J O Hambro Capital Management Umbrella Fund plc.

Transcription

1 J O Hambro Capital Management Umbrella Fund plc 2017 Annual Report & Financial Statements for the financial year ended 31 December

2 General information Contents General Information 1 Directors Report 2 Corporate Governance Statement 5 Report of the Depositary to the Shareholders 7 Independent Auditors Report 8 Statement of Financial Position 10 Statement of Comprehensive Income 30 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 40 JOHCM Continental European Fund 51 JOHCM UK Growth Fund 61 JOHCM European Select Values Fund 69 JOHCM Japan Fund 79 JOHCM Global Select Fund 89 JOHCM Emerging Markets Fund 97 JOHCM Global Emerging Markets Opportunities Fund 107 JOHCM Asia ex-japan Fund 117 JOHCM Asia ex-japan Small and Mid-Cap Fund 127 JOHCM Global Opportunities Fund 139 JOHCM Japan Dividend Growth Fund 149 JOHCM US Small Mid Cap Equity Fund 157 JOHCM European Concentrated Value Fund 167 JOHCM Global Smaller Companies Fund 175 JOHCM UK Dynamic Fund 185 Notes to the Financial Statements 193 Reporting Fund Status Where reporting fund status is obtained, Shareholders who are resident in the United Kingdom for tax purposes (other than persons who are dealing in the Shares who are subject to different rules) should be liable to capital gains tax (or corporation tax on chargeable gains) in respect of any gain realised on disposal or repurchase of the Shares or on conversion from one sub-fund to another within the Company. Each sub-fund has received certification as a reporting fund under the UK reporting fund regime. It is intended that the Company will conduct its affairs so as to enable each sub-fund to maintain reporting fund status. It cannot, however, be guaranteed that reporting fund status will be maintained in respect of any relevant period of account. It should be noted that it is not necessary to obtain reporting fund status on an annual or certificated basis; a sub-fund that obtains reporting fund status will maintain that status until such time as a material breach of the reporting regime occurs (for example, if the sub-fund does not report its income as required). Further information The following information is available free of charge at The Key Investor Information Documents ( KIIDs ), Prospectus, Annual and Interim reports of the Company. Hard copies are available upon written request to the Investment Manager or the Administrator. Information on the sub-funds and their share classes. Share prices. Further information is available from the Administrator, RBC Investor Services Ireland Limited, 4th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. Supplemental Information Appendix Appendix Appendix 3 276

3 General information continued J O Hambro Capital Management Umbrella Fund plc An umbrella type open-ended investment company with variable capital incorporated with limited liability in Ireland. Registration number Registered office 4th Floor, One George s Quay Plaza George s Quay, Dublin 2, Ireland Board of Directors Robert Burke* Graham Warner* Helen Vaughan**^ Máire O Connor* Money Laundering Reporting Officer (MLRO) Carne Global Financial Services Limited 2nd Floor, Block E, Iveagh Court Harcourt Road, Dublin DO2 YT22 Ireland Administrator, Registrar, Transfer Agent and Company Secretary RBC Investor Services Ireland Limited 4th Floor, One George s Quay Plaza George s Quay, Dublin 2, Ireland Legal advisers in the United Kingdom MacFarlanes 20 Cursitor Street, London EC4A 1LT England Auditors Ernst & Young Chartered Accountants Ernst & Young Building Harcourt Centre, Harcourt Street Dublin 2, Ireland Promoter, Investment Manager, Distributor and UK Facilities Agent J O Hambro Capital Management Limited Ground Floor, Ryder Court 14 Ryder Street, London SW1Y 6QB England Depositary RBC Investor Services Bank S.A., Dublin Branch 4th Floor, One George s Quay Plaza George s Quay, Dublin 2, Ireland Legal advisers in Ireland McCann FitzGerald Riverside One Sir John Rogerson s Quay Dublin 2, Ireland Swiss Representative & Paying Agent in Switzerland RBC Investor Services Bank S.A., Esch-sur-Alzette, Zürich Branch Bleicherweg 7 CH-8027 Zurich Switzerland Paying Agent in Luxembourg RBC Investor Services Bank S.A. 14 Porte de France L-4360 Esch-sur-Alzette Luxembourg Information Agent in Germany German Fund Information Service UG (publ) Zum Eichhagen 4, D Brietlingen, Germany Information Agent in the Netherlands Banque Artesia Nederland N.V. Herengracht Postbus 274, 1000 AG, Amsterdam Netherlands Centralising Correspondent in France RBC Investor Services Bank France 105 Rue Réaumur Paris, France Paying Agent and Tax Representative in Austria Erste Bank der Osterreichischen Sparkassen AG Graben 21, A-1010 Vienna, Austria Paying Agent in Sweden Skandinaviska Enskilda Banken AB (publ), Sergels Torg 2, SE Stockholm Sweden Paying Agent, Distributor and Nominee in Spain Bancoval Securities Services, S.A. Fernando el Santo, 20 Madrid, Spain * Independent non-executive director ** Non-executive director ^ Chief Operating Officer of the Investment Manager 1

4 Directors report for the year ended 31 December 2017 The Directors of the Company (the Directors ) submit their report, together with the audited financial statements for the financial year ended 31 December Statement of Directors Responsibilities in Respect of the Financial Statements Irish company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for the financial year. In preparing those financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with the applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from thosestandards; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit and loss of the Company and which enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with the provisions of the Companies Act 2014 (the Act ), as amended, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank of Ireland (the Central Bank ) (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, as amended, (the UCITS Regulations ) and that they can be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for ensuring that adequate accounting records are kept that are sufficient to correctly record and explain the transactions of the Company. Statement as to Disclosure of Information to Auditor Each of the Directors who were members of the Board at the date of approval of this Annual Report confirms that, to the best of his or her knowledge and belief, there is no information relevant to the preparation of the Annual Report of which the Company s Auditor has not been made aware and he or she has taken all the steps a Director might reasonably be expected to have taken to be aware of relevant audit information and to establish that the Company s Auditor is aware of that information. Principal Activities The Company was incorporated on 3 July 2001 and was authorised by the Central Bank in accordance with the UCITS Regulations. The Company was incorporated on 3 July 2001 and was authorised as an Undertaking for Collective Investment in Transferable Securities ( UCITS ) by the Central Bank of Ireland. The Company is organised as an open-ended investment company with variable capital pursuant to the UCITS Regulations. The Company is organised in the form of an umbrella fund with segregated liability between sub-funds. As at 31 December 2017 the Company had fifteen active sub-funds in respect of which 107 classes of shares have been offered for investment. Principal Risks Investment in the Company carries with it a degree of risk. Information about the material risks of the Company, the financial risk management objectives and policies of the Company are disclosed in Note 8 to the financial statements. Review of Business and Future Developments The level of business and the financial position at the financial year-end were satisfactory and the Directors expect this to continue in the coming financial year. A more comprehensive overview of the Company s investment activities is detailed in the Investment Management Reports. On 30 December 2016, the Directors applied to the Irish Stock Exchange to delist all of the shares of the Funds (the Shares ) from the Official List and from trading on the Main Securities Market of the Irish Stock Exchange. The Irish Stock Exchange confirmed that the Shares were delisted with effect from 30 December

5 Directors report continued Results for the Financial Year and State of Affairs at 31 December 2017 The state of affairs of the Company at 31 December 2017 is set out on pages 10 to 29 and the results for the financial year are set out on pages 30 to 39. Directors The names of the persons who were Directors at any time during the financial year are set out on page 1. Secretary RBC Investor Services Ireland Limited acted as Secretary throughout the financial year. Directors and Secretary s Interests Helen Vaughan is currently Chief Operating Officer of J O Hambro Capital Management Limited. Details of Directors and Secretary s interests are shown in Note 7 to the financial statements. Directors Compliance Statement It is the policy of the Company to comply with its relevant obligations (as defined in the Companies Act 2014, as amended). As required by Section 225(2) of the Companies Act 2014, as amended, the Directors acknowledge that they are responsible for securing the Company s compliance with the relevant obligations. The Directors have drawn up a compliance policy statement as defined in Section 225(3)(a) of the Companies Act 2014, as amended and a compliance policy which refers to the arrangements and structures that are in place and which are, in the Directors opinion, designed to secure material compliance with the Company s relevant obligations. In discharging their responsibilities under Section 225, the Directors relied upon, among other things, the services provided, advice and/or representations from third parties, whom the Directors believe have the requisite knowledge and experience in order to secure material compliance with the Company s relevant obligations. The Directors confirm that the three assurance measures have been implemented during the financial year end 31 December 2017 as follows: a. Drawing up a compliance policy statement that sets out the Company s policies respecting compliance by the Company with its relevant obligations; b. Putting in place appropriate arrangements or structures that are designed to secure material compliance with the Company s relevant obligations; and c. Conducting an annual review during the financial year of any arrangements or structures referred to in (b) that have been put into place. Connected Persons In accordance with the requirements of UCITS, any transactions carried out with a UCITS by a manager, depositary, investment adviser and/or associated or group companies of these ( connected persons ) must be carried out as if negotiated at arm s length. Transactions must be in the best interests of the Shareholders. The Directors confirm that there are arrangements (evidenced by written procedures) in place to ensure that any transactions carried out with the Company by its investment manager, depositary and/or associated or group companies of these ( Connected Persons ) are carried out as if negotiated at arm s length and are in the best interests of the Shareholders. The Directors are satisfied that the transactions with Connected Persons during the financial year were carried out as if negotiated at arm s length and in the best interests of the Shareholders. Accounting Records To ensure that adequate accounting records are kept in accordance with Section 281 to 285 of the Companies Act 2014, as amended, the Directors of the Company has employed a service organisation, RBC Investor Services Ireland Limited ( the Administrator ). The books of account are located at the offices of the Administrator as stated on page 1. 3

6 Directors report continued Securities Financing Transactions As the Company undertakes securities lending, it is required to report on Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities on commodities lending and securities on commodities borrowing and margin lending transactions). In accordance with Article 13 of the Regulation, the Company s involvement in and exposures relating to securities lending for the accounting year ended 31 December 2017 are detailed in Appendix 3. Audit Committee The Company has not established a separate audit committee as the Directors operate as a unitary Board whilst considering such related matters. The Directors believe that the Company s straightforward structure, together with the delegation of responsibilities to the Administrator does not warrant such a function. This is reviewed by the Board annually. Independent Auditors The Auditors, Ernst & Young, Chartered Accountants, have indicated their willingness to continue in office in accordance with Section 383(2) of the Companies Act 2014, as amended. Basis of Accounting The Company s financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the Company for the financial year ended 31 December Distributions to Shareholders Distributions during the financial year are disclosed in note 9 to the financial statements. Remuneration Policy The European Union Directive 2014/91/EU (known as UCITS V Directive ) came into effect on 18 March The Company operates a remuneration policy in accordance with applicable UCITS requirements and which is summarised in the Company s Remuneration Policy per Appendix 2. Subsequent Events There have been no material subsequent events since 31 December On Behalf of the Board Robert Burke Director 15 March 2018 Máire O Connor Director 4

