J O Hambro Capital Management UK Umbrella Fund 2021 Interim Report (Unaudited) for the six months ended 30 June 2021 www.johcm.com Contents

Glossary 1

Authorised Corporate Director’s report 2

Accounting Policies 3

JOHCM UK Dynamic Fund, including Financial Statements 4

JOHCM UK Equity Income Fund, including Financial Statements 17

JOHCM UK Opportunities Fund, including Financial Statements 32

JOHCM Global Opportunities Fund, including Financial Statements 45

Appendix I - Securities Financing Transactions Regulation 58

Further information 61

Directory 63 Glossary

Abbreviation Description

ACD Authorised Corporate Director

EU European Union

FCA Financial Conduct Authority

FRC Financial Reporting Council

FRS 102 The Financial Reporting standard applicable in the UK and Republic of Ireland

FRS 104 The Financial Reporting Standard 104 Interim Financial Reporting

FTSE Financial Times Stock Exchange

JOHCM J O Hambro Capital Management

KIID Key Investor Information Document

ICVC Investment Company with Variable Capital

ISAs International Standards on Auditing

OCF Ongoing Charge Figure

OEIC Open-Ended Investment Company

1 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 Authorised Corporate Director’s report for the period ended 30 June 2021

General information COVID-19 The J O Hambro Capital Management UK Umbrella Fund With vaccine programmes in many countries making (‘the Company’) is an open-ended investment company headway, the end of the pandemic appears to be in sight. (‘OEIC’) with variable capital. The Company is registered However, the ultimate economic fallout and the long-term and authorised in the United Kingdom by the Financial impact on economies, markets, industries and individual Conduct Authority (‘the FCA’). The Company has been issuers, are not known. The Board continues to monitor the established as a UCITS scheme in the form of an umbrella situation closely. company, currently with four separate sub-funds (the “Sub-Funds”). Statement of Authorised Corporate Director We hereby certify that this report has been prepared Each Sub-Fund has an individual investment objective in accordance with the requirements of the Collective and policy. This interim report reviews and reports on the Investment Schemes Sourcebook as issued and amended financial results of each of the Company’s Sub-Funds for by the Financial Conduct Authority and approve it for the six months ended 30 June 2021. publication on behalf of JOHCM Funds (UK) Limited, Authorised Corporate Director (‘ACD’). Subject to approval by the FCA and the Depositary, the Company may seek to add new Sub-Funds in the future. On Behalf of the JOHCM Funds (UK) Limited, ACD

The Sub-Funds are segregated portfolios of assets and, accordingly, the assets of a Sub-Fund belong exclusively to that Sub-Fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company, or any other Sub- Fund, and shall not be available for any such purpose. Alexandra Altinger (Chair) Executive Director Whilst the provisions of the OEIC Regulations provide for 25 August 2021 segregated liability between the Sub-Funds, the concept of segregated liability is relatively new. Accordingly, where claims are brought by local creditors in foreign courts or under foreign law contracts, it is not known how those foreign courts will react to regulations 11A and 11B of the OEIC Regulations.

Shareholders are not liable for the debts of the Company.

The latest prospectus is dated 1 March 2021 and can be accessed at www.johcm.com.

As at 30 June 2021 there were no cross-investments where one Sub-Fund invested into another Sub-Fund of the Company.

Further information on the Company can be found on page 63.

2 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 Accounting Policies

a) Basis of preparation b) Recognition of revenue These interim financial statements have been prepared Dividends on quoted ordinary shares and non-equity in compliance with UK Financial Reporting Standard 104 shares are recognised when the securities are first quoted Interim Financial Reporting (“FRS 104”) and in accordance ex-dividend. Revenue from unquoted equity investments with the Statement of Recommended Practice for is recognised when the entitlement to the dividend is Authorised Funds issued by the Investment Association in established. Interest on bank deposits is recognised on an May 2014 (2014 SORP). accruals basis. The underlying circumstances behind both special dividends and share buy backs are reviewed on a The Company has not applied the full disclosure case by case basis in determining whether the amount is requirements of FRS 102 as according to FRS 104, issued revenue or capital in nature. Revenue from stocklending is by the Financial Reporting Council, disclosures demanded accounted for net of bank and agent fees and is recognised by Financial Reporting Standards are generally not required on an accruals basis. Stocklending income is split 20% to for interim reports. the stocklending agent and 80% to the Sub-Funds.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2020 and are described in those financial statements. In this regard, comparative figures from previous periods are prepared to the same standards as the current period, unless otherwise stated.

3 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Dynamic Fund

A Sub-Fund of J O Hambro Capital Management UK Umbrella Fund

INVESTMENT OBJECTIVE & POLICY

The Sub-Fund’s investment objective is to Exchange. These are the most liquid achieve capital growth over a rolling seven on the exchange, meaning they can be to ten year period as well as providing easily bought and sold without materially income. The Sub-Fund’s target is to have affecting their share price. The Sub-Fund a return greater than the FTSE All-Share also invests in smaller companies. These Total Return index (12pm adjusted), may be less liquid and are therefore which is used in the calculation of widely regarded as being riskier. performance fees. Alex Savvides Other than investing in shares listed in Senior Fund Manager At least 90% of the Sub-Fund is invested the UK, the Sub-Fund may also invest in Alex joined JOHCM in in the shares of companies listed on shares listed elsewhere, money market March 2003 and has either of the two primary markets of the instruments, deposits, warrants and units 24 years industry London Stock Exchange: the Main Market in other collective investment schemes. experience (FTSE) and the Alternative Investment Market (AIM). At all times at least The Sub-Fund’s performance may be 75% of the Sub-Fund is invested in the measured against the FTSE All-Share shares of companies that are domiciled, Total Return Index (12pm adjusted, incorporated or have a significant portion the “Index”). The Index is used as a of their business in the UK. target benchmark for the Sub-Fund as the Performance Fee for the Sub-Fund The Sub-Fund will typically invest in the is payable when the performance of the shares of 35-50 different companies. The Sub-Fund exceeds that of the Index. Sub-Fund invests in companies undergoing The use of the Index does not limit the major transformation in their businesses. investment decisions of the fund manager The fund manager believes these changes therefore the shareholdings of the Sub- will lead to an improvement in the Fund may differ significantly from those of performance of these companies and their the Index. However, it may influence the share prices. weightings of investments in components of the Index. The Index is used as it is At least 50% of the Sub-Fund will be the broadest available index of shares invested in companies listed on the FTSE listed on the London Stock Exchange, 100 index, which contains the 100 largest representing at least 98% of the market companies listed on the London Stock value of the shares listed.

4 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Dynamic Fund

INVESTMENT MANAGEMENT REPORT for the period ended 30 June 2021

Performance updates. DMGT performed well after it The JOHCM UK Dynamic Fund Fund review confirmed that Cazoo will list in the US returned 17.16% in sterling terms, The portfolio significantly via a SPAC at a valuation of £5bn. Our net of fees for the ‘A’ share class, for outperformed as operating sum-of-the-parts valuation suggests the six-month period ended 30 June performance and share price significant upside to today’s share 2021. Over the same period, the FTSE momentum continued to build across price. Our position size has increased All-Share Total Return Index (12pm the portfolio. over the period through a blend of adjusted) returned 10.77%.* outperformance and additional share In our Q3 2020 investor presentation, purchases. Investment background we spoke of the likelihood of increased Inflation remained the hot topic over M&A in the UK given the arbitrage With valuation dispersions within the the period. Whilst global central banks between corporate bond yields and UK remaining elevated, bond yields communicated price rises were only earnings yields. Since then, the back at recent lows and continued transitory, investor opinion remained Sub-Fund has received confirmed operational momentum evident across divided. Markets took solace in further approaches for seven of its companies the portfolio, we remain confident record-breaking economic data that out of a portfolio that now stands on our ability to deliver relative demonstrated inflation was not yet at just 40 holdings. This level of outperformance regardless of changes impacting growth. Flash composite corporate activity is unprecedented in the macro. PMI data from the US and UK showed in the history of the Sub-Fund and output growth hitting series and demonstrates quite how marked Alex Savvides two-decade highs, respectively, and valuation discounts have become in Senior Fund Manager demand growth reached a 15-year some UK equities. high in the eurozone. Past performance is not necessarily a Four of the bid approaches occurred guide to future performance. The price Global equity markets did, however, in the second quarter of 2021. Whilst of shares may go down as well as up pause for breath in the final month two, Ultra Electronics and Elementis, and future income is not guaranteed. of the period having pushed higher amounted to no offers being for much of the year, as investors recommended by their respective computed PMIs rolling-over from boards, an offer for St Modwen record highs and new projections Properties was accepted, with the from the US Federal Reserve that offer price subsequently raised by showed the next rate rise would be a 3.3% (equating to a 25% premium year earlier than expected. Previously on the closing share price prior to heightened expectations of inflation the day of the bid), arguably due to began to unwind, leading bond yields successful shareholder engagement lower. Growth stock valuations were led by the Sub-Fund. Wm Morrison beneficiaries of these conditions, Supermarkets is currently the subject causing the S&P 500 and NASDAQ 100 of a bidding war between private to be the only major global indices to equity firms, with the board most reach new all-time highs in June. In recently accepting an offer of 254p the UK, equity valuations dispersions (a 43% premium to the undisturbed remain marked. Analysis from Morgan share price). Stanley shows that outside of the COVID-affected last 14 months, M&A was not the only driver of valuation dispersions for the last 20 differentiated returns for the Sub- years have only reached their current Fund, with a number of portfolio level in the days immediately after the holdings seeing their share prices EU referendum. increase following strong operational

* Source: JOHCM/FTSE International Limited. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

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Net asset value and distribution history

PRICE AND INCOME HISTORY

Net Highest Lowest distribution Calendar year price price per share

pence pence pence

2017 GBP Class A Distributing 210.30 183.00 7.510493 GBP Class A Accumulating 259.49 225.50 9.221581 GBP Class B Distributing 194.80 170.50 6.998004 GBP Class B Accumulating 293.21 256.00 10.582913 GBP Class Y Distributing 127.21 114.30 4.699496 GBP Class Y Accumulating 149.24 129.40 5.289822

2018 GBP Class A Distributing 216.20 173.90 8.059716 GBP Class A Accumulating 276.20 229.20 10.298015 GBP Class B Distributing 199.80 159.68 7.445908 GBP Class B Accumulating 311.30 257.50 11.602464 GBP Class Y Distributing 135.20 108.61 5.041510 GBP Class Y Accumulating 158.80 131.80 5.919895

2019 GBP Class A Distributing 212.30 173.60 8.337592 GBP Class A Accumulating 283.70 232.00 11.143812 GBP Class B Distributing 194.50 159.80 7.664497 GBP Class B Accumulating 317.20 260.70 12.491419 GBP Class Y Distributing 132.90 108.60 5.218446 GBP Class Y Accumulating 163.40 133.40 6.413130 GBP Class X Distributing 110.30 94.80 4.311100 GBP Class X Accumulating 110.30 94.80 4.321400

2020 GBP Class A Distributing 203.60 115.70 4.547453 GBP Class A Accumulating 283.30 161.10 6.329409 GBP Class B Distributing 185.50 105.90 4.156631 GBP Class B Accumulating 316.80 179.90 7.058178 GBP Class Y Distributing 127.50 72.50 2.849688 GBP Class Y Accumulating 163.10 92.80 3.646559 GBP Class X Distributing 105.80 60.10 2.365322 GBP Class X Accumulating 110.10 62.60 2.462035

2021 (to June) GBP Class A Distributing 191.70 161.50 - GBP Class A Accumulating 274.20 231.20 - GBP Class B Distributing 174.30 147.20 - GBP Class B Accumulating 304.40 257.00 - GBP Class Y Distributing 120.20 101.30 - GBP Class Y Accumulating 158.20 133.30 - GBP Class X Distributing 99.90 84.10 - GBP Class X Accumulating 106.90 90.00 -

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

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Net asset value and distribution history continued

NET ASSET VALUES

Net asset value Total shares Net asset value Percentage of Fund in issue per share change

