Roche Holding 75 19,302 Swiss Life Holding 39 11,790 Just Eat Takeaway.com 255 19,100 Sanofi 149 11,507 Engie 1,770 18,883 Airbus 97 11,169 Bayer 324 18,733 SAP 119 10,902 Heineken Holding 234 18,457 Nobina 2,252 10,886 AXA 1,141 16,933 Schneider Electric 140 10,599 Danone 319 16,492 Nestle 126 10,563 CRH 767 16,317 Repsol 861 10,206 Fresenius Medical Care 267 16,051 UPM-Kymmene 420 9,902 Alstom 430 15,596 ArcelorMittal 717 9,637

The significant changes to the portfolio for the financial year are the aggregate purchases of a security exceeding 1% of the total value of purchases for the financial year. Where the number of purchases transactions exceeding 1% of the total value of purchases for the financial year is less than 20, then a minimum of 20 purchases will be disclosed.

44 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Continental European Fund

Significant portfolio changes (continued)

Security name Quantity Proceeds Security name Quantity Proceeds

’000 £’000 ’000 £’000

SALES SALES Deutsche Post 1,648 47,842 Credit Suisse Group 3,073 25,673 Novartis 691 47,335 RWE 948 25,404 AXA 2,534 43,679 Bayer 506 24,921 Sanofi 547 41,939 Nestle 293 24,712 SAP 407 40,894 Airbus 301 24,612 Siemens 436 38,188 Banco Santander 9,797 23,084 Roche Holding 133 36,522 EDP - Energias de Portugal 6,381 22,647 Telefonaktiebolaget LM Ericsson 5,559 35,944 Prosus 301 22,180 UniCredit 3,880 35,005 BAWAG Group 774 22,105 ASML Holding 138 34,997 Thales 366 22,015 Danone 612 34,586 Cie de Saint-Gobain 721 21,749 Arkema 468 34,298 Repsol 2,205 21,504 Alstom 826 31,289 Schneider Electric SE 269 20,987 Kering 66 29,302 Accor 678 20,184 Societe Generale 1,526 29,162 Cap Gemini 232 20,022 Neste Oyj 896 27,096 Vivendi 973 19,424 STMicroelectronics 1,201 26,830 Allianz 112 18,153 Cie Generale des Etablissements Fresenius Medical Care 267 17,788 Michelin 294 26,480 Vinci 232 17,462 Enel 4,284 26,298 Heineken Holding 234 16,018 CRH 1,049 25,785 Koninklijke Philips 416 15,162 Euronav 1,942 15,118

The significant changes to the portfolio for the financial year are the aggregate sales of a security exceeding 1% of the total value of sales for the financial year. Where the number of sales transactions exceeding 1% of the total value of sales for the financial year is less than 20, then a minimum of 20 sales will be disclosed.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 45 46 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM UK Growth Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Mark Costar Senior Fund Manager Mark joined JOHCM in August 2001 and has 28 years industry experience

Investment Management Report 48

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 49 B) Other transferable securities dealt on an other regulated market 51 C) Other transferable securities 51 D) OTC financial derivative instruments 51 Geographic division of investments 52 Economic division of investments 53 Significant portfolio changes 54

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 47 JOHCM UK Growth Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance The Fund finished a very good year in exposure to the structural growth in The JOHCM UK Growth Fund returned strong fashion. Particularly pleasing urban partnerships and affordable 6.16%, in sterling terms and net of over 2020 was the fact that all the family house under-provision, but does fees for the ‘A’ share class, for the performance came from stock so for a more compelling valuation, calendar year 2020. Over the same selection and was very broad based and as such represents a logical trade period the FTSE All-Share Total in terms of its nature. In addition, to keep the portfolio risk/reward Return Index (12pm adjusted) we were one of the few funds to integrity intact. returned -9.52%. outperform both pre- and post- vaccine, when the market saw a Covid-19 challenges remain and Portfolio review noticeable style shift, and we were will continue to dominate near term From a humanitarian viewpoint 2020 is also able to bring a number of new thinking, but with vaccines ramping up certainly not a year that will be fondly names into the portfolio that are clear the outlook is less murky. Consumer remembered by any stretch of the structural beneficiaries in a post- balance sheets are strong and with imagination. The economic and social pandemic world. political risks retired on both sides consequences of the pandemic will of the Atlantic the incentive for also be with us for a very substantial Avacta Group was the top performer companies to invest for growth are period of time with profound short-, over the year. It is a unique Affimer clear. With the cost of capital still medium- and long-term consequences. scaffolding and diagnostics company, residing at multi-generational lows, Fractures will need to be healed too a potentially hugely valuable and the ramping up of corporate activity and political divisions repaired. adaptable drug delivery platform we saw in Q4 is a logical reaction to antibodies. The company has and one we expect to continue; and, However, on a brighter note, it demonstrated the value and versatility if history is a good guide, expect to also brought extraordinary medical in its intellectual property by utilising disproportionately benefit from. With innovation and some truly inspiring its expertise to rapidly produce very significant fundamental progress acts of courage and selflessness. It re-agents for an antigen test for achieved across a huge swathe of massively accelerated technological Covid-19. Pleasingly, there were no our companies’ assets, a hugely progress and adoption, creating material negative contributors. compelling valuation disconnect, and greater connections, more seamless with the UK stock market finally open and efficient commerce and opening From an activity perspective we again to international capital, we up profound new opportunities for exited our position in Impax Asset remain very optimistic for the future. the nimble and the bold. From an management (purely on valuation investment perspective it was a decent grounds), Standard Life (where we Mark Costar year, with meaningful progress across believe the market is now fairly Senior Fund Manager most asset classes, with even the reflecting the value of the company’s beaten-up UK finally getting some hidden assets it was previously Past performance is not necessarily a respite towards the end of the year ignoring) and Countryside Properties. guide to future performance. The price with a resolution (of sorts) of the Proceeds from the latter were rotated of shares may go down as well as up interminably painful Brexit process. into PRS Reit, which gives identical and future income is not guaranteed.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 48 JOHCM UK Growth Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

GREAT BRITAIN 1Spatial 6,500 GBP 3,049 1,885 0.63 Access Intelligence 1,422 GBP 1,137 1,247 0.42 accesso Technology Group 1,266 GBP 3,580 6,013 2.02 Alfa Financial Software Holdings 3,125 GBP 3,147 4,037 1.36 Anglo American 385 GBP 6,338 9,396 3.16 AO World 1,200 GBP 3,044 4,992 1.68 Associated British Foods 488 GBP 10,345 11,027 3.71 AstraZeneca 113 GBP 8,824 8,289 2.79

Avacta Group 1,250 GBP 1,112 1,405 0.47 Barclays 6,950 GBP 9,761 10,248 3.45 Blancco Technology Group 1,994 GBP 2,706 4,406 1.48 BP 6,575 GBP 21,620 16,888 5.68 BT Group 8,400 GBP 11,206 11,147 3.75 Chemring 2,148 GBP 4,740 6,131 2.06 Draper Esprit 350 GBP 1,661 2,310 0.78 Ebiquity 9,500 GBP 8,143 1,857 0.63 Eleco 2,200 GBP 1,379 1,804 0.61 Escape Hunt 8,081 GBP 3,518 1,226 0.41 Essensys Group 390 GBP 578 587 0.20 First Derivatives 176 GBP 4,621 5,619 1.89 Goals Soccer Centres 8,329 GBP 10,512 - - GoCo Group 3,323 GBP 3,302 4,287 1.44 Gresham Computing 3,947 GBP 4,553 5,916 1.99 HSBC Holdings 375 GBP 1,847 1,424 0.48 IGas Energy 8,041 GBP 5,810 1,134 0.38 Instem 650 GBP 3,076 3,179 1.07 ITV 6,000 GBP 5,364 6,426 2.16 Just Retirement Group 10,270 GBP 5,808 7,117 2.39 Mind Gym 2,924 GBP 2,946 4,473 1.50 N Brown Group 13,120 GBP 7,752 7,938 2.67 Naked Wines 784 GBP 3,625 5,197 1.75 Natwest 5,625 GBP 8,894 9,385 3.16 NCC 2,975 GBP 5,344 7,611 2.56 PRS REIT 4,750 GBP 3,635 3,686 1.24 PureTech Health 975 GBP 2,650 3,895 1.31 Rank 5,723 GBP 7,493 8,150 2.74 Reabold Resources 168,551 GBP 1,284 1,129 0.38 Rio Tinto 188 GBP 7,030 10,370 3.49

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 49 JOHCM UK Growth Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

GREAT BRITAIN Rolls-Royce Holdings 5,700 GBP 5,070 6,350 2.14 continued Royal Dutch Shell 'B' 340 GBP 5,950 4,310 1.45 Science in Sport 13,300 GBP 7,731 4,788 1.61 Severfield 6,061 GBP 4,173 4,345 1.46 Sigma Capital 4,628 GBP 3,322 6,109 2.06 Smartspace Software 3,115 GBP 3,810 4,275 1.44 Speedy Hire 6,022 GBP 3,653 4,264 1.43 Standard Chartered 2,500 GBP 11,913 11,712 3.94 Tekmar Group 4,400 GBP 4,640 2,992 1.01 ULS Technology 970 GBP 776 776 0.26 Unilever 142 GBP 6,319 6,254 2.10 Vectura Group 5,375 GBP 5,650 6,751 2.27 Venture Life Group 5,610 GBP 3,698 5,161 1.74 Volex 1,250 GBP 1,203 3,886 1.31 Weir Group 260 GBP 3,521 5,184 1.74

272,863 278,988 93.85

UNITED STATES Enova Systems 620 GBP 800 - - Enova Systems – Reg S 708 GBP 1,830 - -

2,630 - -

VIRGIN HaloSource 7,499 GBP 800 - - ISLANDS HaloSource - Reg S 29,082 GBP 741 - - Ocean Outdoor 330 USD 1,838 1,692 0.57

4,046 1,692 0.57

Transferable securities admitted to an official stock exchange listing 279,539 280,680 94.42

50 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM UK Growth Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) Other transferable securities dealt on an other regulated market

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

GREAT BRITAIN Abingdon Health 1,770 GBP 1,699 1,690 0.57 Aquis Exchange 1,118 GBP 4,489 5,034 1.69 Equals Group 12,000 GBP 6,637 3,380 1.14

12,825 10,104 3.40

Other transferable securities dealt on an other regulated market - equities 12,825 10,104 3.40

C) Other transferable securities

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

GREAT BRITAIN Fastjet 3,741 GBP - - -

- - -

Other transferable securities - warrants - - -

Investments in Transferable securities 292,364 290,784 97.82

D) OTC financial derivative instruments

Open Foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg GBP 81 EUR (90) - - 04.01.21 RBC Investor Services Luxembourg GBP 74 USD (100) 1 - 05.01.21 RBC Investor Services Luxembourg GBP 13 USD (17) - -

Total unrealised appreciation on forward currency contracts 31 December 2020 1 -

29.01.21 RBC Investor Services Luxembourg EUR 58 GBP (53) - - 29.01.21 RBC Investor Services Luxembourg EUR 2,135 GBP (1,938) (18) (0.01)

Total unrealised depreciation on forward currency contracts 31 December 2020 (18) (0.01)

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 51 JOHCM UK Growth Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Great Britain 97.25 99.10 Virgin Islands 0.57 0.29

Total investments 97.82 99.39 Open foreign currency contracts (0.01) -

Total investments at fair value through profit or loss 97.81 99.39 Other net assets 2.19 0.61

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 97.25% (2019: 99.10%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

52 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM UK Growth Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Internet software 14.03 14.27 Banks and financial institutions 13.09 15.77 News transmission 8.18 6.04 Food and distilleries 7.42 5.71 Petrol 7.13 10.97 Holding and finance companies 6.98 6.63 Pharmaceuticals and cosmetics 6.80 2.68 Non-ferrous metals 6.65 6.49 Retail 6.10 1.49 Aerospace technology 4.20 6.60 Other services 3.58 5.31 Mechanics and machinery 2.75 1.14 Leisure 2.74 2.55

Mines and heavy machinery 1.46 2.44 Construction and building material 1.43 2.78 Electronics and electrical equipment 1.31 3.12 Healthcare education and social services 1.31 - Real estate companies 1.24 - Chemicals 0.57 - Biotechnology 0.47 1.19 Public services 0.38 1.50 Insurance - 1.73 Miscellaneous - 0.98

Total investments 97.82 99.39 Open foreign currency contracts (0.01) -

Total investments at fair value through profit or loss 97.81 99.39 Other net assets 2.19 0.61

Total net assets attributable to redeemable participating shareholders 100.00 100.00

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 53 JOHCM UK Growth Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES SALES Rolls-Royce Holdings 6,303 13,149 Rolls-Royce Holdings 8,771 15,906 BP 4,790 12,926 Avacta Group 17,827 14,767 BT Group 7,750 9,261 Volex 5,049 8,831 Standard Chartered 2,095 8,806 Just Retirement Group 12,427 7,810 Natwest 6,406 8,399 GoCo Group 7,638 6,931 N Brown Group 14,999 7,676 Chemring 2,538 6,470 Associated British Foods 383 7,523 Standard Life Aberdeen 2,345 6,076 AstraZeneca 93 7,459 First Derivatives 244 6,070 Just Retirement Group 13,697 7,342 Blancco Technology Group 2,806 5,476 Barclays 6,245 7,218 Rank 2,410 5,064 Rank 5,934 7,193 Natwest 3,631 4,923 Unilever 140 6,233 Associated British Foods 257 4,890 Vectura Group 5,875 6,107 Barclays 4,240 4,781 Rolls-Royce Holdings 6,833 5,983 Anglo American 272 4,452 NCC 2,872 5,348 Oxford Metrics 4,465 4,410 ITV 6,975 5,188 BP 1,490 4,389 Anglo American 282 4,967 Standard Chartered 935 4,069 Chemring 1,965 4,682 Royal Dutch Shell - Class B 286 3,515 Rio Tinto 104 4,556 Venture Life Group 3,968 3,352 GoCo Group 4,861 4,496 NCC 1,697 3,314 AO World 1,850 4,305 Sigma Capital 3,336 3,179 First Derivatives 151 4,087 Rio Tinto 81 3,104 Tekmar Group 3,830 4,082 ITV 3,750 2,915 Weir Group 275 3,724 Vectura Group 3,125 2,835 Naked Wines 800 3,701 Gresham Computing 2,057 2,703 PRS REIT 4,750 3,635 Alpha FX Group 237 2,606 accesso Technology Group 1,274 3,602 BT Group 1,975 2,406 Equals Group 8,000 3,255 AO World 650 2,356 Instem 650 3,076 HSBC Holdings 555 2,231 Alfa Financial Software Holdings 2,722 2,836 S4 Capital 1,070 2,162 PureTech Health 975 2,650 Eleco 2,700 1,987 Standard Life Aberdeen 1,090 2,636 Impax Asset Management Group 375 1,945 Speedy Hire 4,272 2,527 N Brown Group 4,121 1,923 Aquis Exchange 650 2,177 Severfield 2,575 1,791

The significant changes to the portfolio for the financial The significant changes to the portfolio for the financial year are the aggregate purchases of a security exceeding year are the aggregate sales of a security exceeding 1% 1% of the total value of purchases for the financial year. of the total value of sales for the financial year. Where the Where the number of purchases transactions exceeding 1% number of sales transactions exceeding 1% of the total of the total value of purchases for the financial year is less value of sales for the financial year is less than 20, then a than 20, then a minimum of 20 purchases will be disclosed. minimum of 20 sales will be disclosed.

54 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Select Values Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Robrecht Wouters Senior Fund Manager Robrecht joined JOHCM in September 2003 and has 30 years industry experience

Investment Management Report 56

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 57 B) OTC financial derivative instruments: 59 - Options - Open foreign currency contracts Geographic division of investments 60 Economic division of investments 61 Significant portfolio changes 62

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 55 JOHCM European Select Values Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance mid-cap trimmings into the some of come. On the negative side, the The JOHCM European Select Values industrials and cyclicals that we sold laggards were largely pandemic-hit Fund returned 10.17%, net of fees and in February. businesses such as aerospace group in sterling terms for the ‘A’ share class, Rolls-Royce, and small-caps such as for the calendar year 2020. The MSCI The vaccine breakthroughs towards catering company Elior and Solocal. Europe NR Index (12pm adjusted) the end of the year provided welcome The prospect of normalisation of daily returned 2.51% over the same period. relief to markets which soared in life increased investors’ confidence to November and continued their look beyond depressed earnings levels Portfolio review ‘vaccine rally’ in December. From and reassess the true value of these With Covid-19 infections appearing the March lows, European equities businesses towards the end of the year across Europe and infection numbers rallied by over 49%. The start of but in our view, a lot more value is to rising at an alarming pace, the year vaccinations provided a realistic be rediscovered. began in volatile fashion for European prospect of normalisation of daily equities. In trying to contain the life and allowed investors to look Robrecht Wouters Coronavirus pandemic, governments beyond the record infections and Senior Fund Manager imposed lockdowns on normal life and newly imposed pandemic restrictions. shut down large parts of economies. Hence, investors began to reassess Past performance is not necessarily a European equity markets dropped the value of businesses on the guide to future performance. The price significantly in March, adding to their ’normalised’ cash flow power. It was no of shares may go down as well as up 12% dive in the last week of February, surprise, therefore, that cyclicals and and future income is not guaranteed. but bounced off their lows after Covid-affected defensives performed central banks and governments across strongly, helping the Fund to perform Europe and the wider world announced well. stimulus packages. “Markets stop panicking when policy-makers start The Fund’s strong outperformance panicking”. over the year was largely thanks to our zero-weighting in financials We took a short-term tactical decision (for structural and fundamental in February to temporarily reduce the reasons the sector underperformed weights of the few cyclical stocks that heavily in the sell-off), our defensive had an above-average position size put options, and strength in in the Fund – JC Decaux, Roll-Royce, our technology holdings. Within Oerlikon and ThyssenKrupp. In early technology, our holdings in Meyer March we cut back position sizes of a Burger, Infineon, Nokia and Oracle few heavyweight mid caps (such as all added value. A significant positive Ceconomy and Aryzta) and other small contribution came from Dutch food caps where the impact of lockdowns and biochemicals company Corbion. would probably be very direct: Investors finally started to recognise i.e. Elior (food catering to schools, the company’s unique positioning industry), Lagardere (travel retail in in bio-ingredients for food and airports), Solocal (digital presence chemical applications and the large for French SMEs) and others. The opportunity in bio-plastics, which remarkable speed at which markets should substantially lift Corbion’s fell allowed us to reinvest these organic growth rate for years to

56 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Select Values Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

BELGIUM AGFA-Gevaert 2,775 EUR 9,665 9,794 1.35 D'ieteren 298 EUR 8,981 18,147 2.51 Euronav 2,707 EUR 16,377 16,104 2.22

35,023 44,045 6.08

FINLAND Konecranes 433 EUR 9,665 11,202 1.55 Wartsila - Class B 1,939 EUR 19,079 14,213 1.96

28,744 25,415 3.51

FRANCE Danone 513 EUR 25,782 24,934 3.44 Elior Group 2,141 EUR 16,370 10,716 1.48 Imerys 506 EUR 21,446 17,617 2.43 JCDecaux 667 EUR 13,639 11,232 1.55 Sanofi 300 EUR 20,509 21,334 2.95 Schneider Electric 107 EUR 8,471 11,564 1.60 Solocal Group 3,595 EUR 29,003 8,566 1.18 Vivendi 910 EUR 13,745 21,638 2.99

148,965 127,601 17.62

GERMANY Bayer 446 EUR 24,592 19,322 2.67 CECONOMY 4,992 EUR 30,148 25,432 3.51 Continental 219 EUR 15,802 23,898 3.30 Henkel 254 EUR 17,048 18,004 2.49 Metro 3,180 EUR 39,708 26,296 3.63 SAP 109 EUR 7,034 10,545 1.46 Siemens 180 EUR 14,940 19,000 2.62 ThyssenKrupp 3,318 EUR 31,780 24,244 3.35 United Internet 603 EUR 18,004 18,682 2.58

199,056 185,423 25.61

GREAT BRITAIN Liberty Global - Class C 1,979 USD 39,256 34,206 4.73 Rolls-Royce Holdings 22,237 GBP 31,206 24,772 3.42

70,462 58,978 8.15

ITALY SOL 1,031 EUR 5,569 12,987 1.79

5,569 12,987 1.79

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 57 JOHCM European Select Values Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

NETHERLANDS Corbion 812 EUR 11,658 33,759 4.66 Heineken Holding 362 EUR 19,717 25,169 3.48 OCI 1,268 EUR 25,852 17,864 2.47 SBM Offshore 1,157 EUR 11,283 16,257 2.24 Sligro Food 855 EUR 18,680 13,112 1.81 Wolters Kluwer 154 EUR 8,044 9,588 1.32

95,234 115,749 15.98

SPAIN Grifols 707 EUR 14,600 15,275 2.11 Laboratorios Farmaceuticos Rovi 291 EUR 3,242 9,907 1.37

17,842 25,182 3.48

SWITZERLAND Aryzta 33,333 CHF 36,099 18,915 2.61 Burckhardt Compression Holding 46 CHF 10,286 11,630 1.61 Meyer Burger Technology 95,560 CHF 9,969 26,779 3.70 OC Oerlikon 1,841 CHF 19,489 14,012 1.93 SIG Combibloc Group 723 CHF 11,108 12,365 1.71

86,951 83,701 11.56

UNITED STATES Oracle 692 USD 21,976 32,677 4.51 21,976 32,677 4.51

Transferable securities admitted to an official stock exchange listing 709,822 711,758 98.29

58 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Select Values Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) OTC financial derivative instruments

Options

Acquisition Net Description Quantity Currency Cost Fair Value Assets

’000 ₤’000 ₤’000 %

UNITED STATES Put Russel 2000 Index 31/03/2021 1700.0 - USD 417 285 0.04 Put Russel 2000 Index 26/02/2021 1420.0 - USD 499 44 0.01 Put Russel 2000 Index 31/12/2020 1380.0 - USD 641 4 - Put Russel 2000 Index 31/12/2020 1380.0 - USD 299 4 - Put Russel 2000 Index 29/01/2021 1470.0 1 USD 544 28 - Put Russel 2000 Index 26/02/2021 1520.0 - USD 340 60 0.01

2,740 425 0.06

Options 2,740 425 0.06

Total quoted securities - investments 712,562 712,183 98.35

Open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

05.01.21 RBC Investor Services Luxembourg GBP 101 EUR (112) - - 05.01.21 RBC Investor Services Luxembourg GBP 1 EUR (1) - -

Total unrealised appreciation on forward currency contracts 31 December 2020 - -

05.01.21 RBC Investor Services Luxembourg EUR 1,879 GBP (1,699) (10) - 05.01.21 RBC Investor Services Luxembourg EUR 89 GBP (81) - - 05.01.21 RBC Investor Services Luxembourg EUR 1 GBP (1) - - 05.01.21 RBC Investor Services Luxembourg EUR 11 GBP (10) - -

Total unrealised depreciation on forward currency contracts 31 December 2020 (10) -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 59 JOHCM European Select Values Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Germany 25.61 22.41 France 17.62 20.36 Netherlands 15.98 14.20 Switzerland 11.56 10.33 Great Britain 8.15 9.49 Belgium 6.08 3.05 United States 4.57 4.21 Finland 3.51 5.34 Spain 3.48 3.35 Italy 1.79 1.78 Bermuda - 0.43

Total investments at fair value through profit or loss 98.35 94.95 Other net assets 1.65 5.05

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 82.22% (2019: 79.98%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

60 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Select Values Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Food and distilleries 14.34 17.26 Internet software 9.73 10.06 Chemicals 6.93 7.20 Graphic art and publishing 5.86 8.13 Mechanics and machinery 5.50 8.65 Retail 5.32 1.63 News transmission 4.73 7.42 Pharmaceuticals and cosmetics 4.32 4.28 Electronics and electrical equipment 4.22 1.49 Automobile industry 4.06 4.41 Electronic semiconductor 3.70 1.33 Tobacco and spirits 3.48 3.01 Aerospace technology 3.42 2.90

Mines and heavy machinery 3.35 3.98

Tyre and rubber 3.30 -

Holding and finance companies 3.19 1.83

Consumer goods 2.49 2.39

Construction and building materials 2.43 2.02 Petrol 2.24 3.98 Transportation 2.22 - Biotechnology 2.11 2.95 Photography and optics 1.35 - Miscellaneous 0.06 0.03

Total investments at fair value through profit or loss 98.35 94.95 Other net assets 1.65 5.05

Total net assets attributable to redeemable participating shareholders 100.00 100.00

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 61 JOHCM European Select Values Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES 1 SALES Continental 382 29,284 Reckitt Benckiser Group 501 33,636 Henkel 352 23,632 ThyssenKrupp 4,107 32,325 Rolls-Royce Holdings 15,192 20,781 Nokia 10,247 32,133 Schneider Electric 228 18,046 SBM Offshore 2,411 29,849 Euronav 2,707 16,377 Oracle 698 28,493 Wolters Kluwer 251 14,982 Schindler Holding 139 26,056 Infineon Technologies 1,076 14,816 Infineon Technologies 1,076 24,744 Metro 1,743 13,297 Liberty Global - Class C 1,640 24,663 ThyssenKrupp 2,678 13,062 SAP 215 21,616 Grifols 488 12,565 JCDecaux 1,057 19,917 Solocal 22,997 12,476 Sanofi 258 19,403 Siemens 144 12,141 Lagardere 1,317 19,336 United Internet 396 11,743 D'ieteren 404 19,245 SIG Combibloc Group 723 11,108 Danone 342 19,139 Danone 218 10,977 Rolls-Royce Holdings 3,259 19,104 Rolls-Royce Holdings 5,092 10,632 Heineken Holding 270 18,660 Randstad 351 10,483 Vivendi 937 18,561 Sanofi 135 10,074 United Internet 667 18,422 Heineken Holding 135 10,054 Metro 2,243 18,417 Bayer 229 9,910 Bayer 318 17,948 AGFA-Gevaert 2,775 9,665 CECONOMY 5,409 17,788 Meyer Burger Technology 71,977 8,181 Aryzta 30,250 16,113 Liberty Global - Class C 480 7,842 1&1 Drillisch 908 15,854 Oracle 111 5,063 Randstad 351 15,110 Elior Group 1,041 4,628 Laboratorios Farmaceuticos Rovi 678 15,005 Nokia 1,425 3,976 OC Oerlikon 2,047 14,928 JCDecaux 258 3,826 Grifols 560 14,534 1&1 Drillisch 162 3,696 Continental 163 14,332 Biotest 936 14,124 The significant changes to the portfolio for the financial Siemens 148 13,563 year are the aggregate purchases of a security exceeding OCI 1,002 12,217 1% of the total value of purchases for the financial year. Corbion 436 11,645 Where the number of purchases transactions exceeding 1% Wolters Kluwer 191 11,348 of the total value of purchases for the financial year is less than 20, then a minimum of 20 purchases will be disclosed. Schneider Electric 121 11,045 SOL 1,251 10,779 Wartsila - Class B 1,211 9,185 Imerys 305 8,761 Burckhardt Compression Holding 45 8,720 Technicolor 27,701 8,316 Elior Group 925 8,255

62 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Japan Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Scott McGlashan Ruth Nash Senior Fund Manager Senior Fund Manager Scott joined JOHCM in April Ruth joined JOHCM in April 2004 and has 44 years industry 2005 and has 35 years industry experience. experience.

Investment Management Report 64

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 65 B) OTC financial derivative instruments: open foreign currency contracts 67 Geographic division of investments 68 Economic division of investments 69 Significant portfolio changes 70

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 63 JOHCM Japan Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance When we bought stocks, we of emergency declaration is far from The JOHCM Japan Fund returned focused on those with strong ideal and, after the strong finish to -1.77%, net of fees and in sterling balance sheets allowing them to 2020, the Japanese market may see terms for the ‘A’ share class, for the continue to pay dividends and a near term correction. However, calendar year 2020. Over the same undertake share buybacks whilst April’s experience suggests that period the Topix Total Return Index they weather the storm. the impact on the economy will be (12pm adjusted) returned 9.52% in manageable. Moreover, corporate sterling terms. The valuation gap between value and Japan, which often requires external growth has never been wider than pressure to change, is showing a Portfolio review in 2020. This is because investors, readiness to adapt business practices Japan was hit early by Covid-19, due concerned about the prolonged impact and embrace digitalisation to cope in no small part to the huge numbers of Covid-19 on the global economy, with the pandemic. Cheap valuations, of Chinese tourists who have been have focused on a small number of sound balance sheets and improving visiting the country for the past few companies which they believe could productivity are just some of the years. It made the headlines early prosper in a pandemic and have been reasons to be positive about Japanese on when the Diamond Princess cruise prepared to pay ever higher multiples equities in 2021. ship docked in Yokohama and the for those stocks. This acted as a Japanese authorities were seen to significant headwind for our more Scott McGlashan have mishandled the testing and value-oriented portfolio. As we start Senior Fund Manager quarantining of the 3,500 passengers to see positive data on vaccines and a on board. Nevertheless Japan has had recovery in global economic activity, Ruth Nash a relatively low number of cases and we would like to see a continued Senior Fund Manager deaths, and the government is clearly change in market leadership and a trying to balance health risks with rotation from growth back into value. Past performance is not necessarily a risks to the overall economy. There were signs of this at the end of guide to future performance. The price the year. For instance, in December, of shares may go down as well as up When the pandemic first hit, it it was particularly pleasing to see the and future income is not guaranteed. delivered a supply shock, a demand market finally start to recognise the shock, a credit shock, and an oil price merits of stocks such as Meidensha, shock. We therefore took the decision an industrial electronics company early on to cut positions in some which supplies equipment for water of our more economically-sensitive infrastructure, semiconductor names. We sold Okuma, our machine production and electric vehicles and tool company; Outsourcing, which has a very profitable maintenance dispatches temporary workers to business. manufacturers; Fuji Electric; Tsubaki Nakashima, which makes balls for Corporate Japan is nothing if not ball bearings; JXTG Holdings, our oil used to dealing with crises, and many refiner; and Kyoritsu Maintenance, companies responded to the pandemic which operates hotels and student by cutting costs aggressively. This dormitories. We lowered weightings means that any increase in revenues in Hitachi, Mizuho Lease and several has a very significant impact on other economically-sensitive names. profits. Starting 2021 with a state

64 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Japan Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

JAPAN Central Japan Railway 20 JPY 2,302 2,075 1.55 Daibiru 360 JPY 2,698 3,343 2.49 Fujifilm Holdings 42 JPY 1,533 1,624 1.21 Fukui Computer Holdings 100 JPY 1,580 2,851 2.12 Hitachi 180 JPY 4,023 5,203 3.88 Hitachi Construction Machinery 82 JPY 1,573 1,708 1.27 Honda Motor 180 JPY 3,706 3,683 2.75 Horiba 62 JPY 2,608 2,667 1.99 Ichiyoshi Securities 525 JPY 3,944 1,743 1.30

Iino Kaiun Kaisha 785 JPY 2,812 2,395 1.78 Inaba Denki Sangyo 91 JPY 972 1,635 1.22 Japan Excellent 4 JPY 2,845 3,183 2.37 Jeol 70 JPY 1,397 2,422 1.81 KDDI 140 JPY 3,201 3,052 2.27 Keisei Electric Railway 85 JPY 1,648 2,109 1.57 Koito Manufacturing 48 JPY 1,751 2,396 1.79 Kyowa Exeo 230 JPY 2,389 4,759 3.55 Kyudenko 150 JPY 3,623 3,552 2.65 Maeda 555 JPY 3,334 3,619 2.70 Meidensha 150 JPY 2,000 2,477 1.85 Mimasu Semiconductor Industry 105 JPY 1,135 1,928 1.44 Minebea 290 JPY 3,382 4,223 3.15 Mitsubishi Estate 170 JPY 2,156 2,003 1.49 Mitsui 390 JPY 4,796 5,240 3.91 Mizuho Leasing 95 JPY 1,593 2,098 1.56 NGK Spark Plug 155 JPY 2,340 1,943 1.45 Nishio Rent All 110 JPY 2,151 1,690 1.26 Nohmi Bosai 165 JPY 2,393 2,640 1.97 Nomura Real Estate Holdings 185 JPY 2,544 3,003 2.24 NS Solutions 125 JPY 2,594 2,702 2.01 NTT Data 275 JPY 2,657 2,759 2.06 Penta-Ocean Construction 530 JPY 2,328 3,343 2.49 Sankyu 72 JPY 1,567 1,994 1.49 Seven & i Holdings 80 JPY 1,975 2,081 1.55 Shin-Etsu Chemical 33 JPY 2,340 4,233 3.15 Sony 55 JPY 2,642 4,022 3.00 Sumitomo Densetsu 110 JPY 1,183 2,053 1.53 Sumitomo Mitsui Financial Group 205 JPY 4,979 4,647 3.46

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 65 JOHCM Japan Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

JAPAN Taiyo Yuden 90 JPY 1,975 3,094 2.31 continued TDK 29 JPY 1,878 3,205 2.39 TechnoPro Holdings 45 JPY 1,580 2,736 2.04 Tokio Marine Holdings 90 JPY 3,263 3,397 2.53 Tokyu 225 JPY 2,570 2,050 1.53 Toyobo 170 JPY 2,127 1,668 1.24 Toyota Industries 80 JPY 3,301 4,659 3.47 Tsumura 100 JPY 2,228 2,204 1.64 Yushin Precision Equipment 190 JPY 1,205 1,290 0.96

114,821 133,401 99.44

Transferable securities admitted to an official stock exchange listing 114,821 133,401 99.44

66 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Japan Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg GBP 237 JPY (33,240) 1 - 04.01.21 RBC Investor Services Luxembourg GBP - JPY (18) - - 04.01.21 RBC Investor Services Luxembourg GBP - JPY - - - 05.01.21 RBC Investor Services Luxembourg EUR 19 JPY (2,410) - - 05.01.21 RBC Investor Services Luxembourg GBP 95 JPY (13,377) - - 05.01.21 RBC Investor Services Luxembourg GBP - JPY - - - 05.01.21 RBC Investor Services Luxembourg GBP 4 JPY (585) - - 06.01.21 RBC Investor Services Luxembourg GBP 1 JPY (82) - - 06.01.21 RBC Investor Services Luxembourg GBP 93 JPY (13,082) - - 06.01.21 RBC Investor Services Luxembourg GBP - JPY (2) - - 06.01.21 RBC Investor Services Luxembourg GBP - JPY (5) - - 06.01.21 RBC Investor Services Luxembourg GBP 3 JPY (347) - - 29.01.21 RBC Investor Services Luxembourg GBP 25,108 JPY (3,510,712) 139 0.10 29.01.21 RBC Investor Services Luxembourg GBP 12,910 JPY (1,805,083) 72 0.06 29.01.21 RBC Investor Services Luxembourg GBP 436 JPY (61,287) - -

Total unrealised appreciation on forward currency contracts 31 December 2020 212 0.16

06.01.21 RBC Investor Services Luxembourg JPY 1,229 GBP (9) - - 06.01.21 RBC Investor Services Luxembourg JPY 5 GBP - - - 29.01.21 RBC Investor Services Luxembourg JPY 2 GBP - - -

Total unrealised depreciation on forward currency contracts 31 December 2020 - -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 67 JOHCM Japan Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Japan 99.44 99.41

Total investments 99.44 99.41 Open foreign currency contracts 0.16 0.42

Total investments at fair value through profit or loss 99.60 99.83 Other net asset 0.40 0.17

Total net assets attributable to redeemable participating shareholders 100.00 100.00

68 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Japan Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Electronic semiconductor 14.99 5.43 Construction and building material 12.93 12.38 Automobile industry 9.45 8.94 Holding and finance companies 9.44 21.39 Transportation 7.92 11.38 Real estate companies 6.35 8.67 Internet software 6.19 1.67 Mechanics and machinery 5.38 4.22 Electronics and electrical equipment 4.88 6.13 Business houses 3.91 - Other services 3.30 4.55 Chemicals 3.15 1.57 Banks and financial institutions 2.86 4.38 News transmission 2.27 - Clock and watch-making industry 1.99 - Pharmaceuticals and cosmetics 1.64 1.35 Retail 1.55 1.12

Textile 1.24 1.71 Leisure - 4.52

Total investments 99.44 99.41 Open foreign currency contracts 0.16 0.42

Total investments at fair value through profit or loss 99.60 99.83 Other net assets 0.40 0.17

Total net assets attributable to redeemable participating shareholders 100.00 100.00

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 69 JOHCM Japan Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost

’000 £’000

PURCHASES Sumitomo Mitsui Financial Group 285 6,922 Mitsui 465 5,719 Sony 105 5,026 Honda Motor 230 4,735 KDDI 205 4,688 TDK 65 4,210 NTT Data 435 4,205 Mitsubishi Estate 320 4,059 Taiyo Yuden 150 3,291 Central Japan Railway 28 3,222 Horiba 70 2,944 Tokyo Dome 415 2,918 Nohmi Bosai 200 2,900 Jeol 135 2,681 Tokyu 205 2,348 Seven & i Holdings 95 2,345 Koito Manufacturing 60 2,189 Sumitomo Electric Industries 260 2,147 Fukui Computer Holdings 135 2,130 Minebea 145 2,124 Daiwa Securities 575 1,954 Japan Excellent 2 1,878 Penta-Ocean Construction 400 1,613 Tokio Marine Holdings 35 1,362 Toyobo 115 1,236 Yushin Precision Equipment 190 1,205 Kyudenko 55 1,187

70 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Japan Fund

SIGNIFICANT PORTFOLIO CHANGES (continued) for the financial year ended 31 December 2020

Security name Quantity Proceeds Security name Quantity Proceeds

’000 £’000 ’000 £’000

Sales Sales Nishi-Nippon Railroad 335 6,275 Kyoritsu Maintenance 135 2,831 Denso 210 5,833 ENEOS Holdings 1,000 2,795 Toyota Industries 120 5,624 Penta-Ocean Construction 470 2,538 Mitsubishi Electric 515 5,404 Sumitomo Electric Industries 260 2,450 Maeda 810 5,291 Sumitomo Densetsu 135 2,419 Seibu Holdings 480 5,257 Japan Excellent 3 2,341 Tokyu Fudosan Holdings 1,350 5,154 Fuji Electric 135 2,315 Tokyotokeiba 155 5,018 TechnoPro Holdings 40 2,182 Fujifilm Holdings 128 4,820 Mimasu Semiconductor Industry 125 2,164 Resona Holdings 1,450 4,786 Iino Kaiun Kaisha 865 2,108 Tokyo Dome 715 4,749 Okuma 70 1,992 Kyowa Exeo 230 4,378 Daiwa Securities 575 1,945 Tokio Marine Holdings 115 4,239 Nishio Rent All 120 1,941 Tokyu 380 4,230 Shin-Etsu Chemical 19 1,920 Hitachi High-Technologies 70 4,194 Mitsubishi Estate 150 1,885 Mizuho Leasing 215 3,839 Daibiru 460 3,685 The significant changes to the portfolio for the financial Mitsubishi Chemical Holdings 750 3,595 year are the aggregate sales of a security exceeding 1% Seino Holdings 350 3,584 of the total value of sales for the financial year. Where the Hitachi 130 3,533 number of sales transactions exceeding 1% of the total Keisei Electric Railway 135 3,520 value of sales for the financial year is less than 20, then a minimum of 20 sales will be disclosed. Sony 50 3,330 J Front Retailing 495 3,304 Toyobo 300 3,132 Nomura Real Estate Holdings 185 3,042 TDK 36 3,002 Sankyu 93 2,842

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 71 72 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Select Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Christopher Lees, CFA Nudgem Richyal, CFA Senior Fund Manager Senior Fund Manager Christopher joined JOHCM in Nudgem joined JOHCM in September 2008 and has September 2008 and has 31 years industry experience 21 years industry experience

Investment Management Report 74

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 75 B) OTC financial derivative instruments: open foreign currency contracts 77 Geographic division of investments 78 Economic division of investments 79 Significant portfolio changes 80

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 73 JOHCM Global Select Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance the end of the year we purchased Within our three mega-trends of The JOHCM Global Select Fund several new cyclical-growth stocks deglobalisation, digitisation and returned 27.93% in sterling terms, in cyclical-growth sectors: Chart decarbonisation, we are buying net of fees for the ‘A’ share class, in Industries, a US leading supplier of cyclical-growth stocks that have 2020. Over the same period the equipment to the liquefied natural emerged as better businesses (i.e. MSCI AC World NR (12pm adjusted) gas industry now expanding into the probably not value traps), and we are returned 12.50%. hydrogen and clean water businesses; reducing structural/defensive growth CNH Industrial, an Italian leader in stocks (i.e. potential growth traps). Portfolio review agricultural equipment and heavy duty The new stocks/themes we are buying The portfolio significantly trucks that is transitioning to hydrogen can best be described as Scenario outperformed over the year as our powered equipment; Fortescue Metals 1.5 type stocks - i.e. currently priced focus on structural growth stocks Group, an Australian iron ore business as deep cyclicals (Scenario 2 in with rock solid balance sheets, while transitioning to renewable energy; our process) enjoying a short-cycle avoiding most cyclical companies with and Lam Research, a leading US upswing, but that are transforming leveraged balance sheets, paid off. For semiconductor equipment company. into long-cycle structural growth example in the financial sector, owning stocks (Scenario 1 in our process), the digital banks and exchanges such We are currently 75% bullish, 25% so should ultimately be re-rated as as Hong Kong Exchange, Nasdaq, bearish. The highest probability growth stocks if their transitions are Intercontinental Exchange, while not outcome is still “one of the biggest successful. owning any traditional or challenged ever equity bull markets, followed by banks, significantly helped relative one of the biggest ever equity bear Many seem to be stuck on the ‘growth’ performance. In the industrials sector, markets,” but we will keep an open versus ‘value’ debate, when the truth owning the renewable wind energy mind in a fast changing world. Our is somewhere in the middle. Value related stocks such as Vestas (and updated scenario analysis is now: investing only works if one avoids Orsted in the Utilities sector) boosted value traps (which was the main performance. In the healthcare sector, • Scenario 1 (45% down from story of 2020), and growth investing life-sciences companies Medpace and 50%) equity market rally with only works if one avoids growth traps Thermo Fischer added value. old leadership; i.e. growth, (which is the emerging story in a post- quality, momentum stocks (fears vaccine world). We made a number of changes to of coronavirus lockdowns and the portfolio over the year although mutations will probably prolong Christopher Lees we deliberately did not buy any new some current trends). Senior Fund Manager stocks once the crisis began, and weeded out major fundamental • Scenario 2 (30% up from 20%) Nudgem Richyal losers like mining company Rio equity market rally with new Senior Fund Manager Tinto. We also sold Momo, Newcrest leadership; i.e. cyclicals and small- Mining and CBOE. When the dust had mid cap stocks (starting to happen Past performance is not necessarily a settled somewhat, we bought new as we move into the post-Trump, guide to future performance. The price positions in ASML (semiconductor post-Brexit, post-vaccine world of of shares may go down as well as up equipment), Nvidia (next generation 2021 and beyond). and future income is not guaranteed. semiconductors), Prosus (digital consumer services) and Naver • Scenario 3 (25% down from 30%) (merging with Z holdings in Japan to equity markets fall until the LTCM / create the country’s leading app). We Lehman type bankruptcies emerge also added Linde PLC, a world-leading (we hope this does not happen, hydrogen company set to benefit from but hope is not an investment the global transition to a lower carbon, strategy, so we have a portfolio hydrogen-powered economy. Towards plan for this).