7 Corporate Governance statement for the year ended 31 December 2017 The Company is subject to and complies with Irish Statute comprising the Companies Act 2014, as amended, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the UCITS Regulations ). The Board resolved to adopt the Corporate Governance Code issued by Irish Funds ( IF ) in 2011 (the Code ) from 1 January Each of the service providers engaged by the Company is subject to their own corporate governance requirements. Financial Reporting Process - description of main features The Board of Directors ( the Board ) has delegated to the Administrator, the responsibility for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company s financial reporting objectives and can only provide reasonable but not absolute assurance against material misstatement or loss. The Board has established processes regarding internal control and risk management systems to ensure its effective oversight of the financial reporting process. These include appointing the Administrator, RBC Investor Services Ireland Limited, to maintain the accounting records of the Company independently of the Investment Manager and the Depositary. The Administrator is contractually obliged to keep adequate accounting records in line with new Companies Act 2014, as amended sections 281 to 285. To that end the Administrator performs regular reconciliations of its records to those of the Depositary. The Administrator is also contractually obliged to prepare for review and approval by the Board the annual report including financial statements intended to give a true and fair view and the half yearly financial statements. The Board evaluates and discusses significant accounting and reporting issues as the need arises. The Board also assesses and evaluates the Administrator s financial accounting and reporting routines and further assesses and evaluates the external auditors performance, qualifications and independence. The Administrator has operating responsibility for internal control in relation to the financial reporting process and the Administrator s report to the Board. Risk Assessment The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and ensuring that processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board has also put in place processes to identify changes in accounting rules and recommendations and to ensure that these changes are accurately reflected in the Company s financial statements. Control Activities The Administrator is contractually obliged to design and maintain control structures to manage the risks which the Board judges to be significant for internal control over financial reporting. These control structures include appropriate division of responsibilities and specific control activities aimed at detecting or preventing the risk of significant deficiencies in financial reporting for every significant account in the financial statements and the related notes in the Company s annual report. Examples of control activities exercised by the Administrator include approval of transactions, analytical procedures, reconciliations and automatic controls in IT systems. Prices not available from external independent sources are subject to Board review and approval. Information and communication The Company s policies and the Board s instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as , correspondence and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner. Monitoring The Board receives regular presentations and reviews reports from the Depositary, Investment Manager and Administrator. The Board also has an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors. Given the contractual obligations of the Administrator, the Board has concluded that there is currently no need for the Company to have a separate internal audit function in order for the Board to perform effective monitoring and oversight of the internal control and risk management systems of the Company in relation to the financial reporting process. 5

8 Corporate Governance statement continued Shareholder meetings The Annual General Meetings of the Company are held in Ireland. Twenty-one days notice is given in respect of each general meeting. A proxy may attend on behalf of any Shareholder. An ordinary resolution is a resolution passed by a plurality of votes cast and a special resolution is a resolution passed by a majority of 75% or more of the votes cast. Each of the subscriber and participating shares entitles the holder to attend and vote at any general meeting provided that the holder of a subscriber share shall not be entitled to exercise any voting rights in respect of any subscriber share at any time that participating shares are held by more than one Shareholder. Each of the shares entitles the holder to attend and vote at meetings of the Company. Matters may be determined by a meeting of Shareholders on a show of hands unless a poll is requested. Each Shareholder has one vote on a show of hands. Each share gives the holder one vote in relation to any matters relating to the Company which are submitted to Shareholders for a vote by poll. Composition and operation of board and committees There are four Directors currently, all of which are non-executive Directors and three of whom are independent of the Investment Manager. None of the Directors has entered into an employment or service contract with the Company. The Articles of Association do not provide for retirement of Directors by rotation. However, the Directors may be removed by the Shareholders by ordinary resolution in accordance with the procedures established under the Irish Companies Act 2014, as amended. Currently the Board of Directors meets at least quarterly. There are no standing sub-committees of the Board of Directors, however a sub- committee of any two Directors can convene on an ad hoc basis if required to do so. No class of share confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other share class or any voting rights in relation to matters relating solely to any other share class. Any resolution to alter the class rights of the shares requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting of the class. The quorum for any general meeting of the class convened to consider any alteration to the class rights of the shares shall be such number of Shareholders being two or more persons whose holdings comprise one third of the shares. Each of the shares, other than subscriber shares, entitles the Shareholder to participate equally on a pro-rata basis in the dividends and net assets of the sub-fund in respect of which the shares have been issued, save in the case of dividends declared prior to becoming a Shareholder. Subscriber shares entitle the Shareholders holding them to attend and vote at all general meetings of the Company but do not entitle the holders to participate in the dividends or net assets of the Company. 6

9 Report of the Depositary to the Shareholders for the year ended 31 December 2017 As required by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) ( the Regulations ), and solely within the context of our oversight duties as depositary, we are pleased to present our report as follows. In our opinion, J O Hambro Capital Management Umbrella Fund Plc (the Company ) has been managed for the year ended 31 December 2017: (i) In accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association and the Regulations; and (ii) Otherwise in accordance with the provisions of the Memorandum & Articles of Association and the Regulations. RBC INVESTOR SERVICES BANK S.A. Date: 15 March 2018 DUBLIN BRANCH RBC Investor Services Bank S.A. Dublin Branch One George s Quay Plaza George s Quay Dublin 2, Ireland T F RBC Investor Services Bank S.A., Dublin Branch is a branch of RBC Investor Services Bank S.A. Registered office: 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg Registered in Ireland Incorporated in Luxembourg with Limited Liability Registered in Luxembourg B rbcits.com 7

10 Independent Auditor s report to the members of J O Hambro Capital Management Umbrella Fund plc Opinion We have audited the financial statements of J O Hambro Capital Management Umbrella Fund plc ( the Company ) for the year ended 31 December 2017, which comprise the Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law and Accounting Standards including FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (Irish Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2017 and of its profit for the year then ended; have been properly prepared in accordance with Irish Generally Accepted Accounting Practice; and have been properly prepared in accordance with the requirements of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern We have nothing to report in respect of the following matters, in relation to which ISAs (Ireland) require us to report to you where: the Directors use of the going concern basis of accounting in the preparation of the financial statements is not appropriate: or the Directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The Directors are responsible for the other information. The other information comprises the information included in the Directors Report other than the financial statements and our auditor s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 8

11 Independent Auditor s report continued Opinions on other matters prescribed by the Companies Act 2014, as amended Based solely on the work undertaken in the course of the audit, we report that: in our opinion, the information given in the Directors Report is consistent with the financial statements; and in our opinion, the Directors Report has been prepared in accordance with the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the Company statement of financial position is in agreement with the accounting records. Matters on which we are required to report by exception Based on the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors Report. The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors remuneration and transactions required by sections 305 to 312 of the Act are not made. We have nothing to report in this regard. Respective responsibilities Responsibilities of Directors for the financial statements As explained more fully in the Directors responsibilities statement set on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the IAASA s website at: responsiblities_for_audit.pdf. This description forms part of our auditor s report. The purpose of our audit work and to whom we owe our responsibilities Our report is made solely to the Company s members, as a body, in accordance with section 391 of the Companies Act Our audit work has been undertaken so that we might state to the Company s members those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company s members, as a body, for our audit work, for this report, or for the opinions we have formed. Aidan Tiernan for and on behalf of Ernst & Young Chartered Accountants and Statutory Audit Firm Dublin 15 March

12 Statement of financial position as at 31 December 2017 JOHCM Continental European Fund 31 Dec 2017 JOHCM Continental European Fund 31 Dec 2016 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 1,910,241 1,658,398 Investments in financial derivative instruments (note 8) Cash and cash equivalents 32,976 16,408 Cash collateral - - Dividends receivable 1, Subscriptions receivable 5,049 8,254 Amounts due from brokers 5,188 - Other receivables TOTAL ASSETS 1,954,694 1,683,372 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) 375 3,517 Bank overdraft - - Redemptions payable 6,678 7,195 Amounts due to brokers 4,138 1,681 Management, directors and advisory fees payable 1,242 1,058 Performance fee payable Administration and transfer agency fee payable Other payables Liabilities (excluding net assets attributable to holders of redeemable participating shares) 12,859 14,087 Net assets attributable to holders of redeemable participating shares 1,941,835 1,669,285 The accompanying notes form an integral part of the financial statements. 10

13 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund 31 Dec Dec Dec Dec , ,445 2,936,470 2,306, ,358 2,112 1,268-68, , ,709 2, , , ,000 3,031,404 2,416, , , ,922 12, ,562 1, , ,525 2,642 5,200 27, , ,358 3,026,204 2,389,296 11

14 Statement of financial position continued JOHCM Continental European Fund 31 Dec 2017 JOHCM Continental European Fund 31 Dec 2016 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) 80, , Net asset value per Share EUR Class A Shares in issue ( 000) 130, , Net asset value per Share USD Class A Shares in issue ( 000) 31, , Net asset value per Share $1.323 $1.206 GBP Hedged Class A Shares in issue ( 000) 211, , Net asset value per Share Class B GBP Class B Shares in issue ( 000) 18, , Net asset value per Share EUR Class B Shares in issue( 000) 10, , Net asset value per Share USD Hedged Class B Shares in issue ( 000) 21, , Net asset value per Share $1.332 $1.219 X Shares EUR X Shares in issue ( 000) - - Net asset value per Share - - GBP Hedged X Shares in issue ( 000) 37, Net asset value per Share $ Y Shares GBP Y Shares in issue ( 000) 354, , Net asset value per Share EUR Y Shares in issue ( 000) 16, , Net asset value per Share GBP Hedged Y Shares in issue ( 000) 49, , Net asset value per Share Non-Distributing Shares EUR E Shares in issue ( 000) - - Net asset value per Share - - The accompanying notes form an integral part of the financial statements. 12

15 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund 31 Dec Dec Dec Dec , , , , , , , , , , , , , ,

16 Statement of financial position continued JOHCM Japan Fund 31 Dec 2017 JOHCM Japan Fund 31 Dec 2016 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 507, ,856 Investments in financial derivative instruments (note 8) Cash and cash equivalents 5,930 9,205 Dividends receivable Subscriptions receivable 539 2,443 Amounts due from brokers 1,136 14,232 Receivable from investment manager - - Other receivables 7 16 TOTAL ASSETS 515, ,027 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) 1 20 Bank overdraft - - Redemptions payable 1,093 1,413 Amounts due to brokers ,075 Management, directors and advisory fees payable Performance fee payable - - Administration and transfer agency fee payable Other payables Liabilities (excluding net assets attributable to holders of redeemable participating shares) 2,291 13,878 Net assets attributable to holders of redeemable participating shares 512, ,149 The accompanying notes form an integral part of the financial statements. 14

17 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund 31 Dec Dec Dec Dec ,071,722 2,186,491 29,509 25, ,403 99, ,227 3, ,461 2, , ,293,827 2,309,673 30,053 25, ,265 3, , ,657 1, ,282 26, ,290,545 2,282,827 29,817 25,388 15

18 Statement of financial position continued JOHCM Japan Fund 31 Dec 2017 JOHCM Japan Fund 31 Dec 2016 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) 114, , Net asset value per Share GBP Hedged Class A Shares in issue ( 000) 64, , Net asset value per Share EUR Class A Shares in issue ( 000) 4, , Net asset value per Share JPY Class A Shares in issue ( 000) 5, , Net asset value per Share USD Class A Shares in issue ( 000) - - Net asset value per Share - - Class B GBP Class B Shares in issue ( 000) 3, , Net asset value per Share GBP Hedged Class B Shares in issue ( 000) 24, , Net asset value per Share EUR Class B Shares in issue ( 000) Net asset value per Share JPY Class B Shares in issue ( 000) , Net asset value per Share USD Class B Shares in issue ( 000) - - Net asset value per Share - - Y Shares GBP Y Shares in issue ( 000) - - Net asset value per Share - - Z Shares GBP Z Shares in issue ( 000) - - Net asset value per Share - - EUR Z Shares in issue ( 000) - - Net asset value per Share - - USD Z Shares in issue ( 000) - - Net asset value per Share - - Non-Distributing Shares EUR E Shares in issue ( 000) - - Net asset value per Share - - The accompanying notes form an integral part of the financial statements. 16

19 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund 31 Dec Dec Dec Dec , , , , , , , , , , $1.601 $1.279 $1.651 $ , , , , , , , , $1.816 $1.454 $1.644 $ , , , , , , , $1.786 $ , ,