£ %

GBP Class A Distributing 31 December 2019 8,625,476 4,246,920 203.10p 16.75 31 December 2020 4,131,687 2,554,917 161.72p (20.37) 30 June 2021 2,973,227 1,579,499 188.24p 16.40

GBP Class A Accumulating 31 December 2019 39,002,154 13,929,517 280.00p 20.56 31 December 2020 32,938,727 14,267,450 230.87p (17.55) 30 June 2021 35,161,640 12,925,848 272.03p 17.83

GBP Class B Distributing 31 December 2019 562,531 290,761 193.47p 21.16 31 December 2020 344,307 227,773 151.16p (21.87) 30 June 2021 18,485,715 10,744,734 172.04p 13.81

GBP Class B Accumulating 31 December 2019 47,815,141 15,234,055 313.87p 20.40 31 December 2020 42,235,023 16,495,495 256.04p (18.42) 30 June 2021 263,324,491 87,394,920 301.30p 17.68

GBP Class Y Distributing 31 December 2019 276,202,756 219,113,266 126.05p 16.06 31 December 2020 174,219,471 172,619,823 100.93p (19.93) 30 June 2021 212,779,633 178,780,506 119.02p 17.92

GBP Class Y Accumulating 31 December 2019 1,160,314,088 719,355,925 161.30p 20.88 31 December 2020 777,216,245 584,965,341 132.87p (17.63) 30 June 2021 708,791,452 452,541,055 156.62p 17.87

GBP Class X Distributing* 31 December 2019 337,518,643 322,820,658 104.55p - 31 December 2020 102,259,255 121,981,078 83.83p (19.82) 30 June 2021 31,800,601 32,119,462 99.01p 18.11

GBP Class X Accumulating* 31 December 2019 5,062,780 4,630,918 109.33p -

31 December 2020 14,346,136 15,960,010 89.89p (17.78)

30 June 2021 19,390,611 18,252.770 106.23p 18.18

* Launched 8 May 2019.

DISTRIBUTIONS

JOHCM UK Dynamic Fund pays an annual distribution with ex date 31 December and pay date 26 February.

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ONGOING CHARGE FIGURE

Class A Class A Class B Class B Distributing Shares Accumulating Shares Distributing Shares Accumulating Shares

30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020 2021 2020 2021 2020

Ongoing charge figure 0.80% 0.79% 0.80% 0.79% 1.31% 1.29% 1.31% 1.29% Performance fee ------

Total expense ratio 0.80% 0.79% 0.80% 0.79% 1.31% 1.29% 1.31% 1.29%

Class Y Class Y Class X Class X Distributing Shares Accumulating Shares Distributing Shares Accumulating Shares

30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020 2021 2020 2021 2020

Ongoing charge figure 0.68% 0.66% 0.68% 0.66% 0.58% 0.57% 0.58% 0.57% Performance fee ------

Total expense ratio 0.68% 0.66% 0.68% 0.66% 0.58% 0.57% 0.58% 0.57%

8 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Dynamic Fund

PERFORMANCE RECORD

In the period from 1 January 2021 to 30 June 2021, the price of the Class A shares in the Sub-Fund returned 17.16%. This compares with a return of 10.77% in the FTSE All-Share Total Return Index (adjusted for 12 noon) over the same period.

Source: JOHCM/FTSE International Limited. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

RISK AND REWARD PROFILE

Applicable to all share classes in the Sub-Fund

Lower risk Higher risk

Typical lower rewards Typical higher rewards

1 2 3 4 5 6 7

The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior five year period.

The risk and reward indicator: • is based on historical data and may not be a reliable indication for the future; • is not guaranteed and may change over time. • The lowest category does not mean that a share class is risk free.

The share class category reflects the following factors: • Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds. • Your initial investment is not guaranteed.

In addition to the risk captured by the indicator, the fund value may be affected by: • Any change in the Company’s tax status or in legislation could affect the value of investments held by the Company. • Political and /or regulatory Risks. • Liquidity risk: The risk that some securities held by the Sub-Fund may be difficult or impossible to sell at the desired time and price. The Sub-Fund’s investments include shares in small-cap companies. Small-cap companies tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. • Investors should note that a more detailed description of risk factors is set out in full in the Prospectus.

9 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Dynamic Fund

PORTFOLIO STATEMENT (UNAUDITED) as at 30 June 2021

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Aerospace & Defense : 3.97% (31 December 2020 : 4.02%) 11,644,427 QinetiQ Group 40,010 3.10 493,611 Ultra Electronics Holdings 11,294 0.87 Total Aerospace & Defense 51,304 3.97

Automobiles & Parts : 0.60% (31 December 2020 : 0.00%) 414,548 Aston Martin Lagonda Global Holdings 7,773 0.60 Total Automobiles & Parts 7,773 0.60

Banks : 6.37% (31 December 2020 : 6.37%) 34,787,485 Barclays 59,528 4.61 5,446,337 HSBC Holdings 22,725 1.76 Total Banks 82,253 6.37

Beverages : 0.46% (31 December 2020 : 1.63%) 2,301,358 Stock Spirits Group 6,007 0.46 Total Beverages 6,007 0.46

Chemicals : 1.28% (31 December 2020 : 1.50%) 11,013,385 Elementis 16,597 1.28 Total Chemicals 16,597 1.28

Construction & Materials : 1.04% (31 December 2020 : 0.73%) 3,288,689 Ricardo 13,418 1.04 Total Construction & Materials 13,418 1.04

Electronic & Electrical Equipment : 0.96% (31 December 2020 : 0.50%) 721,040 IMI 12,395 0.96 Total Electronic & Electrical Equipment 12,395 0.96

Equity Investment Instruments : 0.00% (31 December 2020 : 0.42%)

Financial Services : 0.00% (31 December 2020 : 0.77%)

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Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Gas, Water & Multi-utilities : 1.68% (31 December 2020 : 2.08%) 42,126,653 Centrica 21,670 1.68 Total Gas, Water & Multi-utilities 21,670 1.68

General Industrials : 2.46% (31 December 2020 : 2.55%) 20,502,737 Melrose Industries 31,779 2.46 Total General Industrials 31,779 2.46

Household Goods & Home Construction : 2.09% (31 December 2020 : 1.86%) 6,433,482 Crest Nicholson Holdings 26,982 2.09 Total Household Goods & Home Construction 26,982 2.09

Industrial Metals & Mining : 4.89% (31 December 2020 : 5.10%) 2,199,106 Anglo American 63,169 4.89 Total Industrial Metals & Mining 63,169 4.89

Industrial Support Services : 4.76% (31 December 2020 : 4.18%) 3,752,479 Electrocomponents 38,575 2.98 2,259,445 Euromoney Institutional Investor 23,001 1.78 Total Industrial Support Services 61,576 4.76

Investment Banking & Brokerage Services : 9.41% (31 December 2020 : 9.14%) 5,059,007 3i Group 59,342 4.59 5,123,512 Jupiter Fund Management 14,438 1.12 13,787,167 Man Group 24,803 1.92 4,046,949 Numis 14,326 1.11 478,216 Rathbone Brothers 8,665 0.67 Total Investment Banking & Brokerage Services 121,574 9.41

Life Insurance : 5.25% (31 December 2020 : 4.43%) 16,704,664 Aviva 67,804 5.25 Total Life Insurance 67,804 5.25

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Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Media : 16.03% (31 December 2020 : 14.04%) 7,346,859 Daily Mail & General Trust 70,750 5.47 8,120,130 Hyve Group 10,719 0.83 28,271,420 ITV 35,481 2.74 4,724,730 Pearson 39,206 3.03 5,251,978 WPP 51,154 3.96 Total Media 207,310 16.03

Medical Equipment & Services : 4.73% (31 December 2020 : 3.58%) 25,392,843 ConvaTec Group 61,095 4.73 Total Medical Equipment & Services 61,095 4.73

Non-life Insurance : 1.61% (31 December 2020 : 1.54%) 7,294,690 Direct Line Insurance Group 20,790 1.61 Total Non-life Insurance 20,790 1.61

Oil, Gas & Coal : 6.48% (31 December 2020 : 6.90%) 17,500,270 BP 55,126 4.26 2,051,193 Royal Dutch Shell ‘B’ 28,696 2.22 Total Oil, Gas & Coal 83,822 6.48

Personal Care, Drug & Grocery Stores : 7.68% (31 December 2020 : 7.16%) 5,611,574 PZ Cussons 13,720 1.06 13,329,338 Tesco 29,711 2.30 22,648,115 Wm Morrison Supermarkets 55,873 4.32 Total Personal Care, Drug & Grocery Stores 99,304 7.68

Personal Goods : 2.60% (31 December 2020 : 1.15%) 794,609 Unilever 33,616 2.60 Total Personal Goods 33,616 2.60

Pharmaceuticals & Biotechnology : 3.42% (31 December 2020 : 4.39%) 3,116,651 GlaxoSmithKline 44,238 3.42 Total Pharmaceuticals & Biotechnology 44,238 3.42

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Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Real Estate Investment & Services : 3.49% (31 December 2020 : 5.30%) 8,106,401 St Modwen Properties 45,072 3.49 Total Real Estate Investment & Services 45,072 3.49

Retailers : 1.41% (31 December 2020 : 1.37%) 1,081,858 Travis Perkins 18,273 1.41 Total Retailers 18,273 1.41

Software & Computer Services : 1.24% (31 December 2020 : 1.10%) 6,241,891 Moneysupermarket.com Group 16,017 1.24 Total Software & Computer Services 16,017 1.24

Support Services : 0.00% (31 December 2020 : 2.56%)

Technology Hardware & Equipment : 1.33% (31 December 2020 : 1.01%) 6,715,547 TT Electronics 17,225 1.33 Total Technology Hardware & Equipment 17,225 1.33

Telecommunications Service Providers : 3.91% (31 December 2020 : 3.68%) 41,703,092 Vodafone Group 50,603 3.91 Total Telecommunications Service Providers 50,603 3.91

Travel & Leisure : 0.00% (31 December 2020 : 1.05%)

Portfolio of investments 1,281,666 99.15 Net other assets 11,041 0.85 Total net assets 1,292,707 100.00

All securities are approved securities unless otherwise stated.

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SUMMARY OF TOP TEN PURCHASES AND SALES (UNAUDITED) for the period ended 30 June 2021

Security Cost Security Proceeds

£’000 £’000

PURCHASES SALES Unilever 31,088 Aggreko 38,925 Pearson 17,341 Urban & Civic 23,860 Vodafone Group 16,590 Restaurant Group 21,249 ConvaTec Group 14,460 St Modwen Properties 18,543 Aviva 14,129 GlaxoSmithKline 17,144 Euromoney Institutional Investor 13,500 Anglo American 15,912 Melrose Industries 13,466 Stock Spirits Group 13,627 BP 11,730 John Wood Group 11,907 Direct Line Insurance Group 11,122 Wm Morrison Supermarkets 11,252 3i Group 10,404 Barclays 10,811

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Financial statements

STATEMENT OF TOTAL RETURN for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Income Net capital gains/(losses) 178,347 (565,169) Revenue 21,494 21,892 Expenses (4,570) (5,090) Interest payable and similar charges (10) -

Net revenue before taxation 16,914 16,802 Taxation - -

Net revenue after taxation 16,914 16,802

Total return before distributions 195,261 (548,367) Distributions (77) 581

Change in net assets attributable to shareholders from investment activities 195,184 (547,786)

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Opening net assets attributable to 1,147,691 1,875,104 shareholders

Amounts receivable on issue of shares 396,974 528,479 Less: Amounts payable on cancellation of shares (447,367) (463,285)

(50,393) 65,194

Dilution levy/ adjustment 225 - Change in net assets attributable to shareholders 195,184 (547,786) from investment activities Retained distributions on accumulation shares - -

Closing net assets attributable to shareholders 1,292,707 1,392,512

The above statement shows the comparative closing net assets at 30 June 2020 whereas the current accounting period commenced 1 January 2021.