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 74 JOHCM Global Select Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

AUSTRALIA Fortescue Metals Group 1,665 AUD 20,412 22,124 1.42

20,412 22,124 1.42

BERMUDA IHS Markit 585 USD 16,397 37,912 2.44

16,397 37,912 2.44

DENMARK Orsted 245 DKK 18,349 36,873 2.37 Vestas Wind Systems 214 DKK 14,583 37,208 2.39

32,932 74,081 4.76

GERMANY SAP 286 EUR 16,473 27,612 1.77

16,473 27,612 1.77

GREAT BRITAIN Atlassian 209 USD 19,901 35,832 2.30

19,901 35,832 2.30

HONG KONG Hong Kong Exchanges and Clearing 962 HKD 18,334 38,629 2.48

18,334 38,629 2.48

IRELAND Accenture 209 USD 15,516 39,467 2.54 Linde 192 USD 35,376 36,884 2.37 Medtronic 435 USD 32,809 36,820 2.36

83,701 113,171 7.27

JAPAN Kao 572 JPY 24,538 32,416 2.08 PeptiDream 1,014 JPY 26,471 37,789 2.43 Rakuten 4,155 JPY 30,883 29,368 1.89 Recruit Holdings 1,221 JPY 27,656 37,531 2.41 SBI Holdings 1,901 JPY 25,807 33,070 2.12

135,355 170,174 10.93

JERSEY Aptiv 436 USD 26,774 41,777 2.68

26,774 41,777 2.68

NETHERLANDS ASML Holding 123 EUR 34,140 44,536 2.86 CNH Industrial 3,604 USD 33,474 33,747 2.17 Koninklijke DSM 285 EUR 27,740 36,456 2.34 Prosus 483 EUR 33,321 38,605 2.48

128,675 153,344 9.85

NEW ZEALAND a2 Milk 3,838 AUD 18,416 24,914 1.60

18,416 24,914 1.60

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 75 JOHCM Global Select Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

SOUTH KOREA Naver 190 KRW 33,990 37,366 2.40

33,990 37,366 2.40

TAIWAN MediaTek 1,815 TWD 20,504 35,369 2.27

20,504 35,369 2.27

UNITED STATES Agilent Technologies 398 USD 23,132 34,281 2.20 Avantor 1,678 USD 32,066 33,625 2.16 Chart Industries 416 USD 27,279 36,518 2.34 CME Group 219 USD 18,046 28,591 1.84 Cree 562 USD 20,458 42,987 2.76 Estee Lauder Cos 189 USD 21,998 36,424 2.34 Intercontinental Exchange 462 USD 17,691 38,313 2.46 Intuit 143 USD 14,380 39,413 2.53 Keysight Technologies 406 USD 32,216 39,048 2.51 Lam Research 103 USD 36,849 36,547 2.35 Medpace Holdings 368 USD 18,189 37,173 2.39 Micron Technology 707 USD 30,430 37,271 2.39 Microsoft 246 USD 12,253 39,936 2.56 Nasdaq 366 USD 16,448 34,866 2.24 NVIDIA 92 USD 28,013 35,359 2.27 Oracle 802 USD 25,962 37,828 2.43 PayPal Holdings 240 USD 16,325 40,731 2.62 PRA Health Sciences 464 USD 38,709 42,184 2.71 PubMatic 225 USD 3,338 4,608 0.30 Thermo Fisher Scientific 85 USD 16,098 28,759 1.85

449,880 704,462 45.25

Transferable securities admitted to an official stock exchange listing 1,021,744 1,516,767 97.42

76 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Select Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg AUD 3,647 USD (2,798) 18 0.01 05.01.21 RBC Investor Services Luxembourg USD 569 EUR (463) 1 - 05.01.21 RBC Investor Services Luxembourg USD - EUR - - - 05.01.21 RBC Investor Services Luxembourg GBP - USD - - -

Total unrealised appreciation on forward currency contracts 31 December 2020 19 0.01

04.01.21 RBC Investor Services Luxembourg USD 416 EUR (342) (2) - 04.01.21 RBC Investor Services Luxembourg USD 1 GBP (1) - - 04.01.21 RBC Investor Services Luxembourg USD 18 GBP (13) - - 04.01.21 RBC Investor Services Luxembourg EUR 1,523 USD (1,872) (2) - 05.01.21 RBC Investor Services Luxembourg EUR 546 USD (671) (1) - 05.01.21 RBC Investor Services Luxembourg USD 11 GBP (8) - - 05.01.21 RBC Investor Services Luxembourg USD 564 GBP (414) (2) - 05.01.21 RBC Investor Services Luxembourg EUR - USD - - -

Total unrealised depreciation on forward currency contracts 31 December 2020 (7) -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 77 JOHCM Global Select Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

United States 45.25 42.39 Japan 10.93 15.79 Netherlands 9.85 2.56 Ireland 7.27 5.74 Denmark 4.76 5.36 Jersey 2.68 2.60 Hong Kong 2.48 2.56 Bermuda 2.44 2.52 South Korea 2.40 - Great Britain 2.30 5.34 Taiwan 2.27 2.75 Germany 1.77 2.73 New Zealand 1.60 2.71 Australia 1.42 2.82 Cayman Islands - 2.39

Total investments 97.42 98.26 Open foreign currency contracts 0.01 -

Total investments at fair value through profit or loss 97.43 98.26 Other net assets 2.57 1.74

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 25.95% (2019: 21.73%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

78 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Select Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Internet software 16.77 15.69 Electronic semiconductor 14.48 5.24 Holding and finance companies 13.47 18.05 Pharmaceuticals and cosmetics 9.21 11.18 Biotechnology 7.30 8.12 Other services 5.16 2.90 Electronics and electrical equipment 4.78 5.29 Public services 4.76 8.08 Chemicals 4.50 2.56 Automobile industry 2.68 2.60 Banks and financial institutions 2.48 2.56 Graphic art and publishing 2.41 2.61 Mechanics and machinery 2.34 - Miscellaneous 2.17 - Retail 1.89 2.60 Consumer goods 1.60 2.71 Precious metals 1.42 2.82 Non-ferrous metals - 2.74 News transmission - 2.51

Total investments 97.42 98.26 Open foreign currency contracts 0.01 -

Total investments at fair value through profit or loss 97.43 98.26 Other net assets 2.57 1.74

Total net assets attributable to redeemable participating shareholders 100.00 100.00

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 79 JOHCM Global Select Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES1 SALES Micron Technology 994 42,761 NextEra Energy 204 39,830 Lam Research 103 36,849 Newcrest Mining 2,375 37,469 Linde 192 35,376 Rio Tinto 784 33,581 ASML Holding 123 34,140 Vestas Wind Systems 280 32,542 Naver 190 33,990 MediaTek 2,037 31,619 Prosus 483 33,369 Nippon Telegraph & Telephone 1,683 30,675 NVIDIA 109 33,292 Cree 513 27,690 Chart Industries 507 33,211 Cboe Global Markets 411 26,409 Avantor 1,678 32,066 Atlassian 177 22,335 CNH Industrial 3,228 30,021 Orsted 209 21,983 Fortescue Metals Group 1,665 20,412 Momo 1,419 21,590 MediaTek 702 9,236 Medpace Holdings 271 21,375 Aptiv 224 8,853 PayPal Holdings 172 19,723 Cree 149 6,343 Thermo Fisher Scientific 57 19,252 Keysight Technologies 65 5,062 Aptiv 252 16,783 Kao 86 5,031 Micron Technology 287 12,875 Hong Kong Exchanges and 1 Represents total purchases during the year. Clearing 379 11,866

The significant changes to the portfolio for the financial Agilent Technologies 124 9,932 year are the aggregate purchases of a security exceeding Estee Lauder Cos 60 9,650 1% of the total value of purchases for the financial year. a2 Milk 1,128 9,649 Where the number of purchases transactions exceeding 1% Microsoft 66 8,553 of the total value of purchases for the financial year is less SAP 71 8,352 than 20, then a minimum of 20 purchases will be disclosed. Chart Industries 90 7,844 Rakuten 975 7,736 NVIDIA 17 7,475 Keysight Technologies 81 7,139 Koninklijke DSM 49 6,047 SBI Holdings 309 5,818

80 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Emerging Markets Opportunities Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

James Syme, CFA Paul Wimbourne Senior Fund Manager Senior Fund Manager James joined JOHCM in Paul joined JOHCM in April May 2011 and has 26 years 2011 and has 22 years industry experience. industry experience.

Investment Management Report 82

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 83 B) Other transferable securities 85 C) OTC financial derivative instruments: open foreign currency contracts 86 Geographic division of investments 87 Economic division of investments 88 Significant portfolio changes 89

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 81 JOHCM Global Emerging Markets Opportunities Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance eclipsed by negative stock selection. some further positive vaccine The JOHCM Global Emerging Markets We benefited from our longstanding developments would be a big boost Opportunities Fund returned 12.47%, underweight in Brazil and significant to the export economies, it is the net of fees and in sterling terms for overweight in South Korea although more capital flow dependent markets the ‘A’ share class, in 2020. Over our underweight in the strong that should be the biggest winners the same period the MSCI Emerging performing, tech-heavy, Taiwanese in this environment. With ultra- Markets NR Index (12pm adjusted) market provided a drag. Turning to low interest rates and bond yields returned 14.60%. stocks, it was mainly the portfolio’s across the developed world, some Chinese holdings which weighed of the relatively higher bond yields Portfolio review on relative returns. Not owning in emerging markets should attract Equity markets globally ended consumer names such as Meituan attention from investors. If a demand 2020 on a high after a dramatic and electric vehicle manufacturer recovery provides some support to year which saw markets plunge in Nio hurt relative returns, while China commodity prices as well, then 2021 March as the world came to grips Overseas Land and Investment also could be a strong year for the asset with the Covid-19 pandemic, and lagged. In China we had a substantial class, but with a possible rotation of then stage a spectacular rebound allocation to companies that were leadership away from East Asia and as governments and central banks beneficiaries of a policy-led recovery internet/technology names. took aggressive fiscal and monetary in domestic economic activity. We had action to prevent the collapse of a zero-weighting in the expensive, As ever, there remain significant risks businesses and tightening of credit US-listed, consumer and technology and unknowns in the emerging market conditions. For emerging economies, names which re-rated over the year. space. Politics remains a key risk in the pandemic had a very varied impact This was founded in our belief that some parts of the world. East Asia and, relatedly, we saw strength in the although Chinese economic data will see an increasingly aggressive share prices of internet and technology pointed to a fairly strong Chinese Chinese foreign policy come up against companies. This accelerated a economy (certainly compared with a new US administration, which may pattern in emerging market equities other major economies), the nature of be a flashpoint. Latin America has that has been seen since 2013 – that recovery was driven by centrally- seen genuinely radical populist politics outperformance by Asian export mandated liquidity and credit provision on the rise, with both Chile and Peru economies, led by China, Korea and and the feed-through of that into facing uncertain outlooks, particularly Taiwan, with more domestic demand- the construction, real estate and Chile as it seeks a new constitution. led emerging markets lagging. The financial sectors. We therefore did volatile second quarter of 2020 saw not share the consensus enthusiasm James Syme, CFA some large capital outflows from that for expensive Chinese consumer Senior Fund Manager second group of markets, especially stocks. Although our Chinese names in from countries like Brazil, South Africa, aggregate provided a drag on relative Paul Wimbourne India and Turkey, with associated performance, we did have some Senior Fund Manager currency and equity market weakness. winners here with Xinyi Solar and Tencent the top performers. Past performance is not necessarily a Looking at the portfolio’s performance guide to future performance. The price over the year, our top-down country Whilst a recovery in global growth with of shares may go down as well as up tilts added value although this was continued stimulus and, hopefully, and future income is not guaranteed.

82 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Emerging Markets Opportunities Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

BRAZIL Ambev 1,633 USD 3,420 3,650 1.06 Petroleo Brasileiro 1,326 USD 9,137 10,891 3.16

12,557 14,541 4.22

CANADA Barrick Gold 610 USD 8,412 10,383 3.01

8,412 10,383 3.01

CAYMAN China High Precision Automation 238 HKD 119 - - ISLANDS China Overseas Property Holdings 1,885 HKD 534 720 0.21 China Resources Land 1,860 HKD 4,748 5,625 1.63 China Resources Mixc Lifestyle Services 14 HKD 31 48 0.02 Country Garden Services Holdings 813 HKD 2,675 4,031 1.17 ENN Energy Holdings 1,188 HKD 6,478 12,778 3.71 Lee & Man Paper Manufacturing 2,825 HKD 1,669 1,696 0.49 Longfor Group Holdings 2,172 HKD 5,600 9,320 2.70 Trip.com Group 263 USD 6,692 6,421 1.86 Xinyi Solar Holdings 6,685 HKD 1,910 12,796 3.71

30,456 53,435 15.50

CHINA Anhui Conch Cement 1,667 HKD 9,456 7,650 2.22 China Construction Bank 6,120 HKD 3,963 3,407 0.99 Industrial & Commercial Bank of China 7,337 HKD 3,961 3,488 1.01 Jiangsu Expressway 2,905 HKD 2,594 2,380 0.69 Proya Cosmetics 181 CNY 3,579 3,620 1.05 TravelSky Technology 2,004 HKD 3,324 3,542 1.02 Zhejiang Expressway 7,631 HKD 5,541 4,725 1.37

32,418 28,812 8.35

CYPRUS Globaltrans Investment 452 USD 3,448 1,969 0.57

3,448 1,969 0.57

HONG KONG Hong Kong Exchanges and Clearing 280 HKD 9,074 11,251 3.26

9,074 11,251 3.26

INDIA Apollo Tyres 759 INR 1,797 1,355 0.39 Container Corp Of India 643 INR 3,766 2,576 0.75 HDFC Bank 135 USD 4,605 7,117 2.06 ICICI Bank 873 USD 9,018 9,383 2.72 Larsen & Toubro 506 INR 8,574 6,532 1.90 Mahindra & Mahindra 864 INR 7,184 6,243 1.81 State Bank of India 3,102 INR 7,326 8,554 2.48

42,270 41,760 12.11

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 83 JOHCM Global Emerging Markets Opportunities Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

JERSEY Centamin 2,655 GBP 2,906 3,310 0.96

2,906 3,310 0.96

MEXICO Bolsa Mexicana de Valores 1,466 MXN 1,972 2,623 0.76 Cemex SAB de CV 2,216 USD 7,128 8,412 2.44 Megacable Holdings SAB de CV 766 MXN 1,884 2,103 0.61 Wal-Mart de Mexico 3,787 MXN 7,241 7,988 2.32

18,225 21,126 6.13

NETHERLANDS Prosus 192 EUR 9,119 15,386 4.46

9,119 15,386 4.46

RUSSIA Sberbank of Russia 402 USD 4,219 4,328 1.25

4,219 4,328 1.25

SOUTH AFRICA FirstRand 2,984 ZAR 7,317 7,607 2.21 Naspers 106 ZAR 14,109 15,969 4.63

21,426 23,576 6.84

SOUTH KOREA Cheil Worldwide 319 KRW 4,617 4,424 1.28 NCSoft 12 KRW 5,948 7,940 2.30 Samsung Electronics 415 KRW 9,448 22,624 6.56 Samsung Electronics 8 USD 5,127 10,929 3.17 SK Hynix 145 KRW 6,809 11,563 3.36 SK Telecom 73 KRW 11,339 11,649 3.38 SK Telecom 110 USD 1,435 1,968 0.57

44,723 71,097 20.62

TAIWAN Primax Electronics 1,161 TWD 1,675 1,476 0.43 Taiwan Cement 2,728 TWD 3,110 3,074 0.89 Tong Yang Industry 3,591 TWD 5,037 3,652 1.06 Yuanta Financial Holding 10,173 TWD 5,052 5,453 1.58

14,874 13,655 3.96

TURKEY BIM Birlesik Magazalar 596 TRY 5,331 4,464 1.29 Coca-Cola Icecek 380 TRY 1,467 2,447 0.71

6,798 6,911 2.00

VIRGIN ISLANDS Xinyi Energy Holdings 1,231 HKD 241 612 0.18

241 612 0.18

Transferable securities admitted to an official stock exchange listing 261,166 322,152 93.42

84 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Emerging Markets Opportunities Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) Other transferable securities

Acquisition Fair Net Description Quantity Currency cost value assets

’000 £’000 £’000 %

TAIWAN Win Semiconductors 310 TWD 2,255 2,797 0.81

2,255 2,797 0.81

UNITED ARAB Emaar Malls 13,798 AED 4,735 5,038 1.46 EMIRATES Emaar Properties 4,824 AED 4,623 3,397 0.99

9,358 8,435 2.45

Other transferable securities 11,613 11,232 3.26

Transferable securities admitted to an official stock exchange listing 272,779 333,384 96.68

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 85 JOHCM Global Emerging Markets Opportunities Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

C) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

05.01.21 RBC Investor Services Luxembourg GBP 4 USD (5) - - 05.01.21 RBC Investor Services Luxembourg HKD 3,887 USD (502) - - 05.01.21 RBC Investor Services Luxembourg HKD 7,992 USD (1,031) - -

Total unrealised appreciation on forward currency contracts 31 December 2020 - -

04.01.21 RBC Investor Services Luxembourg USD 1 GBP (1) - - 05.01.21 RBC Investor Services Luxembourg EUR - USD (1) - - 05.01.21 RBC Investor Services Luxembourg USD 676 HKD (5,240) - - 05.01.21 RBC Investor Services Luxembourg USD 307 HKD (2,381) - - 05.01.21 RBC Investor Services Luxembourg USD 666 HKD (5,162) - - 05.01.21 RBC Investor Services Luxembourg USD 4,739 HKD (36,738) - -

Total unrealised depreciation on forward currency contracts 31 December 2020 - -

86 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Emerging Markets Opportunities Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

South Korea 20.62 18.70 Cayman Islands 15.50 16.85 India 12.11 14.89 China 8.35 3.83 South Africa 6.84 4.08 Mexico 6.13 5.42 Taiwan 4.77 6.40 Netherlands 4.46 1.85 Brazil 4.22 1.16 Hong Kong 3.26 6.99 Canada 3.01 3.37 United Arab Emirates 2.45 3.76 Turkey 2.00 3.31 Russia 1.25 3.59 Jersey 0.96 1.02 Cyprus 0.57 0.95 Virgin Islands 0.18 0.07 Czech - 1.38

Total investments at fair value through profit or loss 96.68 97.62 Other net assets 3.32 2.38

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding for 31 December 2020 was 5.03% (2019: 4.18%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 87 JOHCM Global Emerging Markets Opportunities Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Banks and financial institutions 15.98 13.54 Electronic semiconductor 13.90 11.00 Real estate companies 8.17 11.90 Construction and building materials 7.45 2.23 Internet software 6.76 2.90 Electronics and electrical equipment 6.23 5.55 Graphic art and publishing 5.91 5.93 Holding and finance companies 4.81 8.69 News transmission 3.95 4.36 Public services 3.89 2.88 Petrol 3.16 7.36 Precious metals 3.01 3.37 Retail 2.32 2.73

Transportation 2.01 3.57

Food and distilleries 2.00 1.22

Leisure 1.86 - Automobile industry 1.81 3.55 Tobacco and spirits 1.06 1.72 Pharmaceuticals and cosmetics 1.05 - Mines and heavy machinery 0.96 1.02 Tires and rubber 0.39 1.54 Chemicals - 1.40 Clock and watch-making industry - 0.77 Environmental services and recycling - 0.39

Total investments at fair value through profit or loss 96.68 97.62 Other net assets 3.32 2.38

Total net assets attributable to redeemable participating shareholders 100.00 100.00

88 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Emerging Markets Opportunities Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES SALES Naspers 84 12,665 Tencent Holdings 642 36,357 Anhui Conch Cement 1,755 9,969 HDFC Bank 256 12,343 Hong Kong Exchanges and Barrick Gold 627 11,573 Clearing 300 9,671 Reliance Industries 573 11,550 Petroleo Brasileiro 1,378 9,480 Naspers 93 10,802 ICICI Bank 891 9,197 MediaTek 647 9,567 Prosus 156 8,182 Xinyi Solar Holdings 7,841 8,759 Cemex SAB de CV 2,324 7,475 Samsung Electronics 205 8,231 NCSoft 16 7,461 China Overseas Land & Bancolombia 177 7,431 Investment 3,872 6,751 FirstRand 2,984 7,317 China Mobile 254 6,536 Trip.com Group 268 6,814 SK Telecom 37 5,557 Barrick Gold 367 6,130 Prosus 81 5,289 SK Telecom 43 6,090 CNOOC 58 5,281 State Bank of India 2,693 5,718 Turkiye Garanti Bankasi 5,499 5,251 Yuanta Financial Holding 10,595 5,257 Grupo Financiero Banorte 1,763 5,218 Tencent Holdings 94 4,428 China Overseas Property Holdings 9,260 5,110 Akbank T.A.S. 4,188 4,424 ITC 2,500 4,941 HDFC Bank 131 4,416 CNOOC 5,455 4,742 Hyundai Motor 50 4,226 Cathay Financial Holding 4,499 4,669 China Mobile 143 4,221 Hyundai Motor 92 4,523 SK Hynix 73 4,198 Sberbank of Russia 566 4,516 China Construction Bank 6,300 4,080 Komercni banka 200 4,342 Industrial & Commercial Bank of Samsung Electronics 3 4,257 China 7,553 4,078 Fubon Financial Holding 3,389 4,003 China Mobile 697 4,054 China Mobile 697 3,910 Ambev 1,714 3,588 Chow Tai Fook Jewellery Group 4,002 3,792 Proya Cosmetics 182 3,579 Com2uS 48 3,780 TravelSky Technology 2,136 3,543 China Petroleum & Chemical 108 3,670 Taiwan Cement 2,907 3,314 China Petroleum & Chemical 10,481 3,450 Reliance Industries 256 2,938 Samsung Electronics 3 3,252 Country Garden Services Holdings 863 2,839 Aldar Properties 7,824 2,967 Jiangsu Expressway 3,001 2,680 Bancolombia 177 2,948 Win Semiconductors 344 2,502 Apollo Tyres 2,637 2,779 China Overseas Land & ENN Energy Holdings 297 2,753 Investment 976 2,304 Akbank T.A.S. 4,188 2,751 ENN Energy Holdings 252 2,122 Hyundai Motor pref. 81 2,685

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 89 90 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Samir Mehta, CFA Senior Fund Manager Samir joined JOHCM in May 2011 and has 30 years industry experience

Investment Management Report 92

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 93 B) OTC financial derivative instruments: open foreign currency contracts 95 Geographic division of investments 96 Economic division of investments 97 Significant portfolio changes 98

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 91 JOHCM Asia ex-Japan Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance decisive. Once you understood the with the pandemic better (which The JOHCM Asia ex Japan Fund force of the Fed’s resolve, the critical will otherwise dampen the global returned 36.02%, net of fees and in factor was narrowing down on the economic recovery); and central banks sterling terms for the ‘A’ share class, attribute that mattered most in remaining the backstop, leading to in the calendar year 2020. Over the picking the right stocks. It was neither more money printing. same period the MSCI AC Asia ex stability of cash flows nor valuations. Japan NR Index (12pm adjusted) Specifically, it was the ability to judge What negative shocks should investors returned 21.02%. which businesses had a longer-than- potentially be wary of? Negative expected fade window (the number interest rates in the US would signify Portfolio review of years over which super normal deflation, not incipient inflation; Asian equities ended the year on a profits fade to the mean). As the adverse geopolitics, perhaps a high note after a rollercoaster 12 year progressed and the possibility skirmish leading to escalation around months which saw global equity of a vaccine grew higher, we shifted the South China Sea as the new Biden markets plunge in March as the a part of the portfolio to those stocks administration tests China or China world came to grips with the that were likely beneficiaries of an establishes offence in anticipation; and Covid-19 pandemic, and then stage a economic revival. China clamping down on technology spectacular rebound as governments dominance and, alongside that, putting and central banks took aggressive The portfolio’s significant a throttle on credit growth. fiscal and monetary policies to prevent outperformance over the year a large scale collapse of businesses came largely from stock selection, Samir Mehta and tightening of credit conditions. particularly our Chinese consumer Senior Fund Manager While the pandemic rages on, the names which re-rated. Holdings such emergency approval of a few Covid-19 as Li Ning, Meituan and Midea Group Past performance is not necessarily a vaccines have given hope that there is all added value. Our communication guide to future performance. The price light at the end of the tunnel. services holdings were also strong. of shares may go down as well as up However the US, Europe and even and future income is not guaranteed. parts of Asia, which had previously From an Asian equities perspective, managed to contain the outbreak there is much to be potentially during the first wave, ended the optimistic about in 2021: possible year with a resurgence in cases with weakness in the US dollar; economic infection rates and the death toll recovery in Asia and a gradual remaining high. restart of travel thanks to the Asian economies’ better handling of the On the investment front, Covid-19 crisis; the potential to rotate understanding the macroeconomic from growth to value (manifest in US changes, especially the decisions of equities vs. Asia); a mildly inflationary the Federal Reserve (Fed), proved outlook; the West to start dealing

92 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

BERMUDA Cafe de Coral Holdings 1,369 HKD 2,661 2,161 2.03

2,661 2,161 2.03

CAYMAN Alibaba Group Holding 115 HKD 2,420 2,519 2.37 ISLANDS ENN Energy Holdings 288 HKD 2,162 3,094 2.91 Li Ning 1,106 HKD 2,003 5,573 5.24 Meituan 157 HKD 1,577 4,380 4.12 Sands China 848 HKD 2,171 2,730 2.57 Tencent Holdings 120 HKD 2,420 6,413 6.03

12,753 24,709 23.24

CHINA Foshan Haitian Flavouring & Food 66 CNY 565 1,489 1.40 Midea Group 214 CNY 1,569 2,355 2.22 Ping An Insurance Group of China 260 HKD 1,925 2,333 2.19 Wuliangye Yibin 16 CNY 219 526 0.49

4,278 6,703 6.30

HONG KONG AIA Group 241 HKD 1,952 2,161 2.03 Hong Kong Exchanges and Clearing 104 HKD 3,688 4,190 3.94

5,640 6,351 5.97

INDIA Ambuja Cements 565 INR 1,495 1,411 1.33 Asian Paints 131 INR 1,726 3,628 3.41 Astral Poly Technik 159 INR 1,931 2,848 2.68 Bajaj Auto 84 INR 2,559 2,913 2.74 Dabur India 560 INR 2,659 2,998 2.82 Gland Pharma 123 INR 2,713 2,875 2.70 Jubilant Foodworks 179 INR 3,468 5,006 4.71 Manappuram Finance 1,169 INR 1,359 1,941 1.83 Nestle India 10 INR 977 1,759 1.65 SBI Cards & Payment Services 504 INR 3,973 4,306 4.05 Tata Consultancy Services - INR 2 3 -

22,862 29,688 27.92

INDONESIA Ace Hardware Indonesia 16,221 IDR 1,521 1,466 1.38

1,521 1,466 1.38

SINGAPORE Jardine Cycle & Carriage 139 SGD 1,546 1,503 1.41 Sheng Siong Group - SGD - - - Venture 346 SGD 3,165 3,727 3.51

4,711 5,230 4.92

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 93 JOHCM Asia ex-Japan Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

SOUTH KOREA Doosan Fuel Cell 23 KRW 678 812 0.77 Hyundai Motor 18 KRW 2,250 2,308 2.17 Kakao 20 KRW 2,576 5,382 5.06 LG Household & Health Care 3 KRW 2,102 2,870 2.70 Samsung Electronics 123 KRW 4,115 6,731 6.33 SK Hynix 38 KRW 2,316 3,022 2.84

14,037 21,125 19.87

TAIWAN Elite Material - TWD - - - Nien Made Enterprise 193 TWD 1,225 1,641 1.55 Taiwan Semiconductor Manufacturing 424 TWD 1,966 5,861 5.51

3,191 7,502 7.06

Transferable securities admitted to an official stock exchange listing 71,654 104,935 98.69

94 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg GBP 43 USD (58) - -

Total unrealised appreciation on forward currency contracts 31 December 2020 - -

04.01.21 RBC Investor Services Luxembourg HKD 437 USD (56) - - 05.01.21 RBC Investor Services Luxembourg USD 1 GBP (1) - - 05.01.21 RBC Investor Services Luxembourg USD 5 GBP (4) - -

Total unrealised depreciation on forward currency contracts 31 December 2020 - -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 95 JOHCM Asia ex-Japan Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

India 27.92 22.35 Cayman Islands 23.24 18.19 South Korea 19.87 11.50 Taiwan 7.06 7.97 China 6.30 15.53 Hong Kong 5.97 3.76 Singapore 4.92 2.62 Bermuda 2.03 1.34 Indonesia 1.38 5.61 Thailand - 6.36 Italy - 3.75 Philippines - 2.06 Great Britain - 1.47

Total investments 98.69 102.51 Open foreign currency contracts - 0.02

Total investments at fair value through profit or loss 98.69 102.53 Other net assets/(liabilities) 1.31 (2.53)

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was NIL (2019: 5.22%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

96 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Electronic semiconductor 18.19 11.53 Internet software 15.21 3.55 Pharmaceuticals and cosmetics 8.22 8.79 Food and distilleries 7.76 7.61 Retail 6.62 10.53 Automobile industry 6.32 2.62 Other services 5.05 1.67 Leisure 4.60 6.88 Insurance 4.22 4.52 Mortgage & funding institutions 4.05 - Banks and financial institutions 3.94 11.36 Chemicals 3.41 5.78 Electronics and electrical equipment 2.99 - Public services 2.91 2.88 Holding and finance companies 1.83 5.62 Business houses 1.55 1.81 Construction and building materials 1.33 - Tobacco and spirits 0.49 7.36

Textile - 7.23 News transmission - 1.92 Office Equipment and Computers - 0.85

Total investments 98.69 102.51 Open foreign currency contracts - 0.02

Total investments at fair value through profit or loss 98.69 102.53 Other net assets/(liabilities) 1.31 (2.53)

Total net assets attributable to redeemable participating shareholders 100.00 100.00

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 97 JOHCM Asia ex-Japan Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES SALES Venture 458 4,170 Wuliangye Yibin 369 7,094 Alibaba Group Holding 198 4,164 Li Ning 2,634 6,488 Kakao 34 4,050 Shenzhen Mindray Bio-Medical SBI Cards & Payment Services 504 3,973 Electronics 183 6,086 Hong Kong Exchanges and Foshan Haitian Flavouring & Food 352 5,543 Clearing 104 3,689 Orion 56 4,608 Meituan 351 3,503 Nestle India 22 3,737 Jubilant Foodworks 179 3,468 Meituan 194 3,733 SK Hynix 55 3,392 PRADA 1,375 3,405 Gland Pharma 123 2,713 CP ALL 1,828 3,212 Bajaj Auto 84 2,558 Taiwan Semiconductor Hyundai Motor 18 2,250 Manufacturing 420 3,171 Li Ning 600 1,881 Bata India 220 3,137 Manappuram Finance 1,435 1,650 Thai Beverage 7,875 3,031 Midea Group 214 1,568 Tata Consultancy Services 149 2,917 Cafe de Coral Holdings 900 1,564 China Mobile 493 2,841 Jardine Cycle & Carriage 139 1,546 Tencent Holdings 66 2,729 Ambuja Cements 565 1,495 Kotak Mahindra Bank 188 2,676 Guangdong Investment 908 1,427 Jollibee Foods 733 2,217 Shennan Circuits 72 1,392 Jardine Cycle & Carriage 178 2,189 Wuliangye Yibin 74 1,011 Kakao 13 2,159 China Mobile 146 813 Samsung Electronics 63 2,086 Astral Poly Technik 63 733 Alibaba Group Holding 84 2,074 Doosan Fuel Cell 23 678 Asian Paints 109 1,941 Samsung Electronics 18 642 China Merchants Bank 490 1,817 AIA Group 76 631 Bank Central Asia 1,207 1,757 Yonyou Network Technology 372 1,693 The significant changes to the portfolio for the financial year are the aggregate purchases of a security exceeding HSBC Holdings 285 1,598 1% of the total value of purchases for the financial year. AKR Corporindo 12,221 1,529 Where the number of purchases transactions exceeding 1% LG Household & Health Care 2 1,407 of the total value of purchases for the financial year is less ENN Energy Holdings 157 1,395 than 20, then a minimum of 20 purchases will be disclosed. Dabur India 263 1,272 Guangdong Investment 908 1,212 Shennan Circuits 72 1,067 Ping An Insurance Group of China 128 1,065 SK Hynix 17 1,059

98 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Small and Mid-Cap Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Cho-Yu Kooi, CFA Senior Fund Manager Cho-Yu joined JOHCM in May 2011 and has 27 years industry experience

Investment Management Report 100

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 101 B) Other transferable securities 103 C) Other transferable securities - Warrants 103 D) OTC financial derivative instruments: open foreign currency contracts 104 Geographic division of investments 105 Economic division of investments 106 Significant portfolio changes 107