20 Statement of financial position continued JOHCM Global Emerging Markets Opportunities Fund 31 Dec 2017 JOHCM Global Emerging Markets Opportunities Fund 31 Dec 2016 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 314, ,724 Investments in financial derivative instruments (note 8) - - Cash and cash equivalents 12,574 3,193 Dividends receivable Subscriptions receivable Amounts due from brokers - 1,143 Receivable from investment manager Other receivables 30 9 TOTAL ASSETS 328, ,637 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) - 1 Bank overdraft - - Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fee payable 23 - Administration and transfer agency fee payable Other payables Liabilities (excluding net assets attributable to holders of redeemable participating shares) 1, Net assets attributable to holders of redeemable participating shares 326, ,470 The accompanying notes form an integral part of the financial statements. 18

21 JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec Dec Dec Dec , ,722 35,008 56, ,378 10, , , , ,720 35,647 58, , , , , , ,490 34,991 56,779 19

22 Statement of financial position continued JOHCM Global Emerging Markets Opportunities Fund 31 Dec 2017 JOHCM Global Emerging Markets Opportunities Fund 31 Dec 2016 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) 4, , Net asset value per Share EUR Class A Shares in issue ( 000) 10, Net asset value per Share USD Class A Shares in issue ( 000) 16, , Net asset value per Share $1.223 $0.880 Class B GBP Class B Shares in issue ( 000) , Net asset value per Share EUR Class B Shares in issue ( 000) Net asset value per Share USD Class B Shares in issue ( 000) 81, , Net asset value per Share $1.585 $1.142 Z Shares GBP Z Shares in issue ( 000) Net asset value per Share CAD Z Shares in issue ( 000) 121, , Net asset value per Share CA$1.615 CA$1.249 AUD Z Shares in issue ( 000) 42, , Net asset value per Share AU$1.795 AU$1.401 Y Shares GBP Y Shares in issue ( 000) 16, , Net asset value per Share USD Y Shares in issue ( 000) 7, , Net asset value per Share $1.493 $1.079 The accompanying notes form an integral part of the financial statements. 20

23 JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec Dec Dec Dec , , , , , , , , , , , , $1.954 $1.491 $1.962 $ , , , , , $1.912 $1.458 $1.875 $ , , , ,

24 Statement of financial position continued JOHCM Global Opportunities Fund 31 Dec 2017 JOHCM Global Opportunities Fund 31 Dec 2016 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 248, ,735 Investments in financial derivative instruments (note 8) 2 1 Cash and cash equivalents 26,524 58,116 Dividends receivable Subscriptions receivable 427 2,418 Amount due from brokers Receivable from investment manager - - Other receivables 18 9 TOTAL ASSETS 276, ,514 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) 1 13 Bank overdraft - - Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fee payable - - Administration and transfer agency fee payable Other payables Liabilities (excluding net assets attributable to holders of redeemable participating shares) 1,298 1,248 Net assets attributable to holders of redeemable participating shares 275, ,266 The accompanying notes form an integral part of the financial statements. 22

25 JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund JOHCM US Small Mid Cap Equity Fund JOHCM US Small Mid Cap Equity Fund 31 Dec Dec Dec Dec ,886 98,354 43,284 11, ,643 2,062 1, , ,650 44,614 12, , , , ,983 44,490 12,296 23

26 Statement of financial position continued JOHCM Global Opportunities Fund 31 Dec 2017 JOHCM Global Opportunities Fund 31 Dec 2016 REDEEMABLE PARTICIPATING SHARES Class A GBP Class A Shares in issue ( 000) 41, , Net asset value per Share GBP Hedged Class A Shares in issue ( 000) - - Net asset value per Share - - EUR Class A Shares in issue ( 000) 37, , Net asset value per Share USD Class A Shares in issue ( 000) 1, , Net asset value per Share $1.916 $1.676 USD Hedged Class A Shares in issue ( 000) - - Net asset value per Share - - Class B GBP Class B Shares in issue ( 000) 3, , Net asset value per Share EUR Class B Shares in issue ( 000) 4, , Net asset value per Share USD Class B Shares in issue ( 000) 1, , Net asset value per Share $1.868 $1.639 Z Shares GBP Z Shares in issue ( 000) Net asset value per Share X Shares GBP X Shares in issue ( 000) 61, , Net asset value per Share GBP Hedged X Shares in issue ( 000) Net asset value per Share $ Seed Shares GBP Shares in issue ( 000) - - Net asset value per Share - - USD Shares in issue ( 000) - - Net asset value per Share - - Non-Distributing Z Shares GBP Z Shares in issue ( 000) 7, , Net asset value per Share The accompanying notes form an integral part of the financial statements. 24

27 JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund JOHCM US Small Mid Cap Equity Fund JOHCM US Small Mid Cap Equity Fund 31 Dec Dec Dec Dec , , , , , , $1.229 $1.097 $1.416 $ , , $1.397 $ $1.385 $ , , , , $1.443 $

28 Statement of financial position continued JOHCM European Concentrated Value Fund 31 Dec 2017 JOHCM European Concentrated Value Fund 31 Dec 2016 ASSETS ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities (note 8) 374,620 4,806 Investments in financial derivative instruments (note 8) - - Cash and cash equivalents 1, Cash collateral - - Dividends receivable 71 - Subscriptions receivable 19,416 - Amount due from brokers - - Receivable from investment manager Other receivables TOTAL ASSETS 395,417 5,132 LIABILITIES ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments (note 8) Bank overdraft - - Redemptions payable 4,225 - Amounts due to brokers - - Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable 13 9 Other payables 23 1 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 5, Net assets attributable to holders of redeemable participating shares 389,820 5,116 * JOHCM UK Dynamic Fund launched on 27 September The accompanying notes form an integral part of the financial statements. 26

29 JOHCM Global Smaller Companies Fund 31 Dec 2017 JOHCM Global Smaller Companies Fund 31 Dec 2016 JOHCM UK Dynamic Fund* 31 Dec 2017 JOHCM UK Dynamic Fund* 31 Dec 2016 Total 31 Dec 2017 Total 31 Dec ,010 3,595 1,870-9,570,323 8,021, ,658 2, , , ,645 5, ,927 19, ,653 38, ,164 3,664 1,965-10,016,922 8,392, ,479 4, , ,782 34, ,109 36, ,297 6, , , ,031 96,607 4,144 3,651 1,947-9,979,891 8,296,354 27

30 Statement of financial position continued JOHCM European Concentrated Value Fund 31 Dec 2017 JOHCM European Concentrated Value Fund 31 Dec 2016 REDEEMABLE PARTICIPATING SHARES Class A EUR Class A Shares in issue ( 000) 12, , Net asset value per Share USD Class A Shares in issue ( 000) - - Net asset value per Share - - Class B EUR Class B Shares in issue ( 000) 80, Net asset value per Share USD Class B Shares in issue ( 000) 4, , Net asset value per Share $1.294 $1.011 SGD Hedged Class B Shares in issue ( 000) 322, Net asset value per Share SGD Z Shares AUD Z Shares in issue ( 000) 154, Net asset value per Share AU$ Non-Distributing Shares GBP Y Share in issue ( 000) - - Net asset value per Share - - The financial statements and the accompanying notes on pages 10 to page 258 were approved by the Board of Directors on 15 March 2018 and are signed on its behalf by: Robert Burke Director 15 March 2018 Máire O Connor Director * JOHCM European Concentrated Value Fund launched on 31 March ** JOHCM Global Smaller Companies Fund launched on 31 March The accompanying notes form an integral part of the financial statements. 28

31 JOHCM Global Smaller Companies Fund JOHCM Global Smaller Companies Fund JOHCM UK Dynamic Fund* JOHCM UK Dynamic Fund* 31 Dec Dec Dec Dec , , $1.255 $ ,

32 Statement of comprehensive income for the year ended 31 December 2017 JOHCM Continental European Fund JOHCM Continental European Fund 31 Dec Dec 2016 INCOME ( 000) Dividends 49,971 48,054 Bank interest - 9 Other income 1,395 1,022 Net gain on financial assets/liabilities at fair value through profit or loss (note 12) 193, ,376 Net (loss)/gain on swaps - - Total Investment Income 245, ,461 EXPENSES ( 000) Management fees (note 6) (14,516) (12,486) Performance fees (note 6) (46) (479) Administration fees (note 6) (168) (141) Depositary fees (note 6) (296) (144) Depositary oversight fees (note 6) (285) (167) Transfer and domiciliary agency fees (note 6) (428) (349) Directors fees (note 6) (11) (8) Audit fees (note 6) (21) (19) Legal fees (14) (14) Printing and publication expenses (16) (14) Bank interest and charges (244) (180) Transaction costs (6,664) (6,243) Swap interest fees - - Withholding tax (note 4) (6,155) (6,146) Other charges (126) (165) Total Operating Expenses (28,990) (26,555) Net Income ( 000) 216, ,906 FINANCE COSTS ( 000) Distributions to holders of redeemable participating shares (note 2) (28,767) (2,076) Total Comprehensive Income 187, ,830 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 30

33 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund 31 Dec Dec Dec Dec ,233 8,678 58,016 45, ,766 1,398 49,970 16, , , (731) 2,293 58,309 25, , ,876 (2,700) (2,551) (28,365) (19,913) - - (131) (12,340) (50) (46) (216) (142) (31) - (355) (166) (55) (33) (417) (218) (103) (98) (166) (114) (2) (1) (16) (10) (4) (4) (31) (25) (3) (3) (21) (18) (6) (4) (11) (16) (28) (44) (2) (3) (394) (439) (1,100) (1,261) - - (136) (115) (19) (209) (6,745) (5,551) (30) (38) (187) (174) (3,425) (3,470) (37,899) (40,066) 54,884 22, , ,810 (5,709) (7,004) (7,961) (4,226) 49,175 15, , ,584 31

34 Statement of comprehensive income continued JOHCM Japan Fund JOHCM Japan Fund 31 Dec Dec 2016 INCOME ( 000) Dividends 9,909 12,292 Bank interest - 2 Expense reimbursement from investment manager (note 6) - - Other income Net gain on financial assets/liabilities at fair value through profit or loss (note 12) 79,504 25,180 Total Investment Income 89,429 37,507 EXPENSES ( 000) Management fees (note 6) (3,613) (3,705) Performance fees (note 6) - - Administration fees (note 6) (77) (75) Depositary fees (note 6) (64) (32) Depositary oversight fees (note 6) (72) (47) Transfer and domiciliary agency fees (note 6) (216) (196) Directors fees (note 6) (2) (1) Audit fees (note 6) (5) (6) Legal fees (3) (4) Printing and publication expenses (14) (13) Bank interest and charges (63) (98) Transaction costs (783) (1,064) Withholding tax (note 4) (1,512) (1,805) Other charges (35) (47) Total Operating Expenses (6,459) (7,093) Net Income ( 000) 82,970 30,414 FINANCE COSTS ( 000) Distributions to holders of redeemable participating shares (note 2) (6,287) (5,316) Total Comprehensive Income 76,683 25,098 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 32

35 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund 31 Dec Dec Dec Dec ,722 34, , , ,596 5,737 5, , ,492 6,574 6,386 (21,999) (19,247) (275) (221) (1) (204) (163) (54) (55) (349) (150) (90) (91) (365) (226) (11) (2) (128) (101) (31) (29) (13) (10) - - (26) (26) - - (18) (18) - - (16) (22) (12) (9) (3) (1) - (1) (1,169) (2,982) (86) (62) (5,875) (5,923) (82) (56) (665) (168) (89) (41) (30,830) (29,037) (730) (568) 316, ,455 5,844 5,818 (10,685) (6,741) (88) (360) 305, ,714 5,756 5,458 33