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Financial statements continued

BALANCE SHEET as at 30 June 2021

30 June 30 June 31 December 31 December 2021 2021 2020 2020

£’000 £’000 £’000 £’000

ASSETS Fixed assets: Investments 1,281,666 1,148,931 Current assets: Debtors 14,649 12,488 Cash and bank balances 6,722 4,049

Total current assets 21,371 16,537

Total assets 1,303,037 1,165,468

LIABILITIES Creditors: Other creditors (10,330) (9,847) Distribution payable on income shares - (7,930)

Total liabilities (10,330) (17,777)

Net assets attributable to shareholders 1,292,707 1,147,691

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A Sub-Fund of J O Hambro Capital Management UK Umbrella Fund

INVESTMENT OBJECTIVE & POLICY

The Sub-Fund’s investment objective is to dividend and where the fund managers generate a level of income which increases believe the company will grow its dividend year on year as well as the potential to over time. Every share held in the Sub- grow the amount invested over a rolling Fund has a prospective dividend yield period of seven to ten years. The Sub- (the total annual dividends paid by the Fund’s target is to have a return greater company expressed as a percentage of than the FTSE All-Share Total Return index its share price) greater than the average (12pm adjusted), which is used in the dividend yield of the FTSE All-Share Total James Lowen calculation of performance fees. Return index, at the time the share was Senior Fund Manager first purchased, and with a strict selling James joined JOHCM in At least 90% of the Sub-Fund is invested discipline once a company’s dividend yield September 2004 and in the shares of companies which are falls below the average level. has 26 years industry listed on the London Stock Exchange experience (or other UK exchanges). These will Other than investing in shares, the Sub- include large, medium and small-sized Fund may also invest in money market companies. The Sub-Fund is not expected instruments, deposits, warrants and units to invest more than 25% in the shares in other collective investment schemes. of smaller companies, which are widely viewed as being riskier than shares in The Sub-Fund’s performance may be larger companies. Investing in shares of measured against the FTSE All-Share smaller companies enables the Sub-Fund Total Return index (12pm adjusted, the to find dividend income in a broader set of “Index”). The Index is used as a target companies and, in the opinion of the fund benchmark for the Sub-Fund as the managers, differentiates the Sub-Fund Performance Fee is payable when the Clive Beagles from other similar funds. performance of the Sub-Fund exceeds that Senior Fund Manager of the Index. The use of the Index does Clive joined JOHCM in At all times at least two thirds of the not limit the investment decisions of the September 2004 and Sub-Fund is invested in the shares fund manager therefore the shareholdings has 31 years industry experience of companies that are domiciled, of the Sub-Fund may differ significantly incorporated or have a significant portion from those of the Index. However, it may of their business in the UK. The Sub- influence the weightings of investments Fund invests in businesses that are out in components of the Index. The Index is of favour with many other investors used as it is the broadest available index but which the fund managers believe of shares listed on the London Stock are undervalued at their current share Exchange, representing at least 98% of price. These are companies which pay a the market value of the shares listed.

17 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

INVESTMENT MANAGEMENT REPORT for the period ended 30 June 2021

Performance the Sub-Fund’s outperformance. by strong execution, which we can The JOHCM UK Equity Income Fund Firstly, the macro environment (this see from numerous positive trading returned 17.15% in sterling terms, includes the recovery in GDP, inflation updates. This strong profit and net of fees for the ‘A’ share class, for risk, bond yields rising, pent-up recovery performance across the the six-month period ended 30 June demand as a result of lockdowns and Sub-Fund is feeding through to 2021. Over the same period, the FTSE Covid-19 restrictions easing). This positive dividend decisions – both in All-Share Total Return Index (12pm drove the rotation from ‘growth’ to terms of timing and quantum. This is adjusted) returned 10.77%.* ‘value’. Secondly, nearly every stock assisting better-than-forecast Sub- in the Sub-Fund is, in our view, on the Fund dividend growth and means Investment background front foot, coming out of the pandemic we can now upgrade our forecast for Signs of an accelerating economic strongly with consensus forecasts 2021 to growth of 42-43% on a cash recovery were widely evident over materially too low. Thirdly, ultra- dividend paid basis. the period, particularly in countries low valuations after years of ‘value’ where vaccination programmes are underperformance. These points Across the last three months, as more advanced, such as the US and were all evident in the performance the mix has moved back towards UK. Most commodity prices continued trends during the period. Perhaps growth stocks and away from value, to rise sharply in anticipation of the most interesting is the second our holdings have, on aggregate, accelerating economic activity. Given point, which was very noticeable as seen material upgrades. This has this backdrop, it is unsurprising that we went through the results season. reduced near-term valuations and inflation expectations continued to The majority of the reports were strengthened balance sheets – both rise. However, this was not matched positive, either beating expectations of which have reduced downside risk. by a rise in bond yields. Clearly central or highlighting strategic developments These trends are also why the banks are keen to ensure bond yields that were positive. Sub-Fund dividend recovery is proving remain under some form of control, stronger than expected and hence either directly or implicitly, and the Wm Morrison Supermarkets was the our ability to upgrade our forecasted Fed’s dovish tone for much of the top performer after a bid approach growth for this year and beyond. period was an attempt to prevent from private equity. The stock rose bond yields rising so quickly that it c. 30-35%. Elsewhere company- The confluence of a very strong prematurely slows the recovery. The specific news flow remained upbeat, economic recovery, low valuations and Federal Reserve meeting at the end with Lookers, Redde and Eurocell forecasts that are materially too low of June signalled a slightly earlier all warning to the upside. Common should bode well for the Sub-Fund’s increase in interest rates than had themes in their narratives were absolute and relative performance. previously been communicated. shortages, raw material pressures Whilst we have recovered the majority The reaction of the bond market, and consequent selling price increases of the underperformance associated with yields falling and the overall or the imposition of surcharges. with Covid-19, we remain c. 5% below curve flattening was somewhat The widespread commentary from both our absolute and relative high counterintuitive, as it signalled that companies around cost pressures and watermarks. We believe we can reach the current recovery would be short price rises, together with the durability new ground in due course. lived and inflation would not endure. of the economic recovery, supports Given the looseness of monetary our central case that inflation will be James Lowen and Clive Beagles policy, in conjunction with very large more enduring than policy-makers Senior Fund Managers fiscal stimulus packages, it seems expect. Other strong performances highly likely that the upward trajectory came from our two recruitment Past performance is not necessarily a of bond yields will resume soon. stocks, Sthree and Page Group. guide to future performance. The price of shares may go down as well as up Fund review The overall economy is exiting and future income is not guaranteed. Market dynamics were conducive and the pandemic much stronger than the Sub-Fund outpaced its benchmark. expected. Within the portfolio and at There were three key factors driving a stock level, this is being magnified

* Source: JOHCM/FTSE International Limited. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

18 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

Net asset value and distribution history

PRICE AND INCOME HISTORY

Net Highest Lowest distribution Calendar year price price per share

pence pence pence

2017 GBP Class A Distributing 216.10 191.20 9.121492 GBP Class A Accumulating 392.65 334.10 16.221348 GBP Class B Distributing 203.30 180.40 8.601040 GBP Class B Accumulating 370.16 316.00 15.308812 GBP Class Y Distributing 145.10 128.40 6.118750 GBP Class Y Accumulating 157.87 134.30 6.518490 GBP Class X Distributing 106.90 98.20 1.980672

2018 GBP Class A Distributing 227.40 175.80 10.298631 GBP Class A Accumulating 419.60 334.30 19.165631 GBP Class B Distributing 213.60 164.50 9.665321 GBP Class B Accumulating 395.00 313.70 18.031950 GBP Class Y Distributing 152.90 118.30 6.924530 GBP Class Y Accumulating 168.80 134.50 7.710811 GBP Class X Distributing 112.60 87.20 5.101073

2019 GBP Class A Distributing 204.90 168.00 10.586193 GBP Class A Accumulating 412.40 333.00 20.782536 GBP Class B Distributing 190.80 156.70 9.883289 GBP Class B Accumulating 384.90 311.50 19.451587 GBP Class Y Distributing 138.00 113.10 7.126175 GBP Class Y Accumulating 166.20 134.10 8.369109 GBP Class X Distributing 101.80 83.40 5.255161

2020 GBP Class A Distributing 203.00 110.20 5.048819 GBP Class A Accumulating 412.80 224.00 10.414965 GBP Class B Distributing 189.00 102.60 4.690587 GBP Class B Accumulating 385.30 208.80 9.697797 GBP Class Y Distributing 136.80 74.20 3.404389 GBP Class Y Accumulating 166.30 90.30 4.197134

GBP Class X Distributing 100.90 54.80 2.511846

2021 ( to June) GBP Class A Distributing 195.90 160.80 3.496449 GBP Class A Accumulating 416.10 339.30 7.409685 GBP Class B Distributing 181.40 149.10 3.238524 GBP Class B Accumulating 385.70 314.90 6.870530 GBP Class Y Distributing 132.20 108.40 2.358844 GBP Class Y Accumulating 167.90 136.90 2.989712

GBP Class X Distributing 97.70 80.10 1.742701

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

19 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

Net asset value and distribution history continued

NET ASSET VALUES

Net asset value Total shares Net asset value Percentage of share class in issue per share change

£ %

GBP Class A Distributing 31 December 2019 244,718,161 122,225,481 200.22p 13.42

31 December 2020 128,684,123 79,401,492 162.07p (19.05)

30 June 2021 144,475,932 77,024,137 187.57p 15.73

GBP Class A Accumulating 31 December 2019 84,509,338 20,787,403 406.54p 19.70

31 December 2020 56,180,679 16,445,360 341.62p (15.97)

30 June 2021 70,660,667 17,509,947 403.55p 18.13

GBP Class B Distributing 31 December 2019 680,642,779 364,955,924 186.50p 12.86

31 December 2020 85,220,017 56,705,759 150.28p (19.42)

30 June 2021 89,798,058 51,710,667 173.65p 15.55

GBP Class B Accumulating 31 December 2019 146,504,606 38,594,645 379.60p 19.11

31 December 2020 100,973,383 31,778,357 317.74p (16.30)

30 June 2021 111,879,548 29,945,119 373.62p 17.59

GBP Class Y Distributing 31 December 2019 1,195,529,791 886,139,246 134.91p 13.55

31 December 2020 901,737,860 825,288,456 109.26p (19.01)

30 June 2021 1,004,181,829 793,452,892 126.56p 15.83

GBP Class Y Accumulating 31 December 2019 897,299,926 546,978,409 164.05p 20.04

31 December 2020 616,658,873 447,249,452 137.88p (15.95)

30 June 2021 675,272,783 414,877,416 162.76p 18.04

GBP Class X Distributing 31 December 2019 13,704,217 13,866,099 98.83p 12.96

31 December 2020 8,540,982 10,638,181 80.29p (18.76)

30 June 2021 6,729,597 7,264,323 92.64p 15.38

DISTRIBUTIONS

JOHCM UK Equity Income Fund pays quarterly distributions as follows: ex date 31 March, pay date 31 May; ex date 30 June, pay date 31 August; ex date 30 September, pay date 30 November and ex date 31 December, pay date 28 February.

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ONGOING CHARGE FIGURE

Class A Class A Class B Class B Distributing Shares Accumulating Shares Distributing Shares Accumulating Shares

30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020 2021 2020 2021 2020

Ongoing charge figure 0.80% 0.80% 0.80% 0.80% 1.29% 1.30% 1.29% 1.30% Performance fee ------

Total expense ratio 0.80% 0.80% 0.80% 0.80% 1.29% 1.30% 1.29% 1.30%

Class Y Class Y Class X Distributing Shares Accumulating Shares Distributing Shares

30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020 2021 2020

Ongoing charge figure 0.67% 0.67% 0.67% 0.67% 0.60% 0.60% Performance fee ------

Total expense ratio 0.67% 0.67% 0.67% 0.67% 0.60% 0.60%

21 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

PERFORMANCE RECORD

In the period from 1 January 2021 to 30 June 2021, the price of the Class A shares in the Sub-Fund returned 17.15%. This compares with a return of 10.77% in the UK FTSE All-Share Total Return Index (adjusted for 12 noon) over the same period.