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 99 JOHCM Asia ex-Japan Small and Mid-Cap Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance initiatives, will lift India’s structural becomes inoculated and we get to The JOHCM Asia ex-Japan Small and Gross Domestic Product (GDP) growth some semblance of normality, we Mid-Cap Fund returned 32.34% in trajectory to a much higher level. At expect a goldilocks macroeconomic sterling terms, net of fees for the ‘A’ the stock level, technology names outlook in Asia (above trend growth, share class, in 2020. Over the same Kingdee and Li Ning were the top benign inflation and easy fiscal and period the MSCI AC Asia ex Japan performers while Luckin Coffee lagged. monetary policies) to be conducive to Small Cap NR Index (12pm adjusted) corporate earnings growth and equity returned 21.98%. The Fund has benefited from our market performance. holdings in the relatively more resilient Portfolio review technology and consumer sectors From an Asian equities perspective, Asian equities ended the year on a and avoiding the more cyclically- there is much to be potentially high note after a rollercoaster 12 exposed stocks which are geared to optimistic about in 2021: possible months which saw global equity the economic cycle. While we remain weakness in the US dollar; economic markets plunge in March as the committed to several of our technology recovery in Asia and a gradual world came to grips with the and consumer stocks, as most have restart of travel thanks to the Asian Covid-19 pandemic, and then stage a structural long-term growth drivers, economies’ better handling of the spectacular rebound as governments we have trimmed their weightings Covid-19 crisis; the potential to rotate and central banks took aggressive to free up cash to invest in a few from growth to value (manifest in US fiscal and monetary policies to prevent industrial companies which are well- equities vs. Asia); a mildly inflationary a large scale collapse of businesses positioned to ride: 1) the upturn in the outlook; the West to start dealing and tightening of credit conditions. automotive sector, and automation and with the pandemic better (which While the pandemic rages on, the investment cycle in India after several will otherwise dampen the global emergency approval of a few Covid-19 challenging years even pre-pandemic, economic recovery); and central banks vaccines have given hope that there is such as Schaeffler India, ABB India remaining the backstop, leading to light at the end of the tunnel. and Minda Industries; 2) the rising more money printing. However the US, Europe and even automation and robotic localisation parts of Asia, which had previously trend in China, such as Estun What negative shocks should investors managed to contain the outbreak Automation; and 3) the recovery in the potentially be wary of? Negative during the first wave, ended the global investment cycle and increasing interest rates in the US would signify year with a resurgence in cases with global factory automation, such as deflation, not incipient inflation; infection rates and the death toll Hiwin Technologies in Taiwan. adverse geopolitics, perhaps a remaining high. skirmish leading to escalation around It has been a surprisingly rewarding the South China Sea as the new Biden The portfolio materially outperformed year for equity investors in 2020 administration tests China or China its benchmark over the year with given the catastrophic real economic establishes offence in anticipation; and stock selection, particularly within the backdrop. In hindsight, when global China clamping down on technology consumer and technology sectors, central banks, especially the US dominance and, alongside that, putting driving relative performance. By Federal Reserve, commit to keeping a throttle on credit growth. country, our Chinese, Taiwanese the monetary spigots flowing and and Indonesian holdings were the liquidity flush, and even fiscally Cho-Yu Kooi top performers. Elsewhere, stock prudent developed countries throw Senior Fund Manager selection and our overweight position caution to the wind and get ahead of in India added value. We added to the curve to prop up severe economic Past performance is not necessarily a our weighting in India recently as we downturns during black swan events guide to future performance. The price are optimistic that the government’s (which the pandemic clearly is), do not of shares may go down as well as up recent reform measures such as fight the authorities and the ensuing and future income is not guaranteed. the labour codes, together with its stock market rally. As an increasing Make in India and Self-reliant India proportion of the global population

100 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Small and Mid-Cap Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

CAYMAN Alchip Technologies 22 TWD 111 356 2.04 ISLANDS Archosaur Games 108 HKD 243 214 1.23 Ausnutria Dairy 194 HKD 172 239 1.37 China Education Group Holdings 514 HKD 672 726 4.17 Kingdee International Software Group 120 HKD 101 358 2.06 Li Ning 77 HKD 54 388 2.23 Ping An Healthcare and Technology 53 HKD 266 467 2.68 Silergy 6 TWD 152 377 2.16

Union Medical Healthcare 641 HKD 229 367 2.11 Weimob 206 HKD 259 271 1.56 Yihai International Holding 37 HKD 183 406 2.33

2,442 4,169 23.94

CHINA Beijing Thunisoft 91 CNY 224 242 1.39 Estun Automation 118 CNY 319 394 2.26 Glodon 40 CNY 243 354 2.03 Jonjee Hi-Tech Industrial And Commercial Holding 19 CNY 164 140 0.81 Maxscend Microelectronics 5 CNY 229 307 1.76 Venustech Group 76 CNY 329 249 1.43 Zhejiang Supor 35 CNY 268 306 1.76

1,776 1,992 11.44

HONG KONG Sun Art Retail 252 HKD 301 188 1.08

301 188 1.08

INDIA ABB India 28 INR 262 345 1.98 Apollo Hospitals Enterprise 12 INR 271 302 1.73 Astral Poly Technik 20 INR 217 351 2.02 Cipla 20 INR 166 166 0.95 Crompton Greaves Consumer Electricals 103 INR 270 393 2.26 Dixon Technologies India 2 INR 237 320 1.84 Eicher Motors 10 INR 229 255 1.46 GMM Pfaudler 6 INR 210 210 1.21 Jubilant Foodworks 14 INR 331 381 2.19 Marico 61 INR 235 247 1.42 Minda Industries 71 INR 265 283 1.62 Schaeffler India 6 INR 247 281 1.61 Voltas 33 INR 243 271 1.56

3,183 3,805 21.85

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 101 JOHCM Asia ex-Japan Small and Mid-Cap Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

INDONESIA Arwana Citramulia 10,116 IDR 317 362 2.08 Bank BTPN Syariah Tbk 1,739 IDR 381 344 1.97 Industri Jamu Dan Farmasi Sido Muncul Tbk 5,505 IDR 191 234 1.34 Nippon Indosari Corpindo 3,422 IDR 247 245 1.41 Sumber Alfaria Trijaya 10,868 IDR 369 458 2.63

1,505 1,643 9.43

LUXEMBOURG L'Occitane International 126 HKD 208 230 1.32

208 230 1.32

PHILIPPINES Wilcon Depot 1,054 PHP 274 271 1.56

274 271 1.56

SOUTH KOREA Douzone Bizon 7 KRW 306 512 2.94

306 512 2.94

TAIWAN ASMedia Technology 12 TWD 264 491 2.82 Hiwin Technologies 30 TWD 248 298 1.71 ITEQ 55 TWD 214 198 1.14 Novatek Microelectronics 32 TWD 187 308 1.77 Realtek Semiconductor 26 TWD 261 265 1.52 Voltronic Power Technology 10 TWD 205 307 1.76 Yageo 27 TWD 223 365 2.09

1,602 2,232 12.81

Transferable securities admitted to an official stock exchange listing 11,597 15,042 86.37

102 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Small and Mid-Cap Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) Other transferable securities

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

CAYMAN ISLANDS Parade Technologies 16 TWD 247 463 2.66

247 463 2.66

TAIWAN eMemory Technology 29 TWD 281 450 2.58 M31 Technology 20 TWD 162 176 1.01 Poya International 20 TWD 200 299 1.72

643 925 5.31

Other transferable securities 890 1,388 7.97

C) Other transferable securities - warrants

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

SINGAPORE Ezion Holdings 2,153 SGD - - - Chongqing Fuling Zhacai Group 64 USD 228 293 1.68 Jonjee Hi-Tech Industrial And Commercial Holding 40 USD 170 283 1.62 Montage Technology 20 USD 203 193 1.11

601 769 4.41

VIETNAM Saigon Beer Alcohol Beverage 39 USD 243 244 1.40

243 244 1.40

Other transferable securities - warrants 844 1,013 5.81

Investment in Transferable securities 13,331 17,443 100.15

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 103 JOHCM Asia ex-Japan Small and Mid-Cap Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

D) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg USD - GBP - - - 05.01.21 RBC Investor Services Luxembourg USD 1 GBP (1) - - 05.01.21 RBC Investor Services Luxembourg USD 15 GBP (11) - -

Total unrealised depreciation on forward currency contracts 31 December 2020 - -

104 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Small and Mid-Cap Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Cayman Islands 26.60 28.68 India 21.85 3.40 Taiwan 18.12 8.83 China 11.44 2.58 Indonesia 9.43 26.75 Singapore 4.41 9.63 South Korea 2.94 3.37 Philippines 1.56 10.05 Vietnam 1.40 1.86 Luxembourg 1.32 2.31 Hong Kong 1.08 - Malaysia - 2.41

Total investments at fair value through profit or loss 100.15 99.87 Other net assets/(liabilities) (0.15) 0.13

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 1.32% (2019: 2.31%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 105 JOHCM Asia ex-Japan Small and Mid-Cap Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Internet software 15.45 8.07 Electronics and electrical equipment 15.23 6.05 Electronic semiconductor 13.75 2.87 Food and distilleries 8.72 13.57 Pharmaceuticals and cosmetics 7.45 4.29 Healthcare education and social services 6.85 9.51 Business houses 6.27 7.47 Holding and finance companies 5.22 12.47 Retail 5.03 21.20 Banks and financial institutions 4.76 7.07 Mechanics and machinery 4.53 - Other services 2.02 - Public services 1.98 - Automobile industry 1.46 - Office Equipment and Computers 1.43 0.81 Graphic art and publishing - 2.41 News transmission - 1.91 Textile - 1.24 Leisure - 0.93

Total investments at fair value through profit or loss 100.15 99.87 Other net (liabilities)/assets (0.15) 0.13

Total net assets attributable to redeemable participating shareholders 100.00 100.00

106 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Asia ex-Japan Small and Mid-Cap Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Cost

’000 £’000 ’000 £’000

PURCHASES PURCHASES Bank BTPN Syariah Tbk 1,875 409 GMM Pfaudler 6 210 Jubilant Foodworks 14 331 Venustech Group 45 207 Estun Automation 118 319 Voltronic Power Technology 11 205 Luckin Coffee 10 305 Montage Technology 20 203 Sun Art Retail 252 301 China Youzan 1,272 201 ASMedia Technology 13 286 Industri Jamu Dan Farmasi Sido Apollo Hospitals Enterprise 12 270 Muncul Tbk 5,505 191 Crompton Greaves Consumer Novatek Microelectronics 32 188 Electricals 103 269 Zhejiang Supor 35 268 Alchip Technologies 36 182 Minda Industries 71 265 Cipla 20 166 Maxscend Microelectronics 6 263 Jonjee Hi-Tech Industrial And ABB India 28 262 Commercial Holding 19 164 Realtek Semiconductor 26 261 M31 Technology 20 162 Weimob 206 259 Advanced Ceramic X 18 155 Hiwin Technologies 30 248 Accton Technology 33 139 Schaeffler India 6 247 Silergy 4 113 Saigon Beer Alcohol Beverage 40 243 eMemory Technology 9 109 Archosaur Games 108 243 Voltas 33 243 The significant changes to the portfolio for the financial Glodon 40 243 year are the aggregate purchases of a security exceeding Dixon Technologies India 2 237 1% of the total value of purchases for the financial year. Marico 61 235 Where the number of purchases transactions exceeding 1% Eicher Motors 10 229 of the total value of purchases for the financial year is less than 20, then a minimum of 20 purchases will be disclosed. Yageo 27 223

Astral Poly Technik 20 217 ITEQ 55 214

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 107 JOHCM Asia ex-Japan Small and Mid-Cap Fund

SIGNIFICANT PORTFOLIO CHANGES (continued) for the financial year ended 31 December 2020

Security name Quantity Proceeds Security name Quantity Proceeds

’000 £’000 ’000 £’000

Sales Sales Li Ning 314 1,048 Ace Hardware Indonesia 2,862 222 Bank BTPN Syariah Tbk 3,333 647 Convenience Retail Asia 648 221 Chongqing Brewery 53 601 Mynews Holdings 1,648 215 Kingdee International Venustech Group 45 204 Software Group 191 469 Accton Technology 33 201 Poya International 29 461 Mayora Indah 2,094 186 Philippine Seven 218 437 Nippon Indosari Corpindo 2,995 183 Medikaloka Hermina 2,614 430 BFI Finance Indonesia 9,807 174 Silergy 7 392 Pacific Textiles Holdings 341 168 Vanguard International Semiconductor 131 342 Taiwan FamilyMart 30 165 Yihai International Holding 28 317 TCI 28 162 Jonjee Hi-Tech Industrial and Advanced Ceramic X 18 162 Commercial Holding 36 293 Synagie 2,853 135 Mitra Adiperkasa 6,073 279 Shakey's Pizza Asia Ventures 892 128 Bloomberry Resorts 1,810 273 Douzone Bizon 2 122 China Youzan 1,272 270 Ausnutria Dairy 236 254 The significant changes to the portfolio for the financial Arwana Citramulia 11,281 254 year are the aggregate sales of a security exceeding 1% Saigon Beer Alcohol Beverage 40 243 of the total value of sales for the financial year. Where the AU Small Finance Bank 39 242 number of sales transactions exceeding 1% of the total Alchip Technologies 14 233 value of sales for the financial year is less than 20, then a Jiangsu Hengshun Vinegar minimum of 20 sales will be disclosed. Industry 125 230

108 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Opportunities Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Ben Leyland, CFA Senior Fund Manager Ben joined JOHCM in April 2006 and has 19 years industry experience

Investment Management Report 110

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 111 B) OTC financial derivative instruments: open foreign currency contracts 113 Geographic division of investments 114 Economic division of investments 115 Significant portfolio changes 116

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 109 JOHCM Global Opportunities Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance The opportunity set evolved notably a definitive answer. How the market The JOHCM Global Opportunities Fund in the aftermath of the vaccine reacts to all this will depend a lot on returned 0.94%, net of fees and in announcements in early November. how extreme investors’ positioning has sterling terms for the ‘A’ share class, Eight stocks in the “Covid-disrupted become, as well as on the evolution for the 12 months to 31 December structural winners” category were of bond yields, monetary policy and 2020. The MSCI AC World NR Index up an average of 30% over the fiscal policy. Plus, there is plenty of (12pm adjusted) returned 12.50% in final quarter and this changed their added political interest, including the sterling terms over the same period. risk-reward balance, even though domestic and foreign policy agenda the vaccine removed an element of of the new US administration, a post- Portfolio review downside tail risk. Some reached Brexit environment for both the UK Continued lockdowns and economic fairly fully-valued levels, pricing in and the EU, a new trading bloc in Asia disruption led to extremely narrow close to full recovery to peak activity and a relatively new prime minister in market leadership over 2020. This levels, hence we reduced the weight in Japan. provided a significant headwind for our Safran and Nokian Tyres, and sold TJX portfolio of Covid-disrupted structural completely. By contrast, we continue Ben Leyland winners. Stocks such as Apple, to see value in names like Wartsila, Senior Fund Manager Amazon and Tesla, none of which are Thales and Continental. On the other held in the portfolio, were among the side, the modest post-vaccine rotation Past performance is not necessarily a top relative detractors as their shares allowed us to initiate small positions guide to future performance. The price advanced ever higher. While the in a number of solid compounders like of shares may go down as well as up financials and energy sectors enjoyed Wolters Kluwer, O’Reilly, Progressive and future income is not guaranteed. a vaccine-driven bounce towards the and American Tower, as well as adding end of the year, the “forgotten middle” a third US defence company, Northrop remains very much overlooked. We Grumman. are struck by the contrast between solid fundamentals and lacklustre We would like to see the global equity share price performance in areas like market become a bit less focused US utilities and US defence as well as on short-term earnings momentum specific stocks like Sanofi and Philip and a bit more focused on long-term Morris. All of these were down in US intrinsic value. This could happen as dollar terms for the 12 months, having vaccine-related news flow continues only modestly outperformed the falling to take downside tail risk off the table market in Q1 and then lagged both and investors wake up to the value pre- and post-vaccine rallies in Q2/3 available outside the long-dominant and then Q4. This goes a long way US technology sector. Given the weak to explaining the portfolio’s failure comparators, no doubt there will to grow very much at all over the be plenty of very big year-on-year last 12 months, so it is certainly a movements to catch the eye, but source of frustration but also a source normalisation of real world activity of growing excitement about the sets will no doubt be a non-linear, attractive valuations we see for what stop-start process. The most important are solid, diversified, well-invested question is which, and to what extent, businesses with strong balance sheets lockdown-enforced behavioural and good growth prospects backed up changes prove to be permanent. It is by exposure to structural tailwinds. quite possible that 2021 won’t provide

110 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Opportunities Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

FINLAND Nokian Renkaat 176 EUR 3,668 4,561 1.07 Wartsila - Class B 1,571 EUR 14,230 11,516 2.72

17,898 16,077 3.79

FRANCE Bureau Veritas 285 EUR 5,039 5,614 1.32 Safran 79 EUR 5,929 8,291 1.96 Sanofi 284 EUR 19,629 20,227 4.77 Thales 157 EUR 11,056 10,638 2.51

41,653 44,770 10.56

GERMANY Continental 97 EUR 7,866 10,559 2.49 SAP 69 EUR 7,977 6,664 1.57

15,843 17,223 4.06

GREAT BRITAIN Compass Group 800 GBP 11,039 11,021 2.60 Rio Tinto 187 GBP 7,056 10,317 2.44 Smith & Nephew 662 GBP 9,565 10,087 2.38 Unilever 305 EUR 12,476 13,494 3.18

40,136 44,919 10.60

HONG KONG China Mobile 1,381 HKD 9,422 5,770 1.36

9,422 5,770 1.36

INDIA ITC 5,586 INR 11,262 11,709 2.76

11,262 11,709 2.76

ITALY Enel 2,952 EUR 15,191 21,970 5.18

15,191 21,970 5.18

JAPAN KDDI 378 JPY 8,959 8,248 1.94 Nippon Telegraph & Telephone 473 JPY 8,383 8,893 2.10 Pola Orbis Holdings 153 JPY 2,237 2,278 0.54 Sugi Holdings 216 JPY 8,013 10,604 2.50

27,592 30,023 7.08

JERSEY Ferguson 50 GBP 2,407 4,410 1.04

2,407 4,410 1.04

NETHERLANDS Wolters Kluwer 21 EUR 1,267 1,285 0.30

1,267 1,285 0.30

PORTUGAL Galp Energia 1,477 EUR 15,381 11,638 2.75

15,381 11,638 2.75

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 111 JOHCM Global Opportunities Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

SWITZERLAND Roche Holding 25 CHF 5,249 6,489 1.53 Schindler Holding 20 CHF 3,395 3,929 0.93

8,644 10,418 2.46

UNITED STATES American Tower 13 USD 2,152 2,103 0.50 Atmos Energy 189 USD 14,612 12,985 3.06 CME Group 57 USD 7,412 7,436 1.76 Exelon 472 USD 15,573 14,495 3.42 L3Harris Technologies 121 USD 16,817 16,710 3.94 M&T Bank 82 USD 8,678 7,602 1.79 Motorola Solutions 73 USD 8,428 8,899 2.10 Northrop Grumman 35 USD 7,929 7,805 1.84 Oracle 424 USD 15,989 19,993 4.72 O'Reilly Automotive 8 USD 2,731 2,675 0.63 Philip Morris International 372 USD 22,795 22,197 5.24 Progressive 75 USD 5,206 5,365 1.27 Public Service Enterprise Group 211 USD 8,355 8,873 2.09 Raytheon Technologies 214 USD 11,999 11,183 2.64 Sempra Energy 136 USD 13,192 12,515 2.95 Tractor Supply 53 USD 4,312 5,516 1.30

166,180 166,352 39.25

Transferable securities admitted to an official stock exchange listing - equities 372,876 386,564 91.19

IRELAND BlackRock ICS US Treasury Fund 6,480 USD 4,819 4,748 1.12 Goldman Sachs - US$ Treasury Liquid Reserves Fund 6,479 USD 4,819 4,748 1.12

9,638 9,496 2.24

LUXEMBOURG JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Fund 6,482 USD 4,820 4,750 1.12

4,820 4,750 1.12

Transferable securities admitted to an official stock exchange listing - investment fund 14,458 14,246 3.36

Transferable securities admitted to an official stock exchange listing 387,334 400,810 94.55

112 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Opportunities Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg GBP 5 USD (7) - - 04.01.21 RBC Investor Services Luxembourg GBP 45 USD (61) 1 - 04.01.21 RBC Investor Services Luxembourg GBP 42 USD (57) - - 04.01.21 RBC Investor Services Luxembourg USD 13 EUR (11) - - 04.01.21 RBC Investor Services Luxembourg USD 162 EUR (132) - - 04.01.21 RBC Investor Services Luxembourg USD 19 EUR (15) - - 04.01.21 RBC Investor Services Luxembourg USD 127 EUR (103) - - 05.01.21 RBC Investor Services Luxembourg USD 1,572 EUR (1,278) 2 - 05.01.21 RBC Investor Services Luxembourg USD 294 EUR (239) 1 - 05.01.21 RBC Investor Services Luxembourg GBP 17 USD (22) - - 05.01.21 RBC Investor Services Luxembourg USD - EUR - - - 05.01.21 RBC Investor Services Luxembourg GBP - USD - - - 05.01.21 RBC Investor Services Luxembourg GBP - USD - - - 05.01.21 RBC Investor Services Luxembourg GBP - USD (1) - - 29.01.21 RBC Investor Services Luxembourg EUR 51 USD (63) - - 29.01.21 RBC Investor Services Luxembourg GBP 744 USD (1,004) 8 -

Total unrealised appreciation on forward currency contracts 31 December 2020 12 -

04.01.21 RBC Investor Services Luxembourg EUR 201 USD (247) - - 04.01.21 RBC Investor Services Luxembourg USD 73 EUR (60) (1) - 04.01.21 RBC Investor Services Luxembourg USD 63 GBP (46) - - 04.01.21 RBC Investor Services Luxembourg USD 224 JPY (23,226) (1) - 04.01.21 RBC Investor Services Luxembourg USD 290 GBP (213) (1) - 04.01.21 RBC Investor Services Luxembourg USD 81 GBP (60) - - 04.01.21 RBC Investor Services Luxembourg USD 499 GBP (367) (2) - 04.01.21 RBC Investor Services Luxembourg USD 29 GBP (21) - - 04.01.21 RBC Investor Services Luxembourg EUR 126 USD (156) - - 04.01.21 RBC Investor Services Luxembourg EUR 110 USD (135) - - 05.01.21 RBC Investor Services Luxembourg USD 132 JPY (13,675) - - 05.01.21 RBC Investor Services Luxembourg EUR 132 USD (162) - - 05.01.21 RBC Investor Services Luxembourg USD 96 GBP (70) - - 05.01.21 RBC Investor Services Luxembourg USD 61 GBP (45) - - 05.01.21 RBC Investor Services Luxembourg USD 58 GBP (43) - - 05.01.21 RBC Investor Services Luxembourg USD 1,112 GBP (817) (3) - 05.01.21 RBC Investor Services Luxembourg EUR - USD - - - 05.01.21 RBC Investor Services Luxembourg EUR - USD - - -

Total unrealised depreciation on forward currency contracts 31 December 2020 (8) -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 113 JOHCM Global Opportunities Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

United States 39.25 29.92 Great Britain 10.60 12.28 France 10.56 8.75 Japan 7.08 6.10 Italy 5.18 5.01 Germany 4.06 2.42 Finland 3.79 5.26 India 2.76 - Portugal 2.75 3.17 Switzerland 2.46 2.19 Ireland 2.24 5.94 Hong Kong 1.36 1.53 Luxembourg 1.12 2.97 Jersey 1.04 2.50 Netherlands 0.30 1.91

Total investments 94.55 89.95 Open foreign currency contracts - 0.03

Total investments at fair value through profit or loss 94.55 89.98 Other net assets 5.45 10.02

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 40.60% (2019: 47.71%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

114 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Opportunities Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Public services 16.70 10.13 News transmission 11.44 4.16 Aerospace technology 8.95 9.47 Tobacco and spirits 8.00 4.94 Pharmaceuticals and cosmetics 6.84 6.14 Internet software 6.29 7.17 Holding and finance companies 4.89 3.48 Mechanics and machinery 3.65 4.31 Tires and rubber 3.56 2.31 Investment funds 3.36 8.91 Food and distilleries 3.18 1.32 Petrol 2.75 5.84 Leisure 2.60 2.49 Non-ferrous metals 2.44 2.84 Healthcare education and social services 2.38 - Banks and financial institutions 1.79 1.98 Other services 1.32 - Retail 1.30 4.71 Insurance 1.27 1.70 Construction and building material 1.04 2.50 Real estate companies 0.50 -

Graphic art and publishing 0.30 - Consumer goods - 4.28 Electronics and electrical equipment - 1.27

Total investments 94.55 89.95 Open foreign currency contracts - 0.03

Total investments at fair value through profit or loss 94.55 89.98 Other net assets 5.45 10.02

Total net assets attributable to redeemable participating shareholders 100.00 100.00

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 115 JOHCM Global Opportunities Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES SALES JPMorgan Liquidity Funds - US BlackRock ICS US Treasury Fund 68,986 54,005 Dollar Treasury Liquidity Fund 59,341 46,382 Goldman Sachs - US$ Treasury Goldman Sachs - US$ Treasury Liquid Reserves Fund 68,986 54,003 Liquid Reserves Fund 59,339 46,381 JPMorgan Liquidity Funds - US BlackRock ICS US Treasury Fund 59,339 46,379 Dollar Treasury Liquidity Fund 68,985 54,001 Sempra Energy 374 36,316 Sempra Energy 238 22,865 Compass Group 1,266 18,167 Safran 193 17,380 Enel 2,577 17,191 Atmos Energy 227 17,622 Tractor Supply 185 14,978 L3Harris Technologies 124 17,178 Ferguson 182 13,287 ITC 6,972 14,100 Compass Group 1,037 13,091 Exelon 446 14,000 O'Reilly Automotive 40 11,992 Safran 187 13,947 Nokian Renkaat 555 11,725 Continental 163 13,228 TJX Cos 249 11,321 KDDI 491 11,637 Royal Dutch Shell - Class B 516 9,265 Enel 1,904 10,993 Robert Half International 216 9,201 Smith & Nephew 677 9,781 Henkel 131 9,137 O'Reilly Automotive 31 9,657 Nippon Telegraph & Telephone 435 8,107 Sanofi 128 9,236 Oracle 181 7,789 Motorola Solutions 78 9,043 National Grid 802 7,153 SAP 73 8,452 Fastenal 249 6,791 Pola Orbis Holdings 562 8,238 Thales 102 6,674 Northrop Grumman 35 7,929 Pola Orbis Holdings 409 6,151 Thales 118 7,644 St James's Place 729 5,890 CME Group 59 7,607 Alphabet 5 5,694 Raytheon 56 7,534 Rio Tinto 139 5,693 Robert Half International 216 7,217 PepsiCo 53 5,663 Tractor Supply 91 6,891 Sage Group 801 5,561 Schindler Holding 39 6,650 United Technologies 63 5,453 Philip Morris International 105 6,117 Continental 66 5,343 Nippon Telegraph & Telephone 313 5,753 Mitsubishi Electric 527 5,289 Bureau Veritas 315 5,578 Wartsila - Class B 715 5,137 Sanofi 69 5,085 Progressive 75 5,206 Exelon 32 5,007 Unilever 132 5,129 Public Service Enterprise Group 125 4,932 The significant changes to the portfolio for the financial Roche Holding 19 4,915 year are the aggregate purchases of a security exceeding Accenture 32 4,889 1% of the total value of purchases for the financial year. Where the number of purchases transactions exceeding 1% The significant changes to the portfolio for the financial of the total value of purchases for the financial year is less year are the aggregate sales of a security exceeding 1% than 20, then a minimum of 20 purchases will be disclosed. of the total value of sales for the financial year. Where the number of sales transactions exceeding 1% of the total value of sales for the financial year is less than 20, then a minimum of 20 sales will be disclosed.

116 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Japan Dividend Growth Fund1

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Investment Management Report 118

Significant portfolio changes 119

1 JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 117 JOHCM Japan Dividend Growth Fund1

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance The valuation gap between value and The JOHCM Japan Dividend Growth growth has never been wider than Fund returned -7.20%, net of fees and in 2020. This is because investors, in sterling terms for the ‘A’ share class, concerned about the prolonged impact for the five months to 31 May 2020. of Covid-19 on the global economy, Over the same period the Topix 100 have focused on a small number of Index (12pm adjusted) returned companies which they believe could -0.24% in sterling terms. prosper in a pandemic and have been prepared to pay ever higher Portfolio review multiples for those stocks. This acted Japan was hit early by Covid-19, due as a significant headwind for our in no small part to the huge numbers more value-oriented portfolio. For of Chinese tourists who have been example, not owning pharmaceutical visiting the country for the past few names such as Daiichi Sankyo and years. It made the headlines early Chugai Pharmaceutical hurt relative on when the Diamond Princess cruise returns while our void in Keyence also ship docked in Yokohama and the provided a drag. Japanese authorities were seen to have mishandled the testing and Scott McGlashan quarantining of the 3,500 passengers Senior Fund Manager on board. Nevertheless Japan has had a relatively low number of cases and Ruth Nash deaths, and the government is clearly Senior Fund Manager trying to balance health risks with risks to the overall economy. Past performance is not necessarily a guide to future performance. The price When the pandemic first hit, it of shares may go down as well as up delivered a supply shock, a demand and future income is not guaranteed. shock, a credit shock, and an oil price shock. We therefore took the decision early on to cut positions in some of our more economically- sensitive names. Where we bought stocks, we focused on those with strong balance sheets allowing them to continue to pay dividends and undertake share buybacks whilst they weather the storm.

1 JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 118 JOHCM Japan Dividend Growth Fund1

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES2 SALES3 Sumitomo Mitsui Financial Group 5 102 Toyota Motor 8 391 Japan Post Holdings 15 100 KDDI 12 287 KDDI 4 89 Z Holdings 86 282 Japan Airlines 3 66 Japan Post Holdings 43 274 Hankyu Hanshin Holdings 2 56 Sekisui House 16 230 Fujifilm Holdings 6 228 Sumitomo Electric Industries 7 55 Hitachi 9 226 2 Represents total purchases during the year. Taisei 8 221 TDK 3 221 The significant changes to the portfolio for the financial Mitsubishi 12 219 year are the aggregate purchases of a security exceeding Japan Airlines 12 219 1% of the total value of purchases for the financial year. Hankyu Hanshin Holdings 7 210 Where the number of purchases transactions exceeding 1% Tokio Marine Holdings 6 210 of the total value of purchases for the financial year is less Toyota Industries 5 202 than 20, then a minimum of 20 purchases will be disclosed. Mitsubishi Chemical Holdings 42 201 Nippon Express 5 197 Minebea 12 195 Seven & i Holdings 7 190 Fuji Heavy Industries 11 188 Shin-Etsu Chemical 2 186 Mitsubishi Estate 15 182 Sumitomo Electric Industries 20 180 ORIX 17 175 ENEOS Holdings 58 170 MS&AD Insurance Group Holdings 7 159 Nippon Steel 15 158 East Japan Railway 3 154 Sekisui Chemical 14 153 Denso 5 147 Resona Holdings 55 146 Asahi Glass 6 140 Mitsubishi Electric 13 137 Sumitomo Mitsui Trust Holdings 5 117 Daiwa Securities 35 116 Canon 7 116 Sumitomo Mitsui Financial Group 5 113 Dai Nippon Printing 5 91

3 Represents total sales during the year.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 119 120 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Concentrated Value Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Robrecht Wouters Senior Fund Manager Robrecht joined JOHCM in September 2003 and has 30 years industry experience

Investment Management Report 122

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 123 Geographic division of investments 124 Economic division of investments 125 Significant portfolio changes 126

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 121 JOHCM European Concentrated Value Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance vaccinations provided a realistic The JOHCM European Concentrated prospect of normalisation of daily Value Fund returned -1.72%, net of life and allowed investors to look fees and in euro terms for the ‘A’ share beyond the record infections and class, for the calendar year 2020. newly imposed pandemic restrictions. The MSCI Europe NR Index (12pm Hence, investors began to reassess adjusted) returned -3.12% over the the value of businesses on the same period. ’normalised’ cash flow power. It was no surprise, therefore, that cyclicals and Portfolio review Covid-affected defensives performed With Covid-19 infections appearing strongly, helping the Fund to end the across Europe and infection numbers year well. rising at an alarming pace, the year began in volatile fashion for European The Fund’s outperformance over the equities. In trying to contain the year was largely thanks to our zero- Coronavirus pandemic, governments weighting in financials (for structural imposed lockdowns on normal life and and fundamental reasons the sector shut down large parts of economies. underperformed heavily in the sell- European equity markets dropped off), our underweight in energy and significantly in March, adding to our overweight in technology. Within their sharp dive in the last week of technology, our holdings in Infineon, February, but bounced off their lows Nokia and Oracle all added value. On after central banks and governments the negative side, the laggards were across Europe and the wider world largely pandemic-hit businesses such announced stimulus packages. as aerospace group Rolls-Royce, JC “Markets stop panicking when policy- Decaux and Metro AG. Although the makers start panicking”. prospect of normalisation of daily life increased investors’ confidence to We took a short-term tactical decision look beyond depressed earnings levels in February to temporarily reduce the and reassess the true value of these weights of the few cyclical stocks that businesses towards the end of the had an above-average position size in year, in our view, a lot more value is to the Fund – JC Decaux, Roll-Royce and be rediscovered. ThyssenKrupp. Robrecht Wouters The vaccine breakthroughs towards Senior Fund Manager the end of the year provided welcome relief to markets which soared in Past performance is not necessarily a November and continued their guide to future performance. The price ‘vaccine rally’ in December. From of shares may go down as well as up the March lows, European equities and future income is not guaranteed. rallied by over 49%. The start of

122 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Concentrated Value Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

BELGIUM Anheuser-Busch InBev 88 EUR 4,383 4,524 3.82

4,383 4,524 3.82

FINLAND Wartsila - Class B 551 EUR 5,729 4,037 3.40

5,729 4,037 3.40

FRANCE Danone 134 EUR 7,090 6,519 5.50 Imerys 114 EUR 5,569 3,988 3.36 Sanofi 66 EUR 4,659 4,681 3.95 Schneider Electric 22 EUR 1,811 2,361 1.99 Vivendi 204 EUR 3,695 4,846 4.09

22,824 22,395 18.89

GERMANY Bayer 81 EUR 4,817 3,512 2.96 Continental 51 EUR 3,723 5,603 4.73 Deutsche Post 132 EUR 3,158 4,805 4.05 Henkel 57 EUR 4,594 4,065 3.43 Metro 572 EUR 6,865 4,735 3.99 SAP 31 EUR 2,782 2,970 2.51 Siemens 39 EUR 3,441 4,101 3.46 ThyssenKrupp 736 EUR 6,734 5,375 4.53 United Internet 109 EUR 3,395 3,371 2.84

39,509 38,537 32.50

GREAT BRITAIN Liberty Global - Class C 433 USD 9,318 7,490 6.31 Rolls-Royce Holdings 4,266 GBP 6,540 4,752 4.01

15,858 12,242 10.32

ITALY Enel 615 EUR 4,260 4,576 3.86

4,260 4,576 3.86

NETHERLANDS Heineken Holding 89 EUR 5,932 6,210 5.24 OCI 274 EUR 5,083 3,858 3.25 Wolters Kluwer 34 EUR 1,451 2,135 1.80

12,466 12,203 10.29

SPAIN Grifols 191 EUR 3,992 4,125 3.48

3,992 4,125 3.48

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 123 JOHCM European Concentrated Value Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

SWITZERLAND SIG Combibloc Group 219 CHF 3,275 3,736 3.15

3,275 3,736 3.15

UNITED STATES Oracle 150 USD 5,530 7,073 5.96

5,530 7,073 5.96

Transferable securities admitted to an official stock exchange listing 117,826 113,448 95.67

124 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Concentrated Value Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Germany 32.50 31.18 France 18.89 20.79 Great Britain 10.32 16.22 Netherlands 10.29 10.67 United States 5.96 5.64 Italy 3.86 - Belgium 3.82 - Spain 3.48 3.40 Finland 3.40 5.03 Switzerland 3.15 2.45

Total investments 95.67 95.38 Open foreign currency contracts - (0.05)

Total investments at fair value through profit or loss 95.67 95.33 Other net assets 4.33 4.67

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 86.56% (2019: 87.29%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 125 JOHCM European Concentrated Value Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Internet software 11.31 14.99 Food and distilleries 9.49 9.74 Tobacco and spirits 9.06 4.61 News transmission 6.31 7.47 Chemicals 6.21 7.33 Graphic art and publishing 5.89 10.99 Electronics and electrical equipment 5.45 2.45 Tyre and rubber 4.73 - Mines and heavy machinery 4.53 4.35 Transportation 4.05 3.76 Aerospace technology 4.01 3.87 Pharmaceuticals and cosmetics 3.95 4.03 Public services 3.86 - Biotechnology 3.48 3.40 Consumer goods 3.43 6.65 Mechanics and machinery 3.40 5.16 Construction and building material 3.36 3.15

Holding and finance companies 3.15 - Petrol - 3.43

Total investments 95.67 95.38 Open foreign currency contracts - (0.05)

Total investments at fair value through profit or loss 95.67 95.33 Other net assets 4.33 4.67

Total net assets attributable to redeemable participating shareholders 100.00 100.00

126 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM European Concentrated Value Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES1 SALES Continental 83 6,412 SAP 81 8,006 Enel 651 4,512 Reckitt Benckiser Group 111 7,513 Rolls-Royce Holdings 2,966 4,401 United Internet 238 6,642 Anheuser-Busch InBev 88 4,383 JCDecaux 344 5,657 Schneider Electric 47 3,863 Infineon Technologies 213 5,235 Metro 416 3,700 Nokia 1,616 5,022 SIG Combibloc Group 219 3,276 Oracle 122 4,827 Danone 67 3,189 Royal Dutch Shell - Class B 260 4,583 Infineon Technologies 213 3,105 Vivendi 216 4,435 ThyssenKrupp 581 2,840 Schindler Holding 24 4,346 United Internet 82 2,682 ThyssenKrupp 568 4,040 Heineken Holding 37 2,478 Danone 72 3,948 Liberty Global - Class C 142 2,391 Metro 486 3,879 SAP 21 2,327 Wolters Kluwer 62 3,719 Grifols 88 1,995 Heineken Holding 53 3,614 Siemens 21 1,929 Liberty Global - Class C 245 3,551 Sanofi 24 1,775 Sanofi 48 3,527 Bayer 40 1,717 Bayer 63 3,376 Henkel 24 1,700 Deutsche Post 119 3,119 Rolls-Royce Holdings 825 1,660 Grifols 113 2,766 Wartsila - Class B 229 1,550 Continental 32 2,697 Oracle 31 1,401 Rolls-Royce Holdings 500 2,462 Wolters Kluwer 19 1,148 Henkel 35 2,268 Vivendi 52 1,129 Schneider Electric 25 2,263 JCDecaux 72 1,010 OCI 182 2,157 OCI 76 844 Siemens 24 2,018 1 Represents total purchases during the year. Imerys 70 1,876 Wartsila - Class B 227 1,501 The significant changes to the portfolio for the financial year are the aggregate purchases of a security exceeding The significant changes to the portfolio for the financial 1% of the total value of purchases for the financial year. year are the aggregate sales of a security exceeding 1% Where the number of purchases transactions exceeding 1% of the total value of sales for the financial year. Where the of the total value of purchases for the financial year is less number of sales transactions exceeding 1% of the total than 20, then a minimum of 20 purchases will be disclosed. value of sales for the financial year is less than 20, then a minimum of 20 sales will be disclosed.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 127 128 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM UK Dynamic Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Alex Savvides Senior Fund Manager Alex joined JOHCM in March 2003 and has 24 years industry experience

Investment Management Report 130

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 131 Geographic division of investments 133 Economic division of investments 134 Significant portfolio changes 135