36 Statement of comprehensive income continued JOHCM Global Emerging Markets Opportunities Fund JOHCM Global Emerging Markets Opportunities Fund 31 Dec Dec 2016 INCOME ( 000) Dividends 5,606 5,964 Bank interest 25 1 Other income Net gain on financial assets/liabilities at fair value through profit or loss (note 12) 57,181 50,014 Total Investment Income 62,943 56,079 EXPENSES ( 000) Management fees (note 6) (947) (784) Performance fees (note 6) (23) - Administration fees (note 6) (74) (73) Depositary fees (note 6) (124) (105) Depositary oversight fees (note 6) (48) (22) Transfer and domiciliary agency fees (note 6) (53) (46) Directors fees (note 6) (1) (1) Audit fees (note 6) (3) (2) Legal fees (2) (2) Printing and publication expenses (18) (11) Bank interest and charges - - Transaction costs (346) (206) Withholding tax (note 4) (688) (682) Other charges (84) (46) Total Operating Expenses (2,411) (1,980) Net Income ( 000) 60,532 54,099 FINANCE COSTS ( ) Distributions to holders of redeemable participating shares (note 2) (4,222) (2,540) Total Comprehensive Income 56,310 51,559 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 34

37 JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec Dec Dec Dec ,037 10, , ,734 75,505 4,717 6, ,219 86,221 5,668 8,063 (6,103) (4,527) (413) (666) (74) (68) (56) (56) (330) (263) (75) (94) (103) (44) (16) (7) (91) (57) (47) (43) (3) (3) - - (6) (5) (1) (1) (4) (4) - (1) (12) (11) (12) (9) (11) (11) (14) (7) (521) (356) (135) (175) (1,401) (1,083) (81) (94) (59) (39) (158) (100) (8,718) (6,471) (1,008) (1,253) 97,501 79,750 4,660 6,810 (4,600) (694) (532) (87) 92,901 79,056 4,128 6,723 35

38 Statement of comprehensive income continued JOHCM Global Opportunities Fund JOHCM Global Opportunities Fund 31 Dec Dec 2016 INCOME ( 000) Dividends 8,267 4,492 Bank interest Expense reimbursement from investment manager (note 6) - - Other income Net gain on financial assets/liabilities at fair value through profit or loss (note 12) 11,150 51,049 Total Investment Income 19,588 55,559 EXPENSES ( 000) Management fees (note 6) (2,244) (1,524) Performance fees (note 6) - (2) Administration fees (note 6) (72) (66) Depositary fees (note 6) (42) (23) Depositary oversight fees (note 6) (50) (23) Transfer and domiciliary agency fees (note 6) (125) (54) Directors fees (note 6) (2) (1) Audit fees (note 6) (3) (3) Legal fees (2) (2) Printing and publication expense (15) (10) Bank interest and charges (6) (4) Transaction costs (343) (310) Withholding tax (note 4) (1,167) (806) Other charges (33) (137) Total Operating Expenses (4,104) (2,965) Net Income ( 000) 15,484 52,594 FINANCE COSTS ( ) Distributions to holders of redeemable participating shares (note 2) (3,460) (1,820) Total Comprehensive Income 12,024 50,774 All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 36

39 JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund JOHCM US Small Mid Cap Equity Fund JOHCM US Small Mid Cap Equity Fund 31 Dec Dec Dec Dec ,771 2, ,768 14,498 3,600 3,260 15,539 17,234 4,051 3,434 (450) (297) (66) (24) - - (73) - (56) (56) (50) (52) (16) (8) (9) (8) (22) (10) (11) (3) (42) (34) (27) (25) (1) (1) - - (1) (1) - - (1) (1) - - (12) (8) (11) (8) (11) (9) - - (200) (199) (37) (10) (422) (403) (88) (32) (16) (21) (14) (10) (1,250) (1,048) (386) (172) 14,289 16,186 3,665 3,262 (2,182) (1,837) ,107 14,349 3,665 3,262 37

40 Statement of comprehensive income continued JOHCM European Concentrated Value Fund JOHCM European Concentrated Value Fund 31 Dec Dec 2016 INCOME ( 000) Dividends 4, Bank interest - - Expense reimbursement from investment manager (note 6) Other income Net gain on financial assets/liabilities at fair value through profit or loss (note 12) 15, Net (loss)/gain on swaps - - Total Investment Income 20, EXPENSES ( 000) Management fees (note 6) (1,544) (29) Performance fees (note 6) (202) (2) Administration fees (note 6) (48) (36) Depositary fees (note 6) (44) (8) Depositary oversight fees (note 6) (35) (2) Transfer and domiciliary agency fees (note 6) (18) (4) Directors fees (note 6) (1) - Audit fees (note 6) (2) - Legal fees (2) - Printing and publication expenses (5) (1) Bank interest and charges (47) (1) Transaction costs (322) (2) Swap interst fees - - Withholding tax (note 4) (448) (8) Other charges (26) (12) Total Operating Expenses (2,744) (105) Net Income/(Loss) ( 000) 18, FINANCE COSTS ( ) Distributions to holders of redeemable participating shares (note 2) (5) - Total Comprehensive Income 18, * JOHCM UK Dynamic Fund launched on 27 September All results arise from continuing operations. There are no recognised gains and losses for the current and preceding financial years other than those shown above. The accompanying notes form an integral part of the financial statements. 38

41 JOHCM Global Smaller Companies Fund JOHCM Global Smaller Companies Fund JOHCM UK Dynamic Fund* JOHCM UK Dynamic Fund* 31 Dec Dec Dec Dec 2016 Total 31 Dec 2017 Total 31 Dec , , ,086 3, ,166,909 1,287, (731) 2, ,374,847 1,468,675 (29) (23) (3) - (83,267) (65,997) (475) (12,824) (36) (36) (8) - (1,243) (1,065) (6) (6) (1) - (1,832) (1,098) (9) (2) (1) - (1,500) (806) (5) (4) (1) - (1,481) (1,154) (52) (36) (103) (92) (70) (67) (3) (1) - - (163) (137) (429) (359) (3) (3) (1) - (12,104) (13,312) (136) (115) (12) (10) - - (24,695) (22,808) (12) (11) (2) - (1,536) (1,009) (115) (96) (17) - (129,086) (120,879) ,245,761 1,347, (74,498) (32,701) ,171,263 1,315,095 39

42 Statement of changes in net assets attributable to holders of redeemable participating shares for the year ended 31 December 2017 JOHCM Continental European Fund 31 Dec 2017 JOHCM Continental European Fund 31 Dec 2016 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 1,669,285 1,693,594 Increase/(decrease) in net assets attributable to holders of redeemable participating shares 187, ,830 CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 792, ,998 Payments on redemption of shares (707,673) (1,018,137) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 1,941,835 1,669,285 Redeemable participating shares in issue at the beginning of the financial year 867,980, ,258, Shares issued during the financial year 398,199, ,335, Shares redeemed during the financial year (303,291, ) (553,612, ) Redeemable participating shares in issue at the end of the financial year 962,889, ,980,

43 JOHCM UK Growth Fund JOHCM UK Growth Fund JOHCM European Select Values Fund JOHCM European Select Values Fund 31 Dec Dec Dec Dec , ,333 2,389,296 1,692,190 49,175 15, , , ,845 96, , ,559 (120,204) (166,773) (623,203) (391,037) 395, ,358 3,026,204 2,389,296 99,949, ,746, ,079,372, ,234, ,940, ,638, ,147, ,793, (37,772, ) (61,434, ) (245,823, ) (189,655, ) 111,118, ,949, ,206,696, ,079,372,

44 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM Japan Fund 31 Dec 2017 JOHCM Japan Fund 31 Dec 2016 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 434, ,978 Increase/(decrease) in net assets attributable to holders of redeemable participating shares 76,683 25,098 CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 185, ,400 Payments on redemption of shares (183,586) (367,327) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 512, ,149 Redeemable participating shares in issue at the beginning of the financial year 221,251, ,825, Shares issued during the financial year 86,480, ,862, Shares redeemed during the financial year (91,712, ) (217,436, ) Redeemable participating shares in issue at the end of the financial year 216,019, ,251,

45 JOHCM Global Select Fund JOHCM Global Select Fund JOHCM Emerging Markets Fund JOHCM Emerging Markets Fund 31 Dec Dec Dec Dec ,282,827 1,944,964 25,388 22, , ,714 5,756 5, , ,583 8,758 11,832 (862,236) (440,434) (10,085) (14,087) 2,290,545 2,282,827 29,817 25,388 1,304,762, ,277,273, ,204, ,895, ,812, ,433, ,375, ,394, (435,356, ) (260,943, ) (8,435, ) (15,084, ) 1,207,219, ,304,762, ,145, ,204,

46 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM Global Emerging Markets Opportunities Fund 31 Dec 2017 JOHCM Global Emerging Markets Opportunities Fund 31 Dec 2016 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 222, ,886 Increase/(decrease) in net assets attributable to holders of reedemable participating shares 56,310 51,559 CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 99,064 64,550 Payments on redemption of shares (51,421) (34,525) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 326, ,470 Redeemable participating shares in issue at the beginning of the financial year 256,441, ,209, Shares issued during the financial year 87,696, ,556, Shares redeemed during the financial year (43,449, ) (36,324, ) Redeemable participating shares in issue at the end of the financial year 300,688, ,441, * JOHCM All Europe Dynamic Growth Fund was terminated on 23 February

47 JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Asia ex-japan Small and Mid-Cap Fund 31 Dec Dec Dec Dec , ,874 56,779 67,227 92,901 79,056 4,128 6, , ,745 11,620 28,947 (157,528) (148,185) (37,536) (46,118) 568, ,490 34,991 56, ,534, ,764, ,933, ,047, ,342, ,657, ,950, ,656, (98,364, ) (121,887, ) (19,264, ) (30,770, ) 350,512, ,534, ,618, ,933,

48 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM Global Opportunities Fund 31 Dec 2017 JOHCM Global Opportunities Fund 31 Dec 2016 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 306, ,423 Increase in net assets attributable to holders of redeemable participating shares 12,024 50,774 CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 112, ,854 Payments on redemption of shares (154,647) (82,785) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 275, ,266 Redeemable participating shares in issue at the beginning of the financial year 186,816, ,189, Shares issued during the financial year 62,677, ,118, Shares redeemed during the financial year (89,415, ) (54,490, ) Redeemable participating shares in issue at the end of the financial year 160,078, ,816,

49 JOHCM Japan Dividend Growth Fund JOHCM Japan Dividend Growth Fund JOHCM US Small Mid Cap Equity Fund JOHCM US Small Mid Cap Equity Fund 31 Dec Dec Dec Dec , ,270 12,296 3,820 12,107 14,349 3,665 3,262 68,226 44,727 28,921 5,382 (43,545) (60,363) (392) (168) 137, ,983 44,490 12,296 77,815, ,814, ,226, ,251, ,942, ,979, ,378, ,092, (32,976, ) (52,977, ) (256, ) (118, ) 94,781, ,815, ,347, ,226,

50 Statement of changes in net assets attributable to holders of redeemable participating shares continued JOHCM European Concentrated Value Fund 31 Dec 2017 JOHCM European Concentrated Value Fund 31 Dec 2016 Net assets attributable to holders of redeemable participating shares at the beginning of the financial year ( 000) 5,116 3,063 Increase/(decrease) in net assets attributable to holders of redeemable participating shares 18, CAPITAL TRANSACTIONS ( 000) Proceeds from issuance of shares 468,442 1,485 Payments on redemption of shares (101,875) (106) Net assets attributable to holders of redeemable participating shares at the end of the financial year ( 000) 389,820 5,116 Redeemable participating shares in issue at the beginning of the financial year 6,146, ,362, Shares issued during the financial year 689,525, ,911, Shares redeemed during the financial year (121,078, ) (127, ) Redeemable participating shares in issue at the end of the financial year 574,593, ,146, * JOHCM European Concentrated Value Fund launched on 31 March ** JOHCM Global Smaller Companies Fund launched on 31 March