Source: JOHCM/FTSE International Limited. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

RISK AND REWARD PROFILE

Applicable to X distributing share classs in Applicable to all share classes in the Sub-Fund, the Sub-Fund. except X distributing share class.

Lower risk Higher risk Lower risk Higher risk

Typical lower rewards Typical higher rewards Typical lower rewards Typical higher rewards

1 2 3 4 5 6 7 1 2 3 4 5 6 7

The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior five year period.

The risk and reward indicator: • is based on historical data and may not be a reliable indication for the future; • is not guaranteed and may change over time. • The lowest category does not mean that a share class is risk free.

The share class category reflects the following factors: • Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds. • Your initial investment is not guaranteed.

In addition to the risk captured by the indicator, the Sub-Fund value may be affected by: • Any change in the Company’s tax status or in legislation could affect the value of investments held by the Company. • Political and /or regulatory Risks. • Liquidity risk: The risk that some securities held by the Sub-Fund may be difficult or impossible to sell at the desired time and price. The Sub-Fund’s investments include shares in small-cap companies. Small-cap companies tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. • Investors should note that a more detailed description of risk factors is set out in full in the Prospectus.

22 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

PORTFOLIO STATEMENT (UNAUDITED) as at 30 June 2021

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Banks : 10.51% (31 December 2020 : 11.02%) 51,897,332 Barclays 88,807 4.22 22,777,527 Lloyds Banking Group 10,635 0.51 25,872,581 Natwest Group 52,547 2.50 14,966,863 Standard Chartered 68,997 3.28 Total Banks 220,986 10.51

Closed End Investments : 1.46% (31 December 2020 : 1.93%) 25,354,636 Hipgnosis Songs Fund 30,781 1.46 Total Closed End Investments 30,781 1.46

Construction & Materials : 5.19% (31 December 2020 : 4.58%) 8,491,280 Eurocell 22,757 1.08 9,406,866 Galliford Try Holdings 13,235 0.63 2,173,053 Keller Group 17,406 0.83 15,355,919 Kier Group 20,116 0.96 6,759,120 Norcros 22,102 1.05 16,895,937 Severfield 13,348 0.64 Total Construction & Materials 108,964 5.19

Electricity : 1.03% (31 December 2020 : 1.20%) 5,129,619 Drax Group 21,760 1.03 Total Electricity 21,760 1.03

Finance & Credit Services : 3.62% (31 December 2020 : 2.97%) 8,095,920 International Personal Finance 10,800 0.51 8,627,301 Morses Club 7,678 0.37 11,312,093 Paragon Banking Group 57,635 2.74 Total Finance & Credit Services 76,113 3.62

Gas, Water & Multi-utilities : 1.06% (31 December 2020 : 0.00%) 2,422,999 National Grid 22,311 1.06 Total Gas, Water & Multi-utilities 22,311 1.06

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Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

General Industrials : 2.98% (31 December 2020 : 3.05%) 15,018,210 Smith (David S) 62,746 2.98 Total General Industrials 62,746 2.98

General Retailers : 0.93% (31 December 2020 : 0.28%) 27,550,875 Lookers 19,478 0.93 Total General Retailers 19,478 0.93

Household Goods & Home Construction : 5.64% (31 December 2020 : 6.50%) 1,059,646 Bellway 34,322 1.63 1,629,405 Countryside Properties 7,701 0.37 3,090,860 Headlam Group 13,476 0.64 5,359,355 Vistry Group 63,026 3.00 Total Household Goods & Home Construction 118,525 5.64

Industrial Metals & Mining : 15.02% (31 December 2020 : 14.52%) 3,283,224 Anglo American 94,312 4.48 12,867,455 Central Asia Metals 30,560 1.45 30,264,188 Glencore 93,638 4.45 3,082,410 Kenmare Resources 13,470 0.64 1,412,938 Rio Tinto 84,056 4.00 Total Industrial Metals & Mining 316,036 15.02

Industrial Support Services : 3.48% (31 December 2020 : 3.33%) 20,997,819 Costain Group 12,074 0.57 4,020,384 Pagegroup 22,474 1.07 8,446,233 SThree 38,726 1.84 Total Industrial Support Services 73,274 3.48

Industrial Transportation : 1.68% (31 December 2020 : 1.53%) 8,863,597 Redde Northgate 35,321 1.68 Total Industrial Transportation 35,321 1.68

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Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Investment Banking & Brokerage Services : 3.90% (31 December 2020 : 3.93%) 11,815,786 Abrdn 32,021 1.52 1,881,655 Polar Capital Holdings 15,618 0.74 17,626,483 TP ICAP Group 34,442 1.64 Total Investment Banking & Brokerage Services 82,081 3.90

Life Insurance : 10.29% (31 December 2020 : 10.31%) 18,732,539 Aviva 76,035 3.62 28,543,320 Legal & General Group 73,528 3.50 9,885,545 Phoenix Group Holdings 66,727 3.17

Total Life Insurance 216,290 10.29

Media : 6.37% (31 December 2020 : 6.51%) 52,886,236 ITV 66,372 3.16 6,932,545 WPP 67,523 3.21

Total Media 133,895 6.37

Non-life Insurance : 2.44% (31 December 2020 : 2.19%) 4,886,895 Conduit Holdings 25,656 1.22 16,004,645 Randall & Quilter Investment Holdings 25,607 1.22 Total Non-life Insurance 51,263 2.44

Oil, Gas & Coal : 9.80% (31 December 2020 : 10.17%) 37,258,448 BP 117,365 5.58 36,439,105 Diversified Energy Co 38,261 1.82 7,143,100 Petrofac 7,872 0.37 2,497,877 Royal Dutch Shell 'B' 34,945 1.66 2,850,966 Royal Dutch Shell / Right - - 43,430,937 Savannah Energy 7,709 0.37 Total Oil, Gas & Coal 206,152 9.80

Personal Care, Drug & Grocery Stores : 6.26% (31 December 2020 : 6.00%) 28,897,756 Tesco 64,413 3.06 27,305,738 Wm Morrison Supermarkets 67,363 3.20 Total Personal Care, Drug & Grocery Stores 131,776 6.26

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Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Real Estate Investment & Services : 1.02% (31 December 2020 : 0.90%) 39,237,778 Raven Property Group 11,183 0.53 11,007,500 U & I Group 10,303 0.49 Total Real Estate Investment & Services 21,486 1.02

Real Estate Investment Trusts : 0.65% (31 December 2020 : 0.56%) 2,851,396 Palace Capital 7,556 0.36 15,245,016 Real Estate Investors 6,098 0.29 Total Real Estate Investment Trusts 13,654 0.65

Retailers : 1.64% (31 December 2020 : 1.29%) 12,304,565 DFS Furniture 34,391 1.64 Total Retailers 34,391 1.64

Telecommunications Service Providers : 3.38% (31 December 2020 : 3.46%) 58,613,144 Vodafone Group 71,121 3.38 Total Telecommunications Service Providers 71,121 3.38

Travel & Leisure : 1.09% (31 December 2020 : 2.18%) 77,202,863 Dolphin Capital Investors 3,088 0.15 1,487,679 easyJet 13,312 0.63 7,922,256 Firstgroup 6,488 0.31 Total Travel & Leisure 22,888 1.09

Portfolio of investments 2,091,292 99.44 Net other assets 11,706 0.56 Total net assets 2,102,998 100.00

All securities are approved securities unless otherwise stated.

26 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

SUMMARY OF TOP TEN PURCHASES AND SALES (UNAUDITED) for the period ended 30 June 2021

Security Cost Security Proceeds

£’000 £’000

PURCHASES SALES Bellway 14,276 Countryside Properties 44,021 Phoenix Group Holdings 7,686 Lloyds Banking Group 42,448 Anglo American 4,797 National Express Group 31,723 Vistry Group 4,140 Vistry Group 21,807 Standard Chartered 3,471 Glencore 17,510 Firstgroup 3,105 BP 16,911 Barclays 2,886 Anglo American 16,877 Glencore 2,488 Barclays 15,918 Central Asia Metals 2,432 Tyman 15,409 Diversified Energy Co 2,430 Royal Dutch Shell ‘B’ 12,972

27 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

Financial statements

STATEMENT OF TOTAL RETURN for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Income

Net capital gains/(losses) 301,727 (820,343) Revenue 40,532 37,659 Expenses (7,653) (8,019) Interest payable and similar charges - (5)

Net revenue before taxation 32,879 29,635 Taxation (286) (190)

Net revenue after taxation 32,593 29,445

Total return before distributions 334,320 (790,898) Distributions (39,769) (36,968)

Change in net assets attributable to shareholders from investment activities 294,551 (827,866)

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Opening net assets attributable to 1,897,995 3,262,909 shareholders

Amounts receivable on issue of shares 332,588 430,811 Less: Amounts payable on cancellation of shares (438,068) (1,058,293)

(105,480) (627,482)

Change in net assets attributable to shareholders from investment activities 294,551 (827,866) Retained distributions on accumulation shares 15,932 15,053

Closing net assets attributable to shareholders 2,102,998 1,822,614

The above statement shows the comparative closing net assets at 30 June 2020 whereas the current accounting period commenced 1 January 2021.

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Financial statements continued

BALANCE SHEET as at 30 June 2021

30 June 30 June 31 December 31 December 2021 2021 2020 2020

£’000 £’000 £’000 £’000

ASSETS Fixed assets: Investments 2,091,292 1,867,747 Current assets: Debtors 14,802 8,896 Cash and bank balances 25,734 35,612

Total current assets 40,536 44,508

Total assets 2,131,828 1,912,255

LIABILITIES Creditors: Other creditors (13,373) (6,786) Distribution payable on income shares (15,457) (7,474)

Total liabilities (28,830) (14,260)

Net assets attributable to shareholders 2,102,998 1,897,995

29 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Equity Income Fund

Financial statements continued

DISTRIBUTIONS for the period ended 30 June 2021

JOHCM UK Equity Income Fund pays quarterly distributions as follows: ex date 31 March, pay date 31 May; ex date 30 June, pay date 31 August; ex date 30 September, pay date 30 November and ex date 31 December, pay date 28 February.

The following tables on pages 30 to 31 show the distributions paid and payable by each share class:

First interim distribution

Distribution paid Distribution paid Net income Equalisation 31.05.21 31.05.20

pence pence pence pence per share per share* per share per share

Group 1: Shares purchased prior to 1 January 2021 Group 2: Shares purchased from 1 January 2021 to 31 March 2021

GBP Class A Distributing Group 1 1.168118 - 1.168118 1.593031 GBP Class A Distributing Group 2 0.847097 0.321021 1.168118 1.593031

GBP Class B Distributing Group 1 1.082581 - 1.082581 1.479060 GBP Class B Distributing Group 2 0.617462 0.465119 1.082581 1.479060

GBP Class Y Distributing Group 1 0.787944 - 0.787944 1.073069 GBP Class Y Distributing Group 2 0.561502 0.226442 0.787944 1.073069

GBP Class X Distributing Group 1 0.582089 - 0.582089 0.792015 GBP Class X Distributing Group 2 0.210228 0.371861 0.582089 0.792015

GBP Class A Accumulating Group 1 2.464992 - 2.464992 3.239119 GBP Class A Accumulating Group 2 1.430076 1.034916 2.464992 3.239119

GBP Class B Accumulating Group 1 2.286968 - 2.286968 3.021002 GBP Class B Accumulating Group 2 1.267686 1.019282 2.286968 3.021002

GBP Class Y Accumulating Group 1 0.994440 - 0.994440 1.305161 GBP Class Y Accumulating Group 2 0.706703 0.287737 0.994440 1.305161

* Equalisation only applies to shares purchased during the distribution period (Group 2 shares). It is the average amount of income included in the purchase price of all Group 2 shares and is refunded to holders of these shares as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.