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 129 JOHCM UK Dynamic Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance number of under-priced, idiosyncratic success. The Fund’s outperformance The JOHCM UK Dynamic Fund returned business transformation stories that in Q4 demonstrates that momentum -18.27%, net of fees and for the ‘Y’ had fallen into the Fund’s investable is already beginning to rebuild and, share class, for the 2020 calendar year. universe following four years of most notably, that the undue under- The FTSE All-Share Total Return Index uncertainty from the US-China trade valuation of good companies cannot go (12pm adjusted) returned -9.52% over war and Brexit. Having looked like this on ignored. The Fund received an all- the same period. uncertainty was coming to an end at time record three bids in Q4 (McCarthy the beginning of 2020, the pandemic & Stone, Urban & Civic and Elementis). Portfolio review put this in immediate reverse, However, it is the strategic momentum 2020 will disappointingly be accelerating in the other direction, with exhibited by the Fund’s holdings in the remembered as the Fund’s worst the VIX index, a measure of volatility, year we are most excited about. The annual performance in its closing at its highest ever level on 16 strategic developments delivered by 13-year lifetime. Looking back, the March. Markets immediately took a some of the management teams of the underperformance was as much about dim view of any stock that might be Fund’s holdings throughout the crisis a lack of enough notable winners as deemed less than high quality and have been nothing short of exemplary. it was about the presence of outsized particularly if it had high debt levels Demonstrable stakeholder value has losers. We are confident that the and/or was cyclical, both common been created in the year, and whilst underperformance experienced in 2020 characteristics of many recovery stories this remains ignored by the market, represents a matter of timing, rather at the time. it represents the possibility of latent than a measure of the quality of the performance for this Fund. DMGT, portfolio’s holdings. The Fund’s continued under- Pearson, Convatec, Centrica, Aviva, performance in Q2 and Q3 was and St Modwen may not yet be seen as 2020 did not start well for the Fund, disappointing, not least because the market’s ‘winners’, but with their even pre-Covid. There was a profit material progress and, in many cases, new purposeful management teams warning from one of its smallest important strategic announcements and clear strategies we believe it will positions, SIG, (subsequently sold), by portfolio companies were being just be a matter of time. further downgrades at Elementis ignored by the market. Setting aside and strong Christmas trading from the randomness of the Fund not Alex Savvides Morrisons that fell on deaf ears as holding a single stock that proved to Senior Fund Manager the market worried about continued be a beneficiary of the pandemic and price deflation. Whilst it was a poor its resultant lockdowns, nearly all Past performance is not necessarily a start, the real impact on performance the perceived ‘winners’ in the market guide to future performance. The price in Q1 came from the huge divergence resided in more growth-oriented of shares may go down as well as up and in stock prices following the Covid-19 digital, ecommerce, technology and future income is not guaranteed. outbreak as the market sought to sift biotechnology related areas – not ‘winners’ from ‘losers.’ the standard preserve of a business transformation strategy – and The Fund’s pro-cyclical and pro-UK therefore difficult for the Fund to even tilt into this period was undoubtedly add exposure to during the year. unhelpful but by no means outsized. The portfolio positioning resulted not The Fund may not have had enough so much from the Conservative Party ‘winners’ in 2020 but that does not winning its largest majority in over 30 mean its future winners have not years two months before, but from the already been plotting their path to that

130 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM UK Dynamic Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

GREAT BRITAIN 3i 18 GBP 176 205 4.99 Aggreko 15 GBP 89 93 2.26 Anglo American 9 GBP 162 210 5.11 Aviva 55 GBP 211 180 4.38 Barclays 124 GBP 202 183 4.46 BP 58 GBP 249 149 3.63 Centrica 183 GBP 96 85 2.07 ConvaTec Group 73 GBP 140 145 3.53 Crest Nicholson Holdings 23 GBP 72 75 1.83

Daily Mail & General Trust 25 GBP 183 188 4.58 Direct Line Insurance Group 20 GBP 60 64 1.56 Electrocomponents 15 GBP 98 130 3.17 Elementis 54 GBP 68 62 1.51 Euromoney Institutional Investor 4 GBP 47 42 1.02 GlaxoSmithKline 13 GBP 205 177 4.31 HSBC Holdings 20 GBP 124 77 1.88 Hyve Group 30 GBP 53 34 0.83 IMI 2 GBP 19 20 0.49 ITV 112 GBP 128 120 2.92 John Wood Group 15 GBP 49 46 1.12 Jupiter Fund Management 18 GBP 46 51 1.24 Melrose Industries 57 GBP 98 102 2.48 Moneysupermarket.com Group 17 GBP 52 44 1.07 Numis 14 GBP 47 48 1.17 Pearson 12 GBP 70 85 2.07 Provident Financial 10 GBP 31 31 0.76 PZ Cussons 12 GBP 24 28 0.68 QinetiQ 40 GBP 114 129 3.14 Restaurant Group 69 GBP 89 45 1.10 Ricardo 9 GBP 39 30 0.73 Royal Dutch Shell 'B' 7 GBP 151 87 2.12 RWS Holdings 2 GBP 10 13 0.32 St Modwen Properties 32 GBP 131 129 3.14 Stock Spirits Group 25 GBP 56 67 1.63 Tesco 45 GBP 106 105 2.56 Travis Perkins 4 GBP 57 56 1.36 TT Electronics 20 GBP 45 41 1.00 Ultra Electronics Holdings 2 GBP 36 36 0.88 Unilever 1 GBP 49 47 1.14

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 131 JOHCM UK Dynamic Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

GREAT BRITAIN Urban & Civic 18 GBP 54 62 1.51 continued Vodafone Group 124 GBP 189 151 3.68 WM Morrison Supermarkets 89 GBP 182 158 3.85

4,107 3,830 93.28

JERSEY Man Group 50 GBP 77 69 1.68 WPP 18 GBP 148 144 3.51

225 213 5.19

Transferable securities admitted to an official stock exchange listing - equities 4,332 4,043 98.47

GREAT BRITAIN Sdcl Energy Efficiency Income Trust 16 GBP 17 17 0.41

17 17 0.41

Transferable securities admitted to an official stock listing - exchange investment fund 17 17 0.41

Transferable securities admitted to an official stock exchange listing 4,349 4,060 98.88

132 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM UK Dynamic Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Geographic division of investments

Net assets Net assets 2020 2019

% %

Great Britain 93.69 94.49 Jersey 5.19 4.45

Total investments at fair value through profit or loss 98.88 98.94 Other net assets 1.12 1.06

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 93.69% (2019: 94.49%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 133 JOHCM UK Dynamic Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Economic division of investments

Net assets Net assets 2020 2019

% %

Graphic art and publishing 12.01 8.51 Holding and finance companies 8.67 11.54 Banks and financial institutions 7.51 10.89 Retail 7.09 6.31 Petrol 6.87 10.26 News transmission 6.60 5.54 Insurance 5.94 3.43 Mechanics and machinery 5.23 3.53 Non-ferrous metals 5.11 6.33 Real estate companies 4.65 6.20 Pharmaceuticals and cosmetics 4.31 0.53 Other services 4.26 0.63 Aerospace technology 4.02 3.93 Construction and building material 3.19 4.55

Business houses 3.17 3.31 Public services 2.07 1.78 Tobacco and spirits 1.63 1.26 Chemicals 1.51 2.86 Food and distilleries 1.14 0.09 Leisure 1.10 2.69 Internet software 1.07 1.98 Electronic semiconductor 1.00 1.12 Investment funds 0.41 - Office equipment, computers 0.32 - Transportation - 1.67

Total investments at fair value through profit or loss 98.88 98.94 Other net assets 1.12 1.06

Total net assets attributable to redeemable participating shareholders 100.00 100.00

134 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM UK Dynamic Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Cost

’000 £’000 ’000 £’000

PURCHASES PURCHASES BP 59 217 Aggreko 16 81 ConvaTec Group 101 201 Electrocomponents 11 78 Direct Line Insurance Group 60 181 HSBC Holdings 15 75 Pearson 32 178 Ricardo 15 74 GlaxoSmithKline 11 177 Lloyds Banking Group 149 70 Aviva 53 165 Restaurant Group 84 70 WPP 21 160 Elementis 82 68 Anglo American 8 157 Wm Morrison Supermarkets 81 150 Moneysupermarket.com Group 21 64 Daily Mail & General Trust 19 146 Hyve Group 29 53 Vodafone Group 108 143 Unilever 1 53 3i 14 142 Man Group 37 52 Centrica 255 140 John Wood Group 16 51 ITV 132 132 Hammerson 23 51 Royal Dutch Shell - Class B 7 130 Ultra Electronics Holdings 2 49 Barclays 93 128 Rio Tinto 1 49 Provident Financial 42 128 McCarthy & Stone 79 105 The significant changes to the portfolio for the financial Tesco 43 102 year are the aggregate purchases of a security exceeding QinetiQ 32 100 1% of the total value of purchases for the financial year. Melrose Industries 69 96 Where the number of purchases transactions exceeding 1% Jupiter Fund Management 36 95 of the total value of purchases for the financial year is less St Modwen Properties 22 94 than 20, then a minimum of 20 purchases will be disclosed. Crest Nicholson Holdings 30 88 Travis Perkins 6 83

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 135 JOHCM UK Dynamic Fund

SIGNIFICANT PORTFOLIO CHANGES (continued) for the financial year ended 31 December 2020

Security name Quantity Proceeds Security name Quantity Proceeds

’000 £’000 ’000 £’000

SALES SALES GlaxoSmithKline 47 772 Urban & Civic 88 265 3i 67 668 Man Group 187 260 BP 167 658 Essentra 70 245 Anglo American 31 617 McCarthy & Stone 218 245 Royal Dutch Shell - Class B 34 568 Euromoney Institutional Investor 20 214 Electrocomponents 84 559 Moneysupermarket.com Group 67 210 Wm Morrison Supermarkets 292 539 Stock Spirits Group 96 204 Vodafone Group 380 514 Barclays 365 511 John Wood Group 66 197 QinetiQ 143 483 Crest Nicholson Holdings 57 191 Aviva 141 480 Aggreko 28 178 Tesco 198 460 Travis Perkins 13 175 Rio Tinto 11 460 Chemring 61 165 Daily Mail & General Trust 58 437 ConvaTec Group 84 164 Lloyds Banking Group 1,060 432 TT Electronics 73 161 HSBC Holdings 85 411 WPP 46 364 The significant changes to the portfolio for the financial year St Modwen Properties 80 340 are the aggregate sales of a security exceeding 1% of the Melrose Industries 175 299 total value of sales for the financial year. Where the number ITV 278 288 of sales transactions exceeding 1% of the total value of Restaurant Group 304 271 sales for the financial year is less than 20, then a minimum of 20 sales will be disclosed. Centrica 421 271

136 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Income Builder Fund

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Giorgio Caputo Senior Fund Manager Giorgio joined JOHCM in August 2017 and has 23 years industry experience

Investment Management Report 138

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 139 B) Other transferable securities dealt on an other regulated market 144 C) Other transferable securities 145 D) OTC financial derivative instruments: open foreign currency contracts 146 Geographic division of investments 147 Economic division of investments 148 Significant portfolio changes 149

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 137 JOHCM Global Income Builder Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance our fixed income holdings, particularly defensive stocks that can offset The JOHCM Global Income Builder within US corporate debt. Our equities inflation with pricing power replacing Fund returned 0.53% in sterling terms, exposure weighed on returns in credit. net of fees for the ‘A’ share class, for aggregate as weakness in some of our the calendar year 2020. UK holdings outweighed strength in “Clean Living” is coming to income - emerging Asia. Unsurprisingly the list Income funds are some of the worst Portfolio review of top individual contributors over the ESG offenders prominently featuring The economic carnage wrought by year was dominated by our technology tobacco producers and non-aligned state-imposed lockdowns across names. Microsoft was the top energy companies. We are proud the world, introduced to contain performer while chip-makers Samsung to be one of the more sustainable the Covid-19 virus, led to an Electronics and Taiwan Semiconductor income funds in our category and to unprecedented response from national benefited from improving memory be rated 4 Globes for sustainability by governments and central banks. Many and strong semiconductor markets. Morningstar. It is worth highlighting countries, including the US, engaged in Samsung Electronics is also well- that we fully completed the divesture massive fiscal and monetary stimulus positioned for growth in data centres of our tobacco holdings during the in order to mitigate the sharp jump in and the deployment of 5G technology. quarter, on sustainability concerns. unemployment and collapse in citizens’ Elsewhere, our holdings in gold-related incomes, as well as keep afloat investments added value amid soaring Flexible construction is essential for swathes of the corporate sector. gold prices. income investors to manage rate risk - Unlike bond funds, we can generate With markets recovering in Q2, we Our individual portfolio laggards were income and appreciation from equities were net sellers of 400bps of equity largely from pandemic-hit sectors such that can benefit from rising rates and after buying over 1000bps in Q1. as financials, energy and real estate. inflation. This can balance the interest Given broad uncertainty, we sought a Catering company Compass Group rate risk of traditional fixed income balanced approach to income. was the main laggard. It has a solid and other rate sensitive holdings that Our portfolio included a blend of balance sheet and is well-placed to could be hurt as interest rates rise. defensives and quality compounders gain share from weaker competitors in an attempt to provide stable income when conditions further normalise. Giorgio Caputo and longer-term capital appreciation Senior Fund Manager as well as cyclical and recovery- For 2021, we would highlight three oriented investments that could add key considerations for global value and Past performance is not necessarily a some torque if things normalised income investors: guide to future performance. The price faster than expected. of shares may go down as well as up Stocks are the new bonds - With fixed and future income is not guaranteed. Breaking down the portfolio’s income offering minimal yield and high performance over the year by asset interest rate risk, our portfolio skews class, positive contributions came from toward equities, with carefully-selected

138 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

BERMUDA Great Eagle Holdings 124 HKD 293 250 0.23 Hongkong Land Holdings 80 USD 285 242 0.23 Jardine Matheson Holdings 15 USD 524 599 0.56 Mandarin Oriental International 226 USD 304 282 0.27

1,406 1,373 1.29

CANADA Agnico Eagle Mines 11 USD 430 587 0.55 Franco-Nevada 8 CAD 700 753 0.71

1,130 1,340 1.26

FRANCE Air Liquide 8 EUR 915 898 0.84 Bouygues 17 EUR 523 528 0.50 Bureau Veritas 28 EUR 509 551 0.52 Cie de Saint-Gobain 16 EUR 529 545 0.51 Danone 25 EUR 1,410 1,232 1.16 Sanofi 19 EUR 1,316 1,316 1.23 Total 33 EUR 997 1,049 0.98

6,199 6,119 5.74

GERMANY Allianz 6 EUR 1,006 1,115 1.05 Duerr 22 EUR 491 649 0.61 SAP 9 EUR 877 863 0.81 SAP 2 USD 161 174 0.16

2,535 2,801 2.63

GREAT BRITAIN Anglo American 22 GBP 545 528 0.49 AstraZeneca 13 GBP 1,027 920 0.86 Coca-Cola European Partners 25 USD 755 896 0.84 Compass Group 39 GBP 498 544 0.51 Diageo 36 GBP 981 1,041 0.98 GlaxoSmithKline 78 GBP 1,236 1,054 0.99 Lloyds Banking Group 1,542 GBP 665 564 0.53 Reckitt Benckiser Group 12 GBP 788 807 0.76 Royal Dutch Shell - Class B 60 GBP 615 756 0.71 Unilever 29 GBP 1,294 1,297 1.22 Vodafone Group 990 GBP 1,140 1,203 1.13

9,544 9,610 9.02

HONG KONG Hang Lung Properties 256 HKD 442 495 0.47 Hysan Development 96 HKD 270 259 0.24

712 754 0.71

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 139 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

IRELAND CRH 28 GBP 551 862 0.81 Linde 6 USD 891 1,140 1.07

1,442 2,002 1.88

ITALY Azimut Holding 38 EUR 509 607 0.57 Enel 194 EUR 1,434 1,442 1.35 FinecoBank Banca Fineco SpA 45 EUR 536 549 0.52 Terna Rete Elettrica Nazionale 195 EUR 1,107 1,097 1.03

3,586 3,695 3.47

JAPAN Sekisui House 83 JPY 1,181 1,238 1.16

1,181 1,238 1.16

NETHERLANDS NXP Semiconductors 7 USD 629 817 0.77 Sligro Food 56 EUR 851 852 0.80

1,480 1,669 1.57

SINGAPORE Frasers Logistics & Commercial Trust 593 SGD 373 464 0.43

373 464 0.43

SOUTH KOREA Samsung Electronics 23 KRW 731 1,156 1.08

731 1,156 1.08

SPAIN Amadeus IT Group 11 EUR 420 572 0.54 Enagas 61 EUR 1,061 993 0.93 Endesa 54 EUR 1,159 1,092 1.02 Repsol 108 EUR 821 801 0.75 Repsol 109 EUR 29 28 0.03

3,490 3,486 3.27

SWITZERLAND ABB 27 CHF 432 553 0.52 Cie Financiere Richemont 10 CHF 529 648 0.61 Julius Baer Group 23 CHF 784 978 0.92 Nestle 19 CHF 1,511 1,656 1.55 Novartis 12 CHF 800 857 0.80 Roche Holding 35 USD 1,177 1,123 1.05

5,233 5,815 5.45

TAIWAN Taiwan Semiconductor Manufacturing 10 USD 415 821 0.77

415 821 0.7

140 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

UNITED STATES Air Products & Chemicals 5 USD 948 1,015 0.95 Alphabet - USD 409 542 0.51 Ameren 18 USD 1,037 1,032 0.97 Aramark 17 USD 339 486 0.46 AT&T 4.75%/preference 71 USD 1,208 1,388 1.30 Boston Properties 7 USD 538 513 0.48 Boston Properties 5.25%/preference 11 USD 210 200 0.19 Charles Schwab 6%/preference 13 USD 270 247 0.23 Charles Schwab Corp 15 USD 415 591 0.55 Cisco Systems 18 USD 572 575 0.54 CME Group 8 USD 1,084 1,030 0.97 Coca-Cola 15 USD 548 597 0.56 Columbia Property Trust 54 USD 642 560 0.52 Consolidated Edison 15 USD 863 757 0.71 Douglas Emmett 12 USD 275 256 0.24 Duke Energy 15 USD 1,057 1,023 0.96 Duke Energy 5.625% 15/09/2078/ preference 13 USD 271 266 0.25 Duke Energy 5.75%/preference 13 USD 280 269 0.25

Facebook 5 USD 769 978 0.92 Honeywell International 4 USD 402 542 0.51 JBG SMITH Properties 24 USD 629 535 0.50 JPMorgan Chase 11 USD 823 1,041 0.98 JPMorgan Chase 6%/preference 13 USD 278 261 0.24 Kinder Morgan 95 USD 950 944 0.89 Mastercard 2 USD 464 515 0.48 Microsoft 8 USD 1,000 1,329 1.25 Mondelez International 21 USD 840 872 0.82 Morgan Stanley 6.875%/preference 13 USD 273 264 0.25 Morgan Stanley 7.125%/preference 13 USD 275 273 0.26 Newmont 18 USD 681 816 0.76 Oracle 26 USD 1,060 1,247 1.17 Pfizer 36 USD 957 966 0.91 Public Storage 4.625%/preference 13 USD 269 261 0.24 Public Storage 5.4%/preference 5 USD 107 97 0.09 Public Storage 5.6%/preference 13 USD 283 275 0.26 Realogy Holdings 22 USD 85 214 0.20 Royal Gold 5 USD 399 401 0.38 Sysco 14 USD 623 747 0.70 Texas Instruments 7 USD 680 891 0.84 Verizon Communications 37 USD 1,625 1,557 1.46

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 141 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

UNITED STATES Viatris Inc 5 USD 50 62 0.06 continued Visa 8 USD 1,127 1,281 1.20 Vornado Realty Trust 5.7%/preference 34 USD 662 631 0.59 Vulcan Materials 5 USD 448 580 0.54 WEC Energy Group 15 USD 1,084 1,013 0.95 Williams Companies Inc 65 USD 996 954 0.89

28,805 30,894 28.98

Transferable securities admitted to an official stock exchange listing - equities 68,262 73,237 68.71

JERSEY WisdomTree Physical Gold 18 USD 2,063 2,426 2.28

2,063 2,426 2.28

SWITZERLAND Cie Financiere Richemont 20 CHF 3 4 -

3 4 -

Transferable securities admitted to an official stock exchange listing - warrants 2,066 2,430 2.28

BERMUDA Bacardi 4.7% 15/05/2028 100 USD 90 87 0.08

90 87 0.08

FRANCE Altice France 5.5% 15/01/2028 350 USD 279 267 0.25 Electricite de France 5.625%/perpetual 800 USD 647 633 0.60

926 900 0.85

GERMANY Allianz 3.875%/perpetual 200 USD 151 148 0.14

151 148 0.14

GREAT BRITAIN Vodafone Group 7% 04/04/2079 550 USD 456 503 0.47

456 503 0.47

ITALY Enel SpA 8.75% 24/09/2073 1,225 USD 1,121 1,050 0.99

1,121 1,050 0.99

142 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

UNITED STATES AT&T 5.35% 01/11/2066 10 USD 209 202 0.19 Bank of America 4.3%/perpetual 900 USD 660 675 0.63 Boeing 5.805% 01/05/2050 600 USD 599 605 0.57 Charles Schwab 5.375%/perpetual 975 USD 828 797 0.75 Constellation Brands 2.65% 07/11/2022 400 USD 314 304 0.28 JPMorgan Chase 4%/perpetual 1,550 USD 1,132 1,141 1.07 Kraft Heinz Foods 4.375% 01/06/2046 450 USD 348 355 0.33 Marriott International 5.75% 01/05/2025 1,500 USD 1,293 1,286 1.21 Molson Coors Beverage 4.2% 15/07/2046 350 USD 270 293 0.27 Molson Coors Beverage 5% 01/05/2042 200 USD 179 183 0.17 Netflix 5.5% 15/02/2022 1,350 USD 1,087 1,042 0.98 United States Treasury Note/Bond 0.375% 31/03/2022 3,170 USD 2,572 2,331 2.19 United States Treasury Note/Bond 1.125% 28/02/2022 1,158 USD 985 859 0.81 United States Treasury Note/Bond 2.5% 28/02/2021 500 USD 376 368 0.34 ViacomCBS 5.875% 28/02/2057 575 USD 454 438 0.41 ViacomCBS 6.25% 28/02/2057 450 USD 392 370 0.35

11,698 11,249 10.55

Transferable securities admitted to an official stock exchange listing - bonds 14,442 13,937 13.08

JERSEY Gold Bullion Securities 11 USD 1,388 1,485 1.39

1,388 1,485 1.39

Transferable securities admitted to an official stock exchange listing - investment fund 1,388 1,485 1.39

Transferable securities admittted to an official stock exchange listing 86,158 91,089 85.46

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 143 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

B) Other transferable securities dealt on an other regulated market

Acquisition Fair Net Description Quantity Currency cost value assets

’000 £’000 £’000 %

BERMUDA Bacardi 2.75% 15/07/2026 750 USD 593 583 0.55

593 583 0.55

CANADA Videotron Ltd 5.125% 15/04/2027 1,300 USD 1,047 1,013 0.95

1,047 1,013 0.95

FRANCE Altice France 8.125% 01/02/2027 1,125 USD 953 911 0.86

953 911 0.86

ITALY Intesa Sanpaolo 5.017% 26/06/2024 1,950 USD 1,566 1,559 1.46

Intesa Sanpaolo SpA 5.71% 15/01/2026 300 USD 253 251 0.24

1,819 1,810 1.70

NETHERLANDS OI European Group 4% 15/03/2023 1,750 USD 1,369 1,312 1.23

1,369 1,312 1.23

UNITED STATES Berry Global 4.875% 15/07/2026 550 USD 443 434 0.41 CCO Holdings LLC / CCO Holdings Capital 4% 01/03/2023 2,750 USD 2,226 2,032 1.91

CSC Holdings LLC 5.5% 15/04/2027 300 USD 241 233 0.22

CSC Holdings LLC 6.75% 15/11/2021 1,227 USD 981 939 0.88

DCP Midstream LP 7.375%/perpetual 900 USD 659 553 0.52 Dell International LLC / EMC 5.875% 15/06/2021 940 USD 703 690 0.65

Energizer Holdings 7.75% 15/01/2027 650 USD 544 530 0.50

IQVIA 5% 15/10/2026 200 USD 159 153 0.14

MSCI 5.375% 15/05/2027 250 USD 209 198 0.18

Plastipak Holdings 6.25% 15/10/2025 300 USD 235 227 0.21

Service Corp International 8% 15/11/2021 750 USD 619 583 0.55

Sirius XM Radio 4.125% 01/07/2030 700 USD 553 548 0.51

SS&C Technologies 5.5% 30/09/2027 575 USD 465 451 0.42

8,037 7,571 7.10

Other transferable securities dealt on an other regulated market - bonds 13,818 13,200 12.39

144 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

C) Other transferable securities

Acquisition Fair Net Description Quantity Currency cost value assets

’000 £’000 £’000 %

BERMUDA Liberty Latin America 2% 15/07/2024 760 USD 536 519 0.49

536 519 0.49

UNITED STATES NBCUniversal Enterprise 5.25%/perpetual 700 USD 572 524 0.49

572 524 0.49

Other transferable securities 1,108 1,043 0.98

Investments in transferable securities 101,084 105,332 98.83

J145 O Hambro Capital Management Umbrella Fund plc | 31 December 2020 145 JOHCM Global Income Builder Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

D) OTC financial derivative instruments: open foreign currency contracts

Fair Net Maturity Counterparty Currency Purchased Currency Sold value assets

’000 ’000 £’000 %

04.01.21 RBC Investor Services Luxembourg GBP - USD - - - 04.01.21 RBC Investor Services Luxembourg USD 38 EUR (31) - -

Total unrealised appreciation on forward currency contracts 31 December 2020 - -

05.01.21 RBC Investor Services Luxembourg USD 15 GBP (11) - - 05.01.21 RBC Investor Services Luxembourg USD 61 GBP (45) - - 23.03.21 Goldman Sachs USD 3,691 EUR (3,039) (33) (0.03)

Total unrealised depreciation on forward currency contracts 31 December 2020 (33) (0.03)

146 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Income Builder Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

United States 47.12 49.70 Great Britain 9.49 10.39 France 7.45 5.30 Italy 6.16 2.84 Switzerland 5.45 5.90 Jersey 3.67 2.34 Spain 3.27 - Netherlands 2.80 1.39 Germany 2.77 3.09 Bermuda 2.41 2.87 Canada 2.21 2.22 Ireland 1.88 - Japan 1.16 3.09 South Korea 1.08 - Taiwan 0.77 0.65 Hong Kong 0.71 1.25 Singapore 0.43 0.48 Denmark - 0.68 Curacao - 0.58 Portugal - 0.48 Sweden - 0.31 Luxembourg - 0.28 Austria - 0.26 Norway - 0.21

Total investments 98.83 94.31 Open foreign currency contracts (0.03) 0.03

Total investments at fair value through profit or loss 98.80 94.34 Other net assets 1.20 5.66

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 33.82% (2019: 25.23%). (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 147 JOHCM Global Income Builder Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Holding and finance companies 15.43 15.35 News transmission 10.28 7.71 Public services 9.44 - Banks and financial institutions 7.07 9.35 Food and distilleries 6.48 4.91 Internet software 6.34 3.33 Pharmaceuticals and cosmetics 5.90 3.95 Real estate companies 4.47 5.83 Electronic semiconductor 3.46 2.36 Petrol 3.36 3.74 States provinces and municipalities 3.34 4.63 Construction and building material 2.98 2.82 Tobacco and spirits 2.33 5.04

Leisure 1.99 2.64 Chemicals 1.79 1.40 Other services 1.72 1.84 Precious metals 1.69 2.12 Consumer goods 1.26 1.13 Transportation 1.23 0.50 Insurance 1.19 1.19 Aerospace technology 1.08 1.01 Retail 0.80 0.70 Mines and heavy industries 0.71 0.49 Business houses 0.70 - Healthcare education and social services 0.69 3.96 Mechanics and machinery 0.61 0.44 Office equipment and computers 0.54 - Electronics and electrical equipment 0.52 3.78 Graphic art and publishing 0.49 1.24 Non-ferrous metals 0.49 - Miscellaneous 0.24 0.52 Package and container industry 0.21 0.68 Agriculture and fishing - 1.23 Biotechnology - 0.42

Total investments 98.83 94.31 Open foreign currency contracts (0.03) 0.03

Total investments at fair value through profit or loss 98.80 94.34 Other net assets 1.20 5.66

Total net assets attributable to redeemable participating shareholders 100.00 100.00

148 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Global Income Builder Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £

PURCHASES SALES United States Treasury Note/Bond United States Treasury Note/Bond 0.375% 31/03/2022 4,370 3,545 0.5% 15/03/2023 2,664 2,027 United States Treasury Note/Bond Groupe Bruxelles Lambert 28 1,941 1.125% 28/02/2022 3,158 2,687 United States Treasury Note/Bond United States Treasury Note/Bond 1.125% 28/02/2022 2,000 1,615 0.5% 15/03/2023 2,664 2,232 United States Treasury Note/Bond CCO Holdings LLC / CCO Holdings 1.375% 31/01/2022 2,000 1,535 Capital 4% 01/03/2023 2,750 2,226 Truist Financial 54 1,501 WEC Energy Group 28 1,937 Weyerhaeuser 72 1,369 Nestle 23 1,845 Altice France 5.5% 15/01/2028 1,650 1,279 Groupe Bruxelles Lambert 28 1,698 Philip Morris International 21 1,178 Pargesa Holding 29 1,689 Imperial Brands Finance 3.875% Verizon Communications 37 1,666 26/07/2029 1,350 1,157 Visa 11 1,609 Videotron 5% 15/07/2022 1,440 1,155 WisdomTree Physical Gold 13 1,578 Marriott International MD 2.3% Intesa Sanpaolo 5.017% 15/01/2022 1,400 1,143 26/06/2024 1,950 1,566 Exxon Mobil 36 1,092 United States Treasury Note/Bond Performance Food Group 5.5% 1.375% 31/01/2022 2,000 1,546 15/10/2027 1,350 1,089 Danone 28 1,535 Hang Lung Properties 622 1,055 Ameren 26 1,475 BAT Capital 3.215% 06/09/2026 1,250 1,046 JPMorgan Chase 4%/perpetual 2,000 1,461 BAT Capital 4.906% 02/04/2030 1,100 999 Enel 197 1,459 ViacomCBS 6.25% 28/02/2057 1,350 996 Gold Bullion Securities 12 1,418 WEC Energy Group 13 973 Truist Financial 43 1,413 United States Treasury Note/Bond Terna Rete Elettrica Nazionale 244 1,382 0.375% 31/03/2022 1,200 962 KDDI 49 959 The significant changes to the portfolio for the financial year are the aggregate purchases of a security exceeding The significant changes to the portfolio for the financial 1% of the total value of purchases for the financial year. year are the aggregate sales of a security exceeding 1% Where the number of purchases transactions exceeding 1% of the total value of sales for the financial year. Where the of the total value of purchases for the financial year is less number of sales transactions exceeding 1% of the total than 20, then a minimum of 20 purchases will be disclosed. value of sales for the financial year is less than 20, then a minimum of 20 sales will be disclosed.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 149 150 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Concentrated Global Share Fund1

A sub-fund of J O Hambro Capital Management Umbrella Fund plc

Ashley Pittard Head of Global Equities Ashley joined Pendal Group in May 2016 and has 26 years industry experience

1JOHCM Concentrated Global Share Fund is sub-advised by Pendal Group which is a parent company of J O Hambro Capital Management.

Investment Management Report 152

SCHEDULE OF INVESTMENTS A) Transferable securities admitted to an official stock exchange listing 153 Geographic division of investments 155 Economic division of investments 156 Significant portfolio changes 157

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 151 JOHCM Concentrated Global Share Fund

INVESTMENT MANAGEMENT REPORT for the financial year ended 31 December 2020

Performance Tesla and Netflix was a material having indiscriminate broader market The JOHCM Concentrated Global detractor. While the Fund does not exposure, is the best way to optimise Share Fund returned 4.59% in sterling take a “value” approach, it was investment performance over the terms, net of fees for the ‘A’ share well set to regain performance as longer term. class, for the calendar year 2020. The sentiment improved and the growth MSCI World NR Index (12pm adjusted) trade waned. This has proven to be the Ashley Pittard returned 12.14% over the same case in Q4 2020 as these trends came Head of Global Equities period. through and the Fund outperformed. We still see material valuation upside Past performance is not necessarily a Portfolio review in our positions and, as such, expect guide to future performance. The price Global equity markets ended the to see the Fund continue to regain of shares may go down as well as up year well with positive US stimulus relative performance as the global and future income is not guaranteed. news and progress on vaccine rollouts economy recovers. contributing to positive returns. However, continuing fears of the SARS Whilst the US has a new President, CoV-2 strain of coronavirus (Covid-19) the world has a Covid-19 vaccine (s) and further lockdowns weigh on global and the UK/Europe have a Brexit deal, markets moving into 2021. there remains much uncertainty for markets going into 2021. Transmission At the start of the Covid-19 crisis, of the Covid-19 virus continues faster the Fund held positions in some of than a roll-out of a vaccine, and the hardest hit sectors including restrictions on travel and visitation casinos, energy, banks and aircraft are likely to be in place for some manufacturers. We reviewed the time. Yet many indices closed the companies held, to ensure we were year at record highs, driven not by confident in their balance sheets, earnings, but by multiple expansion. liquidity and ability to weather an We expect the increase of volatility extended period of revenue stress. witnessed in 2020 to extend into We made some adjustments to the 2021.We continue to believe that portfolio. However a central tenet of the greatest upside to performance our strategy is to invest in companies will come from businesses that are which are the dominant names in currently being discounted on their their industries, providing a degree of near term earning profile, and where protection in times of macro stress. the market is overlooking their long The Fund was also underweight the term earnings power. We also continue ultra-large cap technology sector. Not to believe that owning a concentrated owning Apple, Amazon, Microsoft, portfolio of businesses, rather than

152 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Concentrated Global Share Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

BELGIUM Anheuser-Busch InBev 1 EUR 88 80 3.57 KBC Group 1 EUR 42 38 1.69 130 118 5.26

CANADA Barrick Gold 2 USD 35 31 1.38 35 31 1.38

FRANCE Pernod Ricard - EUR 36 41 1.83 Sanofi 1 EUR 48 48 2.14 Total 2 EUR 91 73 3.25 175 162 7.22

GERMANY Infineon Technologies 3 EUR 40 77 3.43 40 77 3.43

GREAT BRITAIN Liberty Global - Class A 2 USD 43 39 1.74 Lloyds Banking Group 171 GBP 92 63 2.81 Rio Tinto 1 GBP 30 46 2.05 165 148 6.60

HONG KONG Hong Kong Exchanges and Clearing 1 HKD 35 60 2.67 35 60 2.67

JAPAN Japan Exchange Group 2 JPY 30 39 1.74 Mitsubishi Estate 4 JPY 49 44 1.96 79 83 3.70

NETHERLANDS Airbus 1 EUR 76 91 4.05 Heineken Holding 1 EUR 38 39 1.74 114 130 5.79

SPAIN Aena SME - EUR 37 45 2.01 CaixaBank 13 EUR 40 24 1.07 77 69 3.08

SWITZERLAND Credit Suisse Group 4 CHF 41 39 1.74 Flughafen Zurich - CHF 35 49 2.18 UBS Group 5 CHF 41 46 2.05 117 134 5.97

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 153 JOHCM Concentrated Global Share Fund

SCHEDULE OF INVESTMENTS as at 31 December 2020

A) Transferable securities admitted to an official stock exchange listing (continued)

Acquisition Fair Net Description Quantity Currency cost value assets ’000 £’000 £’000 %

UNITED STATES Alphabet - USD 55 81 3.61 Analog Devices 1 USD 51 78 3.48 BlackRock - USD 29 45 2.01 Boeing - USD 85 73 3.25 CME Group - USD 30 27 1.20 Coca-Cola 1 USD 36 37 1.65 Colgate-Palmolive 1 USD 41 51 2.27 Discovery 3 USD 69 64 2.85 Exxon Mobil 1 USD 52 26 1.16 Facebook - USD 53 72 3.21 Freeport-McMoRan 5 USD 48 96 4.28 Intel 1 USD 31 27 1.20 Las Vegas Sands 1 USD 40 41 1.83 Merck 1 USD 29 28 1.25 MGM Resorts International 4 USD 69 83 3.70 Norfolk Southern - USD 40 52 2.32 Oracle 1 USD 37 46 2.05 Pfizer 1 USD 37 29 1.29 Texas Instruments 1 USD 44 66 2.94 Union Pacific - USD 47 60 2.67 Wells Fargo 3 USD 117 75 3.34 1,040 1,157 51.56

Transferable securities admitted to an official stock exchange listing 2,007 2,169 96.66

154 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Concentrated Global Share Fund

GEOGRAPHIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

United States 51.56 54.69 France 7.22 9.89 Great Britain 6.60 9.50 Switzerland 5.97 3.96 Netherlands 5.79 3.45 Belgium 5.26 5.92 Japan 3.70 2.05 Germany 3.43 2.10 Spain 3.08 1.40 Hong Kong 2.67 3.45 Canada 1.38 -

Total investments at fair value through profit or loss 96.66 96.41 Other net assets 3.34 3.59

Total net assets attributable to redeemable participating shareholders 100.00 100.00

% PEA eligible holding as at 31 December 2020 was 31.38% (2019: 32.26%.) (‘‘PEA’’ stands for Plan d’Épargne en Actions and is applicable to French investors).