51 JOHCM Global Smaller Companies Fund 31 Dec 2017 JOHCM Global Smaller Companies Fund 31 Dec 2016 JOHCM UK Dynamic Fund* 31 Dec 2017 JOHCM UK Dynamic Fund* 31 Dec 2016 Total 31 Dec 2017 Total 31 Dec ,651 2, ,296,354 7,093, ,171,263 1,315, ,861-3,566,205 2,657, (3,053,931) (2,770,045) 4,144 3,651 1,947-9,979,891 8,296,354 4,461, ,461, ,854, ,461, ,461, ,854,

52 50

53 JOHCM Continental European Fund A Sub-Fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 52 Schedule of investments Transferable securities admitted to an official stock exchange listing 53 Derivatives: open foreign currency contracts 56 Geographic division of investments 57 Economic division of investments 58 Principal portfolio changes 59 JOHCM Continental European Fund 51

54 JOHCM Continental European Fund Investment Management Report for the year ended 31 December 2017 Paul Wild, CFA Senior Fund Manager 19 years industry experience Joined JOHCM in March 2003 the Fund s record of annual outperformance in every calendar year since 2007 finally came to an end. Whilst improved stock selection in the second half of the year meant we recouped a decent portion of the portfolio s underperformance generated in February to April, we were unable to prevail overall. Performance The JOHCM Continental European Fund (the Fund ) returned 13.24%, net of fees and in sterling terms for the A share class, for the calendar year The MSCI Europe ex UK NR Index (12pm adjusted) returned 15.71% over the same period. Investment Background In a strong year for the asset class, European equities benefited from an improved economic backdrop, earnings growth and largely market-friendly outcomes to a number of elections across the continent. On the political front, Dutch Prime Minster Mark Rutte s Liberal party succeeded in the country s general election, heading off the challenge from Geert Wilders s anti-eu, anti-immigration Freedom party. In the French presidential election Emmanuel Macron defeated anti-eu candidate Marine Le Pen by a larger-than-expected margin. The German general election also largely passed as expected, with the CDU/CSU securing the largest share of the vote. At 33%, however, it was the lowest showing by the CDU/ CSU since 1953 and Chancellor Merkel was unable to form a ruling coalition by the turn of the year. Turning to economic data, the eurozone economy finished 2017 in robust shape, with the consumer sentiment index recording its highest reading since 2001, the flash Manufacturing Purchasing Managers Index ( PMI ) survey hitting 60.6, its highest mark since 1997, and the eurozone composite Purchasing Managers Index ( PMI ) survey recording the best showing since Third quarter GDP was unrevised at +0.6% quarter-on-quarter, but forecasts for 2018 growth in the eurozone continue to rise. With economic momentum picking up, Quantitative Easing ( QE ) is set to fall from 60bn to 30bn from the beginning of Fund Review 2017 was an uncharacteristically difficult year for the portfolio. In underperforming versus the benchmark, In terms of the investment environment, the portfolio s general bias towards more value -type areas of the market was unhelpful given the domination of growth stocks, which itself was partly attributable to low inflation prints and the political backdrop. In more detail, stock picking within the consumer-facing sectors and healthcare proved to be a headwind, more than offsetting the benefits from good stock selection within the financials sector. Sector allocation effects were more meaningfully negative, however, chiefly due to the drag from the Fund s small cash balance in strong markets and being too overweight in financials over the year. Looking at individual stock contributions over the year, Vivendi was the top performer. We met the management of Vivendi during September, which further increased our conviction that the market is inappropriately valuing Universal Music Group which grew its revenue by a much higher-than-expected figure. The stock rallied on quarterly numbers and a stronger full-year outlook in November. Retailers Ahold and Pandora were the main laggards over the year. In terms of positioning, we increased the portfolio s European domestic exposure over 2017, particularly European banks. At the close of the year, the Fund was sizeably overweight financials as well as being overweight energy, materials and telecommunications and underweight technology, healthcare, industrials and consumer staples. Outlook Looking ahead, we expect the tremendous economic momentum witnessed in the eurozone last year to continue through To that end, we believe there is far more valuation and earnings support to the more reflationary sectors given the macro backdrop. Paul Wild Senior Fund Manager 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. 52

55 JOHCM Continental European Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BELGIUM KBC Group 389 EUR 23,417 24, ,417 24, DENMARK Danske Bank 1,167 DKK 34,170 33, ISS 830 DKK 25,980 23, ,150 57, FINLAND Metso 283 EUR 7,772 7, Stora Enso 1,992 EUR 22,329 23, ,101 30, FRANCE Altran Technologies 465 EUR 5,717 5, AXA 2,286 EUR 49,779 50, BNP Paribas 830 EUR 46,625 45, Cap Gemini 323 EUR 26,276 28, Cie de Saint-Gobain 1,345 EUR 55,294 55, Cie Generale des Etablissements Michelin 371 EUR 39,200 39, Credit Agricole 2,713 EUR 32,782 33, Danone 661 EUR 37,443 41, Electricite de France 2,889 EUR 28,955 26, Iliad 78 EUR 12,853 13, Orange 4,138 EUR 51,851 53, Renault 182 EUR 13,198 13, Sanofi 217 EUR 15,675 13, Thales 312 EUR 24,769 24, Total 2,099 EUR 83,377 86, Vinci 387 EUR 26,978 29, Vivendi 3,686 EUR 59,695 73, , ,

56 JOHCM Continental European Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GERMANY Aixtron 487 EUR 4,769 4, Allianz 336 EUR 50,290 57, Bayer 792 EUR 72,021 72, Covestro 217 EUR 13,175 16, Deutsche Post 706 EUR 18,478 24, Deutsche Telekom 888 EUR 12,131 11, HeidelbergCement 377 EUR 28,511 30, Linde 225 EUR 35,837 38, Muenchener Rueckver 163 EUR 27,875 26, Munch 16 EUR 2,745 2, Stroeer 308 EUR 12,859 16, ThyssenKrupp 1,086 EUR 24,473 23, Volkswagen 204 EUR 29,712 30, , , GREAT BRITAIN Royal Dutch Shell 2,379 EUR 55,534 58, ,534 58, IRELAND Smurfit Kappa Group 800 EUR 18,626 19, ,626 19, ITALY Buzzi Unicem 752 EUR 15,100 15, Enel 7,453 EUR 29,247 34, UniCredit 3,997 EUR 59,596 55, , , NETHERLANDS Akzo Nobel 62 EUR 4,212 4, ASML Holding 323 EUR 33,191 41, ASR Nederland 850 EUR 25,229 25, ING Groep 1,436 EUR 18,304 19, Koninklijke DSM 432 EUR 25,428 30, Koninklijke Kpn 8,855 EUR 23,027 22, Unilever 1,508 EUR 62,128 62, , , NORWAY DNB 1,010 NOK 13,372 13, ,372 13,

57 JOHCM Continental European Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SPAIN Banco Santander 15,984 EUR 77,884 77, CaixaBank 2,891 EUR 10,049 9, ,933 87, SWEDEN Volvo 2,032 SEK 28,795 28, ,795 28, SWITZERLAND ABB 2,217 SEK 43,463 43, Cie Financiere Richemont 689 CHF 47,169 46, Credit Suisse Group 4,627 CHF 53,851 60, Nestle 436 CHF 28,065 27, Novartis 973 CHF 60,768 61, Roche Holding 135 CHF 25,560 25, Swatch Group 70 CHF 19,598 21, , , Transferable securities admitted to an official stock exchange listing 1,835,207 1,910,

58 JOHCM Continental European Fund Schedule of investments as at 31 December 2017 B) OTC financial derivative instruments: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg EUR 64 GBP (56) RBC Investor Services Luxembourg EUR 179 GBP (158) RBC Investor Services Luxembourg EUR 6 GBP (6) RBC Investor Services Luxembourg GBP 282 EUR (318) RBC Investor Services Luxembourg EUR 1,026 GBP (911) (1) RBC Investor Services Luxembourg EUR 954 GBP (847) (1) RBC Investor Services Luxembourg GBP 121 EUR (136) RBC Investor Services Luxembourg EUR 1,757 DKK (13,082) (1) RBC Investor Services Luxembourg EUR 17 GBP (15) RBC Investor Services Luxembourg EUR 43 GBP (38) RBC Investor Services Luxembourg EUR 10 USD (13) RBC Investor Services Luxembourg GBP 38,465 EUR (43,308) RBC Investor Services Luxembourg GBP 62,991 EUR (70,921) RBC Investor Services Luxembourg GBP 270,710 EUR (304,792) RBC Investor Services Luxembourg USD 29,603 EUR (24,818) (152) (0.01) RBC Investor Services Luxembourg USD 42,790 EUR (35,873) (220) (0.01) Total as at 31 December 2017 (353) (0.02) Total as at 31 December 2016 (3,483) (0.21) 56

59 JOHCM Continental European Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 France Germany Switzerland Netherlands Italy Spain Great Britain Denmark Finland Sweden Belgium Ireland Norway Czech Austria Total investments Open foreign currency contracts (0.02) (0.21) Total investments at fair value through profit or loss Other net assets/(liabilities) Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 83.64% (2016: 89.27%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 57

60 JOHCM Continental European Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Banks and financial institutions Chemicals Insurance Petrol Construction and building materials Pharmaceuticals and cosmetics Graphic art and publishing News transmission Holding and finance companies Food and distilleries Consumer goods Public services Internet software Electronic semiconductor Electronics and electrical equipment Automobile industry Tyre and rubber Transportation Aerospace technology Other services Forest products and paper industry Mines and heavy machinery Clock and watch-making industry Miscellaneous Mechanics and machinery Retail Real estate companies Office equipment and computers Tobacco and spirits Total investments Open foreign currency contracts (0.02) (0.21) Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

61 JOHCM Continental European Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Total 3, ,847 BNP Paribas 2, ,561 Banco Santander 25, ,989 Unilever 2, ,138 UniCredit 7, ,578 AXA 4,550 98,508 Orange 7,544 95,286 Novartis 1,530 95,142 HeidelbergCement 1,256 93,775 Telefonica 10,697 90,843 Cie de Saint-Gobain 2,108 88,882 ING Groep 6,875 84,613 Credit Suisse Group 6,761 80,232 Allianz ,104 Vivendi 4,566 74,538 Deutsche Telekom 5,318 73,547 Sanofi ,532 Bayer ,093 Royal Dutch Shell 2,748 64,038 Danske Bank 2,160 62,891 Volkswagen ,436 BASF ,389 ASML Holding ,338 Siemens ,331 Cie Financiere Richemont ,862 KBC Group ,969 ThyssenKrupp 2,266 51,888 Nestle ,874 ABN AMRO Group 2,426 49,898 Enel 12,652 49,652 RWE 3,291 48,969 Cap Gemini ,487 Credit Agricole 4,050 47,403 SALES BNP Paribas 1, ,622 Allianz ,909 Siemens ,041 Deutsche Telekom 6,909 94,822 Sanofi 1,336 92,010 BASF 1,202 90,800 Roche Holding ,604 Telefonica 10,697 89,018 ABN AMRO Group 4,047 86,122 Koninklijke Ahold Delhaize 5,126 82,039 AXA 3,819 78,896 Banco Santander 15,297 74,996 Total 1,842 74,513 Orange 5,776 73,172 Societe Generale 1,827 72,605 ING Groep 5,439 72,507 Cie de Saint-Gobain 1,559 65,763 HeidelbergCement ,518 UniCredit 4,891 63,544 Vinci 1,002 63,366 Novartis 1,014 62,366 Royal Dutch Shell 2,669 58,617 AP Moller - Maersk 41 56,653 Renault ,375 Koninklijke Philips 2,148 55,909 Wolters Kluwer 1,665 55,416 Deutsche Post 1,774 55,030 Eni 4,178 53,287 RWE 3,291 51,910 Unilever 1,178 51,811 Pandora ,113 Nestle ,569 Bayer ,324 59