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Financial statements continued

Second interim distribution

Distribution Distribution paid Net income Equalisation paid 31.08.21 31.08.20

pence pence pence pence per share per share* per share per share

Group 1: Shares purchased prior to 1 April 2021 Group 2: Shares purchased from 1 April 2021 to 30 June 2021

GBP Class A Distributing Group 1 2.328331 - 2.328331 1.115404 GBP Class A Distributing Group 2 0.832624 1.495707 2.328331 1.115404

GBP Class B Distributing Group 1 2.155943 - 2.155943 1.037902 GBP Class B Distributing Group 2 0.928174 1.227769 2.155943 1.037902

GBP Class Y Distributing Group 1 1.570900 - 1.570900 0.753496 GBP Class Y Distributing Group 2 0.374570 1.196330 1.570900 0.753496

GBP Class X Distributing Group 1 1.160612 - 1.160612 0.554822 GBP Class X Distributing Group 2 0.252801 0.907811 1.160612 0.554822

GBP Class A Accumulating Group 1 4.944693 - 4.944693 2.295830 GBP Class A Accumulating Group 2 2.317584 2.627109 4.944693 2.295830

GBP Class B Accumulating Group 1 4.583562 - 4.583562 2.139568 GBP Class B Accumulating Group 2 2.136692 2.446870 4.583562 2.139568

GBP Class Y Accumulating Group 1 1.995272 - 1.995272 0.924257 GBP Class Y Accumulating Group 2 0.867486 1.127786 1.995272 0.924257

* Equalisation only applies to shares purchased during the distribution period (Group 2 shares). It is the average amount of income included in the purchase price of all Group 2 shares and is refunded to holders of these shares as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.

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A Sub-Fund of J O Hambro Capital Management UK Umbrella Fund

INVESTMENT OBJECTIVE & POLICY

The Sub-Fund’s investment objective is to grown in the future. A good company achieve capital growth over a rolling seven needs to come at the right price and the to ten year period as well as providing fund managers look to buy companies income. The Sub-Fund’s target is to have below the value of their long-term a return greater than the FTSE All-Share cash flows. Total Return index (12pm adjusted), which is used in the calculation of The fund managers engage with the performance fees. management of the companies in which Rachel Reutter the Sub-Fund invests to encourage Senior Fund Manager At least two thirds of the Sub-Fund is capital allocation and governance policies Rachel joined JOHCM invested in the shares of companies which are sustainable for the company’s in September 2012 which are either domiciled, incorporated, business, its customers, suppliers and the and has 14 years listed or have a significant portion of their industry and the environment in which it industry experience business in the UK. Up to 10% of the operates. Sub-Fund may be invested in the shares of non-UK listed companies. Up to one The Sub-Fund’s performance may be third of the Sub-Fund may be held in cash, measured against the FTSE All-Share money market instruments, deposits, Total Return Index (12pm adjusted, the warrants and units in other collective “Index”). The Index is used as a target investment schemes. The Sub-Fund will benchmark for the Sub-Fund as the invest in a concentrated portfolio of Performance Fee for the Sub-Fund is 20-40 companies. payable when the performance of the Sub-Fund exceeds that of the Index. The fund managers aim to identify The use of the Index does not limit the Michael Ulrich companies which meet their strict investment decisions of the fund manager Senior Fund Manager criteria of quality and valuation. Quality therefore the shareholdings of the Michael joined JOHCM is assessed through many measures, Sub-Fund may differ significantly from in August 2015 and including analysis of company’s financial those of the Index. The Index is used as has 24 years industry experience statements, how management are it is the broadest available index of shares allocating capital, whether levels of debt listed on the London Stock Exchange, are suitable for the business model and representing at least 98% of the market how cash flows will be maintained and value of the shares listed.

32 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 J O Hambro Capital Management UK Umbrella Fund | 30 June32 2021 JOHCM UK Opportunities Fund

INVESTMENT MANAGEMENT REPORT for the period ended 30 June 2021

Performance Fund review we rejected in May, whilst Morrisons The JOHCM UK Opportunities Fund The portfolio modestly has received offers from two private returned 9.26% in sterling terms, underperformed over the period with suitors with a potential third bidder net of fees for the ‘A’ share class, for weakness coming primarily from considering their position. the six-month period ended 30 June John Wood Group and Barrick Gold. 2021. Over the same period, the FTSE The latter suffered on the back of Our optimism for the prospects of All-Share Total Return Index (12pm the falling gold price in the wake of a our portfolio does not extend to the adjusted) returned 10.77%.* slightly more hawkish FOMC meeting overall market. As capital chases a in mid-June which signalled the recovery, there are growing valuation Investment background potential for rate hikes earlier than bubbles across the market which need Signs of an accelerating economic previously anticipated. to be avoided. The S&P 500 index has recovery were widely evident over just finished its best 12 months in the period, particularly in countries We remain optimistic for the prospects almost 100 years of back-calculated where vaccination programmes are of our portfolio companies, many history, helped by the spectacular more advanced, such as the US and of which reported promising growth price rises of companies that make UK. Most commodity prices continued investments during the period. up the Goldman Sachs Non-Profitable to rise sharply in anticipation of Whitbread accelerated expansion in Tech basket. Oil majors, desperately accelerating economic activity. Given its German hotels business. A capital diversifying into renewables, drove this backdrop, it is unsurprising that raise during 2020 has enabled it to UK offshore wind auction prices to inflation expectations continued invest at a time when its competitors levels that will ensure the winning to rise. We are more interested are in financial distress and thus bidders destroy value. At the start of in the inflation companies are emerge in a stronger position. the year, Tesla’s market cap exceeded seeing on the ground rather than Ashtead has increased its spending that of the world’s top ten car makers the debate economists are having on new rental equipment, further combined. Our determination to seek with their spreadsheets. Over the widening its lead against smaller well managed businesses investing period, our companies reported an competitors. The investment included behind sustainable growth tailwinds acceleration in cost inflation in items the largest ever order of equipment does not diminish our focus on including freight, energy, chemicals, from JCB, causing JCB to reverse its valuation control and sell discipline. timber, corn, tea, palm oil and food plans to cut jobs in the UK. Smith & ingredients. Wage inflation has been Nephew reported its R&D spending Rachel Reutter unsurprisingly benign, but almost all rose by a third last year compared Senior Fund Manager of our companies that reported expect to the average of the last five years, it to increase. Company responses which is in line with its strategy to Michael Ulrich to rising input costs divide into those reignite organic sales growth. Senior Fund Manager expecting to raise their own prices and those planning to offset cost pressures The end of the period brought with it Past performance is not necessarily a with savings and efficiencies. We aim two bids for stocks in our portfolio. guide to future performance. The price to own companies that fall into the UDG received an increased offer of shares may go down as well as up first category. following on from the initial bid that and future income is not guaranteed.

* Source: JOHCM/FTSE International Limited. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

33 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

Net asset value and distribution history

PRICE AND INCOME HISTORY

Net Highest Lowest distribution Calendar year price price per share

pence pence pence

2017 GBP Class A Distributing 213.40 199.10 7.166800 GBP Class A Accumulating 287.40 268.10 9.685400 GBP Class B Distributing 205.40 192.00 6.879100 GBP Class B Accumulating 272.80 254.90 9.131200 GBP Class Y Distributing 142.90 133.20 4.772100 GBP Class Y Accumulating 159.80 149.00 5.354200 GBP Class X Distributing 119.80 111.70 3.985700 GBP Class X Accumulating 132.00 123.10 4.415100

2018 GBP Class A Distributing 208.60 187.70 6.720416 GBP Class A Accumulating 290.80 261.70 9.370686 GBP Class B Distributing 199.60 180.00 6.435586 GBP Class B Accumulating 274.40 247.40 8.846707 GBP Class Y Distributing 139.90 125.90 4.506944 GBP Class Y Accumulating 161.90 145.70 5.217633 GBP Class X Distributing 117.40 105.60 3.781050 GBP Class X Accumulating 133.80 120.40 4.310961

2019 GBP Class A Distributing 219.10 191.60 6.455386 GBP Class A Accumulating 316.10 276.50 9.314854 GBP Class B Distributing 208.20 183.00 6.149655 GBP Class B Accumulating 296.20 260.30 8.748777 GBP Class Y Distributing 147.20 128.60 4.334695 GBP Class Y Accumulating 176.30 154.00 5.192863 GBP Class X Distributing 123.60 107.90 3.637914 GBP Class X Accumulating 145.70 127.30 4.291325

2020 GBP Class A Distributing 211.80 151.40 4.735411 GBP Class A Accumulating 315.00 225.30 7.043341 GBP Class B Distributing 201.20 143.80 4.493655 GBP Class B Accumulating 295.00 210.90 6.589385 GBP Class Y Distributing 142.30 101.70 3.182906 GBP Class Y Accumulating 175.70 125.60 3.930358 GBP Class X Distributing 119.50 85.30 2.672294 GBP Class X Accumulating 145.20 103.70 3.243538

2021 (to June) GBP Class A Distributing 219.60 197.00 - GBP Class A Accumulating 334.30 300.00 - GBP Class B Distributing 207.20 186.20 - GBP Class B Accumulating 311.20 279.60 - GBP Class Y Distributing 147.80 132.50 - GBP Class Y Accumulating 186.90 167.70 - GBP Class X Distributing 124.40 111.60 - GBP Class X Accumulating 153.80 137.90 -

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

34 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

Net asset value and distribution history continued

NET ASSET VALUES

Net asset value Total shares Net asset value Percentage of share class in issue per share change

£ %

GBP Class A Distributing 31 December 2019 30,309,863 14,407,569 210.37p 9.81 31 December 2020 22,937,252 11,685,463 196.29p (6.69) 30 June 2021 25,514,690 11,825,035 215.77p 9.92

GBP Class A Accumulating 31 December 2019 39,499,780 12,627,919 312.80p 13.11 31 December 2020 29,859,900 9,993,586 298.79p (4.48) 30 June 2021 30,148,624 9,178,019 328.49p 9.94

GBP Class B Distributing 31 December 2019 1,644,068 816,612 201.33p 8.57 31 December 2020 988,950 535,147 184.80p (8.21) 30 June 2021 932,438 459,207 203.05p 9.88

GBP Class B Accumulating 31 December 2019 12,941,763 4,420,169 292.79p 12.49 31 December 2020 9,857,595 3,537,951 278.62p (4.84) 30 June 2021 7,346,480 2,407,143 305.19p 9.54

GBP Class Y Distributing 31 December 2019 110,363,312 78,119,019 141.28p 9.83 31 December 2020 84,220,231 63,790,412 132.03p (6.55) 30 June 2021 81,121,893 55,885,216 145.16p 9.94

GBP Class Y Accumulating 31 December 2019 203,695,469 116,787,119 174.42p 13.19 31 December 2020 153,733,823 92,033,166 167.04p (4.23) 30 June 2021 120,990,676 65,865,070 183.69p 9.97

GBP Class X Distributing 31 December 2019 16,398,521 13,837,934 118.50p 9.84 31 December 2020 6,061,304 5,462,262 110.97p (6.35) 30 June 2021 5,057,769 4,142,288 122.10p 10.03

GBP Class X Accumulating 31 December 2019 6,702,737 4,654,243 144.01p 13.11 31 December 2020 11,356,970 8,266,874 137.38p (4.60) 30 June 2021 11,443,555 7,569,732 151.18p 10.05

DISTRIBUTIONS

JOHCM UK Opportunities Fund pays an annual distribution with ex date 31 December and pay date of 26 February.

35 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

ONGOING CHARGE FIGURE

Class A Class A Class B Class B Distributing Shares Accumulating Shares Distributing Shares Accumulating Shares

30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020 2021 2020 2021 2020

Ongoing charge figure 0.91% 0.88% 0.90% 0.88% 1.40% 1.38% 1.40% 1.38% Performance fee ------

Total expense ratio 0.91% 0.88% 0.90% 0.88% 1.40% 1.38% 1.40% 1.38%

Class Y Class Y Class X Class X Distributing Shares Accumulating Shares Distributing Shares Accumulating Shares

30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020 2021 2020 2021 2020

Ongoing charge figure 0.78% 0.75% 0.78% 0.75% 0.75% 0.73% 0.76% 0.72% Performance fee ------

Total expense ratio 0.78% 0.75% 0.78% 0.75% 0.75% 0.73% 0.76% 0.72%

36 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

PERFORMANCE RECORD

In the period from 1 January 2021 to 30 June 2021 the price of the Class A shares in the Sub-Fund returned 9.26%. This compares with a return of 10.77% in the FTSE All-Share Total Return Index (adjusted for 12 noon) over the same period.