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 155 JOHCM Concentrated Global Share Fund

ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2020

Net assets Net assets 2020 2019

% %

Banks and financial institutions 13.32 17.71 Electronic semiconductor 11.05 10.12 Transportation 9.18 6.58 Internet software 8.87 9.79 Aerospace technology 7.30 4.57 Tobacco and spirits 7.14 6.76 Holding and finance companies 7.00 7.45 Precious metals 5.66 0.75 Leisure 5.53 5.69 Pharmaceuticals and cosmetics 4.68 7.92 News transmission 4.59 5.08 Petrol 4.41 5.74 Consumer goods 2.27 2.61 Non-ferrous metals 2.05 3.26

Real estate companies 1.96 0.42

Food and distilleries 1.65 1.96

Total investments at fair value through profit or loss 96.66 96.41 Other net assets 3.34 3.59

Total net assets attributable to redeemable participating shareholders 100.00 100.00

156 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 JOHCM Concentrated Global Share Fund

SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2020

Security name Quantity Cost Security name Quantity Proceeds

’000 £’000 ’000 £’000

PURCHASES1 SALES2 Freeport-McMoRan 5 52 Hong Kong Exchanges and Mitsubishi Estate 4 49 Clearing 2 41 Aena SME - 37 Alphabet - 37 Flughafen Zurich - 35 Sanofi - 31 Barrick Gold 2 35 Analog Devices - 30 Airbus 1 34 Rio Tinto 1 27 Intel 1 31 Freeport-McMoRan 2 26 Boeing - 22 Texas Instruments - 24 Wells Fargo 1 21 Facebook - 23 Pernod Ricard - 10 Infineon Technologies 1 18 Total - 10 Japan Exchange Group 1 17 MGM Resorts International 1 9 Union Pacific - 17 Infineon Technologies 1 9 Colgate-Palmolive - 14 Heineken Holding - 7 Getlink 2 14 Anheuser-Busch InBev - 5 BlackRock - 13 Lloyds Banking Group 16 4 Pfizer - 10 Las Vegas Sands - 2 Merck - 9 Viatris - 2 MGM Resorts International - 4 Howard Hughes - 4 1 Represents total purchases during the year. Coca-Cola - 3 The significant changes to the portfolio for the financial Viatris - 2 year are the aggregate purchases of a security exceeding 2 Represents total sales during the year. 1% of the total value of purchases for the financial year. Where the number of purchases transactions exceeding 1% The significant changes to the portfolio for the financial of the total value of purchases for the financial year is less year are the aggregate sales of a security exceeding 1% than 20, then a minimum of 20 purchases will be disclosed. of the total value of sales for the financial year. Where the number of sales transactions exceeding 1% of the total value of sales for the financial year is less than 20, then a minimum of 20 sales will be disclosed.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 157 158 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements

J O Hambro Capital Management Umbrella Fund plc

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 159 Notes to the Financial Statements as at 31 December 2020

1 Establishment and organisation JOHCM Global Select Fund The Company is an open-ended umbrella type investment The Fund aims to achieve its objective by investing in a company with variable capital and limited liability organised concentrated portfolio of global securities. under the laws of Ireland and authorised by the Central Bank pursuant to the provisions of Part 24 of the Companies JOHCM Global Emerging Markets Opportunities Fund Act 2014, as amended, the European Communities The Fund aims to achieve its objective by investing in, both (Undertakings for Collective Investment in Transferable direct and indirect, a diversified portfolio of emerging market Securities) Regulations, 2011 (as amended) (the “UCITS equity securities. Regulations 2011”) and to the Central Bank (Supervision and JOHCM Asia ex-Japan Fund Enforcement) Act 2013 (Section 48(1)) (Undertakings for The Fund aims to achieve long-term capital appreciation Collective Investment in Transferable Securities) Regulations through investment, both direct and indirect, in a diversified 2019 (the “Central Bank UCITS Regulations 2019”). The portfolio of Asia ex-Japan equity securities. Company’s share capital is at all times equal to its Net Asset Value. The Company was incorporated on 3 July 2001. JOHCM Asia ex-Japan Small and Mid-Cap Fund The Fund aims to achieve long-term capital appreciation The Company comprises distinct sub-funds. The assets of through investment, both direct and indirect, in a diversified a sub-fund are invested separately in accordance with the portfolio of Asia ex-Japan Small and Mid Cap equity investment objectives and policies of that sub-fund which securities. are set out in a supplement to the Prospectus. As at JOHCM Global Opportunities Fund 31 December 2020 the Company had thirteen active The Fund aims to achieve long-term total return by investing sub-funds, all denominated in GBP: in a concentrated portfolio of global equity securities. It is anticipated that the Fund’s portfolio will comprise fewer than • JOHCM Continental European Fund 50 holdings. • JOHCM UK Growth Fund • JOHCM European Select Values Fund JOHCM European Concentrated Value Fund • JOHCM Japan Fund The Fund aims to achieve long-term capital appreciation, • JOHCM Global Select Fund through investment in equity securities of companies • JOHCM Global Emerging Markets Opportunities Fund domiciled or exercising the predominant part of their • JOHCM UK Dynamic Fund economic activities in Europe, which are listed on European • JOHCM Asia ex-Japan Fund exchanges or a Recognised Exchange. • JOHCM Asia ex-Japan Small and Mid-Cap Fund JOHCM UK Dynamic Fund • JOHCM Global Opportunities Fund The Fund aims to achieve long-term capital appreciation • JOHCM European Concentrated Value Fund and outperform the Index net of fees by investing in stocks • JOHCM Global Income Builder Fund where ongoing corporate change creates an asymmetric risk/ • JOHCM Concentrated Global Share Fund reward profile.

JOHCM Japan Dividend Growth Fund was terminated on JOHCM Global Income Builder Fund 04 June 2020. The Fund aims to offer regular income generation consistent with long-term capital growth by applying an investment The primary investment objective of the Company is to process based on fundamental analysis. seek long-term capital growth and it aims to achieve this as JOHCM Concentrated Global Share Fund follows: The Fund aims to achieve long-term capital growth by JOHCM Continental European Fund investing in a concentrated portfolio of global equity The Fund aims to achieve its objective by investing in securities. equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe, 2 Principal Accounting Policies excluding the UK. The Company’s financial statements have been prepared in JOHCM UK Growth Fund compliance with FRS 102 for the financial year ended The Fund aims to achieve its objective by investing in 31 December 2020, complied with UCITS Regulations and in solid, well managed companies domiciled or exercising the accordance with Irish statute comprising the Companies Act predominant part of their economic activities in the UK, 2014, as amended. capable of generating growth throughout the economic cycle. The Company has availed itself of certain exemptions JOHCM European Select Values Fund contained in FRS 102 section 7.1A ‘Cash Flow Statements’ The Fund aims to achieve its objective by investing in and has presented a statement of changes in net assets in equity securities of companies domiciled or exercising the place of a cash flow statement. In the opinion of the Directors, predominant part of their economic activities in Europe which this information also satisfies the requirement of FRS 102 are listed on European Exchanges or a Recognised Exchange. section 10.4 Reporting Financial Performance, in relation to a reconciliation of movements in Shareholders’ Equity. JOHCM Japan Fund The Fund aims to achieve its objective by investing in The financial statements are prepared on a going Japanese equities, listed on the principal stock markets of concern basis. Japan or other Recognised Markets.

160 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

2 Principal Accounting Policies (continued) Where discounted cash flow techniques are used, estimated future cash flows are based on the Directors’ best estimates and the discount rate used is a market rate at the balance Financial Assets and Liabilities at Fair Value through sheet date applicable for an instrument with similar terms Profit or Loss and conditions. Where other pricing models are used, Classification inputs are based on market data at the balance sheet The Company classifies its investment securities as financial date. Fair values for unquoted equity investments are assets and liabilities at fair value through profit or loss: estimated, if possible, using applicable price/earnings ratios held for trading, in accordance with IAS 39 – Financial for similar listed companies adjusted to reflect the specific Instruments: Recognition and Measurement (“IAS 39”). circumstances of the issuer.

Investments are classified as held for trading if they are Equity instruments which do not have a quoted market price acquired for the purpose of selling and/or repurchasing in the in an active market and whose fair value cannot be reliably near term. This category includes equities and derivatives. measured using valuation techniques are measured at cost. These investments are acquired principally for the purpose of generating a profit from fluctuations in the price. The Gains and losses arising from a change in the fair value Company’s policy is not to apply hedge accounting. of investments are recognised in the Statement of

Comprehensive Income. Measurement and Recognition The Company has elected to apply the recognition and Derecognition measurement provisions of IAS 39 – Financial Instruments: The Company derecognises a financial asset when the Recognition and Measurement and the disclosures of section contractual rights to the cash flows from the financial asset 11 and 12 of FRS 102. expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39. The The Company recognises financial assets and liabilities held Company derecognises a financial liability when the obligation for trading on the date it becomes party to the contractual specified in the contract is discharged, cancelled or expires. provisions of the instruments, and all significant rights and access to the benefits or losses and the exposure to the The Company uses the weighted average method to risks inherent in those instruments are transferred to the determine realised gains and losses on derecognition. Company; generally the trade date. Financial instruments are initially measured at fair value which is generally the Net Asset Value (‘NAV’) transaction amount (excluding transaction costs which are The NAV of the Company and of each sub-fund and of each expensed as incurred). For financial assets, the transaction class of share, as the case may be, is calculated by the amount is the fair value of the consideration given and for Administrator at the valuation point on each valuation date. financial liabilities the transaction amount is the fair value of the consideration received. The NAV per share in each sub-fund is calculated by dividing the NAV of such sub-fund by the number of shares in issue Subsequent measurement in respect of that sub-fund. Where a sub-fund is made up of After initial measurement, the Company measures financial more than one class of share, the NAV of each class of share instruments which are classified as at fair value through is calculated by determining that part of the NAV of each profit or loss, at their fair values. Fair value is the price sub-fund attributable to each such class of share and dividing which would be received to sell an asset or paid to transfer this value by the number of shares of that class in issue. a liability in an orderly transaction between market participants. The Fair value measurement is based on the As per the Company’s Prospectus, the valuation point for NAV presumption that the transaction to sell the asset or transfer reporting purposes is 12.00 noon Irish time. Transactions liability takes place either in the principal market or, in the entered up until the valuation point on 31 December 2020 absence of a principal market, in the most advantageous were recorded in the current financial year; transactions market for the asset or liability. The principal or the most entered after the valuation point at this date will be recorded advantageous market must be accessible to the Company. in the next set of financial statements.

The fair value of financial instruments traded in active Share Capital markets at reporting date is quoted at last traded price. The Company’s subscriber shares are classified as equity in accordance with the Company’s articles of association. These If a quoted market price is not available on a recognised shares do not participate in the profits of the Company. stock exchange or, in the case of non-exchange traded financial instruments, from a broker/dealer, the fair value Net Gain/(Loss) on Financial Assets and Liabilities at of the instrument is estimated using valuation techniques, Fair Value through Profit or Loss including use of recent arm’s length market transactions, Results arising from trading activities are recognised in the reference to the current fair value of another instrument that Statement of Comprehensive Income, including all gains and is substantially the same, discounted cash flow techniques, losses from changes in fair value of financial instruments. option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 161 Notes to the Financial Statements (continued)

2 Principal Accounting Policies (continued) Forward Contracts A forward currency contract involves an obligation to purchase Income from Investments or sell a specific currency at a future date at a price set at Dividends are recognised when the Shareholder’s right to the time the contract is made. Forward currency contracts receive payment is established. Dividend income is shown are valued by reference to the forward price at which a new gross of any non-recoverable withholding taxes, which are forward contract of the same size and maturity could be disclosed separately in the Statement of Comprehensive undertaken at the valuation date. The unrealised gain or Income. loss on open forward currency contracts is calculated as the Operating Expenses difference between the contract rate and this forward price The Company pays out of the assets of each sub-fund, and is included in the Statement of Comprehensive Income. all normal operating expenses including Depositary fees, Open positions of the foreign currency contracts as at Administration fees, Investment Manager’s fees, Directors’ 31 December 2020 are disclosed in the Schedule of fees, NAV publication and circulation fees, audit and other Investments. professional fees and stamp duties and charges incurred on Foreign Exchange Translation the acquisition and realisation of investments. Such costs are The cost of investments in currencies other than the expensed in the financial year to which they relate. functional currency of the relevant sub-fund has been Listed Equities translated at the rates of exchange ruling at the time of the Listed equities are valued at the price at the valuation point purchase. The market value of the investments and other or, where the recognised market on which the investment assets in currencies other than the currency of the relevant is quoted is closed at the valuation point, at the last traded sub-fund has been translated at the rates of exchange as at price at the close of the regular trading session of the market 31 December 2020. The resulting profits or losses are dealt on which such investment is quoted at each valuation point. with in the Statement of Comprehensive Income. The method of translation has no effect on the NAV per share Unlisted Equities attributable to the individual classes. Unlisted equities are valued at the probable realisation value as determined with care and in good faith by such competent Other Financial Liabilities persons as may be appointed by the Directors and approved This category includes all financial liabilities, other than those for the purpose by the Depositary. The unlisted securities or classified as at fair value through profit or loss. The Company staled prices securities are agreed by the pricing committee includes in this category amounts relating to cash collateral at J O Hambro Capital Management Limited. on securities lent and other short-term payables.

Contracts for Difference Cash and Cash Equivalents Off-exchange derivative contracts are valued by the Cash and cash equivalents in the Statement of Financial counterparty Goldman Sachs at least daily. The valuation Position comprise cash on hand, demand deposits and short- must be approved or verified weekly by a third party who is term deposits in banks and are valued at nominal value plus independent of the counterparty and who is approved for the accrued interest, where applicable, at the end of the relevant purpose by the Depositary. day on which the Valuation Point occurs. Short term deposits are subject to an insignificant risk of changes in value and Fixed Income Securities have original maturities of three months or less. Fixed income securities are valued at the close of business price of the preceding business day in each case on the Bank Overdraft market on which these assets are traded or admitted for As at 31 December 2020 and 31 December 2019, the bank trading. overdrafts held by the sub-funds are caused by timing differences relating to the settlement cycle of investments, Subscriptions Receivable the movement in non-functional currencies and subscriptions Amounts due from investors which have not yet been settled into and redemption out of the sub-funds. represent receivables from subscriptions and are disclosed on Loans and Receivables the Statement of Financial Position. Loans and receivables are non-derivative financial assets Redemption Payable with fixed or determinable payments that are not quoted Amounts due to investors which have not yet settled in an active market. The Company includes in this category represent payable on redemption and are disclosed on the amounts relating to short-term receivables. Statement of Financial Position. Classification of Redeemable Participating Shares Redeemable participating shares are redeemable at the Options Shareholders option and are classified as financial liabilities Options contracts are valued at the settlement price as as they do not have identical features and are not the most determined by the market in question. If such market price subordinate class of equity interest. The participating shares is not available, the value will be the probable realisation can be put back to the Company on any dealing day for value estimated with care and in good faith by the Directors cash equal to a proportionate share of the Company’s NAV. or such other competent person approved for the purpose by All financial instruments in the class of instruments that is the Depositary. subordinate to all other classes of instruments have identical features.

162 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

2 Principal Accounting Policies (continued) 3 Financial instruments at Fair Value through Profit Distributions to Holders of Redeemable Participating or Loss Shares Fair value Fair value Distributions to holders of redeemable participating shares 31 Dec 31 Dec that do not meet the criteria for recognition as equity in line 2020 2019 with FRS 102 section 22.4 are recorded in the Statement £’000 £’000 of Comprehensive Income and presented as finance costs in line with the distribution policy as authorised by the Financial assets held for Directors. The Distributions to holders of redeemable trading participating shares in respect of the financial year ended Equities 4,164,223 4,954,700 31 December 2020 are recognised as a finance cost in 2020. Investment Funds 15,748 38,676 Warrants 3,443 2,235 Transaction Costs Bonds 28,180 15,909 Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory Investments in transferable agencies and security exchanges, and transfer taxes and securities 4,211,594 5,011,520 duties. Transaction costs do not include debt premiums Options 425 354 or discounts, financing costs or internal administrative or holding costs. These are expensed through the Statement of Forward Currency Contracts 371 1,798 Comprehensive Income as incurred. Investments in derivatives 796 2,152

Taxation Total financial assets 4,212,390 5,013,672 Dividend income, interest income and capital gains (if Financial liabilities held for any) received on investments made by the Company may trading be subject to withholding taxes imposed by the country Forward Currency Contracts (110) (431) from which the investment income/gains are received and Swaps - (158) such taxes may not be recoverable by the Company or its Shareholders. Investments in derivatives (110) (589)

Total financial liabilities (110) (589) Judgements and Estimates The preparation of financial statements in conformity with FRS 102 requires management to make judgements, 4 Taxation estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, Under current Irish law and practice the Company qualifies income and expense. The estimates and associated as an investment undertaking under Section 739B of assumptions are based on historical experience and various the Taxes Consolidation Act, 1997 and is not therefore other factors that are believed to be reasonable under the chargeable to Irish tax on its relevant income or relevant circumstances, the results of which form the basis of making gains. No stamp, transfer or registration tax is payable in the judgements about carrying values of assets and liabilities Ireland on the issue, redemption or transfer of shares in that are not readily apparent from other sources. Actual the Company. Distributions and interest on securities issued results may differ from these estimates. The accounting in countries other than Ireland may be subject to taxes policies have been applied consistently by the Company and including withholding taxes imposed by such countries. The are consistent with those used in the previous period. Company may not be able to benefit from a reduction in the rate of withholding tax by virtue of the double taxation However, existing circumstances and assumptions about agreement in operation between Ireland and other countries. future developments may change due to market changes or The Company may not, therefore, be able to reclaim circumstances arising beyond the control of the Company. withholding tax suffered by it in particular countries. Such changes are reflected in the judgements, estimates and Following legislative changes in the Finance Act 2006, assumptions when they occur. the holding of shares at the end of a relevant period will, in respect of Irish resident investors, also constitute a Functional and Presentation Currency chargeable event. To the extent that any tax issues arise on Items included in the Company’s financial statements are such a chargeable event, such tax will be allowed as a credit measured and presented using the currency of the primary against any tax payable on the subsequent encashment, economic environment in which it operates (‘the functional redemption, cancellation or transfer of the relevant shares. currency’). This is Pound Sterling (“GBP”), which reflects the fact that the Company’s investor base is mainly located in Relevant period is defined as a period of eight financial years the UK. The presentation currency is also GBP. beginning with the acquisition of a share by a Shareholder and each subsequent period of eight financial years Amounts due from brokers and amounts due to brokers beginning immediately after the preceding relevant period. Amounts due from/to brokers represent amounts receivable Dividends received from investment in Irish equities may be and payable for transactions contracted but not yet delivered. subject to Irish dividend withholding tax (currently at the rate of 20%). However, the Company can make a declaration to the payer that it is a collective investment undertaking beneficially entitled to the dividends to avoid this withholding

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 163 Notes to the Financial Statements (continued)

4 Taxation (continued) 6 Operating expenses tax. The Company is not required to deduct dividend Management, Investment Management and withholding tax on dividend payments to Shareholders Performance Fees

provided the Shareholder has completed the relevant Management Fee declaration. It is the intention of the Directors that the business of the Company will be conducted in such a manner Effective 1 November 2019, JOHCM Funds (Ireland) Limited as to ensure that the Company will be regarded as Resident (the “Manager”) became Manager of the Company. Prior to in Ireland for tax purposes. that date the Company was a self-managed entity and the Investment Manager was paid directly by the Company. Withholding tax are recognised in expenses section on the From 1 November 2019, the Manager will pay the Statement of Comprehensive Income. Investment Manager out of the Management Fee. The management fee will accrue daily and will be payable 5 Share capital monthly in arrears. The Manager will also be entitled to On incorporation the authorised share capital of the reimbursement of all reasonable properly-vouched out-of- Company was Euro 40,000 divided into 40,000 Subscriber pocket expenses (including VAT thereon) incurred in the shares of one Euro each and 800,000,000 Redeemable performance of its duties hereunder. Participating Shares of no par value. As only redeemable Any performance fees earned will continue to be paid directly participating shares can represent an interest in a sub- to the Investment Manager. fund, the subscriber shares have no entitlement or interest in such sub-funds. At the Company’s Annual General There have been no changes in respect of fee waivers which Meeting on 23 May 2019, a special resolution was passed to will continue to be borne by the Investment Manager. There increase the authorised participating capital of the Company have been no changes to investment management fee rates from 800,000,000 Participating Shares of no par value to and performance fee rates since the Management Company 500,000,000,000 Participating Shares of no par value. On commenced trading. 1 July 2019, a High Court application was granted to validate The following table provides detail of the investment all dealings in Participating Shares since the issue first arose. management fee rate applied to each share class of each sub-fund: Subscriber Shares 40,000 subscriber shares were issued to J O Hambro Capital Investment Management Limited or its nominees to comply with the management requirements of the Companies Act. Sub-fund Share class fee J O Hambro Capital Management Limited redeemed 39,993 % of these subscriber shares on 22 November 2001. The JOHCM Continental GBP Class A Shares 0.75% remaining seven subscriber shares are fully paid up. European Fund GBP Hedged Class A Shares 0.75% Each holder of subscriber shares is entitled to attend and EUR Class A Shares 0.75% vote at any General Meeting except that any holder of USD Hedged Class A Shares 0.75% subscriber shares is not entitled to vote at any such General GBP Class B Shares 1.25% Meeting at any time that more than one Shareholder holds EUR Class B Shares 1.25% participating shares in issue. The subscriber shares do not USD Hedged Class B Shares 1.25% form part of the net asset value of the Company and are GBP Hedged X Shares 1 0.55% thus disclosed in the financial statements by way of this note GBP Y Shares 0.625% only. In the opinion of the Directors, this disclosure reflects EUR Y Shares 0.625% the nature of the Company’s business as an investment fund. GBP Hedged Y Shares 0.625% The rights attached to any class of share may, whether or not the Company is being wound up, be varied or abrogated JOHCM UK GBP Class A Shares 0.75% with the consent in writing of the holders of 75% of the Growth Fund GBP Class B Shares 1.25% issued shares of that class or with the sanction of a special GBP Class X Shares 2 0.60% resolution passed at a separate general meeting of the EUR Non-Distributing 2 holders of the shares of that class. R Shares 0.95% EUR Non-Distributing Redeemable Participating Shares X Shares 2 0.60% The issued redeemable participating share capital is at all EUR Hedged Non-Distributing times equal to the net asset value of the Company. The X Shares 2 0.60% movement in the number of participating shares is shown USD Non-Distributing in the Statement of Changes in Net Assets Attributable to R Shares 2 0.95% Holders of Redeemable Participating Shares. USD Non-Distributing X Shares 2 0.60% Capital Management Policies The Manager may from time to time by ordinary resolution increase its capital, consolidate and divide its shares into 1. This share class was terminated on 28 July 2020. shares of a larger amount or subdivide its shares into 2. These share classes were launched on 19 March 2020. shares of a smaller amount or cancel any shares not taken or agreed to be taken by any person. The Manager may by special resolution from time to time reduce its share capital in any way permitted by law.

164 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

6 Operating expenses (continued) Investment Management, Investment Management and management Performance Fees (continued) Sub-fund Share class fee Management Fee (continued) %

Investment JOHCM Global GBP Class A Shares 0.75% management Opportunities EUR Class A Shares 0.75% Sub-fund Share class fee Fund USD Class A Shares 0.75% % EUR Hedged A Shares 0.625% GBP Class B Shares 1.50% JOHCM European GBP Class A Shares 0.75% EUR Class B Shares 1.50% Select Values Fund EUR Class A Shares 0.75% USD Class B Shares 1.50% GBP Class B Shares 1.25% GBP X Shares 0.625% EUR Class B Shares 1.25% GBP Hedged X Shares 0.625% EUR X Shares 1.50% EUR X Shares 3 0.625% EUR Non-Distributing Class GBP Z Shares - Shares 1.25% EUR Class Z Shares^ - JOHCM Japan Fund GBP Class A Shares 0.75% GBP Non-Distributing Z Shares - GBP Hedged Class A Shares 0.75% GBP Non-Distributing X EUR Class A Shares 0.75% Shares 0.625% JPY Class A Shares 0.75% Euro Non-Distributing X GBP Class B Shares 1.25% Shares 0.625%

GBP Hedged Class B Shares 1.25% JOHCM European EUR Class A Shares 0.75% EUR Class B Shares 1.25% Concentrated EUR Class B Shares 1.25% JPY Class B Shares 1.25% Value Fund USD Class B Shares 1.25% SGD Hedged B Shares 1.25% JOHCM Global GBP Class A Shares 0.75% AUD Z Shares - Select Fund EUR Class A Shares 0.75% EUR Class Z Shares^ - USD Class A Shares 0.75% GBP Class B Shares 1.50% JOHCM UK GBP Non-Distributing 1 EUR Class B Shares 1.50% Dynamic Fund A Shares 0.75% USD Class B Shares 1.50% GBP Y Shares 0.625% GBP Z Shares - JOHCM Global GBP Class A Shares 0.65% USD Z Shares - Income Builder EUR Class A Shares 0.65% Fund EUR Non-Distributing Shares 1.25% USD Class A Shares 0.65% EUR Class B Shares 1.75% JOHCM Global GBP Class A Shares 0.90% EUR Seed Shares 2 0.25% Emerging Markets EUR Class A Shares 0.90% GBP Seed Shares 0.25% Opportunities Fund USD Class A Shares 0.90% GBP Non-Distributing A GBP Class B Shares 1.50% Shares 0.65% EUR Class B Shares 1.50% EUR Hedged SeedShares 0.25% USD Class B Shares 1.50% SGD Class A Shares 0.65% GBP Y Shares 0.75% JOHCM GBP Class A Shares 0.75% USD Y Shares 0.75% Concentrated GBP Z Shares - Global Share Fund CAD Z Shares - 1. This share class was terminated on 06 February 2020. AUD Z Shares - 2. This share class was launched on 11 February 2020. 3. This share class was launched on September 2020. ^ The Investment Management Fee will be negotiated separately with the JOHCM Asia GBP Class A Shares 0.90% Investment Manager and not charged to the Fund. ex-Japan Fund EUR Class A Shares 0.90% USD Class A Shares 0.90% Investment Management fees for Z class shares are GBP Class B Shares 1.50% negotiated separately with the Investment Manager and not EUR Class B Shares 1.50% charged to the respective sub-fund. USD Class B Shares 1.50% The Investment Manager has voluntarily agreed to waive GBP Z Class Shares - a portion of its fees and/or reimburse certain expenses in USD Z Class Shares^ - respect of individual sub-funds so that the total expenses of those sub-funds will not exceed voluntary expense limitations JOHCM Asia GBP Class A Shares 0.90% established for each respective sub-fund. The Investment ex-Japan Small and EUR Class A Shares 0.90% Manager, at its discretion, may revise or discontinue the Mid-Cap Fund USD Class A Shares 0.90% voluntary waivers and/or expense reimbursements at GBP Class B Shares 1.50% any time. EUR Class B Shares 1.50% USD Class B Shares 1.50% GBP Z Shares -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 165 Notes to the Financial Statements (continued)

6 Operating expenses (continued) Depositary fee Management, Investment Management and The Depositary shall be entitled to safekeeping fees ranging Performance Fees (continued) from 0.003% p.a. to 0.800% p.a. of the Net Asset Value of Management Fee (continued) the Fund depending on the location of the assets held, subject to a minimum fee which will not exceed €5,000 per annum, For the financial year ended 31 December 2020 and per Fund and to transaction charges which shall be charged at 31 December 2019, the Investment Management fees normal commercial rates. In addition, the Depositary shall be waived and reimbursed were as follows: entitled to an annual Trustee fee of 0.0225% p.a. up to €500 31 Dec 31 Dec million of the Net Asset Value and 0.0125% p.a. exceeding Sub-fund 2020 2019 €500 million. Such fees shall accrue daily and be payable £’000 £’000 monthly in arrears. The Depositary shall also be entitled to be reimbursed for reasonable out-of-pocket expenses properly 1 JOHCM Emerging Markets Fund - 236 incurred by it, including telephone and fax charges, stamp JOHCM Global Emerging Markets duties, proxy voting and registration fees. Opportunities Fund 36 - JOHCM Asia ex-Japan Small and Mid-Cap Fund 32 60 Directors’ remuneration JOHCM Japan Dividend Growth Fund2 66 36 The Directors are entitled to a fee in remuneration for their services at a rate to be determined from time to time by the JOHCM US Small Mid Cap Equity Fund3 - 36 Directors, but so that the aggregate amount of Directors’ JOHCM European Concentrated Value Fund 96 - remuneration in any one financial year shall not exceed EUR 4 JOHCM Global Smaller Companies Fund - 64 75,000. Directors’ fees charged for the financial year ended JOHCM UK Dynamic Fund 98 114 31 December 2020 and 31 December 2019 were as follows: JOHCM Global Income Builder Fund 36 113 31 Dec 31 Dec JOHCM Concentrated Global Share Fund 65 60 2020 2019 £’000 £’000 1. JOHCM Emerging Markets Fund was terminated on 07 November 2019. 2. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020. 3. JOHCM US Small Mid Cap Equity Fund was terminated on 07 November 2019. Directors’ fees 74 54 4. JOHCM Global Smaller Companies Fund was terminated on 17 October 2019. Total 74 54 Additionally, the Investment Manager receives a performance fee based on the out-performance of each sub-fund’s return Auditors’ remuneration over an index specific to each sub-fund. The performance The accrued amount for work carried out for the Company fee equates to 15% of the out-performance and is accrued for the financial year end is as follows: daily and payable annually in arrears in respect of each 31 Dec 31 Dec performance year. The performance year for all subfunds was 2020 2019 the period commencing 1 January 2020 or the inception date if later. There are no performance fee on the JOHCM Global £’000 £’000 Income Builder Fund. Audit services (inc VAT)1 The fund performance in respect of a performance period is Audit fees 97 107 the arithmetical difference between the NAV per share on the last business day of the preceding performance period, Non audit services (inc VAT)1 which reflects the charging of a performance fee, if any, in Tax advisory fee 30 47 respect of the previous performance period, and the NAV per Other non-audit services 53 58 share on the last business day of the performance period Total 180 212 expressed as a percentage.

There have been no changes to investment management 1 Audit fees relate to the services provided by Ernst & Young for the financial fee rates and performance fee rates since the Management year ended 31 December 2020 and 31 December 2019. Company commenced trading. Service provider fees The performance fees for the year are disclosed in note 7. For the financial year ended 31 December 2020 and Administration fees 31 December 2019, the service provider fees were as follows: The Administrator is entitled to an annual fee payable by the 31 Dec 31 Dec Company not exceeding EUR 35,000 per annum per sub-fund 2020 2019 with up to 2 share classes and in addition, up to EUR 3,500 £’000 £’000 per annum for each additional share class plus Domiciliary and Corporate Agent Fees of up to EUR 10,000 per annum for Administration fees 561 678 the Company. Such fees are accrued daily and are payable Depositary fees 633 763 monthly in arrears. The Administrator is also entitled to the payment of fees for acting as Registrar and Transfer Agent Depositary oversight fees 314 325 and transaction charges (charged at normal commercial Transfer and domiciliary agency fees 1,091 1,265 rates), based on transactions undertaken by the Company, Total 2,599 3,031 the number of subscriptions, redemptions, exchanges and transfer of shares processed by the Administrator and time Carne Global Financial Services Limited provided fund spent on Company shareholder servicing duties and to the governance services to the Company during the year. reimbursement of operating expenses. The fees amounted to GBP 28,798 (31 December 2019: The Administrator is also entitled to be repaid for all of its GBP 21,590) of which nil was payable as at 31 December out-of-pocket expenses incurred on behalf of the Company, 2020 (31 December 2019: Nil). which shall include reasonable legal fees, courier fees, telecommunications and expenses.

166 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

7 Related parties

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if the party is a member of the key management personnel of the entity or its parent.

The Manager and Investment Manager are related parties under this definition. For the financial year ended 31 December 2020 the Company incurred GBP 37,965,000 (2019: GBP 56,477,000) in total for management fees of which 3,430,000 was payable as at 31 December 2020 (31 December 2019: 4,114,000). Effective 1 November 2019 these fees are paid to the Manager who will in turn pay the Investment Manager out of its Manager fee. Further details in respect of Manager and Investment Manager fees are disclosed in note 6. As also discussed in note 6, the Investment Manager is entitled to receive performance fees. For the financial year ended 31 December 2020, the Company accrued GBP 5,397,000 (2019: nil ) in total for performance fees of which 5,397,000 was payable as at 31 December 2020 (31 December 2019: Nil).

For the financial year ended 31 December 2020 the Company received GBP 429,000 (2019: GBP 719,000) in total as Reimbursement from the Investment Manager of which 149,000 was receivable as at 31 December 2020 (31 December 2019: 339,000). Refer to Note 6 for further details.

Máire O’Connor and Robert Burke are independent non-executive Directors of J O Hambro Capital Management Umbrella Fund plc and the Manager. As at 31 December 2020, none of the independent non-executive directors held shares in J O Hambro Capital Management Umbrella Fund plc (2019: nil).

Ms. Helen Vaughan held 8,772 shares in JOHCM Global Select Fund as at 31 December 2020 (31 December 2019: 8,772 shares) and 31,500 shares in JOHCM Global Income Builder Fund (31 December 2019: 31,500). Ms. Vaughan receives a fee for Director services to the Company.

On 30 September 2019, Ms. Helen Vaughan retired as Chief Operating Officer of the Investment Manager. She continues as a Non-executive director of the Company.

Markus Lewandowski was appointed to the Board of Directors on 25 February 2020. Mr. Lewandowski acts as Chief Operating Officer of the Investment Manager. Alexandra Altinger was appointed to the Board of Directors on 25 March 2020. Ms. Altinger acts as Chief Executive Officer of the Investment Manager. Mr. Lewandowski and Ms. Altinger are deemed related parties to the Company as they are employed by the Investment Manager and are Directors of the Company.

As at 31 December 2020, JOHCM LTD & JOHCM (SINGAPORE) PTE LIMITED held shares in the Company as follows:

Opening Subscription Redemption Closing Shares Shares Monetary Shares Monetary Shares £’000 £’000

JOHCM Continental European Fund Class Y GBP 123.381 2.594 - - - 125.975

JOHCM UK Growth Fund Class R EUR - 1,000.000 $ 1 - - 1,000.000 Class R USD - 1,000.000 $ 1 - - 1,000.000 Class X USD - 1,000.000 $ 1 - - 1,000.000 Class X EUR Hedged - 1,000.000 € 1 - - 1,000.000 Class X EUR - 1,000.000 € 1 - - 1,000.000 Class X GBP - 1,000.000 £ 1 - - 1,000.000

JOHCM European Select Values Fund Class A GBP 59,149.054 716.222 £ 4 (23,315.337) £ (120) 36,549.939

JOHCM Global Select Fund Class Z GBP 567,336.572 8,605.847 £ 21 (190,808.148) £ (458) 385,134.271

JOHCM Global Emerging Markets Opportunities Fund Class A EUR 165,763.070 - - - - 165,763.070 Class B EUR 11,066.473 - - - - 11,066.473

JOHCM Asia ex-Japan Fund Class A EUR 144,228.801 - - - - 144,228.801 Class B EUR 11,525.702 - - - - 11,525.702 Class Z GBP 42,861.686 751.494 £ 1 (21,188.283) £ (31) 22,424.897

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 167 Notes to the Financial Statements (continued)

7 Related Parties (continued)

Opening Subscription Redemption Closing Shares Shares Monetary Shares Monetary Shares £’000 £’000

JOHCM Asia ex-Japan Small and Mid-Cap Fund Class A EUR 146,363.393 - - (146,363.393) € (286) - Class A USD 1,224,692.809 - - (1,224,692.809) $ (2,482) - Class B EUR 11,657.253 - - (11,657.253) € (26) - Class B USD 15,722.129 - - (15,722.129) $ (31) - Class Z GBP 1,195.529 18.315 - - - 1,213.844

JOHCM Global Opportunities Fund Class X EUR - 1,000.000 € 1 - - 1,000.000

JOHCM Japan Dividend Growth Fund 1 Class A USD 211,867.827 - - (211,867.827) $ (198) - Class A Hedged USD 207,646.250 - - (207,646.250) $ (203) -

JOHCM European Concentrated Value Fund Class A EUR 244,631.848 3,866.192 € 4 (103,724.263) € (108) 144,773.777

JOHCM Global Income Builder Fund Class A EUR 1,237.501 - - - - 1,237.501 Class B EUR 1,237.440 - - - - 1,237.440

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020.

As at 31 December 2019, J O Hambro Capital Management Limited held shares in the Company as follows:

Opening Subscription Redemption Closing Shares Shares Monetary Shares Monetary Shares £’000 £’000

JOHCM Continental European Fund Class Y GBP 120.871 2.510 - - 123.381

JOHCM European Select Value Fund Class A GBP 32,390.871 37,555.140 £202 (10,796.957) £(57) 59,149.054

JOHCM Global Select Fund Class Z GBP 2,490.554 564,846.018 £1,212 - 567,336.572

JOHCM Emerging Markets Fund 2 Class Y GBP 107,024.596 1,238.160 £2 (108,262.756) £(45) -

JOHCM Global Emerging Market Opportunities Fund Class A EUR 165,763.070 - - - - 165,763.070 Class B EUR 11,066.473 - - - - 11,066.473

JOHCM Asia ex-Japan Fund Class A EUR 144,228.801 - - - - 144,228.801 Class B EUR 11,525.702 - - - - 11,525.702 Class Z GBP 62,109.489 1,455.360 £2 (20,703.163) £(26) 42,861.686

JOHCM Asia ex-Japan Small and Mid-Cap Fund Class A EUR 146,363.393 - - - - 146,363.393 Class A USD 1,224,692.809 - - - - 1,224,692.809 Class B EUR 11,657.253 - - - - 11,657.253 Class B USD 15,722.129 - - - - 15,722.129 Class Z GBP 52,562.758 791.438 £1 (52,158.667) (71) 1,195.529

2. JOHCM Emerging Markets Fund was terminated on 07 November 2019.

168 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

7 Related Parties (continued)

Opening Subscription Redemption Closing Shares Shares Monetary Shares Monetary Shares £’000 £’000

JOHCM Japan Dividend Growth Fund Class A USD 211,867.827 - - - - 211,867.827 Class A Hedged USD 207,646.250 - - - - 207,646.250

JOHCM US Small Mid Cap Equity Fund 1 Class A GBP 10,000.000 - - (10,000.000) - - Class A EUR 10,000.000 - - (10,000.000) - - Class A USD 10,000.000 - - (10,000.000) - - Class B EUR 10,000.000 - - (10,000.000) - - Class B USD 10,000.000 - - (10,000.000) - - USD Seed 18,255,226.255 - - (18,255,226.255) - -

JOHCM European Concentrated Value Fund Class A EUR 200,011.128 111,259.009 $118 (66,638.289) $(66) 244,631.848

JOHCM Global Smaller Companies Fund 2 Class A USD 4,461,600.000 - - (4,461,600.000) - -

JOHCM Global Income Builder Fund Class A EUR 1,235.719 1.782 - - - 1,237.501 Class B EUR 1,235.708 1.732 - - - 1,237.440

1. JOHCM US Small Mid Cap Equity Fund was terminated on 07 November 2019. 2. JOHCM Global Smaller Companies Fund was terminated on 17 October 2019.

The Secretary did not hold any shares of the Company during the financial year or at the financial year end (2019: nil).

Directors’ remuneration A list of members of the Board of Directors is shown on page 1 of this report. Directors’ remuneration is discussed in note 6.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 169 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments The sub-funds utilise various methods to value investments measured at fair value on a recurring and non recurring basis.

Risk Management Structure The Board of Directors of the Manager have delegated responsibility to the Designated Person for Fund Risk Management for day-to-day monitoring and ensuring all applicable risks pertaining to the sub-funds can be identified, monitored and managed at all times.

The Designated Person shall be responsible for monitoring compliance of the relevant sub-fund in accordance with risk limits established by the Company. The Designated Person places reliance on the risk management and compliance controls operated by the Investment Manager and receives regular reporting from Service Providers to ensure that all applicable risks pertaining to the Company and its sub-funds are identified, monitored and managed at all times.