62 60

63 JOHCM UK Growth Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 62 Schedule of investments Transferable securities admitted to an official stock exchange listing 64 Other transferable securities 65 Geographic division of investments 66 Economic division of investments 67 Principal portfolio changes 68 61JOHCM UK Growth Fund

64 JOHCM UK Growth Fund Investment Management Report for the year ended 31 December 2017 Mark Costar Senior Fund Manager 24 years industry experience Joined JOHCM in August 2001 Performance The JOHCM UK Growth Fund (the Fund ) returned 17.18%, in sterling terms and net of fees for the A share class, for the calendar year Over the same period the FTSE All-Share Total Return Index (12pm adjusted) returned 13.10%. Investment Background UK equities rose over the year amid further evidence of a recovery in the global economy. Emotionally charged political rhetoric dominated the headlines for much of the year with President Trump, fears over protectionism and North Korea playing on investors minds. Ultimately, the headlines simply served to distract from increasingly resilient and encouraging macroeconomic data, persistently high inflation and survey data that, in most cases, has conveyed a context nothing like that portrayed by the relentlessly negative narrative playing out in the media. The UK economy is in much better shape than most give it credit for and certainly from that perceived internationally. Rising rates will encourage capex, efficiency and innovation spend, which in turn should revive productivity and drive growth. That is clearly not a view the cocooned central banking crowd buys into, but their relative power has peaked, and over time, the economy will gradually escape their influence. A more normalised cycle, and the more rational capital allocation and corporate behaviour that will hopefully result, bodes well for our disciplined portfolio process. Fund Review The portfolio materially outperformed over the year, with both sector allocation and stock selection contributing in roughly equal measure. Headwinds were modest but included only having limited exposure to the strongperforming consumer goods sector. Here we find a number of expensive defensive incumbents vulnerable to consumers trading down and where the cracks in operational performance are plain to see. Technology was and remains a major theme in the portfolio. It was therefore pleasing to see our large sector overweight and strong stock selection here contribute meaningfully to relative performance. The sector was also home to the portfolio s best-performing stock, First Derivatives. Its Kx solution is rapidly broadening its addressable market with important wins in markets as diverse as space, Formula One, video gaming and healthcare. This adds to an already impressive client roster in finance, marketing, telecoms and utilities. We are tremendously enthused by the company s recent progress, as was the wider market. Fellow technology names NCC Group and Gresham Computing also featured in the leaderboard of top performers over the year. Respectively, their areas are cybersecurity and data integrity/compliance. Both have been in the portfolio for some time and have delivered strongly. Given how their respective market opportunities have opened up, though, we are actually even more excited about them now than we were at the time of initial purchase. Both have platform potential and have underlined or demonstrated further tangible proof points with encouraging trading, new contacts and alliances. We made a number of additions to the portfolio over the year. One of these was Future, a digital content owner that has a commanding market share in its chosen niches. It is investing behind these propositions to nurture their potential. Run by proven management with a track record from the formative years of Auto Trader, the business is demonstrating genuine innovation, strong capital discipline and high incremental returns. Future joins an exciting, emerging subsection of the portfolio of genuinely differentiated positions with powerful growth prospects that have been de-risked. These companies are delivering compelling growth, investing significantly in their future and, as a result, are becoming 62

65 JOHCM UK Growth Fund Investment Management Report continued strategically valuable assets. Others in this category would include Avacta, Severfield, Oxford Metrics and Chemring. The year closed with the positive news of an agreed bid for portfolio holding SQS Software by Assytems at 825p per share in cash. For context, this is a stock where we bought a healthy chunk at p per share in the throes of the Greek/euro crisis in There have certainly been some bumps along the way, but we had a sustained a position throughout this period. The company continued to invest in its core capability and established a strong position in the digital economy, a position that ultimately attracted the purchaser. Our patience ultimately bore fruit. As with any year in active management, not every stock call went right. Imagination Technologies was the main laggard following the announcement by Apple it would no longer use the company s VR Graphics architecture. Given the size and strategic significance of Apple as a customer, and its attendant impact on the P&L account, the share price reaction was understandably brutal. This left-field event came as a genuine but wholly unwelcome surprise to us and, of course, the company. Nonetheless, we had to accept that it materially challenged our original investment thesis and sold the entire position. Outlook Markets are definitely showing signs of life. Co-ordinated global growth, rallying commodity prices and a pick-up in corporate activity have shifted the tone somewhat from predicting when the next bear market will begin to a genuine fear of missing out. Markets have been eerily placid for an extended period of time and history tells you things are never that straightforward. These phases can be both dangerous and exciting in equal measure, and a higher velocity of intra-market rotation and stock dispersion should almost certainly be expected. As far as Brexit is concerned, we are in uncharted territory. We have no skill set or credibility when it comes to macroeconomics. Instead, we focus, as always, on bottom up stock selection and robust portfolio construction. Mark Costar Senior Fund Manager 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. Theme park operator Merlin Entertainments struggled after issuing a disappointing trading update. The impact of terrorist activity has had a broader and more sustained impact on operational performance than we had anticipated. Whilst clearly beyond the company s control, it is unfortunately clear in today s world that terrorism is a risk we all have to live with, so some structural attribution was fair. However, on a more positive note, the market has largely chosen to ignore a capex acceleration plan driven by the high incremental returns the business is currently achieving. Whilst this a drag on the company s cash flow in the short term, it will be highly accretive in the medium to longer term and exactly the type of thing the company should be doing. 63

66 JOHCM UK Growth Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GERMANY SQS 523 GBP 2,410 4, ,410 4, GREAT BRITAIN 1Spatial 75,000 GBP 4,720 2, Anglo American 570 GBP 5,343 8, AstraZeneca 168 GBP 7,121 8, Avacta Group 4,600 GBP 4,618 2, Aviva 2,670 GBP 13,966 13, Barclays 6,625 GBP 14,661 13, Blancco Technology Group 6,300 GBP 7,328 4, BP 5,435 GBP 23,782 28, British American Tobacco 91 GBP 4,654 4, Carpetright 3,202 GBP 8,532 5, Chemring 6,400 GBP 11,142 11, Deltex Medical Group 30,920 GBP 2, Ebiquity 5,635 GBP 6,060 6, Elecosoft 1,657 GBP Fastjet 28,956 GBP 10,894 5, First Derivatives 333 GBP 4,794 13, Future 1,425 GBP 3,292 6, GAME Digital 1,435 GBP Goals Soccer Centres 6,450 GBP 9,283 5, Gresham Computing 4,764 GBP 5,286 9, HSBC Holdings 1,400 GBP 8,680 10, IGas Energy 6,025 GBP 4,975 5, Just Retirement Group 5,601 GBP 7,404 9, Koovs 3,357 GBP 2, Merlin Entertainments 3,300 GBP 14,441 11, NCC 4,129 GBP 6,931 9, NetScientific 5,735 GBP 6,977 4, Oxford Metrics 12,050 GBP 6,573 7, QinetiQ 3,407 GBP 7,729 7, Rank 4,500 GBP 10,024 10, Redstoneconnect 2,470 GBP 3,459 2, Rio Tinto 390 GBP 10,984 15, Rolls-Royce Holdings 940 GBP 8,428 7, Royal Bank of Scotland 3,625 GBP 9,901 10,

67 JOHCM UK Growth Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Royal Dutch Shell 890 GBP 18,119 22, continued Severfield 10,683 GBP 7,150 8, Sigma Capital 9,500 GBP 6,709 8, SiS Science in Sport 3,250 GBP 2,477 2, Sky 318 GBP 3,107 3, Standard Chartered 2,075 GBP 13,770 16, Standard Life Aberdeen 3,250 GBP 12,007 14, Venture Life Group 4,401 GBP 4,032 1, YouGov 2,150 GBP 1,586 6, , , JERSEY Experian 775 GBP 11,026 12, Glencore 1,775 GBP 5,202 6, Stride Gaming 2,284 GBP 5,132 5, ,360 25, UNITED STATES Enova Systems 708 GBP 1, Enova Systems Inc 620 GBP HaloSource 3,402 GBP HaloSource 7,499 GBP 1, , Transferable securities admitted to an official stock exchange listing 355, , B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Dotdigital Group 7,065 GBP 2,434 7, Escape Hunt 1,355 GBP 1,829 1, Fairfx Group 3,984 GBP 2,557 3, Warpaint London 1,071 GBP 2,037 2, ,857 14, Other transferable securities 8,857 14, Investment in Transferable securities 364, ,

68 JOHCM UK Growth Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 Great Britain Jersey Germany United States Total investments at fair value through profit or loss Other net (liabilities)/assets 0.27 (0.03) Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 93.36% (2016: 96.05%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 66

69 JOHCM UK Growth Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Internet software Banks and financial institutions Petrol Holding and finance companies Leisure Aerospace technology Insurance Non-ferrous metals Pharmaceuticals and cosmetics News transmission Mines and heavy machinery Other services Business houses Retail Graphic art and publishing Public services Tobacco and spirits Healthcare education and social services Biotechnology Food and distilleries Construction and building material Textile Electronic semiconductor Various capital goods Mortgage and funding institutions Total investments at fair value through profit or loss Other net (liabilities)/assets 0.27 (0.03) Total net assets attributable to redeemable participating shareholders

70 JOHCM UK Growth Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Aviva 2,825 14,784 Merlin Entertainments 2,015 8,669 Rolls-Royce Holdings 940 8,428 BP 1,685 7,778 Standard Chartered 981 7,363 QinetiQ 2,873 6,920 Oxford Metrics 12,050 6,573 Standard Life Aberdeen 1,555 6,342 Chemring 3,346 6,070 Rio Tinto 179 5,834 Royal Bank of Scotland 2,276 5,832 British American Tobacco 109 5,685 Experian 343 5,358 Glencore 1,775 5,202 Just Retirement Group 3,846 5,151 NCC 3,785 5,139 Barclays 2,375 4,926 Anglo American 400 4,578 Blancco Technology Group 4,720 4,328 Rank 1,978 4,291 Future 1,772 4,094 IGas Energy 80,057 3,569 Fastjet 18,665 3,457 Royal Dutch Shell 127 2,934 AstraZeneca 55 2,784 Fairfx Group 3,984 2,557 First Derivatives 98 2,482 SiS Science in Sport 3,250 2,477 Redstoneconnect 157,000 2,352 Ascential 715 2,167 Stride Gaming 984 2,164 HSBC Holdings 290 2,152 Warpaint London 1,071 2,037 Goals Soccer Centres 2,055 1,949 SALES Renishaw ,595 AstraZeneca ,325 Sky 810 7,971 Anglo American 680 7,855 Non-Standard Finance 10,558 7,557 Rio Tinto 184 6,578 NCC 3,412 6,421 QinetiQ 2,566 6,137 Imagination Technologies Group 3,475 5,570 First Derivatives 157 4,955 Dotdigital Group 6,585 4,708 Horizon Discovery 2,700 4,447 Gresham Computing 2,489 4,333 Blancco Technology Group 1,644 4,241 Standard Chartered 456 3,499 Barclays 1,575 3,373 Chemring 1,693 3,215 Standard Life Aberdeen 775 3,059 Just Retirement Group 1,895 2,987 Merlin Entertainments 570 2,775 GlaxoSmithKline 158 2,492 Walker Greenbank 1,184 2,484 Ebiquity 2,216 2,475 Ascential 715 2,334 3i 310 2,182 TT Electronics 938 2,136 Spirent Communications 2,000 1,952 BP 420 1,924 British American Tobacco 35 1,657 Wandisco 500 1,647 Royal Dutch Shell 73 1,617 Experian 98 1,591 Alpha FX Group 323 1,582 YouGov 550 1,570 68