Source: JOHCM/FTSE International Limited. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

RISK AND REWARD PROFILE

Applicable to all share classes in the Sub-Fund

Lower risk Higher risk

Typical lower rewards Typical higher rewards

1 2 3 4 5 6 7

The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior five year period.

The risk and reward indicator: • is based on simulated historical performance data and may not be a reliable indication for the future; • is not guaranteed and may change over time. • The lowest category does not mean that a share class is risk free.

The share class category reflects the following factors: • Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds. • Your initial investment is not guaranteed.

In addition to the risk captured by the indicator, the Sub-Fund value may be affected by: • Any change in the Company’s tax status or in legislation could affect the value of investments held by the Company. • Political and /or regulatory Risks. • Liquidity risk: The risk that some securities held by the Sub-Fund may be difficult or impossible to sell at the desired time and price. The Sub-Fund’s investments include shares in small-cap companies. Small-cap companies tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. • Investors should note that a more detailed description of risk factors is set out in full in the Prospectus.

37 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

PORTFOLIO STATEMENT (UNAUDITED) as at 30 June 2021

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Aerospace & Defense : 3.17% (31 December 2020 : 2.94%) 2,604,865 QinetiQ Group 8,950 3.17 Total Aerospace & Defense 8,950 3.17

Beverages :0.00% (31 December 2020 : 2.73%)

Chemicals : 3.20% (31 December 2020 : 2.94%) 294,504 Johnson Matthey 9,050 3.20 Total Chemicals 9,050 3.20

Electricity : 3.18% (31 December 2020 : 3.43%) 599,474 SSE 8,992 3.18 Total Electricity 8,992 3.18

Electronic & Electrical Equipment : 3.29% (31 December 2020 : 1.85%) 539,965 IMI 9,282 3.29 Total Electronic & Electrical Equipment 9,282 3.29

Food Producers : 2.98% (31 December 2020 : 3.12%) 1,140,372 Tate & Lyle 8,421 2.98 Total Food Producers 8,421 2.98

Gas, Water & Multi-utilities : 3.08% (31 December 2020 : 2.82%) 946,574 National Grid 8,716 3.08 Total Gas, Water & Multi-utilities 8,716 3.08

General Industrials : 6.36% (31 December 2020 : 4.66%) 450,569 Mondi 8,565 3.03 591,900 Smiths Group 9,411 3.33 Total General Industrials 17,976 6.36

Health Care Providers : 1.07% (31 December 2020 : 2.87%) 283,006 UDG Healthcare 3,025 1.07 Total Health Care Providers 3,025 1.07

38 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Household Goods & Home Construction : 2.70% (31 December 2020 : 2.27%) 1,248,941 Redrow 7,641 2.70 Total Household Goods & Home Construction 7,641 2.70

Industrial Metals & Mining : 7.79% (31 December 2020 : 3.19%) 290,397 Anglo American 8,342 2.95 945,844 Bodycote 8,007 2.83 1,838,837 Glencore 5,689 2.01 Total Industrial Metals & Mining 22,038 7.79

Industrial Support Services : 8.55% (31 December 2020 : 8.37%) 5,375,818 Hays 8,526 3.02 877,583 Inchcape 6,744 2.39 6,533,564 Serco Group 8,866 3.14 Total Industrial Support Services 24,136 8.55

Industrial Transportation : 3.37% (31 December 2020 : 2.84%) 177,287 Ashtead Group 9,510 3.37 Total Industrial Transportation 9,510 3.37

Media : 6.42% (31 December 2020 : 6.27%) 466,070 RELX 8,942 3.16 946,073 WPP 9,215 3.26 Total Media 18,157 6.42

Medical Equipment & Services : 3.44% (31 December 2020 : 3.02%) 621,866 Smith & Nephew 9,717 3.44 Total Medical Equipment & Services 9,717 3.44

Mining : 2.80% (31 December 2020 : 2.27%) 530,630 Barrick Gold 7,916 2.80 Total Mining 7,916 2.80

39 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Mobile Telecommunications : 0.00% (31 December 2020 : 2.69%)

Non-life Insurance : 5.43% (31 December 2020 : 4.56%) 1,251,718 Conduit Holdings 6,572 2.33 915,831 HomeServe 8,751 3.10 Total Non-life Insurance 15,323 5.43

Oil, Gas & Coal : 2.26% (31 December 2020 : 2.60%) 2,910,424 John Wood Group 6,391 2.26 Total Oil, Gas & Coal 6,391 2.26

Personal Care, Drug & Grocery Stores : 6.20% (31 December 2020 : 8.51%) 2,833,851 PZ Cussons 6,929 2.45 23,904 Reckitt Benckiser Group 1,529 0.54 3,672,181 Wm Morrison Supermarkets 9,059 3.21 Total Personal Care, Drug & Grocery Stores 17,517 6.20

Personal Goods : 2.97% (31 December 2020 : 2.86%) 198,110 Unilever 8,381 2.97 Total Personal Goods 8,381 2.97

Pharmaceuticals & Biotechnology : 3.57% (31 December 2020 : 3.03%) 116,198 AstraZeneca 10,089 3.57 Total Pharmaceuticals & Biotechnology 10,089 3.57

Retailers : 3.18% (31 December 2020 : 3.10%) 114,232 Next 8,974 3.18 Total Retailers 8,974 3.18

Software & Computer Services : 2.71% (31 December 2020 : 2.53%) 2,980,841 Moneysupermarket.com Group 7,649 2.71 Total Software & Computer Services 7,649 2.71

40 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Travel & Leisure : 5.61% (31 December 2020 : 7.87%) 2,801,089 SSP Group 7,462 2.64 269,120 Whitbread 8,402 2.97 Total Travel & Leisure 15,864 5.61

Portfolio of investments 263,715 93.33 Net other assets 18,841 6.67 Total net assets 282,556 100.00

All securities are approved securities unless otherwise stated.

41 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

SUMMARY OF TOP TEN PURCHASES AND SALES (UNAUDITED) for the period ended 30 June 2021

Security Cost Security Proceeds

£’000 £’000

PURCHASES SALES Anglo American 9,756 Rio Tinto 10,468 AstraZeneca 9,703 Reckitt Benckiser Group 9,897 Antofagasta 8,819 Diageo 9,730 Mondi 8,733 Compass Group 9,526 Bodycote 7,990 Antofagasta 9,510 Moneysupermarket.com Group 7,929 Vodafone Group 9,286 Inchcape 6,994 UDG Healthcare 9,270 Glencore 5,965 GlaxoSmithKline 9,171 Reckitt Benckiser Group 2,501 Sage Group 8,833 Barrick Gold 1,918 Intertek Group 7,540

42 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

Financial statements

STATEMENT OF TOTAL RETURN for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Income

Net capital gains/(losses) 26,954 (44,736) Revenue 3,950 4,494 Expenses (1,255) (1,872)

Net revenue before taxation 2,695 2,622 Taxation (44) (18)

Net revenue after taxation 2,651 2,604

Total return before distributions 29,605 (42,132) Distributions (362) (267)

Change in net assets attributable to shareholders from investment activities 29,243 (42,399)

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Opening net assets attributable to 319,016 421,556 shareholders

Amounts receivable on issue of shares 23,308 27,402 Less: Amounts payable on cancellation of shares (89,011) (77,407)

(65,703) (50,005)

Change in net assets attributable to shareholders from investment activities 29,243 (42,399) Retained distributions on accumulation shares - -

Closing net assets attributable to shareholders 282,556 329,152

The above statement shows the comparative closing net assets at 30 June 2020 whereas the current accounting period commenced 1 January 2021.

43 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM UK Opportunities Fund

Financial statements continued

BALANCE SHEET as at 30 June 2021

30 June 30 June 31 December 31 December 2021 2021 2020 2020

£’000 £’000 £’000 £’000

ASSETS Fixed assets: Investments 263,715 297,773 Current assets: Debtors 1,229 1,360 Cash and bank balances 18,277 23,125

Total current assets 19,506 24,485

Total assets 283,221 322,258

LIABILITIES Creditors: Other creditors (665) (488) Distribution payable on income shares - (2,754)

Total liabilities (665) (3,242)

Net assets attributable to shareholders 282,556 319,016

44 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

A Sub-Fund of J O Hambro Capital Management UK Umbrella Fund

INVESTMENT OBJECTIVE & POLICY

The Sub-Fund’s investment objective is order to obtain a cost effective method of to achieve capital growth over a rolling gaining access to some markets and to seven to ten year period whilst generating reduce settlement risk. The equity related income. instruments will be securitised, freely transferable and the Sub-Fund will not be The Sub-Fund seeks to take advantage leveraged as a result of holding them. of specific opportunities in global equity markets by investing at least 80% The Sub-Fund may also hold up to 20% Ben Leyland, CFA of its capital directly or indirectly in of its assets in cash or near cash (such as Senior Fund Manager a concentrated portfolio of shares of treasury bills, commercial paper or money Ben joined JOHCM in companies listed on stock exchanges market funds). April 2006 and has around the globe. It is anticipated that the 19 years industry Sub-Fund’s portfolio will comprise fewer Derivatives may be used for efficient experience than fifty holdings. portfolio management purposes only (including hedging). Efficient portfolio The fund manager selects the shares management is managing the Sub-Fund to invest in through an analysis of a in a way that is designed to reduce risk or company’s financial statements and an cost and /or generate extra income for the assessment of the cash flows that the Sub-Fund. It is not intended to increase company is likely to generate in the the risk profile of the Sub-Fund. Shares future; thereby selecting shares which are in the Sub-Fund may be marketed to all considered to offer the best opportunity retail investors. for returns, taking into account the risk of the investment. The Sub-Fund does not have a target or constraining benchmark. However, the The Sub-Fund generally invests directly MSCI ACWI Standard Index may be used in shares but may invest indirectly via as a comparator benchmark as this is the equity related instruments, such as equity broadest available index of liquid global linked notes and participation notes, in shares.