The Manager has established and maintains its own permanent risk management function, the day-to-day operations of which are performed by the Investment Manager, due to the nature, scale and complexity of the Manager’s business and the nature and range of services and activities undertaken in the course of that business. The permanent risk management function, through the Investment Manager, will take steps with respect to the sub-funds in order to assess, manage and monitor the exposures of the sub-funds to the relevant risks, including market risks, liquidity risks, counterparty risks and operational risks.

The Board of Directors of the Manager aim to discharge its compliance obligations through the receipt of and review of reports from the service providers and through the receipt and review of reports from the Designated Person with responsibility for Fund Risk management. The Designated Person will identify, monitor and manage all risks pertaining to the Manager and in doing so may consult with the Investment Manager and other service providers.

The Investment Manager will provide a monthly investment management report to the Designated Person which will be designed to enable the Designated Person and the Board of Directors of the Manager to monitor the level of investment risk in each sub- fund on an ongoing basis generally and against any guidelines issued by the Manager.

The Board of Directors of the Manager will carry out a periodic assessment (at least annually) of the risk management policy to determine its adequacy and efficiency including a review of the effectiveness of measures taken to address any deficiencies in the performance of the Manager’s risk management policy.

The Board of Directors of the Manager have appointed the Investment Manager to adopt proportionate and effective risk measurement techniques in respect of each sub-fund, in order to measure the risks to which each sub-fund is or might be exposed.

Fair Valuation Estimation Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement (lowest being Level 3).

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Board of Directors of the Manager’s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The determination of what constitutes “observable” requires significant judgment by the Board of Directors of the Manager. The Board of Directors of the Manager considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Board of Directors of the Manager’s perceived risk of that instrument.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entityspecific measure. Therefore, even when market assumptions are not readily available, the Board of Directors of the Manager’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The Board of Directors of the Manager uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

The three levels of inputs are defined as follows:

Level 1 - The unadjusted quoted price in active markets for identical assets or liabilities that the entity can access at the measurement date (Level 1);

Level 2 - Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly (Level 2); and

Level 3 - Inputs that are unobservable (i.e. for which market data is unavailable) for the asset or liability (Level 3).

170 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Unlisted Equities Unlisted equities are valued at the probable realisation value as determined with care and in good faith by such competent persons as may be appointed by the Board of Directors of the Manager and approved for the purpose by the Depositary. The unlisted securities or staled prices securities are agreed by the pricing committee at J O Hambro Capital Management Limited.

Transfer between Level 1 and 2 There have been no significant transfers between Level 1 and Level 2 during the financial year ended 31 December 2020 and financial year ended 31 December 2019.

Valuation Techniques The fair value of ordinary shares or preference shares that do not have a quoted market price in an active market is reliably measurable if:

(i) the variability in the range of reasonable fair value estimates is not significant for that asset; or

(ii) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value.

There are many situations in which the variability in the range of reasonable fair value estimates of assets that do not have a quoted market price is likely not to be significant. Normally it is possible to estimate the fair value of ordinary shares or preference shares that an entity has acquired from an outside party. However, if the range of reasonable fair value estimates is significant and the probabilities of the various estimates cannot be reasonably assessed, an entity is precluded from measuring the ordinary shares or preference shares at fair value.

If a reliable measure of fair value is no longer available for an asset measured at fair value (e.g. ordinary shares or preference shares measured at fair value through profit or loss), its carrying amount at the last date the asset was reliably measurable becomes its new cost. The entity shall measure the ordinary shares or preference shares at this cost amount less impairment until a reliable measure of fair value becomes available.

The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company’s accounting policies in relation to derivatives are set out in note 2 to the financial statements and the Company has a Risk Management Process in place for the use of financial derivative investments which has been approved by the Board of Directors of the Manager and the Central Bank of Ireland.

As noted previously, the Board of Directors of the Manager has engaged Carne Global Financial Services Limited (“Carne”) to provide Designated Persons to the Company including the Designated Person that is responsible for Fund Risk Management of the Company. Carne ensures that procedures are in place so that all significant risks to the Company can be identified, monitored and managed at all times. Carne reports to the Board of Directors of the Manager quarterly based on the reports supplied by the Company’s Investment Manager and Administrator.

Set out below is a description of some of the more important types of risk and an outline of the processes the Investment Manager has implemented to assess, monitor and control these specific risks:

The Company invests in the following financial instruments which are classified under Level 2. These instruments are valued as follows:

OTC Options Options contracts are valued at the settlement price as determined by the market in question. If such market price is not available, the value shall be the probable realisation value estimated with care and in good faith by the Directors or such other competent person approved for the purpose by the Depositary.

Contracts for Difference Contracts for Difference are valued by the counterparty Goldman Sachs at least daily. The valuation must be approved or verified weekly by a third party who is independent of the counterparty and who is approved for the purpose by the Depositary.

Upon entering into contracts for differences, the sub-funds pledge cash (financial assets) collateral against the contracts for differences financial liabilities. For the financial year ended 31 December 2020 JOHCM European Select Values Fund held a collateral amount of GBP Nil (31 December 2019: GBP 165,000).For the year ended 31 December 2020 there was no collateral held on any of the sub-funds.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 171 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued)

Forward Contracts Forward exchange contracts are valued by reference to the price at which a new forward contract of the same size and maturity could be undertaken. The following tables summarise the inputs used to value the sub-funds’ financial instruments measured at fair value on a recurring and non-recurring basis as at 31 December 2020:

Total investments (Level 1) (Level 2) (Level 3) Assets and Liabilities 2020 2020 2020 2020 £’000 £’000 £’000 £’000

JOHCM Continental European Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 477,303 477,303 - - Forward foreign exchange contracts 127 - 127 -

Financial liabilities at fair value through profit or loss Forward foreign currency contracts (34) - (34) -

Total 477,396 477,303 93 -

JOHCM UK Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 290,784 290,784 - - Forward foreign currency contracts 1 - 1 -

Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (18) - (18) -

Total 290,767 290,784 (17) -

JOHCM European Select Values Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 711,758 711,758 - - Options 425 425 - -

Financial liabilities at fair value through profit or loss Forward foreign currency contracts (10) - (10) -

Total 712,173 712,183 (10) -

JOHCM Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 133,401 133,401 - - Forward foreign currency contracts 212 - 212 -

Total 133,613 133,401 212 -

JOHCM Global Select Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,516,767 1,516,767 - - Forward foreign exchange contracts 19 - 19 -

Financial liabilities at fair value through profit or loss Forward foreign currency contracts (7) - (7) -

Total 1,516,779 1,516,767 12 -

JOHCM Global Emerging Markets Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 333,384 333,384 - -

Total 333,384 333,384 - -

172 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued)

Total investments (Level 1) (Level 2) (Level 3) Assets and Liabilities 2020 2020 2020 2020 £’000 £’000 £’000 £’000

JOHCM Asia ex-Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 104,935 104,935 - - Total 104,935 104,935 - -

JOHCM Asia ex-Japan Small and Mid-Cap Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 17,443 17,443 - - Total 17,443 17,443 - -

JOHCM Global Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 400,810 400,810 - - Forward foreign currency contracts 12 - 12 -

Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (8) - (8) - Total 400,814 400,810 4 -

JOHCM European Concentrated Value Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 113,448 113,448 - -

Total 113,448 113,448 - -

JOHCM UK Dynamic Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 4,060 4,060 - -

Total 4,060 4,060 - -

JOHCM Global Income Builder Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 105,332 77,152 28,180 -

Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (33) - (33) -

Total 105,299 77,152 28,147 -

JOHCM Concentrated Global Share Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 2,169 2,169 - -

Total 2,169 2,169 - -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 173 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued)

The following tables summarise the inputs used to value the sub-funds’ financial instruments measured at fair value on a recurring and non-recurring basis as at 31 December 2019:

Total investments (Level 1) (Level 2) (Level 3) Assets and Liabilities 2019 2019 2019 2019 £’000 £’000 £’000 £’000

JOHCM Continental European Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,009,922 1,009,922 - - Forward foreign exchange contracts 536 - 536 -

Financial liabilities at fair value through profit or loss Forward foreign currency contracts (292) - (292) -

Total 1,010,166 1,009,922 244 -

JOHCM UK Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 238,220 238,220 - -

Total 238,220 238,220 - -

JOHCM European Select Values Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,158,187 1,158,187 - - Options 354 354 - - Forward foreign exchange contracts 2 - 2 -

Financial liabilities at fair value through profit or loss Contracts for difference (158) - (158) - Forward foreign currency contracts (8) - (8) -

Total 1,158,377 1,158,541 (164) -

JOHCM Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 239,039 239,039 - - Forward foreign currency contracts 1,011 - 1,011 -

Financial liabilities at fair value through profit or loss Forward foreign currency contracts (1) - (1) -

Total 240,049 239,039 1,010 -

JOHCM Global Select Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,263,996 1,263,996 - - Forward foreign exchange contracts 23 - 23 -

Financial liabilities at fair value through profit or loss Forward foreign currency contracts (3) - (3) -

Total 1,264,016 1,263,996 20 -

JOHCM Global Emerging Markets Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 354,540 354,540 - -

Total 354,540 354,540 - -

174 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued)

Total investments (Level 1) (Level 2) (Level 3) Assets and Liabilities 2019 2019 2019 2019 £’000 £’000 £’000 £’000

JOHCM Asia ex-Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 117,687 117,687 - - Forward foreign currency contracts 23 - 23 - Total 117,710 117,687 23 -

JOHCM Asia ex-Japan Small and Mid-Cap Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 14,196 14,196 - - Total 14,196 14,196 - -

JOHCM Global Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 390,709 390,709 - - Forward foreign currency contracts 157 - 157 -

Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (26) - (26) - Total 390,840 390,709 131 -

JOHCM Japan Dividend Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 7,372 7,372 - - Forward foreign currency contracts 23 - 23 -

Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (1) - (1) - Total 7,394 7,372 22 -

JOHCM European Concentrated Value Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 162,074 162,074 - -

Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (89) - (89) - Total 161,985 162,074 (89) -

JOHCM UK Dynamic Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 17,351 17,351 - - Total 17,351 17,351 - -

JOHCM Global Income Builder Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 36,159 20,250 15,909 - Forward foreign exchange contracts 23 - 23 -

Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (11) - (11) - Total 36,171 20,250 15,921 -

JOHCM Concentrated Global Share Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 2,068 2,068 - - Total 2,068 2,068 - -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 175 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Global Exposure to Financial Derivative Instruments On behalf of the Board of Directors of the Manager, the Investment Manager’s Risk Management department has assessed the risk profile of the Company and the related sub-funds on the basis of the investment policy, strategy and the use of Financial Derivative Instruments (“FDIs”). Based on the risk profile, Risk Management has determined that the method for the calculation of the global exposure to FDIs for all sub-funds will be the commitment approach, where the sub-fund holds FDIs.

Breaches of the exposure limits, if any, are identified using the commitment approach, addressed by the Investment Manager and reported to the Directors. An annual FDIs report is provided to the Central Bank detailing any exposure breaches in either the global exposure or counterparty risk exposure in respect of FDIs. During the financial year ended 31 December 2020 and financial year ended 31 December 2019 there were no breaches of the FDIs exposure limits.

Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices and includes currency risk, interest rate risk and price risk. The Company’s market risk management strategy is driven by the investment objectives of each of the sub-funds. The sub-funds are actively managed.

The following specific processes are in place to control market risk and prohibit speculation: • Market risk for all sub-funds is assessed by the Investment Manager in the context of the total portfolio being managed, where financial derivative instruments are included on a fully paid up exposure basis. Where options or option related financial derivative instruments are utilised, exposure is determined on a delta-weighted basis. • Consideration is given to basis risk (the risk that the financial derivative instrument will not move in line with the physical position) where appropriate; • Restrictions on gearing of portfolios are in place (as defined in the Company’s Prospectus). Financial derivative instruments cannot be used to circumvent these restrictions; • Net exposures of a sub-fund to an asset class, including the delta weighted exposure of derivative instruments are restricted by the Company’s investment guidelines; • In the case of use of financial derivative instrument positions to achieve exposure, the sub-funds hold sufficient cash or appropriate equivalent to meet potential obligations arising from the net derivative position. In the case of derivative positions to remove exposure, the sub-funds hold assets, which are considered a reasonable hedge.

Price Risk The Company’s equity securities and FDIs are susceptible to market price risk arising from uncertainties about the future prices of the instruments. The Company’s market price risk is managed through diversification of the portfolios of the sub-funds. Asset allocation is determined by the Company’s Investment Manager who manages the allocation of assets to achieve each sub-fund’s investment objective.

Market risk exposures are measured through monitoring sector and country exposures against the relevant benchmark indices on a daily basis via live spreadsheets.

The Board of Directors of the Manager’s best estimate of the effect on net assets and profits due to a reasonably possible change in equity indices with all other variables held constant is as follows:

Financial Effect on net assets and Change in assets and liabilities equity price profit Fund Index 31 Dec 2020 31 Dec 2020 31 Dec 2020 £’000s % £000’s

JOHCM Continental European Fund MSCI Europe ex UK NR 477,396 8 37,476 JOHCM UK Growth Fund FTSE All Share 290,767 (10) (27,681) JOHCM European Select Values Fund MSCI Europe NR 712,173 3 17,876 JOHCM Japan Fund TOPIX 133,613 10 12,720 JOHCM Global Select Fund MSCI ACWI NR 1,516,779 13 189,597 JOHCM Global Emerging Markets Opportunities Fund MSCI Emerging Markets NR 333,384 15 48,674 JOHCM Asia ex-Japan Fund MSCI AC Asia ex-Japan NR 104,935 21 22,057 JOHCM Asia ex-Japan Small and Mid-Cap Fund MSCI AC Asia ex-Japan Small Cap 17,443 22 3,834 JOHCM Global Opportunities Fund MSCI ACWI NR 400,814 13 50,102 JOHCM European Concentrated Value Fund MSCI Europe NR 113,448 (3) (2,848) JOHCM UK Dynamic Fund FTSE All Share 4,060 (10) (387) JOHCM Concentrated Global Share Fund MSCI World NR 2,169 12 263

176 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Price Risk (continued)

Financial Effect on net assets and Change in assets and liabilities equity price profit Fund Index 31 Dec 2019 31 Dec 2019 31 Dec 2019 £’000s % £000’s

JOHCM Continental European Fund MSCI Europe Ex UK NR 1,010,166 20 201,902 JOHCM UK Growth Fund FTSE All Share 238,220 19 45,655 JOHCM European Select Values Fund MSCI Europe NR 1,158,377 19 220,018 JOHCM Japan Fund TOPIX 240,049 16 38,414 JOHCM Global Select Fund MSCI ACWI NR 1,264,016 22 274,407 JOHCM Global Emerging Markets Opportunities Fund MSCI Emerging Markets NR 354,540 14 49,148 JOHCM Asia ex-Japan Fund MSCI AC Asia ex-Japan NR 117,710 14 16,016 JOHCM Asia ex-Japan Small and Mid-Cap Fund MSCI AC Asia ex-Japan Small Cap 14,196 3 439 JOHCM Global Opportunities Fund MSCI ACWI NR 390,840 22 84,848 JOHCM Japan Dividend Growth Fund TOPIX 100 TR 7,394 16 1,183 JOHCM European Concentrated Value Fund MSCI Europe NR 161,985 19 30,767 JOHCM UK Dynamic Fund FTSE All Share 17,351 19 3,325 JOHCM Concentrated Global Share Fund MSCI World NR 2,068 23 470

TR stands for ‘Total Return’. All indices are sterling adjusted.

The Financial Assets and Liabilities in the table above represent the total investments as per Schedule of Investments on pages 37 to 157.

The changes in equity price are based on the movement of ten financial year annualised rates. The Board of Directors of the Manager believes that this is appropriate for portraying the underlying sub-fund’s sensitivity to market movements.

In practice the actual trading results may differ from the sensitivity analysis above and the difference could be material as all the sub-funds are actively managed.

Currency Risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates.

The Company’s functional currency is Sterling (GBP). The Company invests in securities and other investments that are denominated in currencies other than the functional currency. Accordingly, the value of the Company’s assets may be affected favourably or unfavourably by fluctuations in currency rates. Sub-funds may employ techniques and use instruments intended to provide protection against exchange rate risks in the context of the management of the assets and liabilities in line with the Company’s Risk Management Process. This will involve the buying or selling of a foreign currency in order to complete a forward contract entered into at the same time as the initial transaction to eliminate exchange rate risk. A sub-fund may enter into forward foreign currency exchange contracts to hedge the foreign exchange risk implicit in the value of the portfolio securities denominated in a foreign currency.

The rates of exchange to GBP as at 31 December 2020 and 31 December 2019 were:

2020 2019 2020 2019

AED 5.012562 4.852046 LKR 252.806595 239.606385 AUD 1.763683 1.883305 MXN 27.145869 24.991486 BRL 7.087913 5.309818 MYR 5.489296 5.403344 CAD 1.738018 1.719877 NOK 11.628492 11.606625 CHF 1.201848 1.277227 PHP 65.557744 66.893705 CNY 8.925290 9.193438 QAR 4.968687 4.809576 CZK 29.176020 29.891833 RUB 102.022279 82.163961 DKK 8.272762 8.789750 SEK 11.147189 12.286764 EUR 1.111912 1.176478 SGD 1.803318 1.777140 HKD 10.579502 10.285530 THB 40.830890 39.344433 IDR 18,982.473220 18,338.886575 TRY 10.118562 7.856344 INR 99.711384 94.292955 TWD 38.339327 39.506819 JPY 140.633953 143.422198 USD 1.364650 1.320950 KRW 1484.929271 1,523.587082 ZAR 20.023330 18.546157

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 177 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Currency Risk (continued) On behalf of the Board of Directors of the Manager, the Investment Manager seeks to mitigate foreign currency risk by launching share classes denominated in currencies other than the reporting currency of the Fund. For the Japan Fund, while the base currency of the Fund is GBP, JPY hedged share classes have been introduced to provide investors with the same return as the underlying JPY assets. For the Continental European Fund, while the base currency of the Fund is GBP, EUR and USD hedged share classes have been introduced to provide investors with the same return as the underlying EUR and USD assets. For the Japan Dividend Growth Fund, while the base currency of the Fund is GBP, EUR and JPY hedged share classes have been introduced to provide investors with the same return as the underlying EUR and JPY assets.

Table 1 below and overleaf analyses the net amount of monetary assets and liabilities held by each sub-fund at the Statement of Financial Position date denominated in currencies other than GBP, the functional currency.

Table 2 on page 181 discloses the Board of Directors of the Manager’s best estimates of the effect of a reasonably probable movement of the currency rate against Sterling, with the other variables held constant on the Statement of Comprehensive Income and equity. A negative amount in the table reflects a potential net reduction in Statement of Comprehensive Income or equity, while a positive amount reflects a net potential increase. In practice the actual trading results may differ from the below sensitivity analysis and the difference could be material.

Table 1 Analysis of the net amount of foreign currency investments and net monetary assets and liabilities held by each sub-fund at the Statement of Financial Position date

Net foreign currency Net foreign currency Currency Total investments monetary assets derivatives Total exposure Dec 2020 Dec 2019 Dec 2020 Dec 2019 Dec 2020 Dec 2019 Dec 2020 Dec 2019 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

JOHCM Continental European Fund CHF 54,337 95,191 - - - - 54,337 95,191 DKK - 5,047 - - - - - 5,047 EUR 393,266 837,787 3,631 13,691 (31,108) (82,655) 365,789 768,823 NOK 15,700 26,774 - - - - 15,700 26,774 SEK 14,001 45,123 - (1,039) - - 14,001 44,084 USD - - - 58 15,586 23,659 15,586 23,717

Total 477,304 1,009,922 3,631 12,710 (15,522) (58,996) 465,413 963,636

JOHCM UK Growth Fund EUR - - 82 - 1,892 - 1,974 - USD 1,692 688 83 - (86) - 1,689 689

Total 1,692 688 165 - 1,806 - 3,663 689

JOHCM European Select Values Fund CHF 83,701 126,053 - - - - 83,701 126,053 EUR 536,402 860,031 (788) (163) 1,680 821 537,294 860,689 NOK - 3,462 - - - - - 3,462 USD 66,883 104,183 - - 425 354 67,308 104,537

Total 686,986 1,093,729 (788) (163) 2,104 1,175 688,303 1,094,741

JOHCM Japan Fund EUR - - (17) - 17 - - - JPY 133,401 239,039 1,169 572 (38,684) (70,183) 95,886 169,428

Total 133,401 239,039 1,152 572 (38,667) (70,183) 95,886 169,428

178 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Currency Risk (continued) Table 1 (continued)

JOHCM Global Select Fund AUD 47,038 71,168 (2,068) (1,008) 2,068 1,008 47,038 71,168 DKK 74,081 68,916 - - - - 74,081 68,916 EUR 147,209 67,973 (1,132) 327 1,137 (322) 147,214 67,978 HKD 38,629 32,983 - - - - 38,629 32,983 JPY 170,174 203,130 355 (3,017) - 3,303 170,529 203,416 KRW 37,366 - 37 - - - 37,403 - TWD 35,369 35,373 - - - - 35,369 35,373 USD 966,900 749,221 49,663 27,455 (2,756) (3,872) 1,013,807 772,804 Total 1,516,766 1,228,764 46,855 23,757 449 117 1,564,070 1,252,638

JOHCM Global Emerging Markets Opportunities Fund AED 8,435 13,624 - - - - 8,435 13,624 CAD - - (1) - - - (1) - CNY 3,620 - - - - - 3,620 - CZK - 5,007 - - - - - 5,007 EUR 15,386 6,712 - 1 - (1) 15,386 6,712 HKD 84,069 85,106 4,410 87 (3,558) - 84,921 85,193 INR 25,259 39,357 2 2 - - 25,261 39,359 KRW 58,200 55,192 1,712 894 - - 59,912 56,086 MXN 12,713 19,665 - - - - 12,713 19,665 TRY 6,911 12,022 - - - - 6,911 12,022 TWD 16,453 23,265 88 86 - - 16,541 23,351 USD 75,452 76,069 5,498 7,870 3,554 (51) 84,504 83,888 ZAR 23,576 14,809 - - - - 23,576 14,809 Total 330,075 350,828 11,709 8,940 (4) (52) 341,779 359,716

JOHCM Asia ex-Japan Fund CNY 4,370 13,050 - - - - 4,370 13,050 EUR - - 490 - - - 490 - HKD 35,554 37,512 (41) - 41 - 35,554 37,512 IDR 1,466 6,436 - - - - 1,466 6,436 INR 29,688 25,653 12 (116) - - 29,700 25,537 KRW 21,125 13,203 88 66 - - 21,213 13,269 PHP - 2,368 - - - - - 2,368 SGD 5,230 6,952 - - - - 5,230 6,952 THB - 3,356 - - - - - 3,356 TWD 7,502 9,157 22 42 - - 7,524 9,199 USD - - 1,068 608 (79) (3,272) 989 (2,664) Total 104,935 117,687 1,639 600 (38) (3,272) 106,536 115,015

JOHCM Asia ex-Japan Small and Mid-Cap Fund CNY 1,992 366 - - - - 1,992 366 HKD 3,854 3,731 - 50 - (49) 3,854 3,732 IDR 1,643 3,804 - 14 - - 1,643 3,818 INR 3,805 483 (36) 52 - - 3,769 535 KRW 512 479 2 2 - - 514 481 MYR - 342 - - - - - 342 PHP 271 1,428 - 21 - - 271 1,449 SGD - 207 - - - - - 207 TWD 4,353 1,658 - (52) - - 4,353 1,606 USD 1,013 1,698 33 (51) 12 48 1,058 1,695 Total 17,443 14,196 (1) 36 12 (1) 17,454 14,231

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 179 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Currency Risk (continued) Table 1 (continued)

JOHCM Global Opportunities Fund CHF 10,418 9,497 - - - - 10,418 9,497 EUR 126,457 115,207 1,158 2,330 (1,096) (2,271) 126,519 115,266 HKD 5,770 6,647 - - - - 5,770 6,647 INR 11,709 - - (37) - - 11,709 (37) JPY 30,023 26,488 278 - (263) - 30,038 26,488 USD 180,598 168,680 20,403 40,905 2,191 (4,320) 203,192 205,265 Total 364,975 326,519 21,839 43,198 832 (6,591) 387,646 363,126

JOHCM Japan Dividend Growth Fund 1 JPY - 7,372 - 111 - (1,762) - 5,721 USD - - - - - 185 - 185 Total - 7,372 - 111 - (1,577) - 5,906

JOHCM European Concentrated Value Fund AUD - 28 - - - 28 - CHF 3,736 4,167 - 1,274 - (1,274) 3,736 4,167 EUR 90,397 120,768 4,978 48,230 - (40,507) 95,375 128,491 SGD - 153 (45,305) - 45,460 153 155 USD 14,563 18,330 - - - - 14,563 18,330

Total 108,696 143,265 5,159 4,199 - 3,679 113,855 151,143

JOHCM UK Dynamic Fund EUR - - - 14 - - - 14 Total - - - 14 - - - 14

JOHCM Global Income Builder Fund CAD 753 406 - - - - 753 406 CHF 4,697 1,720 - - - - 4,697 1,720 DKK - 262 - - - - - 262 EUR 16,780 3,891 (12) 34 (2,765) 274 14,003 4,199 HKD 1,003 479 - - - - 1,003 479 JPY 1,238 1,186 - - - - 1,238 1,186 KRW 1,156 - 4 - - - 1,160 - NOK - 80 - - - - - 80 SEK - 120 - - - - - 120 SGD 464 185 - - - - 464 185 USD 69,666 25,152 950 1,967 2,788 (264) 73,404 26,855 Total 95,756 33,481 942 2,001 23 10 96,722 35,492

JOHCM Concentrated Global Share Fund CHF 134 85 - - - - 134 85 EUR 556 488 - - - - 556 488 HKD 60 74 - - - - 60 74 JPY 83 44 - - - - 83 44 USD 1,227 1,210 66 58 - - 1,293 1,268 Total 2,060 1,901 66 58 - - 2,126 1,959

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020.

180 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Currency Risk (continued) Table 2* Analysis of the effect of a reasonably possible movement of the currency exchange rate against GBP for each sub-fund.

Change to Change to currency rate in Effect on profit Effect on currency rate in Effect on profit Effect on Currency percentage before tax Net assets percentage before tax Net assets 2020 2020 2020 2019 2019 2019 % £‘000 £‘000 % £‘000 £‘000

JOHCM Continental European Fund EUR (1) 3,694 3,694 1 (7,612) (7,612)

JOHCM European Select Values Fund EUR (1) 5,428 5,428 1 (8,522) (8,522)

JOHCM Japan Fund JPY (2) 1,957 1,957 2 (3,322) (3,322)

JOHCM Global Select Fund USD (3) 31,355 31,355 - - -

JOHCM Global Emerging Markets Opportunities Fund HKD (3) 593,808 593,808 - 582,056 582,056 USD (3) 2,613 2,613 - - -

JOHCM Asia ex-Japan Fund HKD (3) 1,100 1,100 - - - INR 2 (582) (582) 3 (744) (744) KRW - 294,683 294,683 - - -

JOHCM Asia ex-Japan Small and Mid-Cap Fund HKD (3) 119 119 - - - IDR - - - 2 (3,167) (3,167) INR 2 266,222 266,222 - - - TWD - 117,943 117,943 - - -

JOHCM Global Opportunities Fund EUR (1) 1,278 1,278 1 (1,141) (1,141) USD (3) 6,284 6,284 - - -

JOHCM Japan Dividend Growth Fund 1 JPY - - - 2 (112) (112)

JOHCM European Concentrated Value Fund EUR (1) 963 963 1 (1,272) (1,272)

JOHCM Global Income Builder Fund USD (3) 2,270 2,270 - - -

JOHCM Concentrated Global Share Fund EUR (1) 134 134 1 65 65 USD (3) 40 40 - - -

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020. * Figures are rounded to the nearest whole number.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 181 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued)

Interest rate risk The sub-funds may invest in interest bearing securities. Any change to the interest rates relevant for the particular securities may result in the relevant Portfolio Manager being unable to secure positive returns on the expiry of contract or the sale of securities. In addition, changes to prevailing rates or changes in expectations of future rates may result in an increase or decrease in the value of the securities held. In general, if interest rates rise, the value of the fixed interest securities will decline (along with certain expenses calculated by reference to the assets of the sub-fund). A decline in interest rates will in general have the opposite effect.

All the sub-funds are not included as they do not have significant interest rate risk except for JOHCM Global Income Builder Fund, which invests into bonds:

JOHCM GLOBAL INCOME BUILDER FUND As of 31 December 2020 about 27.23% (2019: 46.50%) of the sub-fund’s financial assets were held in interest-bearing assets. Interest-bearing financial assets are debt securities listed in regulated markets. As a result, the sub-fund is subject to exposure to fair value interest rate risk due to fluctuations in the prevailing levels of market interest rates.

Up to 1 1 to 5 Over Non-interest year years 5 years bearing Total GBP GBP GBP

JOHCM GLOBAL INCOME BUILDER FUND 31 December 2020

ASSETS Equities - - - 73,237,403 73,237,403 Investment Funds - - - 1,485,213 1,485,213 Warrants - - - 2,429,546 2,429,546 Bonds 2,580,644 11,470,260 14,128,908 - 28,179,812 Debt Instruments Derivatives Instruments - - - 33 33 a) Cash and cash equivalents 893,159 - - - 893,159 b) Dividends and interest receivable - - - 432,723 432,723 c) Subscriptions receivable - - - 56,123 56,123 d) Amounts due from brokers - - - 12,190 12,190 e) Receivable from investment manager - - - 7,953 7,953 f) Other receivables - - - 21,417 21,417 TOTAL ASSETS 3,473,803 11,470,260 14,128,908 77,682,601 106,755,572

LIABILITIES Derivatives Instruments Loans and payables: - - - 32,504 32,504 a) Bank overdraft 52,472 - - - 52,472 b) Payable on redemptions - - - 344 344 d) Management, directors and advisory fees payable - - - 27,508 27,508 e) Administration and transfer agency fee payable - - - 14,277 14,277 f) Other payables - - - 35,982 35,982 TOTAL LIABILITIES 52,472 - - 110,615 163,087

182 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Interest rate risk (continued)

Up to 1 1 to 5 Over Non-interest year years 5 years bearing Total GBP GBP GBP

JOHCM GLOBAL INCOME BUILDER FUND 31 December 2019

ASSETS Equities - - - 19,436,565 19,436,565 Warrants - - - 809,384 809,384 Bonds 976,766 3,613,917 11,321,908 - 15,912,591 Debt Instruments Derivatives Instruments - - - 22,794 22,794 Loans and receivables: a) Cash and cash equivalents 1,981,560 - - - 1,981,560 b) Dividends and interest receivable - - - 208,033 208,033 d) Receivable from investment manager - - - 100,143 100,143 e) Other receivables - - - 14,118 14,118 TOTAL ASSETS 2,958,326 3,613,917 11,321,908 20,591,037 38,485,188

LIABILITIES Derivatives Instruments - - - 10,968 10,968 Loans and payables: a) Bank overdraft 79,388 - - - 79,388 b) Payable on redemptions - - - 1,632 1,632 d) Management, directors and advisory fees payable - - - 10,417 10,417 e) Administration and transfer agency fee payable - - - 16,461 16,461 f) Other payables - - - 23,629 23,629 TOTAL LIABILITIES 79,388 - - 63,107 142,495

As at 31 December 2020, a 1% change in interest rates would have an impact on Net Assets Attributable to Unitholders of redeemable shares and cause an increase/decrease in Net Assets Attributable to Unitholders of GBP 290,205 (31 December 2019: GBP 178,148) for JOHCM Global Income Builder Fund. The interest rate sensitivity provided above represents a hypothetical outcome and is not intended to be predictive. Market conditions, and therefore future interest rates, could vary significantly from that suggested.

Cash Account Risk Subscription monies will become the property of a sub-fund upon receipt and accordingly investors will be treated as a general creditor of a sub-fund during the period between receipt of subscription monies and the issue of shares.

Any failure to supply the sub-fund or the Administrator with any documentation requested by them for anti-money laundering purposes may result in a delay in the settlement of redemption proceeds or dividend payments. In such circumstances, the Administrator will process any redemption request received by a shareholder and by doing so that investor will no longer be considered a shareholder notwithstanding that they have not received the redemption proceeds.

In the event of the insolvency of the Company or the relevant sub-fund, the shareholder will rank as an unsecured creditor of the sub-fund until such time as the Administrator is satisfied that its anti-money-laundering procedures have been fully complied with, following which redemption proceeds will be released or the dividend paid (as applicable) to the relevant shareholder. Accordingly, shareholders are advised to promptly provide the sub-fund or Administrator (as appropriate) with all documentation requested to reduce the risk in this scenario.

The Administrator also operates the Cash Account with respect to receipt of subscription monies. In this scenario, the investor is subject to the risk of becoming an unsecured creditor in the event of the insolvency of the Company or the relevant sub-fund during the period between receipt of subscription monies and the Dealing Day on which the shares are issued.

In the case of sub-funds which operate on a cleared funds basis, in the event of an insolvency of the Company or the relevant sub-fund, the rights of the investor to money held in the Cash Account which have been received from the investor in advance of shares being issued, are those of an unsecured creditor of the sub-fund. In such a case the investor will not be a shareholder.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 183 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued)

Credit Risk Credit risk is the risk that an issuer or counterparty will be unable to meet a commitment that it has entered into with the Company. It is the Company’s policy to enter into financial transactions with a range of reputable counterparties thus diversifying the risk. Therefore, the Company does not expect to incur material credit losses on its financial instruments.

The depositary agreement between the Manager, Company and the Depositary provides that the appointment of the Depositary shall continue until terminated by either party on not less than 90 days’ prior written notice or earlier upon certain breaches or the insolvency of either party. The Depositary is liable for any loss suffered by the Company or the Shareholders as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations under the UCITS Regulations. In the event of a loss of financial instrument held in custody, the Depositary must immediately return a financial instrument of identical type or the corresponding amount to the Company.

With respect to Financial Derivative Instruments (“FDIs”), credit risk arises from the potential failure of counterparties to meet their obligations under the contract or arrangement.

It is controlled in the following ways:

• A process is in place to enable the creditworthiness of counterparties to be assessed and limits established regarding exposure to each counterparty. The counterparty’s financial statements are reviewed. A list of approved counterparties and exposure limits is approved by the Head of Compliance of the Investment Manager;

• Counterparty risk exposure to approved counterparties is monitored against the established limits;

• Standard legal agreements are entered into to govern the relationship with the counterparty;

• All exchange traded derivatives are executed through approved brokers and cleared through a clearing broker with the appropriate documentation in place;

• OTC derivatives (put options and equity swaps) may only be entered into with an approved counterparty using standard documentation. The FDI must be capable of being priced on a daily basis.

As at 31 December 2020, the counterparties of the Company are RBC Investor Services Bank S.A., Dublin Branch and Goldman Sachs International. Both are considered reputable counterparties. All financial assets and liabilities of the Company as at 31 December 2020 are held with RBC Investor Services Bank S.A., Dublin Branch except for GBP 425,000 (31 December 2019: GBP 361,000) which is held by Goldman Sachs International. As at 31 December 2020 RBC Investor Services Bank S.A. has a credit rating of AA- with S&P (as at 31 December 2019: AA- with S&P) and Goldman Sachs International has a credit rating of A1 with Moody’s (as at 31 December 2019: A1 with Moody’s).

The Company’s maximum credit exposure is as follows:

31 December 31 December 2020 2019 £’000 £’000

JOHCM Continental European Fund Investments in financial derivative instruments 127 536 Amounts due from brokers 718 4,712 Other receivables 936 957 Securities lending (collateralised) 61,532 82,712

JOHCM UK Growth Fund Investments in financial derivative instruments 1 - Amounts due from brokers 148 297 Other receivables 1 - Securities lending (collateralised) - -

JOHCM European Select Values Fund Investments in financial derivative instruments - 356 Amounts due from brokers 2,363 117 Other receivables 764 695 Securities lending (collateralised) - 138,108 Assets held in Goldman Sachs: Investments in financial derivative instruments 425 188

184 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Credit risk (continued)

31 December 31 December 2020 2019 £’000 £’000

JOHCM Japan Fund Investments in financial derivative instruments 212 1,011 Amounts due from brokers 417 38 Other receivables 1 - Securities lending (collateralised) - -

JOHCM Global Select Fund Investments in financial derivative instruments 19 23 Amounts due from brokers 5,473 - Other receivables 1 - Securities lending (collateralised) 246,732 124,113

JOHCM Global Emerging Markets Opportunities Fund Investments in financial derivative instruments - - Amounts due from brokers 7,827 - Other receivables 1 - Securities lending (collateralised) 13,061 9,146

JOHCM Asia ex-Japan Fund Investments in financial derivative instruments - 23 Amounts due from brokers - - Other receivables 1 - Securities lending (collateralised) 8,031 4,590

JOHCM Asia ex-Japan Small and Mid-Cap Fund Investments in financial derivative instruments - - Amounts due from brokers 76 227 Other receivables 1 - Securities lending (collateralised) 608 907

JOHCM Global Opportunities Fund Investments in financial derivative instruments 12 157 Amounts due from brokers 1,379 2,268 Other receivables 1 - Securities lending (collateralised) - -

JOHCM Japan Dividend Growth Fund Investments in financial derivative instruments - 23 Amounts due from brokers - - Other receivables 3 - Securities lending (collateralised) - -

JOHCM European Concentrated Value Fund Investments in financial derivative instruments - - Amounts due from brokers 119 45,518 Other receivables 113 154 Securities lending (collateralised) 5,965 32,399

JOHCM UK Dynamic Fund Investments in financial derivative instruments - - Amounts due from brokers 7 10 Other receivables 1 - Securities lending (collateralised) - -

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 185 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Credit Risk (continued)

31 December 31 December 2020 2019 £’000 £’000

JOHCM Global Income Builder Fund Investments in financial derivative instruments - 23 Amounts due from brokers 12 - Other receivables 21 14 Securities lending (collateralised) - -

JOHCM Concentrated Global Share Fund Investments in financial derivative instruments - - Amounts due from brokers - - Other receivables 1 - Securities lending (collateralised) - -

Portfolio Management Risk Due to the nature of futures, cash to meet initial and future margin deposits may be held by a broker with whom the sub-fund has an open position. On execution of the option the sub-fund may pay a premium to a counterparty. In the event of bankruptcy of the counterparty the option premium may be lost in addition to any unrealised gains where the contract is ‘‘in the money’’. The sub-funds have not entered into any such contracts to date.