71 JOHCM European Select Values Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 70 Schedule of investments Transferable securities admitted to an official stock exchange listing 71 Other transferable securities 73 OTC financial derivative instruments 74 Derivatives: open foreign currency contracts 75 Geographic division of investments 76 Economic division of investments 77 Principal portfolio changes 78 69JOHCM European Select Values Fund

72 JOHCM European Select Values Fund Investment Management Report for the year ended 31 December 2017 Robrecht Wouters Senior Fund Manager 26 years industry experience Joined JOHCM in September 2003 Stock selection in healthcare (e.g. owning Grifols), consumer staples (e.g. owning Heineken) and industrials (Wolters Kluwer was the top performer) aided performance. Offsetting these positives was weakness in the portfolio s technology holdings (e.g. owning Nokia) and consumer discretionary names (e.g. owning Technicolor). Performance The JOHCM European Select Values Fund (the Fund ) returned 14.55%, net of fees and in sterling terms for the A share class, for the calendar year The MSCI Europe NR Index (12pm adjusted) returned 14.53% over the same period. Investment background With the eurozone economy enjoying increasing momentum over the year, corporate earnings climbing and market-friendly, pro-eu candidates prevailing at the polls in a number of closely-watched general elections across the continent, European equities benefited from a number of tailwinds in Gains were led by the materials, industrials, technology and financials sectors, with more subdued performance from the healthcare and telecommunications sectors. Politics took centre stage amid concern that the Dutch general election and French presidential election would produce further votes for populism in the wake of the Trump and Brexit votes of 2016 and see anti-eu candidates triumph. These fears were quashed by the re-election of the Liberal party in the Dutch general election and an ultimately convincing win for pro-eu candidate Macron over Marine Le Pen of the Front National in the French presidential contest. Such was the magnitude of the tailwinds in 2017 that the index enjoyed a run of monthly gains that only came to a halt in June. Returns for the asset class were more lacklustre over the second half of the year, although economic momentum across Europe remained strong, reflected in growing business and consumer confidence, although monetary policy remained highly accommodative. Fund review The portfolio performed in line with the index over the calendar year, aided by good stock picking. The Fund s small cash balance and defensive put options were a headwind in strong market conditions. Technicolor, a French media technology company, suffered a poor start to the year following weak earnings reports and was the portfolio s worst overall performer in Nokia was hurt by disappointing third-quarter results and management s negative outlook for the telecom equipment industry in The value case remains intact and we used the market s overreaction to add to our position. Portfolio activity was relatively limited over the year. We purchased Metro AG (which later in the year split into Metro Wholesale & Foods and Ceconomy), Borr Drilling, Solocal and Aryzta. We also engaged in disciplined selling of stocks that had reached fair value (Swedish Match, Ageas, Forbo, Bekaert and SFR Group). Outlook In markets that are hovering around all-time highs, it is more important than ever to be valuation-disciplined, especially given that improving economic conditions and ultra-loose monetary policies will not co-exist forever. Helpfully, our existing investments offer significant aggregate upside potential, which enables us to be patient and opportunistic. Our assessment of the Fund s upside to its intrinsic value increased from 41% a year ago to 44% today, despite the index being almost 11% higher in euro terms. Our bottom-up investment strategy combines a classic value focus with a preference for quality (high return on reinvestment) companies, in both the large and smaller cap space. As an outcome of the process, the Fund has always been fairly defensively positioned, strategically underweight financials and commodity industries, and structurally overweight industries generating high returns on capital employed, such as consumer, media and technology Robrecht Wouters Senior Fund Manager 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. 70

73 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BELGIUM D'ieteren 1,507 EUR 45,275 50, ,275 50, CANADA Questerre Energy 23,432 CAD 8,679 12, ,679 12, DENMARK ALK-Abello 390 DKK 34,221 34, ,221 34, FINLAND Konecranes 982 EUR 17,518 33, Nokia 26,583 EUR 107,513 92, Wartsila 1,150 EUR 32,929 53, , , FRANCE Danone 1,896 EUR 91, , Imerys 682 EUR 33,155 47, JCDecaux 2,802 EUR 65,762 83, Lagardere 3,057 EUR 57,337 72, Pernod Ricard 388 EUR 28,209 45, Sanofi 634 EUR 38,642 40, Solocal Group 41,298 EUR 41,791 30, Technicolor 21,073 EUR 68,433 53, Vivendi 4,943 EUR 67,924 98, , , GERMANY Bayer 497 EUR 38,349 45, Biotest 1,031 EUR 21,669 20, Biotest Vorzugsaktien 1,907 EUR 27,105 33, CECONOMY 7,759 EUR 62,763 86, Henkel 386 EUR 20,962 34, METRO 10,055 EUR 177, , SAP 626 EUR 27,865 51, ThyssenKrupp 4,617 EUR 80,658 98, , ,

74 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Coats Group 54,402 GBP 16,356 48, Liberty Global - Class A 631 USD 14,717 16, Liberty Global - Class C 6,281 USD 137, , Pearson 7,208 GBP 63,527 52, Reed Elsevier 2,539 GBP 20,956 43, Rolls-Royce Holdings 10,255 GBP 75,166 87, Royal Dutch Shell 2,113 GBP 34,824 52, , , ITALY SOL 5,154 EUR 27,829 48, ,829 48, NETHERLANDS Akzo Nobel 1,284 EUR 71,683 83, ASM International 732 EUR 16,090 36, Corbion 2,929 EUR 40,482 70, Heineken Holding 1,358 EUR 58,899 99, SBM Offshore 10,301 EUR 98, , Sligro Food 1,530 EUR 38,586 54, Wolters Kluwer 3,035 EUR 57, , , , SPAIN Acerinox 5,913 EUR 46,909 62, Grifols 4,014 EUR 61,557 87, Laboratorios Farmaceuticos Rovi 2,733 EUR 30,418 38, , , SWITZERLAND Aryzta 1,712 CHF 44,878 49, Burckhardt Compression Holding 211 CHF 47,659 50, , , UNITED STATES Oracle 3,756 USD 99, , , , Transferable securities admitted to an official stock exchange listing 2,298,718 2,911,

75 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BERMUDA Borr Drilling 7,915 NOK 24,008 24, ,008 24, GREAT BRITAIN Rolls-Royce Holdings 471,738 GBP Other transferable securities 24,480 25, Investment in Transferable securities 2,323,198 2,936,

76 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 C) OTC financial derivative instruments Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets Options UNITED STATES Put Russell 2000 Index 28/02/ USD 2, Put Russell 2000 Index 29/03/ USD 1,773 1, Put Russell 2000 Index 29/12/ USD 1, Put Russell 2000 Index 29/12/ USD 1, Put Russell 2000 Index 31/01/ USD 2, ,868 3, Options 10,868 3, Contracts for Difference CAYMAN ISLANDS ASM Pacific Technology (828) HKD (8,442) (196) (0.01) (8,442) (196) (0.01) NETHERLANDS ASM International 157 EUR 7, , Contracts for Difference (695) (114) (0.01) Total quoted securities - investments 2,333,371 2,939,

77 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 Open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg EUR 235 GBP (209) RBC Investor Services Luxembourg EUR 10 GBP (9) RBC Investor Services Luxembourg GBP 690 EUR (778) RBC Investor Services Luxembourg GBP 18,656 EUR (21,026) (4) RBC Investor Services Luxembourg EUR 62 GBP (55) RBC Investor Services Luxembourg GBP 600 EUR (676) (1) RBC Investor Services Luxembourg GBP 69 EUR (78) - - Total as at 31 December 2017 Total as at 31 December 2016 (5) - (7) - 75

78 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 Netherlands France Germany Great Britain Spain Finland United States Switzerland Belgium Italy Denmark Bermuda Canada Cayman Islands (0.01) (0.02) Sweden Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 88.10% (2016: 89.18%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 76

79 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Food and distilleries Graphic art and publishing News transmission Internet software Petrol Chemicals Mines and heavy machinery Tobacco and spirits Biotechnology Mechanics and machinery Pharmaceuticals and cosmetics Holding and finance companies Electronic semiconductor Aerospace technology Automobile industry Retail Construction and building materials Consumer goods Public services Miscellaneous Non-ferrous metals Banks and financial institutions Total investments Open foreign exchange forward contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

80 JOHCM European Select Values Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES CECONOMY 9, ,099 METRO 10, ,147 ThyssenKrupp 3,015 59,581 Liberty Global - Class C 2,248 53,026 Akzo Nobel ,455 Aryzta 1,712 44,878 Solocal Group 41,298 41,791 Technicolor 11,140 33,163 Oracle ,253 Vivendi 1,969 29,275 Nokia 7,069 27,346 Borr Drilling 7,915 24,008 SBM Offshore 1,818 22,297 Acerinox 1,853 18,875 Biotest ,690 D'ieteren ,971 Danone ,312 Pearson 2,331 15,097 JCDecaux ,724 Rolls-Royce Holdings 1,522 11,848 SFR Group ,100 SALES SFR Group 2,768 87,001 Pernod Ricard ,955 Wolters Kluwer 1,131 41,546 NV Bekaert 1,008 39,706 Akzo Nobel ,555 Ageas ,141 Swedish Match 1,135 29,083 Nokia 6,009 28,834 SAP ,094 Coats Group 34,681 25,830 ThyssenKrupp 1,082 23,550 Wartsila ,254 Forbo Holding 20 22,957 Oracle ,123 Heineken Holding ,090 CECONOMY 1,811 18,682 Grifols ,639 Danone ,070 Vivendi ,899 JCDecaux ,129 SBM Offshore ,602 Pearson 1,580 11,240 78

81 JOHCM Japan Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 80 Schedule of investments Transferable securities admitted to an official stock exchange listing 82 Derivatives: open foreign currency contracts 84 Geographic division of investments 85 Economic division of investments 86 Principal portfolio changes 87 79JOHCM Japan Fund

82 JOHCM Japan Fund Investment Management Report for the year ended 31 December 2017 Scott McGlashan Senior Fund Manager 40 years industry experience Joined JOHCM in April 2004 Ruth Nash Senior Fund Manager 31 years industry experience joined JOHCM in April 2005 Performance The JOHCM Japan Fund (the Fund) returned 16.91%, net of fees and in sterling terms for the A share class, for the calendar year Over the same period the Topix Total Return Index (12pm adjusted) returned 15.69% in sterling terms. Investment background Once associated with serial disappointment and unremitting pessimism, there were abundant reasons to be cheerful about the Japanese economy and Japanese equities in An early positive tone was struck by a 23-year low in the unemployment rate, robust quarter one Gross Domestic Product ( GDP ) numbers and company results for the year to March 2017 that were generally ahead of expectations. This economic momentum continued largely unchecked through the course of the year. With compelling valuations and strong corporate earnings already providing fertile ground for a stock market rally, political developments gave further cause for investor optimism. Prime Minister Abe s decision to call an early general election in October was rewarded with a renewed mandate for the package of reflationary policies dubbed Abenomics. Heading into the year end, the Bank of Japan s quarterly Tankan survey of corporate sentiment showed continued improvement in companies profit forecasts and rising concerns about shortages of both labour and productive capacity. The scene is set for inflation to return in The Japanese market closed 2017 in buoyant mood, with the Topix Total Return index hitting levels not seen since Contrary to the widespread perception, this market strength was not a function of currency weakness; the yen traded in a range over the year. Fund review Despite the relative success of growth versus value stocks in 2017, our value-oriented approach was able to beat the index. The Fund s outperformance over the year was underpinned by strong stock selection within the construction, transport & communications, real estate and finance & insurance sectors. Individual stocks of note included machinery producer Minebea Mitsumi, which raised its forecasts and boosted its dividend, construction company Kyowa Exeo, which announced strong earnings and revised up its full-year profit forecasts and chemicals manufacturer Denka. All three companies contributed materially over These positives more than offset weaker performances from Japan Excellent and INES Corporation. Sector exposure was a headwind, principally because of our overweight exposure to the real estate and finance & insurance sectors; we remain favourably disposed to both. Looking at financials, we own regional banks, where loan growth is strong, particularly in consumer loans, yet they are ridiculously cheap. We also like second-tier brokers, which are benefiting from changes in investing habits in Japan and offer very high dividend yields. Turning to portfolio activity, the most recent portfolio activity included establishing a position in Tokyu Construction, a member of the Tokyu railway group, following a visit to the company. Its order book looks strong for the next 10 years and we felt that its valuation (eight times earnings with a dividend yield of 2.5%) was very attractive. 80