45 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

INVESTMENT MANAGEMENT REPORT for the period ended 30 June 2021

Performance Enel and Iberdrola were the main idiosyncratic situations especially The JOHCM Global Opportunities Fund laggards on the back of concerns where companies have been going returned 9.97%, net of fees and in over renewables returns while Atmos through reinvestment phases which sterling terms for the six-month period Energy suffered following the surge in have suppressed short-term earnings to 30 June 2021. Over the same gas prices in the wake of storm Uri in momentum but we believe will create period, the MSCI AC World Index Texas. Wartsila was the top performer long-term value. (12pm adjusted) returned 10.83%.* by some distance as orders started to recover post-COVID. In absolute terms it is easier to see Investment background headwinds than tailwinds for the Average stock correlation in the Over the period we were encouraged overall equity market, given the S&P500 has started to fall, having to see significant progress, particularly succession of positive catalysts we been extremely high in 2020. Stock within ESG, from a number of have seen in the last twelve months. picking within a concentrated equity portfolio companies. Two of our Equities are likely to be particularly fund has been a fairly unrewarding US utilities announced significantly sensitive to the outlook for inflation pastime over the last twelve months, more ambitious decarbonisation and interest rates. We are focused on as market direction has been targets: PSEG in New Jersey now maintaining our discipline to ensure dominated by big swings between targets net zero scope 1 and 2 we are as insulated as possible from baskets at the extremes, but we (direct and indirect) emissions by these potential risks. are confident its rewards will come 2030 and 100% greenhouse gas- in due course. Our belief in stock free power generation; while CMS We have never tried to build a picking is reflected in our recent shift Energy in Michigan brought forward portfolio for a specific macro towards emphasising the “forgotten its commitment to closing its coal outlook, whether inflationary or middle” rather than “Covid-Disrupted generation completely by 15 years, disinflationary. Indeed this is really Structural Winners”. The latter to 2025. M&T Bank released its first what the “forgotten middle” thesis is group is by definition a group of ever ESG Report, which provides a about – avoiding the extremes whose companies which, even if they weren’t good foundation and commitment absolute and relative performance particularly correlated before Covid, for further improvement, disclosure is very dependent on a particular have become very sensitive to a single and target-setting. And L3Harris macro environment. We continue to macro variable: the pace of reopening. received a significant upgrade to emphasise the importance of pricing By contrast, the forgotten middle its Sustainalytics ESG rating, from power and defensible margins, is populated by more idiosyncratic ‘high’ to ‘medium’ risk, following combined with strong balance sheets situations which are likely to be less the publication of its own inaugural (low refinancing risk into potentially correlated with each other and less Sustainability Report in March. We rising rates) and sensible valuations sensitive to macro factors. Many, are encouraged that those companies (less vulnerable than average to rising although not all, are somewhere in the in the portfolio that for some reason discount rates). Slow and steady wins middle of a reinvestment phase which screen at or below average on certain the race. has supressed short term earnings ESG metrics are committed momentum for a period but is laying to improving them, and we recognise Ben Leyland, CFA the foundations for longer term the importance of encouraging Senior Fund Manager value creation and a reacceleration them in these efforts through our of growth. engagement activities. Past performance is not necessarily a guide to future performance. The price Fund review Portfolio activity included selling out of shares may go down as well as up The portfolio underperformed over of a number of names on valuation and future income is not guaranteed. the period with the main drag coming grounds. We have continued to add from some of our Utilities holdings. weight to less macro-sensitive, more

* Source: JOHCM/MSCI. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

46 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

Net asset value and distribution history

PRICE AND INCOME HISTORY

Net Highest Lowest distribution Calendar year price price per share

pence pence pence

2019 GBP Class A Distributing 107.90 98.70 1.621360 GBP Class A Accumulating 107.90 98.70 2.529939 GBP Class A Accumulating Hedged 104.70 98.20 0.253530 GBP Class X Distributing 106.80 98.50 1.452319 GBP Class X Accumulating 104.50 98.90 0.977312

2020 GBP Class A Distributing 107.70 82.70 2.503221 GBP Class A Accumulating 107.90 84.00 2.533391 GBP Class A Accumulating Hedged 108.50 74.50 2.474919 GBP Class X Distributing 106.70 82.30 2.467070 GBP Class X Accumulating 104.80 81.40 2.442001

2021 (to June) GBP Class A Distributing 112.40 98.70 - GBP Class A Accumulating 117.00 102.70 - GBP Class A Accumulating Hedged 123.30 105.50 - GBP Class X Distributing 112.20 98.40 - GBP Class X Accumulating 113.80 99.80 -

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

47 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

Net asset value and distribution history continued

NET ASSET VALUES

Net asset value Total shares Net asset value Percentage of share class in issue per share change

£ %

GBP Class A Distributing 31 December 2019 591,982 570,582 103.59p - 31 December 2020 2,831,154 2,784,613 101.67p (1.85) 30 June 2021 4,906,475 4,412,547 111.19p 9.36

GBP Class A Accumulating 31 December 2019 1,221,327 1,178,896 103.60p - 31 December 2020 12,465,780 11,792,440 105.71p 2.04 30 June 2021 12,363,210 10,685,320 115.70p 9.45

GBP Class A Accumulating 31 December 2019 3,647,819 3,507,594 104.00p - Hedged 31 December 2020 4,946,153 4,573,604 108.15p 3.99 30 June 2021 5,911,332 4,934,325 119.80p 10.77

GBP Class X Distributing 31 December 2019 647,603 630,903 102.65p - 31 December 2020 1,388,805 1,371,333 101.27p (1.34) 30 June 2021 1,839,928 1,656,179 111.09p 9.70

GBP Class X Accumulating 31 December 2019 5,435,942 5,417,427 100.34p - 31 December 2020 11,833,287 11,519,145 102.73p 2.38 30 June 2021 9,629,304 8,555,032 112.56p 9.57

DISTRIBUTIONS

JOHCM Global Opportunities Fund pays an annual distribution with ex date 31 December and pay date of 26 February.

48 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

ONGOING CHARGE FIGURE

Class A Class A Class A Distributing Shares Accumulating Shares Accumulating Hedged Shares

30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020 2021 2020

Ongoing charge figure 0.99% 0.99% 0.99% 0.99% 0.99% 0.99% Performance fee ------

Total expense ratio 0.99% 0.99% 0.99% 0.99% 0.99% 0.99%

Class X Class X Distributing Shares Accumulating Shares

30 Jun 31 Dec 30 Jun 31 Dec 2021 2020 2021 2020

Ongoing charge figure 0.75% 0.75% 0.75% 0.75% Performance fee - - - -

Total expense ratio 0.75% 0.75% 0.75% 0.75%

49 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

PERFORMANCE RECORD

In the period from 1 January 2021 to 30 June 2021 the price of the Class A shares in the Sub-Fund returned 9.97%%. This compares with a return of 10.83% in the MSCI AC World Index (adjusted for 12 noon) over the same period.

Source: JOHCM/MSCI. Basis: Sub-Fund return, mid to mid with net income reinvested, in Sterling.

Past performance is not necessarily a guide to future performance. The price of shares may go down as well as up and future income is not guaranteed.

RISK AND REWARD PROFILE

Applicable to all share classes in the Sub-Fund

Lower risk Higher risk

Typical lower rewards Typical higher rewards

1 2 3 4 5 6 7

The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior five year period.

The risk and reward indicator: • is based on simulated historical performance data and may not be a reliable indication for the future; • is not guaranteed and may change over time. • As this share class has not been in existence for 5 years, simulated performance data has been used. • The lowest category does not mean that a share class is risk free.

The share class category reflects the following factors: • Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds. • The Sub-Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates. • Your initial investment is not guaranteed.

In addition to the risk captured by the indicator, the Sub-Fund value may be affected by: • Changes in exchange rates between currencies may cause the value of the investments to diminish or increase. • Any change in the Company’s tax status or in legislation could affect the value of investments held by the Company. • Political and /or regulatory Risks. • Emergingmarkets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio. • As the portfolio is concentrated, it may be more volatile than a diversified one. • Investors should note that a more detailed description of risk factors is set out in full in the Prospectus.

50 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

PORTFOLIO STATEMENT (UNAUDITED) as at 30 June 2021

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Aerospace & Defense : 7.80% (31 December 2020 : 14.86%) 7,048 L3Harris Technologies 1,099 3.17 3,541 Motorola Solutions 554 1.60 14,214 Thales 1,049 3.03 Total Aerospace & Defense 2,702 7.80

Automobiles & Parts : 2.83% (31 December 2020 : 3.61%) 9,180 Continental 980 2.83 Total Automobiles & Parts 980 2.83

Banks : 4.45% (31 December 2020 : 1.79%) 6,358 M&T Bank 666 1.92 106,926 Svenska Handelsbanken 877 2.53 Total Banks 1,543 4.45

Consumer Services : 1.38% (31 December 2020 : 2.58%) 31,383 Compass Group 477 1.38 Total Consumer Services 477 1.38

Electricity : 16.85% (31 December 2020 : 13.79%) 6,536 CMS Energy 279 0.80 242,120 Enel SpA 1,625 4.69 36,491 Exelon 1,166 3.37 118,626 Iberdrola 1,046 3.02 15,081 Public Service Enterprise Group 650 1.88 11,198 Sempra Energy 1,070 3.09 Total Electricity 5,836 16.85

Financial Services : 1.07% (31 December 2020 : 1.78%) 4,321 Intercontinental Exchange 370 1.07 Total Financial Services 370 1.07

Fixed Line Telecommunications : 1.96% (31 December 2020 : 2.15%) 35,970 Nippon Telegraph & Telephone 680 1.96 Total Fixed Line Telecommunications 680 1.96

51 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Food & Drug Retailers : 2.12% (31 December 2020 : 5.34%) 13,916 Sugi Holdings 736 2.12 Total Food & Drug Retailers 736 2.12

Gas, Water & Multiutilities : 3.39% (31 December 2020 : 3.04%) 16,961 Atmos Energy 1,175 3.39 Total Gas, Water & Multiutilities 1,175 3.39

General Retailers : 2.79% (31 December 2020 : 1.92%) 3,564 Dollar General 556 1.61 998 O'Reilly Automotive 408 1.18 Total General Retailers 964 2.79

Health Care Equipment & Services : 1.68% (31 December 2020 : 0.00%) 2,114 Anthem 582 1.68 Total Health Care Equipment & Services 582 1.68

Industrial Engineering : 3.00% (31 December 2020 : 3.66%) 96,991 Wartsila OYJ Abp 1,039 3.00 Total Industrial Engineering 1,039 3.00

Industrial Metals & Mining : 2.39% (31 December 2020 : 2.41%) 13,935 Rio Tinto 829 2.39 Total Industrial Metals & Mining 829 2.39

Industrial Support Services : 0.44% (31 December 2020 : 2.36%) 1,520 Ferguson 153 0.44 Total Industrial Support Services 153 0.44

Investment Banking & Brokerage Services : 3.04% (31 December 2020 : 0.00%) 8,346 Deutsche Boerse 1,052 3.04 Total Investment Banking & Brokerage Services 1,052 3.04

Media : 1.02% (31 December 2020 : 0.30%) 4,872 Wolters Kluwer NV 354 1.02 Total Media 354 1.02

52 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Medical Equipment & Services : 1.47% (31 December 2020 : 2.34%) 32,698 Smith & Nephew 511 1.47 Total Medical Equipment & Services 511 1.47

Mobile Telecommunications : 1.79% (31 December 2020 : 3.37%) 27,482 KDDI 622 1.79 Total Mobile Telecommunications 622 1.79

Non-life Insurance : 3.20% (31 December 2020 : 1.29%) 15,639 Progressive 1,108 3.20 Total Non-life Insurance 1,108 3.20

Oil, Gas & Coal : 2.20% (31 December 2020 : 2.75%) 97,275 Galp Energia SGPS 764 2.20 Total Oil, Gas & Coal 764 2.20

Personal Care, Drug & Grocery Stores : 2.49% (31 December 2020 : 0.00%) 13,513 Reckitt Benckiser Group 864 2.49 Total Personal Care, Drug & Grocery Stores 864 2.49

Personal Goods : 2.37% (31 December 2020 : 3.69%) 19,401 Unilever 821 2.37 Total Personal Goods 821 2.37

Pharmaceuticals & Biotechnology : 9.66% (31 December 2020 : 6.17%) 13,931 Henry Schein 746 2.15 3,231 Roche Holding 880 2.54 22,737 Sanofi 1,723 4.97 Total Pharmaceuticals & Biotechnology 3,349 9.66

Real Estate Investment Trusts : 1.56% (31 December 2020 : 0.50%) 2,780 American Tower 542 1.56 Total Real Estate Investment Trusts 542 1.56

53 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

Portfolio statement (unaudited) continued

Holding/nominal Market Percentage of value Investment value total net assets

£’000 %

Software & Computer Services : 4.71% (31 December 2020 : 6.32%) 12,516 Oracle 703 2.03 9,103 SAP SE 928 2.68 Total Software & Computer Services 1,631 4.71

Tobacco : 4.52% (31 December 2020 : 5.32%) 21,903 Philip Morris International 1,566 4.52 Total Tobacco 1,566 4.52

OTC financial derivative instruments Open Foreign currency contracts

Percentage of Fair total net Purchased Sold Value assets

Maturity Counterparty Currency £’000 Currency £’000 £’000 %

01 July 2021 Royal Bank of Canada GBP - USD - - - 01 July 2021 Royal Bank of Canada USD 2 GBP (1) - - 01 July 2021 Royal Bank of Canada GBP 107 USD (148) - - 01 July 2021 Royal Bank of Canada USD 18 GBP (13) - - 01 July 2021 Royal Bank of Canada USD - GBP - - - 01 July 2021 Royal Bank of Canada GBP - USD (1) - - 02 July 2021 Royal Bank of Canada USD 5 GBP (4) - - 02 July 2021 Royal Bank of Canada USD 5 GBP (3) - - 02 July 2021 Royal Bank of Canada USD 33 GBP (24) - - 02 July 2021 Royal Bank of Canada GBP 4 USD (6) - - 02 July 2021 Royal Bank of Canada GBP - USD - - - 02 July 2021 Royal Bank of Canada GBP - USD - - - 30 July 2021 Royal Bank of Canada GBP 6,044 USD (8,396) (12) (0.03) Total as at 30 June 2021 (12) (0.03)

Portfolio of investments 31,238 90.15 Net other assets 3,412 9.85

Total net assets 34,650 100.00

All securities are approved securities unless otherwise stated.