Operational Risk Operational risk comprises the risk that deficiencies in the effectiveness and accuracy of information systems or internal controls will result in a material loss. The risk arises from human error, systems failures, inadequate procedures or internal management controls. To minimise operational risk the following processes and controls have been implemented:

• The valuation standards and systems utilised by the Administrator are consistent with current industry standards, with derivatives valued at market value and exposures stated on a delta-adjusted basis;

• Valuation/pricing of all financial derivative instruments are sourced and reported independently, using appropriate methodologies as appropriate for the instrument;

• There is segregation of duties between the Investment Manager and the Administrator;

• Operational control procedures are in place to enable prompt and accurate recording of physical and derivative transactions and protect the integrity of systems and portfolio information. All trades are booked on trade date and the transaction history cannot be deleted from the system;

• Independent reconciliations of portfolio holdings and frequent broker confirmations are carried out by both the Investment Manager and the Administrator on a monthly basis and signed off by senior personnel and;

• New types of derivative instruments must be approved for use by the Board of Directors of the Manager after consideration of the investment and operational risks and requirements and documented business continuity/disaster recovery plans are in place for both the Investment Manager and the Administrator.

On behalf of the Board of Directors of the Manager, the Investment Manager analyses and monitors the portfolios of the sub- funds on a daily basis. Exposure is measured by market, asset class, sector and market capitalisation. Pre and post trade compliance monitoring is carried out to ensure that there are no breaches of the sub-funds’ investment guidelines.

Cross Liability between sub-funds The Company is established as an umbrella fund with segregated liability between sub-funds. As a matter of Irish law, the assets of one sub-fund will not be available to satisfy the liabilities of another. However, the Company is a single legal entity which may operate or have assets held on its behalf or be subject to claims in other jurisdictions which may not necessarily recognise such segregation. There is no guarantee that the courts of any jurisdiction outside Ireland will respect the limitations on liability associated with segregated liability companies nor is there any guarantee that the creditors of one sub-fund will not seek to enforce such sub-fund’s obligations against another sub-fund.

186 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued)

Liquidity Risk Liquidity risk is the risk that the sub-funds will encounter difficulty in realising assets or otherwise raising funds to meet commitments associated with financial instruments.

Ultimate responsibility for liquidity risk management rests with the Board of Directors of the Manager which has built an appropriate liquidity risk management framework for the management of the Manager’s liquidity management requirements.

Generally the sub-funds’ assets are composed of actively traded and highly liquid securities. The liquidity risks associated with the need to satisfy Shareholders’ requests for redemptions are mitigated by maintaining a constant pool of cash to satisfy usual levels of demand and by holding liquid securities. Redemptions are settled on a T+3 basis (redemptions are paid out three days after trade date) and therefore it is possible to sell securities to meet redemptions as appropriate.

The sub-funds avoid entering into derivative contractual arrangements that produce an exposure not covered by sufficient liquid assets or a total investment exposure in excess of total Shareholders’ funds.

The risk management framework adopted requires coverage to be composed of cash reserves or physical securities. The Company’s listed securities are considered to be readily realisable as they are listed on Recognised Exchanges. Please see the table on pages 188 to 203 illustrating the liquidity of each sub-funds’ portfolio.

The liquidity is controlled in the following ways:

• Daily monitoring of the liquidity of all instruments used, including Financial Derivative Investments (FDI), in the context of the investment objectives and liquidity requirements of each sub-fund. Cash positions are monitored and reported on a daily basis to ensure that each sub-fund has sufficient capacity to meet obligations arising from its FDI positions; and

In accordance with Esma’s LST Guidelines, the Manager adopted a liquidity stress testing policy in advance of 30 September 2020. The Investment Manager and Designated Person for Fund Risk Management monitor outputs and indicators from liquidity stress tests on an ongoing basis and report the results of those tests to the Board.

• Procedures are in place to review each sub-fund’s cash weightings to ensure liquidity requirements will be met in the event of extreme market movements to meet obligations at expiry/maturity.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 187 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM CONTINENTAL EUROPEAN FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 477,303 - - - - 477,303 Investments in financial derivative instruments - 127 - - - 127 Cash and cash equivalent 1,940 - - - - 1,940 Subscriptions receivable 515 - - - - 515 Amounts due from brokers 718 - - - - 718 Other receivables - - 936 - - 936

TOTAL ASSETS 480,476 127 936 - - 481,539

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 34 - - - 34 Redemptions payable 1,334 - - - - 1,334 Management, directors’ and advisory fees payable - 296 - - - 296 Performance fee payable - 77 - - - 77 Administration and transfer agency fee payable - 77 - - - 77 Other payables - 82 - - - 82 Net assets attributable to redeemable participating shareholders 2020 479,639 - - - - 479,639

TOTAL LIABILITIES 480,973 566 - - - 481,539

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 1,009,922 - - - - 1,009,922 Investments in financial derivative instruments - 536 - - - 536 Cash and cash equivalent 9,365 - - - - 9,365 Subscriptions receivable 772 - - - - 772 Amounts due from brokers 4,712 - - - - 4,712 Other receivables - - 957 - - 957

TOTAL ASSETS 1,024,771 536 957 - - 1,026,264

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 292 - - - 292 Redemptions payable 1,635 - - - - 1,635 Amounts due to brokers 2,067 - - - - 2,067 Management, directors’ and advisory fees payable - 624 - - - 624 Administration and transfer agency fee payable - 62 - - - 62 Other payables - 125 - - - 125 Net assets attributable to redeemable - participating shareholders 2019 1,021,459 - - - - 1,021,459

TOTAL LIABILITIES 1,025,161 1,103 - - - 1,026,264

188 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM UK GROWTH FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 290,784 - - - - 290,784 Investments in financial derivative instruments - 1 - - - 1 Cash and cash equivalent 6,079 - - - - 6,079 Dividends and interest receivable - 62 - - - 62 Subscriptions receivable 2,459 - - - - 2,459 Amounts due from brokers 148 - - - - 148 Other receivables - - 1 - - 1

TOTAL ASSETS 299,470 63 1 - - 299,534

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 18 - - - 18 Bank overdraft 3 - - - - 3 Redemptions payable 144 - - - - 144 Amounts due to brokers 1,864 - - - - 1,864 Management, directors’ and advisory fees payable - 172 - - - 172 Administration and transfer agency fee payable - 17 - - - 17 Other payables - 36 - - - 36 Net assets attributable to redeemable participating shareholders 2020 297,280 - - - - 297,280

TOTAL LIABILITIES 299,291 243 - - - 299,534

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 238,220 - - - - 238,220 Cash and cash equivalent 943 - - - - 943 Dividends and interest receivable - 247 192 - - 439 Subscriptions receivable 1,408 - - - - 1,408 Amounts due from brokers 297 - - - - 297

TOTAL ASSETS 240,868 247 192 - - 241,307

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Redemptions payable 255 - - - - 255 Amounts due to brokers 1,152 - - - - 1,152 Management, directors’ and advisory fees payable - 167 - - - 167 Administration and transfer agency fee payable - 16 - - - 16 Other payables - 28 - - - 28 Net assets attributable to redeemable participating shareholders 2019 239,689 - - - - 239,689

TOTAL LIABILITIES 241,096 211 - - - 241,307

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 189 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM EUROPEAN SELECT VALUES FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 711,758 - - - - 711,758 Investment in financial derivative instruments 8 28 389 - - 425 Cash and cash equivalent 11,455 - - - - 11,455 Subscriptions receivable 141 - - - - 141 Amounts due from brokers 2,363 - - - - 2,363 Other receivables - - 764 - - 764

TOTAL ASSETS 725,725 28 1,153 - - 726,906

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 10 - - - 10 Redemptions payable 1,817 - - - - 1,817 Amounts due to brokers 195 - - - - 195 Management, directors’ and advisory fees payable - 573 - - - 573 Administration and transfer agency fee payable - 27 - - - 27 Other payables - 83 - - - 83 Net assets attributable to redeemable participating shareholders 2020 724,201 - - - - 724,201

TOTAL LIABILITIES 726,213 693 - - - 726,906

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 1,158,187 - - - 1,158,187 Investment in financial derivative instruments 11 116 229 - 356 Cash and cash equivalent 63,502 - - - 63,502 Cash collateral 165 - - - 165 Dividends and interest receivable - 371 - - 371 Subscriptions receivable 770 - - - 770 Amounts due from brokers 117 - - - 117 Other receivables - - 695 - 695

TOTAL ASSETS 1,222,752 487 924 - 1,224,163

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 8 158 - 166 Bank overdraft 5 - - - 5 Redemptions payable 329 - - - 329 Amounts due to brokers 2,497 - - - 2,497 Management, directors’ and advisory fees payable - 1,009 - - 1,009 Administration and transfer agency fee payable - 23 - - 23 Other payables - 135 - - 135 Net assets attributable to redeemable participating shareholders 2019 1,219,999 - - - 1,219,999

TOTAL LIABILITIES 1,222,830 1,175 158 - 1,224,163

190 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM JAPAN FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 133,401 - - - - 133,401 Investment in financial derivative instruments - 212 - - - 212 Cash and cash equivalent 641 - - - - 641 Dividends and interest receivable - - 127 - - 127 Subscriptions receivable 14 - - - - 14 Amounts due from brokers 417 - - - - 417 Other receivables - - 1 - - 1

TOTAL ASSETS 134,473 212 128 - - 134,813

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Redemptions payable 456 - - - - 456 Management, directors’ and advisory fees payable - 113 - - - 113 Administration and transfer agency fee payable - 30 - - - 30 Other payables - 50 - - - 50 Net assets attributable to redeemable participating shareholders 2020 134,164 - - - - 134,164

TOTAL LIABILITIES 134,620 193 - - - 134,813

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 239,039 - - - 239,039 Investment in financial derivative instruments - 1,011 - - 1,011 Cash and cash equivalent 517 - - - 517 Dividends and interest receivable - - 225 - 225 Subscriptions receivable 68 - - - 68 Amounts due from brokers 38 - - - 38 Other receivables - - - - -

TOTAL ASSETS 239,662 1,011 225 - 240,898

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 1 - - 1 Redemptions payable 198 - - - 198 Management, directors’ and advisory fees payable - 173 - - 173 Administration and transfer agency fee payable - 27 - - 27 Other payables - 47 - - 47 Net assets attributable to redeemable participating shareholders 2019 240,452 - - - 240,452

TOTAL LIABILITIES 240,650 248 - - 240,898

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 191 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM GLOBAL SELECT FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 1,516,767 - - - - 1,516,767 Investments in financial derivative instruments - 19 - - - 19 Cash and cash equivalent 45,864 - - - - 45,864 Dividends and interest receivable - 476 355 37 - 868 Subscriptions receivable 2,228 - - - - 2,228 Amounts due from brokers 5,473 - - - - 5,473 Other receivables - - 1 - - 1

TOTAL ASSETS 1,570,332 495 356 37 - 1,571,220

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 7 - - - 7 Bank overdraft 24 - - - - 24 Redemptions payable 1,551 - - - - 1,551 Amounts due to brokers 5,568 - - - - 5,568 Management, directors’ and advisory fees payable - 1,659 - - - 1,659 Performance fee payable - 5,320 - - - 5,320 Administration and transfer agency fee payable - 23 - - - 23 Other payables - 73 - - - 73 Net assets attributable to redeemable participating shareholders 2020 1,556,995 - - - - 1,556,995

TOTAL LIABILITIES 1,564,138 7,082 - - - 1,571,220

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 1,263,996 - - - 1,263,996 Investments in financial derivative instruments - 23 - - 23 Cash and cash equivalent 26,912 - - - 26,912 Dividends and interest receivable - 525 337 - 862 Subscriptions receivable 1,022 - - - 1,022

TOTAL ASSETS 1,291,930 548 337 - 1,292,815

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 3 - - 3 Bank overdraft 51 - - - 51 Redemptions payable 580 - - - 580 Amounts due to brokers 4,312 - - - 4,312 Management, directors’ and advisory fees payable - 1,371 - - 1,371 Administration and transfer agency fee payable - 21 - - 21 Other payables - 127 - - 127 Net assets attributable to redeemable participating shareholders 2019 1,286,350 - - - 1,286,350

TOTAL LIABILITIES 1,291,293 1,522 - - 1,292,815

192 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM EMERGING MARKETS FUND 1

ASSETS 2019 Financial assets at fair value through profit or loss: Cash and cash equivalent 1,555 - - - 1,555 Dividends and interest receivable - - 1 - 1

TOTAL ASSETS 1,555 - 1 - 1,556

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Administration and transfer agency fee payable - 12 - - 12 Other payables - 1,544 - - 1,544

TOTAL LIABILITIES - 1,556 - - 1,556

1. JOHCM Emerging Markets Fund was terminated on 07 November 2019.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 193 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM GLOBAL EMERGING MARKETS OPPORTUNITIES FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 333,384 - - - - 333,384 Cash and cash equivalent 5,100 - - - - 5,100 Dividends and interest receivable - 187 82 590 - 859 Subscriptions receivable 126 - - - - 126 Amounts due from brokers 7,827 - - - - 7,827 Receivable from investment manager - 12 - - - 12 Other receivables - - 1 - - 1

TOTAL ASSETS 346,437 199 83 590 - 347,309

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Bank overdraft 1 - - - - 1 Redemptions payable 587 - - - - 587 Amounts due to brokers 1,619 - - - - 1,619 Management, directors’ and advisory fees payable - 168 - - - 168 Administration and transfer agency fee payable - 21 - - - 21 Other payables - 71 - - - 71 Net assets attributable to redeemable participating shareholders 2020 344,842 - - - - 344,842

TOTAL LIABILITIES 347,049 260 - - - 347,309

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 354,540 - - - 354,540 Cash and cash equivalent 7,847 - - - 7,847 Dividends and interest receivable - 87 73 894 1,054 Subscriptions receivable 46 - - - 46 Receivable from investment manager - 25 - - 25

TOTAL ASSETS 362,433 112 73 894 363,512

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Payable on redemptions 61 - - - 61 Management, directors’ and advisory fees payable - 194 - - 194 Administration and transfer agency fee payable - 18 - - 18 Other payables - 67 - - 67 Net assets attributable to redeemable participating shareholders 2019 363,172 - - - 363,172

TOTAL LIABILITIES 363,233 279 - - 363,512

194 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM ASIA EX-JAPAN FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 104,935 - - - - 104,935 Cash and cash equivalent 1,581 - - - - 1,581 Dividends and interest receivable - 22 23 65 - 110 Subscriptions receivable 171 - - - - 171 Other receivable - - 1 - - 1

TOTAL ASSETS 106,687 22 24 65 - 106,798

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Redemptions payable 220 - - - - 220 Management, directors’ and advisory fees payable 41 - - - - 41 Administration and transfer agency fee payable - 114 - - - 114 Provision on capital gain tax - 20 - - - 20 Other payables - 67 - - - 67 Net assets attributable to redeemable participating shareholders 2020 106,336 - - - - 106,336

TOTAL LIABILITIES 106,597 201 - - - 106,798

JOHCM ASIA EX-JAPAN FUND

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 117,687 - - - 117,687 Investments in financial derivative instruments - 23 - - 23 Cash and cash equivalent 845 - - - 845 Dividends and interest receivable - 42 - 66 108 Subscriptions receivable 57 - - - 57

TOTAL ASSETS 118,589 65 - 66 118,720

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Redemptions payable 3,575 - - - 3,575 Management, directors’ and advisory fees payable - 132 - - 132 Administration and transfer agency fee payable - 17 - - 17 Provision on capital gain tax - 25 - - 25 Other payables - 161 - - 161 Net assets attributable to redeemable participating shareholders 2019 114,810 - - - 114,810

TOTAL LIABILITIES 118,385 335 - - 118,720

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 195 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM ASIA EX-JAPAN SMALL AND MID-CAP FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 17,443 - - - - 17,443 Cash and cash equivalent 173 - - - - 173 Dividends and interest receivable - - - 2 - 2 Subscriptions receivable 12 - - - - 12 Amounts due from brokers 76 - - - - 76 Receivable from investment manager - 11 - - - 11 Other receivables - - 1 - - 1

TOTAL ASSETS 17,704 11 1 2 - 17,718

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Bank overdraft 44 - - - - 44 Amounts due to brokers 209 - - - - 209 Management, directors’ and advisory fees payable - 6 - - - 6 Administration and transfer agency fee payable - 11 - - - 11 Other payables - 32 - - - 32 Net assets attributable to redeemable participating shareholders 2020 17,416 - - - - 17,416

TOTAL LIABILITIES 17,669 49 - - - 17,718

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 14,196 - - - 14,196 Cash and cash equivalent 196 - - - 196 Dividends and interest receivable - - - 2 2 Subscriptions receivable 1 - - - 1 Amounts due from brokers 227 - - - 227 Receivable from investment manager - 26 - - 26

TOTAL ASSETS 14,620 26 - 2 14,648

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Bank overdraft 150 - - - 150 Payable on redemptions 3 - - - 3 Amounts due to brokers 233 - - - 233 Management, directors’ and advisory fees payable - 6 - - 6 Administration and transfer agency fee payable - 10 - - 10 Other payables - 32 - - 32 Net assets attributable to redeemable participating shareholders 2019 14,214 - - - 14,214

TOTAL LIABILITIES 14,600 48 - - 14,648

196 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM GLOBAL OPPORTUNITIES FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 400,810 - - - - 400,810 Investments in financial derivative instruments - 12 - - - 12 Cash and cash equivalent 21,970 - - - - 21,970 Dividends and interest receivable - 402 24 - - 426 Subscription receivable 2,777 - - - - 2,777 Amounts due from brokers 1,379 - - - - 1,379 Other receivables - - 1 - - 1

TOTAL ASSETS 426,936 414 25 - - 427,375

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 8 - - - 8 Bank overdraft 1 - - - - 1 Redemptions payable 563 - - - - 563 Amounts due to brokers 2,569 - - - - 2,569 Management, directors’ and advisory fees payable - 262 - - - 262 Administration and transfer agency fee payable - 27 - - - 27 Other payables - 51 - - - 51 Net assets attributable to redeemable participating shareholders 2020 423,894 - - - - 423,894

TOTAL LIABILITIES 427,027 348 - - - 427,375

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 390,709 - - - 390,709 Investments in financial derivative instruments - 157 - - 157 Cash and cash equivalent 38,851 - - - 38,851 Dividends and interest receivable - 240 - - 240 Subscription receivable 3,250 - - - 3,250 Amounts due from brokers 2,268 - - - 2,268

TOTAL ASSETS 435,078 397 - - 435,475

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 26 - - 26 Bank overdraft 3 - - - 3 Redemptions payable 237 - - - 237 Amounts due to brokers 435 - - - 435 Management, directors’ and advisory fees payable - 280 - - 280 Administration and transfer agency fee payable - 26 - - 26 Provision on capital gain tax - 40 - - 40 Other payables - 48 - - 48 Net assets attributable to redeemable participating shareholders 2019 434,380 - - - 434,380

TOTAL LIABILITIES 435,055 420 - - 435,475

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 197 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM JAPAN DIVIDEND GROWTH FUND 1

ASSETS 2020 Financial assets at fair value through profit or loss: - 6 - - - 6 Receivable from investment manager Other receivables - - 3 - - 3

TOTAL ASSETS - 6 3 - - 9

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Other payables - 9 - - - 9

TOTAL LIABILITIES - 9 - - - 9

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 7,372 - - - 7,372 Investments in financial derivative instruments - 23 - - 23 Cash and cash equivalent 139 - - - 139 Dividends and interest receivable - 5 - 5 Receivable from investment manager - 36 - - 36

TOTAL ASSETS 7,511 59 5 - 7,575

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 1 - - 1 Payable on redemptions 21 - - - 21 Management, directors’ and advisory fees payable - 6 - - 6 Administration and transfer agency fee payable - 8 - - 8 Other payables - 22 - - 22 Net assets attributable to redeemable participating shareholders 2019 7,517 - - - 7,517

TOTAL LIABILITIES 7,538 37 - - 7,575

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020.

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM US SMALL MID CAP EQUITY FUND 2

ASSETS 2019 Financial assets at fair value through profit or loss: Cash and cash equivalent 38 - - - 38

TOTAL ASSETS 38 - - - 38

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Administration and transfer agency fee payable - 6 - - 6 Other payables - 32 - - 32

TOTAL LIABILITIES - 38 - - 38

2. JOHCM US Small Mid Cap Equity Fund was terminated on 07 November 2019

198 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM EUROPEAN CONCENTRATED VALUE FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 113,448 - - - - 113,448 Cash and cash equivalent 4,942 - - - - 4,942 Amounts due from brokers 119 - - - - 119 Receivable from investment manager - 42 - - - 42 Other receivables - - 113 - - 113

TOTAL ASSETS 118,509 42 113 - - 118,664

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Management, directors’ and advisory fees payable - 32 - - - 32 Administration and transfer agency fee payable - 8 - - - 8 Other payables - 37 - - - 37 Net assets attributable to redeemable participating shareholders 2020 118,587 - - - - 118,587

TOTAL LIABILITIES 118,587 77 - - - 118,664

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 162,074 - - - 162,074 Cash and cash equivalent 11,443 - - - 11,443 Dividends and interest receivable - 102 - - 102 Amounts due from brokers 45,518 - - - 45,518 Receivable from investment manager - 31 - - 31 Other receivables - - 154 - 154

TOTAL ASSETS 219,035 133 154 - 219,322

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 89 - - 89 Payable on redemptions 49,136 - - - 49,136 Management, directors’ and advisory fees payable - 130 - - 130 Administration and transfer agency fee payable - 7 - - 7 Other payables - 37 - - 37 Net assets attributable to redeemable participating shareholders 2019 169,923 - - - 169,923

TOTAL LIABILITIES 219,059 263 - - 219,322

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 199 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM GLOBAL SMALLER COMPANIES FUND 1

ASSETS 2019 Financial assets at fair value through profit or loss: Cash and cash equivalent 23 - - - 23

TOTAL ASSETS 23 - - - 23

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Other payables - 23 - - 23

TOTAL LIABILITIES - 23 - - 23

1. JOHCM Global Smaller Companies Fund was terminated on 17 October 2019

200 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM UK DYNAMIC FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 4,060 - - - - 4,060 Cash and cash equivalent 38 - - - - 38 Dividends and interest receivable - 12 10 - - 22 Amounts due from brokers 7 - - - - 7 Receivable from investment manager - 42 - - - 42 Other receivables - - 1 - - 1

TOTAL ASSETS 4,105 54 11 - - 4,170

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Redemptions payable 31 - - - - 31 Amounts due to brokers 7 - - - - 7 Management, directors’ and advisory fees payable - 5 - - - 5 Administration and transfer agency fee payable - 6 - - - 6 Other payables - 15 - - - 15 Net assets attributable to redeemable participating shareholders 2020 4,106 - - - - 4,106

TOTAL LIABILITIES 4,144 26 - - - 4,170

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 17,351 - - - 17,351 Dividends and interest receivable - 25 30 - 55 Subscriptions receivable 151 - - - 151 Amounts due from brokers 10 - - - 10 Receivable from investment manager - 85 - - 85

TOTAL ASSETS 17,512 110 30 - 17,652

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Bank overdraft 54 - - - 54 Amounts due to brokers 20 - - - 20 Management, directors’ and advisory fees payable - 10 - - 10 Administration and transfer agency fee payable - 6 - - 6 Other payables - 25 - - 25 Net assets attributable to redeemable participating shareholders 2019 17,537 - - - 17,537

TOTAL LIABILITIES 17,611 41 - - 17,652

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 201 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM GLOBAL INCOME BUILDER FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 105,332 - - - - 105,332 Cash and cash equivalent 893 - - - - 893 Dividends and interest receivable - 88 44 19 282 433 Subscriptions receivable 56 - - - - 56 Amounts due from brokers 12 - - - - 12 Receivable from investment manager - 8 - - - 8 Other receivables - - 21 - - 21

TOTAL ASSETS 106,293 96 65 19 282 106,755

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - - 33 - - 33 Bank overdraft 52 - - - - 52 Management, directors’ and advisory fees payable - 27 - - - 27 Administration and transfer agency fee payable - 14 - - - 14 Other payables - 37 - - - 37 Net assets attributable to redeemable participating shareholders 2020 106,592 - - - - 106,592

TOTAL LIABILITIES 106,644 78 33 - - 106,755

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 36,159 - - - - 36,159 Investments in financial derivative instruments - 23 - - - 23 Cash and cash equivalent 1,982 - - - - 1,982 Dividends and interest receivable - 22 3 2 181 208 Receivable from investment manager - 100 - - - 100 Other receivables - - 14 - - 14

TOTAL ASSETS 38,141 145 17 2 181 38,486

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - - 11 - - 11 Bank overdraft 79 - - - - 79 Payable on redemptions 2 - - - - 2 Management, directors’ and advisory fees payable - 10 - - - 10 Administration and transfer agency fee payable - 16 - - - 16 Other payables - 25 - - - 25 Net assets attributable to redeemable participating shareholders 2019 38,343 - - - - 38,343

TOTAL LIABILITIES 38,424 51 11 - - 38,486

202 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

8 Risk associated with financial instruments (continued) Liquidity Risk (continued)

Due Due on Due within Due within between 3 More than demand 1 month 3 months & 12 mths 12 months Total £’000 £’000 £’000 £’000 £’000 £’000

JOHCM CONCENTRATED GLOBAL SHARE FUND

ASSETS 2020 Financial assets at fair value through profit or loss: Investments in transferable securities 2,169 - - - - 2,169 Cash and cash equivalent 66 - - - - 66 Receivable from investment manager - 28 - - - 28 Other receivables - - 1 - - 1

TOTAL ASSETS 2,235 28 1 - - 2,264

LIABILITIES 2020 Financial liabilities at fair value through profit or loss: Management, directors’ and advisory fees payable - 3 - - - 3 Administration and transfer agency fee payable - 5 - - - 5 Other payables - 12 - - - 12 Net assets attributable to redeemable participating shareholders 2020 2,244 - - - - 2,244

TOTAL LIABILITIES 2,244 20 - - - 2,264

ASSETS 2019 Financial assets at fair value through profit or loss: Investments in transferable securities 2,068 - - - - 2,068 Cash and cash equivalent 58 - - - - 58 Receivable from investment manager - 36 - - - 36

TOTAL ASSETS 2,126 36 - - - 2,162

LIABILITIES 2019 Financial liabilities at fair value through profit or loss: Management, directors’ and advisory fees payable - 2 - - - 2 Administration and transfer agency fee payable - 5 - - - 5 Other payables - 10 - - - 10 Net assets attributable to redeemable participating shareholders 2019 2,145 - - - - 2,145

TOTAL LIABILITIES 2,145 17 - - - 2,162

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 203 Notes to the Financial Statements (continued)

9 Distributions to Shareholders

Financial year ended Financial year ended Sub-fund 31 December 2020 31 December 2019 £’000 £’000 JOHCM Continental European Fund 20,331 31,565 JOHCM UK Growth Fund 4,947 7,590 JOHCM European Select Values Fund 11,427 31,429 JOHCM Japan Fund 2,879 5,763 JOHCM Global Select Fund 4,705 15,552 JOHCM Emerging Markets Fund 1 - 82 JOHCM Global Emerging Markets Opportunities Fund 9,730 5,913 JOHCM Asia ex-Japan Fund 550 3,167 JOHCM Asia ex-Japan Small and Mid-Cap Fund 219 273 JOHCM Global Opportunities Fund 8,586 5,056 JOHCM Japan Dividend Growth Fund 2 166 2,106 JOHCM European Concentrated Value Fund 3,003 4,439 JOHCM (IRE) UK Dynamic Fund 690 336 JOHCM Global Income Builder Fund 4,594 1,363 JOHCM Concentrated Global Share Fund 20 2

1. JOHCM Emerging Markets Fund was terminated on 07 November 2019. 2. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020.

The Company may declare dividends once a year out of the net income available for distribution, except for JOHCM Global Income Builder Fund, which pays distribution on a monthly basis. The distribution paid in 2020 was based on available income as at 31 December 2019.

The Directors operate a distribution policy designed to enable the Company to obtain reporting fund status in respect of all sub-funds and share classes for the purposes of United Kingdom taxation. Such certification is granted retrospectively and there can be no guarantee that certification will be obtained. The Company has been certified as a reporting Fund in respect of all sub-funds and share classes in respect of the financial year ended 31 December 2020.

Distributions Payable to Holders of Redeemable Participating Preference Shares Proposed distributions to holders of participating shares are classified as finance costs in the Statement of Comprehensive Income when they are ratified at the Annual General Meeting.

10 Soft Commissions Under the previous UK Financial Conduct Authority Regulations to which they were subject, the Investment Manager could only use commission paid by the Company to pay for execution or research services. Such payments would normally be paid to the broker executing the trade for the Company but the Investment Manager also made limited use of commission sharing arrangements. Under these arrangements a proportion of the commission paid to specified commission sharing brokers who execute trades for the Company are put aside and subsequently paid at the Investment Manager’s direction to specialist research providers where those services would assist in the provision of investment services to the Company.

There were no Soft Commission arrangements entered into during the financial year ended 31 December 2020 (2019: GBP nil).

On 29 August, 2017 the Investment Manager announced that it would directly pay for external research used by its fund management teams following implementation of the reforms to the EU’s Markets in Financial Instruments Directive (known as MiFID II) on 3 January 2018.

Following the implementation of the reforms to the EU’s Markets in Financial Instruments Directive (known as MiFID II) on 3rd January 2018, the Investment Manager is prohibited from receiving inducements such as soft commission arrangements or other inducements from a broker, whether utilised in executing a transaction or otherwise. In managing the assets of the Company, the Investment Manager may from time to time receive or utilise certain investment research and statistical and other investment related commentary, statistics, information and assistance or material (collectively “Research”) provided by external parties. Direct charges for Research will be borne by the Investment Manager out of their fees and will not, in any circumstances be allocated to the Company and or the Funds.

204 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

11 Efficient Portfolio Management Techniques and instruments for the purpose of efficient portfolio management were utilised during the financial year by the JOHCM Continental European Fund, JOHCM UK Growth Fund, JOHCM European Select Values Fund, JOHCM Japan Fund, JOHCM Global Select Fund, JOHCM Global Emerging Markets Opportunities Fund, JOHCM Asia ex-Japan Fund, JOHCM Asia ex- Japan Small and Mid-Cap Fund, JOHCM Global Opportunities Fund, JOHCM Japan Dividend Growth Fund, JOHCM Global Income Builder Fund and JOHCM European Concentrated Value Fund.

Certain sub-funds may also enter into stock lending with one or more counterparties for the purposes of efficient portfolio management, and in particular with the aim of generating additional income for the sub-funds with an appropriate level of risk, taking into account the risk profile of the sub-funds and subject to the conditions and limits as set out in the UCITS Regulations and within any further limits laid down by the Central Bank from time to time. (See note 14).

The changes in unrealised gains and losses and realised gains and losses on financial derivative instruments used for EPM are disclosed in note 12, Gains and Losses on Financial Assets.

Techniques and instruments relating to transferable securities utilised for the purposes of efficient portfolio management may be used only in accordance with the investment objectives of a collective investment scheme. Any such technique or instrument must be one which is reasonably believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Company, i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following: (i) a reduction in risk; (ii) a reduction in costs; or (iii) an increase in capital or income returns to the scheme.

12 Gains and Losses on Financial Assets Net Gain/(Loss) on financial assets/liabilities at fair value through profit or loss for the financial year ended 31 December 2020

Realised Unrealised Gains/(Losses) Gains/(Losses) Total £’000 £’000 £’000

JOHCM Continental European Fund Investments (1,682) 12,941 11,259 Foreign exchange (78) - (78) Forward exchange contracts (4,365) (151) (4,516) (6,125) 12,790 6,665

JOHCM UK Growth Fund Investments (7,164) 17,843 10,679 Foreign exchange 220 - 220 Forward exchange contracts (179) (17) (196) (7,123) 17,826 10,703

JOHCM European Select Values Fund Investments (142,371) 99,168 (43,203) Foreign exchange 105 - 105 Forward exchange contracts 507 (3) 504 Options 38,821 1,001 39,822 Swaps (460) 158 (302) (103,398) 100,324 (3,074)

JOHCM Japan Fund Investments (4,053) (9,171) (13,224) Foreign exchange 341 - 341 Forward exchange contracts (2,201) (799) (3,000) (5,913) (9,970) (15,883)

JOHCM Global Select Fund Investments 167,908 176,545 344,453 Foreign exchange 3,094 - 3,094 Forward exchange contracts (54) (8) (62) 170,948 176,537 347,485

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 205 Notes to the Financial Statements (continued)

12 Gains and Losses on Financial Assets (continued)

Realised Unrealised Gains/(Losses) Gains/(Losses) Total £’000 £’000 £’000

JOHCM Global Emerging Markets Opportunities Fund Investments 17,756 15,184 32,940 Foreign exchange (1,144) - (1,144) Forward exchange contracts 25 - 25 Capital gain tax on equities (3) - (3) 16,634 15,184 31,818

JOHCM Asia ex-Japan Fund Investments 13,258 14,260 27,518 Foreign exchange (170) - (170) Forward exchange contracts (13) (23) (36) 13,075 14,237 27,312

JOHCM Asia ex-Japan Small and Mid-Cap Fund Investments 1,296 3,160 4,456 Foreign exchange (74) - (74) Forward exchange contracts (5) - (5) 1,217 3,160 4,377

JOHCM Global Opportunities Fund Investments 15,073 (18,461) (3,388) Foreign exchange (777) - (777) Forward exchange contracts (427) (128) (555) 13,869 (18,589) (4,720)

JOHCM Japan Dividend Growth Fund 1 Investments (219) (586) (805) Foreign exchange (68) - (68) Forward exchange contracts (51) (21) (72) (338) (607) (945)

JOHCM European Concentrated Value Fund Investments (14,850) 9,358 (5,492) Foreign exchange 491 - 491 Forward exchange contracts 184 88 272 (14,175) 9,446 (4,729)

JOHCM UK Dynamic Fund Investments (2,285) (794) (3,079) (2,285) (794) (3,079)

JOHCM Global Income Builder Fund Investments (5,094) 3,402 (1,692) Foreign exchange 663 - 663 Forward exchange contracts 159 (45) 114 (4,272) 3,357 (915)

JOHCM Concentrated Global Share Fund Investments 39 52 91 39 52 91

1. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020.

206 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

12 Gains and Losses on Financial Assets (continued) Net Gain/(Loss) on financial assets/liabilities at fair value through profit or loss for the financial year ended 31 December 2019

Realised Unrealised Gains/(Losses) Gains/(Losses) Total £’000 £’000 £’000

JOHCM Continental European Fund Investments 35,580 131,885 167,465 Foreign exchange (736) - (736) Forward exchange contracts 4,976 288 5,264 39,820 132,173 171,993

JOHCM UK Growth Fund Investments 5,679 29,443 35,122 Foreign exchange (1) - (1) 5,678 29,443 35,121

JOHCM European Select Values Fund Investments 124,456 (42,458) 81,998 Foreign exchange 373 - 373 Forward exchange contracts (711) (6) (717) Options (14,397) (20,531) (34,928) Swaps - (158) (158) 109,721 (63,153) 46,568

JOHCM Japan Fund Investments (1,926) 37,355 35,429 Foreign exchange 166 - 166 Forward exchange contracts 387 1,297 1,684 (1,373) 38,652 37,279

JOHCM Global Select Fund Investments 349,057 (10,248) 338,809 Foreign exchange (6,807) - (6,807) Forward exchange contracts (85) 21 (64) 342,165 (10,227) 331,938

JOHCM Emerging Markets Fund 1 Investments 848 (261) 587 Foreign exchange 15 - 15 Forward exchange contracts (22) - (22) Capital gain tax on equities (27) - (27)

814 (261) 553

JOHCM Global Emerging Markets Opportunities Fund Investments 2,222 22,659 24,881 Foreign exchange 342 - 342 Forward exchange contracts (22) 1 (21)

2,542 22,660 25,202

JOHCM Asia ex-Japan Fund Investments 4,991 13,163 18,154 Foreign exchange (33) - (33) Forward exchange contracts (125) 23 (102) Capital gain tax on equities (26) - (26)

4,807 13,186 17,993

1. JOHCM Emerging Markets Fund was terminated on 07 November 2019.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 207 Notes to the Financial Statements (continued)

12 Gains and Losses on Financial Assets (continued)

Realised Unrealised Gains/(Losses) Gains/(Losses) Total £’000 £’000 £’000

JOHCM Asia ex-Japan Small and Mid-Cap Fund Investments (1,097) 2,540 1,443 Foreign exchange 4 - 4 Forward exchange contracts 2 - 2 Capital Gain Tax on Equities (2) - (2) (1,093) 2,540 1,447

JOHCM Global Opportunities Fund Investments 21,025 19,947 40,972 Foreign exchange (1,236) - (1,236) Forward exchange contracts (106) 62 (44) Capital gain tax on equities (41) - (41) 19,642 20,009 39,651

JOHCM Japan Dividend Growth Fund Investments 2,321 2,518 4,839 Foreign exchange (551) - (551) Forward exchange contracts 59 32 91 1,829 2,550 4,379

JOHCM US Small Mid Cap Equity Fund 1 Investments 9,870 398 10,268 Foreign exchange 490 - 490 Forward exchange contracts (1) - (1) 10,359 398 10,757

JOHCM European Concentrated Value Fund Investments (5,640) 19,152 13,512 Foreign exchange (762) - (762) Forward exchange contracts (31,431) 39,698 8,267 (37,833) 58,850 21,017

JOHCM Global Smaller Companies Fund 2 Investments 745 (87) 658 Foreign exchange (105) - (105) 640 (87) 553

JOHCM UK Dynamic Fund Investments (469) 2,605 2,136 Foreign exchange (1) - (1) (470) 2,605 2,135

JOHCM Global Income Builder Fund Investments 914 1,653 2,567 Foreign exchange (68) - (68) Forward exchange contracts 53 12 65 899 1,665 2,564

JOHCM Concentrated Global Share Fund Investments 23 244 267 Foreign exchange (3) - (3) 20 244 264

1. JOHCM US Small Mid Cap Equity Fund was terminated on 17 October 2019. 2. JOHCM Global Smaller Companies Fund was terminated on 17 October 2019.

208 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

13 Statement of Net Assets for Current and Prior Years

31 December 31 December 31 December 2020 2019 2018

JOHCM Continental European Fund Net Assets (£’000) 479,639 £1,021,459 £1,314,516 Net Asset Value per Unit in GBP Class A Shares £5.011 £4.612 £4.029 Net Asset Value per Unit in EUR Class A Shares €3.886 €3.785 €3.174 Net Asset Value per Unit in USD Class A Shares $1.496 $1.448 $1.179 Net Asset Value per Unit in GBP Hedged Class A Shares £1.313 £1.290 £1.126 Net Asset Value per Unit in GBP Class B Shares £4.821 £4.439 £3.884 Net Asset Value per Unit in EUR Class B Shares €3.905 €3.804 €3.153 Net Asset Value per Unit in USD Hedged Class B Shares $1.527 $1.476 $1.190 Net Asset Value per Unit in GBP Hedged X Shares 1 - £0.973 £0.912 Net Asset Value per Unit in GBP Y Shares £1.847 £1.699 £1.486 Net Asset Value per Unit in EUR Y Shares €1.499 €1.459 €1.187 Net Asset Value per Unit in GBP Hedged Y Shares £1.373 £1.345 £1.103

JOHCM UK Growth Fund Net Assets (£’000) 297,280 £239,689 £349,007 Net Asset Value per Unit in GBP Class A Shares £3.601 £3.465 £3.055 Net Asset Value per Unit in GBP Class B Shares £3.115 £2.999 £2.645 Net Asset Value per Unit in EUR Non-Distributing R Shares 2 €1.846 - - Net Asset Value per Unit in USD Non-Distributing R Shares 2 $2.107 - - Net Asset Value per Unit in EUR Non-Distributing X Shares 2 €1.849 - - Net Asset Value per Unit in EUR Hedged Non-Distributing X Shares 2 €1.808 - - Net Asset Value per Unit in GBP Class X Shares 2 £1.786 - - Net Asset Value per Unit in USD Non-Distributing X Shares 2 $2.111 - -

JOHCM European Select Values Fund Net Assets (£’000) 724,201 £1,219,999 £2,027,173 Net Asset Value per Unit in GBP Class A Shares £5.682 £5.217 £5.232 Net Asset Value per Unit in EUR Class A Shares €3.514 €3.413 €3.239 Net Asset Value per Unit in GBP Class B Shares £5.192 £4.766 £4.768 Net Asset Value per Unit in EUR Class B Shares €2.347 €2.279 €2.164 Net Asset Value per Unit in EUR X Shares €1.677 €1.628 €1.545 Net Asset Value per Unit in EUR E Shares €1.294 €1.249 €1.170

JOHCM Japan Fund Net Assets (£’000) 134,164 £240,452 £353,042 Net Asset Value per Unit in GBP Class A Shares £2.400 £2.480 £2.201 Net Asset Value per Unit in EUR Class A Shares €1.689 €1.846 €1.579 Net Asset Value per Unit in JPY Class A Shares ¥325.427 ¥342.922 ¥298.186 Net Asset Value per Unit in GBP Hedged Class A Shares £1.617 £1.719 £1.492 Net Asset Value per Unit in GBP Class B Shares £2.336 £2.414 £2.139 Net Asset Value per Unit in GBP Hedged Class B Shares £1.643 £1.750 £1.516 Net Asset Value per Unit in EUR Class B Shares €1.632 €1.772 €1.486 Net Asset Value per Unit in JPY Class B Shares ¥320.645 ¥338.046 ¥293.132

1. This share class was terminated on 28 July 2020 for JOHCM Continental Eurpean Fund. 2. These share classes were launched on 19 March 2020 for JOHCM UK Growth Fund.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 209 Notes to the Financial Statements (continued)

13 Statement of Net Assets for Current and Prior Years (continued)

31 December 31 December 31 December 2020 2019 2018

JOHCM Global Select Fund Net Assets (£’000) 1,556,995 £1,286,350 £1,869,883 Net Asset Value per Unit in GBP Class A Shares £4.233 £3.337 £2.805 Net Asset Value per Unit in EUR Class A Shares €3.788 €3.161 €2.515 Net Asset Value per Unit in USD Class A Shares $2.381 $1.819 $1.477 Net Asset Value per Unit in GBP Class B Shares £4.089 £3.202 £2.689 Net Asset Value per Unit in EUR Class B Shares €3.674 €3.045 €2.423 Net Asset Value per Unit in USD Class B Shares $2.722 $2.063 $1.674 Net Asset Value per Unit in GBP Z Shares £3.053 £2.385 £2.018 Net Asset Value per Unit in USD Z Shares $2.687 $2.032 $1.650 Net Asset Value per Unit in EUR E Shares 1 - - €0.970

JOHCM Emerging Markets Fund 2 Net Assets (£’000) - - £8,917 Net Asset Value per Unit in GBP Class A Shares - - £1.154 Net Asset Value per Unit in EUR Class A Shares - - €1.284 Net Asset Value per Unit in USD Class A Shares - - $1.288 Net Asset Value per Unit in GBP Class B Shares - - £1.280 Net Asset Value per Unit in EUR Class B Shares - - €1.258 Net Asset Value per Unit in USD Class B Shares - - $1.279 Net Asset Value per Unit in GBP Y Shares - - £1.251

JOHCM Global Emerging Markets Opportunities Fund Net Assets (£’000) 344,842 £363,172 £291,056 Net Asset Value per Unit in GBP Class A Shares £1.506 £1.372 £1.251 Net Asset Value per Unit in EUR Class A Shares €1.576 €1.518 €1.311 Net Asset Value per Unit in USD Class A Shares $1.325 $1.168 $1.032 Net Asset Value per Unit in GBP Class B Shares £1.444 £1.315 £1.201 Net Asset Value per Unit in EUR Class B Shares €1.551 €1.495 €1.286 Net Asset Value per Unit in USD Class B Shares $1.726 $1.522 $1.341 Net Asset Value per Unit in GBP Z Shares £1.905 £1.734 £1.585 Net Asset Value per Unit in CAD Z Shares CA$1.781 CA$1.605 CA$1.484 Net Asset Value per Unit in AUD Z Shares AU$1.970 AU$1.915 AU$1.683 Net Asset Value per Unit in GBP Y Shares £1.817 £1.655 £1.514 Net Asset Value per Unit in USD Y Shares $1.613 $1.423 $1.265

JOHCM Asia ex-Japan Fund Net Assets (£’000) 106,336 £114,810 £170,967 Net Asset Value per Unit in GBP Class A Shares £2.719 £2.017 £1.805 Net Asset Value per Unit in EUR Class A Shares €2.549 €2.000 €1.762 Net Asset Value per Unit in USD Class A Shares $2.319 $1.664 $1.491 Net Asset Value per Unit in GBP Class B Shares £2.678 £1.987 £1.777 Net Asset Value per Unit in EUR Class B Shares €2.584 €2.029 €1.725 Net Asset Value per Unit in USD Class B Shares $2.357 $1.692 $1.461 Net Asset Value per Unit in GBP Z Shares £1.936 £1.436 £1.283 Net Asset Value per Unit in USD Z Shares 3 $1.554 $1.115 -

1. This share class was terminated on 16 April 2019 for JOHCM Global Select Fund. 2. JOHCM Emerging Markets Fund was terminated on 07 November 2019. 3. This share class was launched on 12 February 2019 for JOHCM Asia ex-Japan Fund.

210 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

13 Statement of Net Assets for Current and Prior Years (continued)

31 December 31 December 31 December 2020 2019 2018

JOHCM Asia ex-Japan Small and Mid-Cap Fund Net Assets (£’000) 17,416 £14,214 £14,108 Net Asset Value per Unit in GBP Class A Shares £2.632 £2.020 £1.836 Net Asset Value per Unit in EUR Class A Shares €2.218 €1.805 €1.778 Net Asset Value per Unit in USD Class A Shares $2.384 $1.773 $1.549 Net Asset Value per Unit in GBP Class B Shares £2.580 £1.980 £1.776 Net Asset Value per Unit in EUR Class B Shares €2.520 €2.046 €1.744 Net Asset Value per Unit in USD Class B Shares $2.284 $1.697 $1.480 Net Asset Value per Unit in GBP Z Shares £1.991 £1.523 £1.381

JOHCM Global Opportunities Fund Net Assets (£’000) 423,894 £434,380 £272,281 Net Asset Value per Unit in GBP Class A Shares £2.101 £2.132 £1.900 Net Asset Value per Unit in EUR Class A Shares €2.213 €2.375 €1.990 Net Asset Value per Unit in USD Class A Shares $2.141 $2.103 $1.816 Net Asset Value per Unit in EUR Hedged A Shares 1 €1.035 €1.011 - Net Asset Value per Unit in GBP Class B Shares £2.320 £2.371 £2.140 Net Asset Value per Unit in EUR Class B Shares €2.043 €2.209 €1.875 Net Asset Value per Unit in USD Class B Shares $2.044 $2.022 $1.756 Net Asset Value per Unit in GBP X Shares £1.794 £1.817 £1.615 Net Asset Value per Unit in GBP Hedged X Shares £1.100 £1.086 £0.954 Net Asset Value per Unit in EUR X Shares 2 €1.010 €1.069 - Net Asset Value per Unit in GBP Z Shares £0.833 £0.839 £0.742 Net Asset Value per Unit in GBP ZGA Shares £1.550 £1.523 £1.318 Net Asset Value per Unit in EUR Z Shares 3 €0.992 €1.046 - Net Asset Value per Unit in GBP Non-Distributing X Shares 4 £1.001 £0.990 - Net Asset Value per Unit in Euro Non-Distributing X Shares 5 €1.057 - - Net Asset Value per Unit in GBP Hedged X Shares £1.100 £1.086 £0.954

JOHCM Japan Dividend Growth Fund 6 Net Assets (£’000) - £7,517 £61,538 Net Asset Value per Unit in Class A Shares - £1.361 £1.237 Net Asset Value per Unit in USD Class A Shares - $1.119 $0.986 Net Asset Value per Unit in GBP Hedged Class A Shares - £1.132 £1.080 Net Asset Value per Unit in USD Hedged Class A Shares - $1.169 $1.106 Net Asset Value per Unit in EUR Class B Shares - €1.462 €1.265 Net Asset Value per Unit in GBP Shares - £1.392 £1.266

JOHCM US Small Mid Cap Equity Fund 7 Net Assets (£’000) - - £45,150 Net Asset Value per Unit in GBP Class A Shares - - £1.633 Net Asset Value per Unit in USD Class A Shares - - $1.288 Net Asset Value per Unit in EUR Class A Shares - - €1.416 Net Asset Value per Unit in EUR Class B Shares - - €1.377 Net Asset Value per Unit in USD Class B Shares - - $1.254 Net Asset Value per Unit in USD Shares - - $1.319

1. This share class was launched on 12 December 2019 for JOHCM Global Opportunities Fund. 2. This share class was launched on 10 May 2019 for JOHCM Global Opportunities Fund. 3. This share class was launched on 25 April 2019 for JOHCM Global Opportunities Fund. 4. This share class was launched on 20 September 2019 for JOHCM Global Opportunities Fund. 5. This share class was launched on 07 September 2020 for JOHCM Global Opportunities Fund. 6. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020. 7. JOHCM US Small Mid Cap Equity Fund was terminated on 07 November 2019.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 211 Notes to the Financial Statements (continued)

13 Statement of Net Assets for Current and Prior Years (continued)

31 December 31 December 31 December 2020 2019 2018

JOHCM European Concentrated Value Fund Net Assets (£’000) 118,587 £169,923 £397,546 Net Asset Value per Unit in EUR Class A Shares €1.019 €1.053 €0.980 Net Asset Value per Unit in EUR Class B Shares €1.010 €1.045 €0.972 Net Asset Value per Unit in USD Class B Shares $1.220 $1.155 $1.098 Net Asset Value per Unit in SGD Hedged Class B Shares 1 - - SG$0.934 Net Asset Value per Unit in EUR Z Shares 2 €0.941 €0.965 - Net Asset Value per Unit in AUD Z Shares AU$1.169 AU$1.220 AU$1.154

JOHCM Global Smaller Companies Fund 3 Net Assets (£’000) - - £3,866 Net Asset Value per Unit in USD Class A Shares - - $1.106

JOHCM UK Dynamic Fund Net Assets (£’000) 4,106 £17,537 £13,452 Net Asset Value per Unit in GBP A Shares 4 - £0.993 - Net Asset Value per Unit in GBP Y Shares £0.864 £1.100 £0.933

JOHCM Global Income Builder Fund Net Assets (£’000) 106,592 £38,343 £18,289 Net Asset Value per Unit in GBP Class A Shares £1.018 £1.065 £0.968 Net Asset Value per Unit in EUR Class A Shares €1.000 €1.106 €0.951 Net Asset Value per Unit in USD Class A Shares 5 $1.036 $1.049 - Net Asset Value per Unit SGD Class A Shares 6 SG$1.012 SG$1.043 - Net Asset Value per Unit in EUR Class B Shares €0.972 €1.086 €0.944 Net Asset Value per Unit in EUR Seed Shares 7 €0.887 - - Net Asset Value per Unit in GBP Shares £1.065 £1.109 £1.003 Net Asset Value per Unit in EUR Hedged Seed Shares 8 - €1.016 - Net Asset Value per Unit in GBP Non-Distributing A Shares 9 £1.026 £1.016 -

JOHCM Concentrated Global Share Fund Net Assets (£’000) 2,244 £2,145 £1,863 Net Asset Value per Unit in GBP Class A Shares £1.111 £1.072 £0.931

1. This share class was terminated on 24 December 2019 for JOHCM European Concentrated Value Fund. 2. This share class was launched on 25 April 2019 for JOHCM European Concentrated Value Fund. 3. JOHCM Global Smaller Companies Fund was terminated on 17 October 2019. 4. This share class was launched on 25 April 2019 and terminated on 06 February 2020 for JOHCM UK Dynamic Fund. 5. This share class was launched on 04 April 2019 for JOHCM Global Income Builder Fund. 6. This share class was launched on 25 April 2019 for JOHCM Global Income Builder Fund. 7. This share class was launched on 11 February 2020 for Global Income Builder Fund. 8. This share class was launched on 26 December 2019 and terminated on 21 December 2020 for JOHCM Global Income Builder Fund. 9. This share class was launched on 10 December 2019 for JOHCM Global Income Builder Fund.

212 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

14 Stock Lending Certain sub-funds may lend securities to brokers, dealers and other financial organisations to earn additional income. Each security is collateralised with collateral assets in an amount greater than the current market value of the loaned securities.

The Company appointed RBC Investor Services Trust (‘the Agent’) as its Collateral Manager with the authority to service, administer and exercise any and all rights and remedies, on behalf of the Company in respect of the Collateral. Without limiting the foregoing, to the extent necessary or appropriate to perform its duties under this Agreement, the Agent, as collateral manager, has the power to negotiate, execute and deliver all necessary documents and instruments and take actions, on behalf of the Company, with respect to the Collateral and with respect to the rights and obligations that the Company may have under the relevant Loan Agreement. Under the ESMA requirements the Fund must be able to recall any security that has been lent out or terminate any securities lending agreement into which it has entered, at any time. In this regard, the Company authorises the Depositary toaccept directions and instructions from the Agent in respect of the Collateral as if such directions and instructionswere issued by the Company and agrees that it shall not seek to deal in or otherwise effect transactions in respect of the Collateral.

The aggregate market value provided in respect of a sub-fund shall never be less than the higher of:

(a) (i) in respect of Collateral consisting of bonds, 102% of the aggregate market value of the loaned Available Securities of such sub-fund; or (ii) in respect of Collateral consisting of equities, 105% of the aggregate market value of the loaned Available Securities of such sub-fund, whichever is applicable, and

(b) the percentage of the aggregate market value of the loaned Available Securities of such sub-fund which is required by the applicable stock lending requirements of the CBI.

The Agent monitors and calculates the market value of both the Collateral and loaned Securities, at least daily or otherwise in accordance with standard market practice, and, as appropriate, diligently request additional Collateral froma Securities Borrower under the relevant Loan Agreement. The Collateral shall be deposited with the Depositary and the Depositary will keep adequate accounting records that record the sub-fund’s proportionate interest in the Collateral. The Company acknowledges and agrees that the Depositary may use sub-custodians or intermediaries (which may include the Agent or another affiliate of the Depositary) to hold the Collateral, as provided in the Depositary Agreement. The Company acknowledges and agrees that Collateral held with intermediaries (including but not limited to, the Agent, as aforesaid) may be held as part of a pool of collateral consisting of the Collateral and collateral delivered by the sub-custodian’s or intermediary’s other clients, provided that such sub-custodians or intermediaries shall maintain the Collateral in an account or accounts separate from accounts holding their own financial assets or those of their clients other than clients with an interest in the collateral pool.

At 31 December 2020, the aggregate value of securities on loan by the Company amounted to GBP 319,934,052 (2019: GBP 373,307,430) and the value of collateral held by the Company in respect of these securities amounted to GBP 335,932,649 (2019: GBP 391,975,376).

The value of securities on loan and collateral pledged as at 31 December 2020 for each sub-fund, analysed by counterparty was as follows:

Value of Value of Counterparty Securities on Loan Collateral £’000 £’000

JOHCM Continental European Fund Barclays Capital Securities 5,391 5,661 BNP Paribas Arbitrage 5,758 6,046 BNP Paribas Securities Services Sc 321 337 Commerzbank Aktiengesellschaft 142 149 Credit Suisse AG Dublin Branch 3,244 3,406 Deutsche Bank 13,285 13,949 Natixis 24,059 25,262 Skandinaviska Enskilda Banken AB 157 165 The Bank Of Nova Scotia 5,526 5,802 Unicredit Bank AG 719 755

Total 58,602 61,532

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 213 Notes to the Financial Statements (continued)

14 Stock Lending (continued)

Value of Value of Counterparty Securities on Loan Collateral £’000 £’000

JOHCM Global Select Fund Barclays Capital Securities 28,588 30,017 BMO Nesbitt Burns 33,995 35,695 Bnp Paribas Prime Brokerage Int Lt 3,836 4,028 BNP Paribas Securities Services Sc 785 824 CIBC World Markets 22 23 Credit Suisse AG Dublin Branch 18,885 19,829 Deutsche Bank 24,578 25,807 Healthcare Of Ont Pension 7,673 8,056 HSBC Bank 101 106 National Bank Financial 303 318 Natixis 34,525 36,251 RBC Dominion Securities 2,877 3,021 Scotia Capital 23,496 24,670 TD Securities 48,998 51,447 The Bank Of Nova Scotia 1,657 1,740 UBS AG 4,667 4,900

Total 234,986 246,732

JOHCM Global Emerging Markets Opportunities Fund Credit Suisse Securities USA Llc 57 60 JP Morgan Securities 183 192 Macquarie Bank Limited 125 131 Merrill Lynch International 100 105 Natixis 2,407 2,528 Scotia Capital 9,567 10,045

Total 12,439 13,061

JOHCM Asia ex-Japan Fund Abn Amro Clearing Bank 96 101 Macquarie Bank Limited 3,930 4,127 Natixis 3,567 3,745 Scotia Capital 55 58

Total 7,648 8,031

JOHCM Asia ex-Japan Small And Mid Cap Fund Goldman Sachs International 232 243 Macquarie Bank Limited 222 233 Scotia Capital 125 132

Total 579 608

JOHCM European Concentrated Value Fund Bank Of Montreal 1,031 1,083 Barclays Capital Securities 2,701 2,836 Deutsche Bank 1,390 1,459 Natixis 559 587

Total 5,681 5,965

214 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Notes to the Financial Statements (continued)

14 Stock Lending (continued)

The following sub-funds did not enter into stocklending transactions during the year: JOHCM UK Growth Fund JOHCM European Select Value Fund JOHCM Japan Fund JOHCM Global Opportunities Fund JOHCM Japan Dividend Growth Fund JOHCM UK Dynamic Fund JOHCM Global Income Builder Fund JOHCM Concentrated Global Share Fund The following table is a breakdown of the net income earned from stock lending by each sub-fund for the financial year ended 31 December 2020. These amounts are included in other income in the Statement of Comprehensive Income. The Company has engaged a securities lending agent (the “Agent”) to arrange these transactions on its behalf. All revenues from the stocklending transactions, net of direct and indirect operational costs, will be returned to the relevant Fund. The Agent is entitled to retain, as a fee for its services, 30% of all fees collected from securities borrowers, out of which the Agent will pay all of its costs and out of pocket expenses incurred in relation to the lending of the relevant Fund’s securities. These costs and fees do not include hidden revenue. The appointed Agent as of the date of this Prospectus is RBC Investor Services Trust which is a related party to the Depositary.

Aggregate Value Aggregate Value of Income of Income 31 December 31 December Name of sub-fund 2020 2019 £’000 £’000

JOHCM Continental European Fund 312 561 JOHCM European Select Values Fund 182 426 JOHCM Global Select Fund 270 692 JOHCM Global Emerging Markets Opportunities Fund 13 20 JOHCM Asia ex-Japan Fund 6 18 JOHCM Asia ex-Japan Small and Mid-Cap Fund 5 47 JOHCM European Concentrated Value Fund 30 94

Total 818 1,858

15 Material Changes to the Prospectus There were no material changes to Prospectus apart from those noted in note 16.

16 Significant Events during the year

On 6 February 2020 one share class was terminated in JOHCM UK Dynamic Fund being GBP Non-Distributing A Shares. On 11 February 2020 one new share class was launched in JOHCM Global Income Builder Fund being EUR Seed Shares. Markus Lewandowski was appointed as a non-executive director of the Company on 25 February 2020. On 19 March 2020 six new share classes were launched in JOHCM UK Growth Fund being GBP X Shares, EUR Non-Distributing R Shares, EUR Non-Distributing X Shares, EUR Hedged Non-Distributing X Shares, USD Non-Distributing R Shares, and USD Non-Distributing X Shares. Alexandra Altinger was appointed as a non-executive director of the Company on 25 March 2020. JOHCM Japan Dividend Growth Fund was terminated on 4 June 2020. On 28 July 2020 one new share class was terminated in JOHCM Continental European Fund being GBP Hedged X Shares. On 2 September 2020, an updated Supplement for J O Hambro Capital Management Global Opportunities Fund was submitted to the Central Bank for noting to introduce a new share class, namely the Euro Non-Distributing X Shares. On 7 September 2020 one new share class was launched in JOHCM Global Opportunities Fund being EUR Non- Distributing X Shares. On 21 December 2020 one new share class was terminated in JOHCM Global Income Builder being EUR Hedged Seed Shares.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 215 Notes to the Financial Statements (continued)

16 Significant Events during the year (continued) Applications for Withdrawal of Approval Formal application was made to the Central Bank on 1 September 2020 for the withdrawal of approval of the three sub-funds listed below. Confirmation is expected from the Central Bank to issue shortly confirming that the approval of the following three sub-funds has been withdrawn: J O Hambro Capital Management Global Smaller Companies Fund; J O Hambro Capital Management Emerging Markets Fund; and J O Hambro Capital Management US Small Mid Cap Equity Fund. There are no other significant events that require recognition or disclosure in the financial statements during the financial year end.

17 Subsequent Events Since year end COVID-19 continues to rapidly spread around the world. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The Board continues to monitor the situation closely.

On 5 March 2021 an Addendum to the Prospectus and updated Supplements in respect of the Sub-Funds were filed with the Central Bank. These updates were made in light of Sustainable Finance Disclosure Regulation (“SFDR”) which required specific Pre-contractual documentation disclosure by 10 March 2021.

There were no other significant events post year end.

18 Approval of financial statements The financial statements were approved and authorised for issue by the Board of Directors on 18 March 2021.

216 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Appendix 1 (unaudited)

Ongoing Charge Figure The Ongoing Charge Figures (“OCF”) are set out below.

The OCF calculation includes all annual operating costs, but excludes bank interest and performance fees.

The OCFs are not required to be included in this Report by the Central Bank of Ireland. They are provided for information purposes only.

Ongoing charge figure (OCF) Performance figure Total expense figure Year ended Year ended Financial Financial Financial Financial 31 Dec 31 Dec year ended year ended year ended year ended 2020 2019 31 Dec 31 Dec 30 Dec 31 Dec Sub-fund (ex perf fee) (ex perf fee) 2020 2019 2020 2019 % % % % % %

JOHCM Continental European Fund GBP Class A 0.84 0.82 - - 0.84 0.82 EUR Class A 0.84 0.82 - - 0.84 0.82 USD Class A Hedged 0.84 0.82 0.53 - 1.37 0.82 GBP Class A Hedged 0.84 0.82 - - 0.84 0.82 GBP Class B 1.34 1.32 - - 1.34 1.32 EUR Class B 1.34 1.32 - - 1.34 1.32 USD Class B Hedged 1.34 1.32 0.35 - 1.69 1.32 GBP Y Class 0.72 0.70 - - 0.72 0.70 EUR Y Class 0.71 0.70 - - 0.71 0.70 GBP Y Hedged Class 0.72 0.69 - - 0.72 0.69 GBP X Hedged Class 1 - 0.61 - - - 0.61

JOHCM UK Growth Fund GBP Class A 0.87 0.83 - - 0.87 0.83 GBP Class B 1.36 1.33 - - 1.36 1.33 GBP Class X 2 0.69 - - - 0.69 - EUR Non-Distributing Class R 2 0.93 - - - 0.93 - EUR Hedged Non-Distributing Class X 2 0.71 - - - 0.71 - USD Non-Distributing Class X 2 0.72 - - - 0.72 - USD Non-Distributing Class R 2 1.00 - - - 1.00 - EUR Non-Distributing Class X 2 0.72 - - - 0.72 -

JOHCM European Select Values Fund GBP Class A 0.80 0.79 - - 0.80 0.79 EUR Class A 0.81 0.79 - - 0.81 0.79 GBP Class B 1.31 1.29 - - 1.31 1.29 EUR Class B 1.31 1.29 - - 1.31 1.29 EUR X Class 1.56 1.54 - - 1.56 1.54 EUR Accumulation Class 1.30 1.30 - - 1.30 1.30

JOHCM Japan Fund GBP Class A 0.91 0.86 - - 0.91 0.86 EUR Class A 0.92 0.85 - - 0.92 0.85 JPY Class A 0.92 0.86 - - 0.92 0.86 GBP Class A Hedged 0.91 0.86 - - 0.91 0.86 GBP Class B 1.42 1.36 - - 1.42 1.36 EUR Class B 1.42 1.34 - - 1.42 1.34 JPY Class B 1.41 1.36 - - 1.41 1.36 GBP Class B Hedged 1.42 1.36 - - 1.42 1.36

1. This share class was terminated on 28 July 2020 for JOHCM Continental European Fund. 2. These share classes were launched on 19 March 2020 for JOHCM UK Growth Fund.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 217 Appendix 1 (unaudited) (continued)

Ongoing Charge Figure (continued)

JOHCM Global Select Fund GBP Class A 0.78 0.77 0.94 - 1.72 0.77 EUR Class A 0.78 0.77 0.93 - 1.71 0.77 USD Class A 0.78 0.77 0.91 - 1.69 0.77 GBP Z Class 0.03 0.04 - - 0.03 0.04 GBP Class B 1.53 1.53 0.24 - 1.77 1.53 EUR Class B 1.53 1.52 0.25 - 1.78 1.52 USD Class B 1.53 1.52 0.19 - 1.72 1.52 USD Z Class 0.03 0.03 - - 0.03 0.03

JOHCM Global Emerging Markets Opportunities Fund GBP Class A 1.02 1.02 - - 1.02 1.02 EUR Class A 1.02 1.01 - - 1.02 1.01 USD Class A 1.02 1.01 - - 1.02 1.01 GBP Z Class 0.12 0.11 - - 0.12 0.11 GBP Class B 1.62 1.61 - - 1.62 1.61 EUR Class B 1.61 1.62 - - 1.61 1.62 USD Class B 1.62 1.61 - - 1.62 1.61 CAD Z Class 0.12 0.11 - - 0.12 0.11 GBP Y Class 0.87 0.86 - - 0.87 0.86 USD Y Class 0.87 0.86 - - 0.87 0.86

JOHCM Asia ex-Japan Fund GBP Class A 1.19 1.10 - - 1.19 1.10 EUR Class A 1.18 1.11 - - 1.18 1.11 USD Class A 1.19 1.11 - - 1.19 1.11 GBP Z Class 0.29 0.21 - - 0.29 0.21 GBP Class B 1.80 1.71 - - 1.80 1.71 EUR Class B 1.79 1.71 - - 1.79 1.71 USD Class B 1.78 1.71 - - 1.78 1.71 USD Z Class 0.29 0.22 - - 0.29 0.22

JOHCM Asia ex-Japan Small and Small and Mid-Cap Fund GBP Class A 1.40 1.40 - - 1.40 1.40 EUR Class A 1.40 1.40 - - 1.40 1.40 USD Class A 1.40 1.40 - - 1.40 1.40 GBP Z Class 1.10 1.05 - - 1.10 1.05 GBP Class B 2.00 2.00 - - 2.00 2.00 EUR Class B 2.00 2.00 - - 2.00 2.00 USD Class B 2.00 2.00 - - 2.00 2.00

218 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Appendix 1 (unaudited) (continued)

Ongoing Charge Figure (continued)

JOHCM Global Opportunities Fund GBP Class A 0.84 0.84 - - 0.84 0.84 EUR Class A 0.84 0.84 - - 0.84 0.84 USD Class A 0.84 0.84 - - 0.84 0.84 EUR Class A Hedged 0.70 0.72 - - 0.70 0.72 GBP Z Class 0.09 0.09 - - 0.09 0.09 GBP Class B 1.59 1.59 - - 1.59 1.59 GBP X Class 0.72 0.71 - - 0.72 0.71 EUR Class B 1.59 1.59 - - 1.59 1.59 USD Class B 1.58 1.58 - - 1.58 1.58 EUR Z Class 0.09 0.10 - - 0.09 0.10 EUR X Class 0.72 0.73 - - 0.72 0.73 GBP X Hedged Class 0.72 0.71 - - 0.72 0.71 GBP ND Z Class 0.09 0.09 - - 0.09 0.09 GBP ND A Class 0.72 0.72 - - 0.72 0.72 EUR ND X Class 1 0.72 - - - 0.72 -

JOHCM Japan Dividend Growth Fund 2 GBP Class A - 1.00 - - - 1.00 USD Class A - 1.00 - - - 1.00 GBP Class A Hedged - 1.00 - - - 1.00 USD Class A Hedged - 1.00 - - - 1.00 EUR Class B - 1.62 - - - 1.62 GBP Seed Class - 0.50 - - - 0.50

JOHCM European Concentrated Value Fund EUR Class A 0.89 0.81 - - 0.89 0.81 EUR Class B 1.39 1.31 - - 1.39 1.31 USD Class B 1.39 1.31 - - 1.39 1.31 EUR Z Class 0.14 0.07 - - 0.14 0.07

JOHCM UK Dynamic Fund GBP Non-Distributing A Class 3 - 0.80 - 0.03 - 0.83 GBP Y Class 0.68 0.68 - - 0.68 0.68

JOHCM Global Income Builder Fund GBP Class A 0.93 1.15 - - 0.93 1.15 EUR Class A 0.93 1.15 - - 0.93 1.15 USD Class A 0.94 1.15 - - 0.94 1.15 SGD Class A 0.94 1.15 - - 0.94 1.15 EUR Class B 2.02 2.19 - - 2.02 2.19 GBP Seed Class 0.50 0.50 - - 0.50 0.50 GBP Non-Distributing A Class 0.50 0.50 - - 0.50 0.50 EUR Hedged Seed Class 4 - 0.60 - - - 0.60 EUR Seed Class 5 0.50 - - - 0.50 -

JOHCM Concentrated Global Share Fund GBP Class A 1.25 1.25 - - 1.25 1.25

1. This share class was launched on 07 September 2020 for JOHCM Global Opportunities Fund. 2. JOHCM Japan Dividend Growth Fund was terminated on 04 June 2020. 3. This share class was terminated on 06 February 2020 JOHCM UK Dynamic Fund. 4. This share class was launched on 26 December 2019 and terminated on 21 December 2020 for JOHCM Global Income Builder Fund. 5. This share class was launched on 11 February 2020 for JOHCM Global Income Builder Fund.

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 219 Appendix 2 (unaudited)

Remuneration Policies and Practices An effective remuneration policy for the Company (the “Remuneration Policy”) has been put in place by its management company, JOHCM Funds (Ireland) Limited (the “Manager”), which complies with UCITS Regulations and the ESMA Guidelines on sound remuneration policies under the UCITS Directive (the “Guidelines”). The Remuneration Policy is in line with the strategy, objectives, values and interests of the Investment Manager, the Company, the Funds and the Shareholders and includes measures to avoid conflicts of interest.

The Directors of the Company or the Manager who are also employees of J O Hambro Capital Management Limited (the “Investment Manager”) do not receive any remuneration in respect of their services as Directors of the Company or the Manager. The other Directors and the designated persons receive fixed remuneration in respect of their services which is set at a level determined by the Board as a whole and which is not performance related. The total remuneration for the three Directors concerned and the six designated persons is € 733,093. None of the Directors or designated persons is currently in receipt of variable remuneration in respect of their services as Directors or designated person of the Company or the Manager. Accordingly, the detailed provisions of Article 14b of Directive 2009/65/EC and the related ESMA Guidelines on sound remuneration policies under the UCITS Directive in relation to variable remuneration are not applicable to the Company or the Manager. None of the Directors or designated persons is currently in receipt of a pension from the Company or the Manager. The Company and the Manager have determined that the fixed remuneration payable to the Directors who are not employees of Investment Manager and the designated persons is (a) consistent with sound and effective risk management and does not encourage risk-taking which is inconsistent with the risk profile, rules or instrument of incorporation of the Company and (b) in line with the business strategy, objectives, values and interests of the Manager, the Company and the investors in the Company. The nature of the Directors’ and designated persons’ remuneration, being fixed and not including any variable component and being determined by the Board as a whole, ensures that the Company and the Manager appropriately manage any conflicts of interest in respect of remuneration. The Manager has provided services to the Company since 1 November 2019 and adopted the Remuneration Policy in advance of that date. There were no material changes to the remuneration policy of the Company previously in place during the financial year.

The Investment Manager has implemented a remuneration policy which ensures that relevant members of staff are not incentivised, by way of their remuneration package, to take excessive risks when managing funds. The Investment Manager discloses aggregate quantitative information in respect of the remuneration of senior personnel and material risk takers in its Pillar III statement. This can be accessed via the Investment Managers website at www.johcm.com/uk/aboutus/5/company- capital-risk-management. Further details of the Investment Manager’s remuneration policy are also available at www.johcm.com. A paper copy is available free of charge from the Investment Manager upon request.

220 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020220 Appendix 3 (unaudited)

Securities Financing Transactions As the Company undertakes securities lending it is required to report on Securities Financing Transac- tions (as defined in Article 3 of Regulation (EU) 2019/2365, securities financing transactions include repurchase transactions, securities on commodities lending and securities on commodities borrowing and margin lending transactions).

Please read this Appendix in conjunction with note 14 Stock Lending.

REGULATION (EU) 2015/2365 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 November 2015 on Transparency of Securities Financing Transactions of Reuse and amending Regulation (EU) N°648/2012

CONCENTRATION DATA

Top 10 Issuers

Issuer Name Volume Amount of Collateral GBP

Royal Bank of Canada 709,484 42,806,716 United Kingdom Gilt 18,861,103 30,813,506 French Republic Government Bond OAT 16,215,651 16,980,964 Bank of Montreal 253,508 14,097,397 Brookfield Asset Management Inc 458,149 13,902,961 Bank of Nova Scotia/The 263,334 10,425,437 Canadian Imperial Bank of Commerce 164,569 10,326,176 Flutter Entertainment PLC 49,733 7,604,617 United States Treasury Note/Bond 8,857,003 7,518,486 Canadian Mortgage Pools 15,543,464 7,097,966

Top 10 Counterparties

Counterparty Name Country Name Amount of Collateral GBP

Natixis France 68,373,200 Td Securities Inc. Canada 51,447,434 Deutsche Bank Ag Germany 41,215,367 Barclays Capital Securities Ltd United Kingdom 38,513,840 Bmo Nesbitt Burns Inc Canada 35,695,219 Scotia Capital Inc. Canada 34,905,233 Credit Suisse Ag Dublin Branch Ireland 23,235,371 Healthcare of Ont Pension Pln Trts Canada 8,056,200 The Bank of Nova Scotia Canada 7,542,572 Bnp Paribas Arbitrage_Snc France 6,045,743

AGGREGATE TRANSACTION DATA

Type of Collateral

Collateral Volume Amount of Collateral GBP

Bonds 237,141,220 85,469,715 Equities & Equivalent 20,922,206 250,462,934

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 221 Appendix 3 (unaudited) (continued)

Securities Financing Transactions (continued) Maturity Tenure of Collateral

Maturity Amount of Collateral GBP

Less than one day - One day to one week 1,462 One week to one month 54,311 One month to three months 45,274 Three months to one year 898,355 Above one year 84,470,313 No maturity date 250,462,934

Currencies of Securities Collateral

Currencies Volume Amount of Collateral GBP

AUD 765,667 666,061 CAD 30,255,747 147,327,385 CHF 282 87,685 EUR 28,977,583 32,877,495 GBP 34,740,632 88,429,381 HKD 529 305 JPY 152,838,265 1,402,485 NZD 282,502 1,187,315 USD 10,202,219 63,954,537

Countries of Counterparties Countries Volume Amount of Collateral GBP

Australia 1,500,765 4,491,001 Canada 27,584,452 141,773,786 France 181,523,235 75,579,881 Germany 17,387,177 42,119,792 Ireland 5,756,883 27,263,471 Netherlands 102,544 100,737 Sweden 39,172 165,165 Switzerland 4,817,305 4,900,472 United Kingdom 19,280,946 39,478,338 United States of America 70,947 60,006

Safe Keeping of Collateral Received Amount of Collateral Depositaries Asset Safe-Kept GBP

RBC Investor Services Bank S.A. 335,932,649

222 J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 Appendix 3 (unaudited) (continued)

Securities Financing Transactions (continued) REGULATION (EU) 2015/2365 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 November 2015 on Transparency of Securities Financing Transactions of Reuse and amending Regulation (EU) N°648/2012

Securities Lending in EUR

Global Data

Data on Reuse of Collateral Reuse of Collateral Amount of collateral

Share of collateral received that is reused None Cash collateral reinvestment returns to the collective investment undertaking None

Safekeeping of collateral granted by the collective investment undertaking as part of SFTs

No collateral is granted by the Company as part of their securities lending activities.

Investment portfolio Lendable Sub-fund Overall Valuation at Market value Assets %

JOHCM Continental European Fund 64,883,047 530,719,22 12.23 JOHCM UK Growth Fund - 323,327,659 - JOHCM European Select Values Fund - 791,411,749 - JOHCM Japan Fund - 148,329,794 - JOHCM Global Select Fund 260,175,327 1,686,511,159 15.43 JOHCM Global Emerging Markets Opportunities Fund 13,772,611 370,694,384 3.72 JOHCM Asia ex-Japan Fund 8,468,401 116,678,087 7.26 JOHCM Asia ex-Japan Small and Mid-Cap Fund 640,942 19,395,148 3.30 JOHCM Global Opportunities Fund - 445,665,983 - JOHCM Japan Dividend Growth Fund - - - JOHCM European Concentrated Value Fund 6,289,367 126,143,987 4.99 JOHCM UK Dynamic Fund - 4,513,997 - JOHCM Global Income Builder Fund - 117,119,886 - JOHCM Concentrated Global Share Fund - 2,411,575 - Total 354,229,695

J O Hambro Capital Management Umbrella Fund plc | 31 December 2020 223 J O Hambro Capital Management Limited

Level 3 1 St James’s Market London SW1Y 4AH

Tel: 020 7747 5678 Fax: 020 7747 5647 www.johcm.com