54 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

SUMMARY OF TOP TEN PURCHASES AND SALES (UNAUDITED) for the period ended 30 June 2021

Security Cost Security Proceeds

£’000 £’000

PURCHASES SALES Iberdrola 1,112 Oracle 1,134 Deutsche Boerse 1,006 ITC 998 Reckitt Benckiser Group 897 Northrop Grumman 992 Svenska Handelsbanken 887 Raytheon Technologies 918 Henry Schein 843 L3Harris Technologies 678 Progressive 701 CME Group Inc 664 Anthem 598 Safran 635 Dollar General 527 Philip Morris International 569 SAP SE 420 Tractor Supply 526 American Tower 402 Compass Group 488

55 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

Financial statements

STATEMENT OF TOTAL RETURN for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Income

Net capital gains/(losses) 2,786 (1,239) Revenue 561 441 Expenses (200) (147) Interest payable and similar charges - (1)

Net revenue before taxation 361 293 Taxation (56) (35)

Net revenue after taxation 305 258

Total return before distributions 3,091 (981) Distributions (7) 60

Change in net assets attributable to shareholders from investment activities 3,084 (921)

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the period ended 30 June 2021

30 June 30 June 30 June 30 June 2021 2021 2020 2020

£’000 £’000 £’000 £’000

Opening net assets attributable to 33,465 11,544 shareholders

Amounts receivable on issue of shares 4,784 22,974 Less: Amounts payable on cancellation of shares (6,683) (2,441)

(1,899) 20,533

Change in net assets attributable to shareholders from investment activities 3,084 (921)

Closing net assets attributable to shareholders 34,650 31,156

The above statement shows the comparative closing net assets at 30 June 2020 whereas the current accounting period commenced 1 January 2021.

56 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Global Opportunities Fund

Financial statements continued

BALANCE SHEET as at 30 June 2021

30 June 30 June 31 December 31 December 2021 2021 2020 2020

£’000 £’000 £’000 £’000

ASSETS Fixed assets: Investments 31,238 30,621 Current assets: Debtors 380 300 Cash and bank balances 3,285 2,907

Total current assets 3,665 3,207

Total assets 34,903 33,828

LIABILITIES Creditors: Other creditors (253) (259) Distribution payable on income shares - (104)

Total liabilities (253) (363)

Net assets attributable to shareholders 34,650 33,465

J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 57 Appendix I Securities Financing Transactions Regulation

Stock lending A Sub-Fund, or the Depositary at the Company’s request, may enter into stock lending transactions (involving a disposal of securities in the Sub-Fund and reacquisition of equivalent securities) when it reasonably appears to the Sub-Fund or to the Company to be appropriate to do so with a view to generating additional income for the Sub-Fund with an acceptable degree of risk.

Such transactions must comply with conditions set out in the FCA Rules, which require (among other things) that: i) the stock lending transaction must be of a kind described in Section 263B of the Taxation of Chargeable Gains Act 1992; ii) the terms of the agreement under which the Depositary is to re-acquire the securities for the account of the Sub-Fund must be acceptable to the Depositary and in accordance with good market practice; and iii) the counterparty must be acceptable in accordance with the FCA Rules.

The collateral obtained must be acceptable to the Depositary and must also be adequately and sufficiently immediate as set down in the FCA Rules (Coll 5.4.4).

The ACD shall maintain a collateral management policy in accordance with applicable rules and regulations.

Direct and indirect costs Securities and fees % of Lending deducted from net Gross Agent Tax gross securities Sub-Fund Collateral assets income revenue withheld lending income

£’000 % £’000 % £’000 £’000

JOHCM UK Equity Income Fund 124,500 5.92% 105 84 - 21

Total 124,500 105 21

Value of collateral securities Top largest collateral counterparties Rank commodities received

£’000

Merrill Lynch International 1 56,248 Credit Suisse International 2 46,217 Deutsche Bank AG 3 10,514 BNP Paribas Securities Services SC 4 3,008 Commerzbank Aktiengesellschaft 5 1,845 Goldman Sachs International 6 1,585 The Bank of Nova Scotia 7 1,328 Barclays Capital Securities 8 1,144 Skandinaviska Enskilda Banken AB 9 799 Unicredit Bank AG 10 509

58 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 Appendix I Securities Financing Transactions Regulation (unaudited) continued

Value of collateral securities Top largest collateral issuers Rank commodities received

£’000

Bundesschatzanweisungen 1 14,276 Eldorado Gold Corp 2 7,016 Hella Gmbh & Co Kgaa 3 6,275 Siltronic 4 6,080 Meyer Burger Technology 5 5,568 West Fraser Timber 6 3,427 French Republic Government Bond Oat 7 2,993 Wacker Chemie 8 2,350 Interfor 9 2,261 Walmart 10 2,254

Type of collateral Value Proportion

£’000 %

Equities and Equivalents 100,699 81%

Bonds 23,801 19%

Collateral maturity Value Proportion

£’000 %

1 day - - less than 1 month - - less than 1 week 1 - less than 3 months 339 - less than 1 year 14,594 12% more than 1 year 8,867 7% no maturity 100,699 81%

Currencies of collateral Value Proportion

£’000 %

AUD 3,407 3%

CAD 16,316 13%

CHF 18,497 15%

EUR 41,156 33%

GBP 5,814 5%

JPY 256 -

NOK 183 -

SEK 25 -

USD 38,846 31%

59 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 Appendix I Securities Financing Transactions Regulation (unaudited) continued

Securities Lending Maturity There is no maturity on the securities lending as all securities are equities.

Countries of counterparties Value Proportion

£’000 %

Canada 1,328 1%

France 3,265 3%

Germany 12,868 10%

Spain 472 -

Sweden 799 1%

Switzerland 202 -

United Kingdom 105,566 85%

Settlement & clearing Value Proportion

£’000 %

Bilateral 124,500 100%

Data on Reuse of Collateral The collateral received for securities lending purpose is not reused.

Safekeeping of Collateral Received

Amount of collateral Custodians assets safe-kept

£’000

RBC Investor Services Bank S.A. 124,500

Safekeeping of Collateral Granted

Collateral held in Collateral held in Collateral held in segregated accounts pooled accounts other accounts

% % %

100% - -

60 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 Further information

Documentation Copies of the current Prospectus and Key Investor Information Documents (‘KIIDs’), together with the latest Annual and Interim Report and Accounts, are available on the website www.johcm.com or upon request from the ACD and are available for inspection at the registered office between 9.00am and 5.00pm each business day.

The Annual Report of the Company will be published on or before 31 March and the Interim Report on or before 31 August in each year.

Correspondence Please send correspondence to the Company’s Administrator, RBC Investor Services Ireland Limited, 4th Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, Ireland.

Complaints and compensation Complaints about the operation of the Company and the Sub-Funds may be made by the investor by writing to the ACD or the Depositary. Any complaint will be investigated and the outcome will be notified to the investor, within eight weeks. If the investor is not satisfied with the outcome, he may also write directly to the Financial Ombudsman Service, Exchange Tower, London E14 9SR. If the ACD cannot meet its financial obligations to the investor, the investor may be entitled to compensation under the Investor’s Compensation Scheme, under the Financial Services Markets Act 2000. Details of the investor’s rights to compensation can be obtained from the ACD on request.

Market Indices The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, J O Hambro Capital Management Limited. The data is for internal use only and may not be reproduced or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (collectively, the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

61 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 Further information continued

Net asset reconciliation Financial assets at fair value through profit or loss for financial reporting purposes have been valued based on the latest bid prices. The difference between the valuation methodology of the Condensed Interim Financial Statements, as required by FRS 102, and the policy in the Prospectus, results in there being differences which are detailed in the table below.

30 June 2021 31 December 2020

£’000 £’000

JOHCM UK Dynamic Fund Net Assets Attributable to Shareholders Valuation in accordance with Prospectus 1,290,188 1,152,187 Adjustment to the value at latest bid price 2,235 (4,501) Adjustment for late trades post cut off (11) 5 Adjustment for late subscription and redemption 295 -

Net Asset Value in accordance with FRS 102 1,292,707 1,147,691

JOHCM UK Equity Income Fund Net Assets Attributable to Shareholders Valuation in accordance with Prospectus 2,101,954 1,910,292 Adjustment to the value at latest bid price 1,044 (12,298) Adjustment for late trades post cut off - 1

Net Asset Value in accordance with FRS 102 2,102,998 1,897,995

JOHCM UK Opportunity Fund Net Assets Attributable to Shareholders Valuation in accordance with Prospectus 282,303 320,585 Adjustment to the value at latest bid price 261 (1,569) Adjustment for late subscription and redemption (8) -

Net Asset Value in accordance with FRS 102 282,556 319,016

JOHCM Global Opportunities Fund Net Assets Attributable to Shareholders Valuation in accordance with Prospectus 34,676 33,346 Adjustment to the value at latest bid price (26) 119

Net Asset Value in accordance with FRS 102 34,650 33,465

62 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 Directory

Board of Directors Alexandra Maria Altinger (Executive Director) Jane Susannah Leach (Independent Non-Executive Director) Máire O’Connor (Independent Non-Executive Director) Stephen Donald Lynn (Executive Director) Margaret Helen Vaughan (Non-Executive Director)

Company and Registered Office Facilities agent in Ireland Investment Manager JOHCM Funds (UK) Limited RBC Investor Services Ireland Limited J O Hambro Capital Management Limited Level 3 4th Floor, Level 3 1 St James’s Market One George’s Quay Plaza 1 St James’s Market London SW1Y 4AH George’s Quay, London SW1Y 4AH Dublin 2 Ireland

Authorised Corporate Director Representative and paying agent Depositary JOHCM Funds (UK) Limited in Switzerland Northern Trust Global Services SE, Level 3 RBC Investor Services Bank London Branch, 50 Bank Street, 1 St James’s Market S.A., Esch-sur-Alzette, Zürich Branch Canary Wharf, London E14 5NT London SW1Y 4AH Bleicherweg 7 CH-8027 Zurich (Authorised by the Prudential Regulation Switzerland Authority and regulated by the PRA and the FCA)

Communications Paying and information agent Administrator, Registrar and (FAO OEIC Dealing) in Germany Transfer Agent J O Hambro Capital Management Limited German Fund Information Service UG RBC Investor Services Ireland Limited Level 3 Zum Eichhagen 4 4th Floor, 1 St James’s Market 21382 Brietlingen One George’s Quay Plaza London SW1Y 4AH Germany George’s Quay, Dublin 2 Ireland

Dealing telephone number Representative and paying agent Auditor 0845 450 1970 in Austria Ernst & Young LLP Erste Bank der Osterreichischen Atria One Sparkassen AG Garben 21 144 Morrison Street A-1010 Vienna Edinburgh EH3 8EX Retail enquiries Austria 020 7747 5648

63 J O Hambro Capital Management UK Umbrella Fund | 30 June 2021 JOHCM Funds (UK) Limited

Level 3 1 St James’s Market London SW1Y 4AH

Tel: 020 7747 5678 Fax: 020 7747 5647 www.johcm.com