83 JOHCM Japan Fund Investment Management Report continued Outlook Never in our investment careers has the backdrop to the market been more favourable. Valuations are low, corporate earnings growth is spectacular, the economy is strong, fiscal and monetary policy are supportive, shareholder returns are improving and now there is also political stability. There is no longer any reason for investors to ignore Japan. We expect 2018 to be the year in which the equity market finally begins to accept that the improvements seen over the past five years are not temporary. Scott McGlashan Senior Fund Manager Ruth Nash Senior Fund Manager 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. 81

84 JOHCM Japan Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Aida Engineering 825 JPY 4,712 7, Airport Facilities 875 JPY 4,140 3, Alps Electric 345 JPY 7,119 7, Casio Computer 550 JPY 6,441 5, Concordia Financial Group 3,850 JPY 14,268 17, Daibiru 1,100 JPY 8,206 10, DCM Holdings 700 JPY 4,858 4, Denka 444 JPY 7,283 13, Fujikura 1,450 JPY 6,094 9, Fukuoka Financial 4,200 JPY 13,803 17, H2O Retailing 700 JPY 8,087 10, Hitachi 1,750 JPY 7,020 10, Hitachi High-Technologies 300 JPY 6,791 9, Hitachi Metals 900 JPY 9,282 9, Hokuhoku Financial Group 650 JPY 8,303 7, IBJ Leasing 675 JPY 11,064 12, Ichiyoshi Securities 725 JPY 5,969 6, Iino Kaiun Kaisha 1,925 JPY 6,931 8, Inaba Denki Sangyo 145 JPY 2,775 5, Ines 520 JPY 2,845 3, J Front Retailing 750 JPY 7,051 10, Japan Airlines 265 JPY 6,248 7, Japan Excellent 11 JPY 8,795 9, Keisei Electric Railway 580 JPY 9,483 13, Komori 530 JPY 5,066 5, Kurabo Industries 2,150 JPY 2,575 5, Kyokuto Kaihatsu Kogyo 485 JPY 4,181 6, Kyowa Exeo 775 JPY 6,644 14, Maeda 1,380 JPY 7,237 14, Mimasu Semiconductor Industry 650 JPY 6,588 9, Minebea 720 JPY 5,472 11, Mitsui 650 JPY 7,376 7, Nishi-Nippon Railroad 325 JPY 5,770 6, Nishio Rent All 250 JPY 4,628 6, Nisshinbo Holdings 760 JPY 4,542 7,

85 JOHCM Japan Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Nomura Real Estate Holdings 525 JPY 6,534 8, continued Oyo 140 JPY 1,304 1, Resorttrust 375 JPY 5,615 6, Sankyu 250 JPY 3,704 8, Seibu Holdings 1,000 JPY 13,688 14, Seino Holdings 650 JPY 4,262 7, Sekisui House 725 JPY 8,863 9, Seven & i Holdings 245 JPY 7,722 7, Shinmaywa Industries 1,400 JPY 7,464 9, Sumitomo Densetsu 315 JPY 2,830 4, Taiyo Holdings 300 JPY 6,816 9, Takeuchi Manufacturing 475 JPY 5,452 8, Tokai Tokyo Financial Holdings 2,650 JPY 10,551 12, Tokio Marine Holdings 500 JPY 15,853 16, Tokyo Rope Manufacturing 460 JPY 4,821 5, Tokyu 1,150 JPY 13,262 13, Tokyu Construction 675 JPY 4,998 4, Tokyu Fudosan Holdings 1,800 JPY 7,577 9, Toyobo 365 JPY 5,145 4, Toyota Industries 335 JPY 13,513 15, Tsubaki Nakashima 300 JPY 4,797 5, Yushin Precision Equipment 230 JPY 3,518 4, , , Transferable securities admitted to an official stock exchange listing 395, ,

86 JOHCM Japan Fund Schedule of investments as at 31 December 2017 B) OTC financial derivative instruments; Open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg JPY 1,753 GBP (12) RBC Investor Services Luxembourg JPY 16,991 GBP (112) RBC Investor Services Luxembourg JPY 23,258 GBP (153) (1) RBC Investor Services Luxembourg JPY 1,563 GBP (10) RBC Investor Services Luxembourg GBP 127,437 JPY (19,336,004) RBC Investor Services Luxembourg GBP 47,563 JPY (7,216,704) Total as at 31 December Total as at 31 December

87 JOHCM Japan Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 Japan Total investments Open foreign currency contracts Total investments at fair value through profit or loss Other net assets/(liabilities) Total net assets attributable to redeemable participating shareholders

88 JOHCM Japan Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Holding and finance companies Transportation Mechanics and machinery Construction and building materials Banks and financial institutions Real estate companies Electronic semiconductor Electronics and electrical equipment Automobile industry Chemicals Textile Non-ferrous metals Business houses Retail Other services Leisure Mines and heavy industries Internet software News transmission Total investments Open foreign currency contracts Total investments at fair value through profit or loss Other net asset/(liabilities) Total net assets attributable to redeemable participating shareholders

89 JOHCM Japan Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Tokyu 2,400 14,708 Toyota Industries ,501 Seibu Holdings 1,000 13,688 Sumitomo Mitsui Financial 270 8,677 Hokuhoku Financial Group 650 8,303 Canon 340 8,186 Alps Electric 395 8,144 Seven & i Holdings 245 7,722 Fuji Heavy Industries 270 7,556 Mitsui 650 7,376 Japan Airlines 300 7,068 Casio Computer 550 6,441 Mimasu Semiconductor Industry 520 6,401 Seiko Epson 400 6,355 Nissan Motor 750 5,813 Nishi-Nippon Railroad 1,525 5,770 Hitachi High-Technologies 185 5,612 Komori 550 5,255 Toyobo 365 5,145 Tsubaki Nakashima 320 5,117 Japan Excellent 6 5,056 Tokyu Construction 675 4,998 DCM Holdings 700 4,858 Sekisui House 340 4,451 Toray Industries 625 4,371 Concordia Financial Group 1,100 4,140 Keisei Electric Railway 190 3,704 H2O Retailing 260 3,544 Kyowa Exeo 300 3,540 Tokio Marine Holdings 110 3,529 Denka 730 3,496 Fukuoka Financial 950 3,479 Daibiru 350 2,834 J Front Retailing 250 2,725 SALES Honda Motor ,503 Omron 255 9,923 Canon 340 8,666 Sumitomo Mitsui Trust Holdings 300 8,272 Sumitomo Mitsui Financial 270 8,205 Seino Holdings 875 8,028 Seiko Epson 400 7,499 Fuji Heavy Industries 270 6,811 Yamato Kogyo 350 6,736 Nippon Steel & Sumitomo Metal 350 6,682 Maeda 660 6,361 Hitachi 1,375 6,350 Aoyama Trading 225 6,286 Aida Engineering 750 5,957 Tokai Tokyo Financial Holdings 1,300 5,834 Casio Computer 550 5,747 Minebea 455 5,667 Nissan Motor 750 5,516 Kawasaki Heavy Industries 2,100 5,409 Yamada Denki 1,200 4,898 Marusan Securities 775 4,805 Tokyo Dome 575 4,657 Shinmaywa Industries 550 4,432 Doshisha 300 4,421 Ines 580 4,234 Oiles 310 4,233 Kyowa Exeo 260 4,219 Japan Securities Finance 1,000 4,058 Toray Industries 625 4,006 Mitsui-Soko Holdings 1,800 3,869 IBJ Leasing 200 3,815 Denka 626 3,549 Mimasu Semiconductor Industry 270 3,367 Oyo 315 3,139 Yushin Precision Equipment 140 3,085 Fujikura 450 2,865 Hitachi High-Technologies 85 2,662 CONEXIO 250 2,619 87

90 88

91 JOHCM Global Select Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 90 Schedule of investments Transferable securities admitted to an official stock exchange listing 91 Derivatives: open foreign currency contracts 93 Geographic division of investments 94 Economic division of investments 95 Principal portfolio changes 96 89JOHCM Global Select Fund

92 JOHCM Global Select Fund Investment Management Report for the year ended 31 December 2017 Christopher Lees, CFA Senior Fund Manager 26 years industry experience Joined JOHCM in September 2008 Nudgem Richyal, CFA Senior Fund Manager 18 years industry experience Joined JOHCM in September 2008 Performance The JOHCM Global Select Fund (the Fund ) returned 14.59% in sterling terms, net of fees for the A share class, in Over the same period the MSCI AC World NR (12pm adjusted) returned 13.02%. Investment background It was an excellent year for global stock markets by almost any measure. Equities were buoyed by synchronised economic strength across the world as the US, European, Japanese and Asian economies all experienced decent momentum. Technology and materials were the leading sectors, the latter boosted by a recovery in commodity prices. Fund review We outperformed the index over 2017 with sector allocation and stock selection both contributing positively. By sector, our technology and materials overweights were beneficial. Our holdings within the financials and consumer staples sectors also performed well, offsetting weakness in the industrials sector. The top performer for the year was Alcoa, which reported good results and was helped by higher aluminium prices. In the technology sector, our semiconductor holdings Micron Technology and Infineon Technologies raised earnings forecasts. Elsewhere, we correctly bought into the post-trump China-bashing dip in Alibaba, so enjoyed its recovery. Turning to the laggards, Teck Resources hindered relative performance. We sold our position in the Canadian materials company after it significantly lowered future earnings and cash flow guidance. Portfolio activity included adding two very interesting idiosyncratic Japanese stocks. Renesas Electronics, a leading global semiconductor company and PeptiDream, a unique patented drug discovery platform. We also added Momo, a fast-growing Chinese social media company and SBI Holdings, a fast-growing and attractively valued financial services company providing online brokerage services, investment banking, and venture capital FinTech investments. Sales over the year included Teck Resources, Tencent, Cyberark, Nomura, Vestas, Hecla and CRH. Outlook Most bull markets end with a mania somewhere (e.g. negative rates in fixed income) and we think equity markets are now in the mania part of their cycle (e.g. stocks doubling when they add bitcoin or blockchain to their name). Within the confines of our disciplined and distinct four-dimensional investment process, we will participate where we can, barbelled with some cash and non-traditional defensives. Enjoy the sunshine but carry an umbrella. We see equity markets rotating between three main scenarios in the foreseeable future and have tried to position the portfolio accordingly: Scenario 1: More of the same as seen in 2017 i.e. technology sector market leadership is less likely, although in hindsight we recognise we started selling too early. Scenario 2: Changing market leadership to the value/ cyclical/commodity sectors is more likely, with materials and Japan our favourite areas. Scenario 3: Market correction - you never know which snowflake causes the avalanche. We remain focused on finding interesting idiosyncratic stocks (i.e. relatively low correlation to sector or country) as we think the macro positives will probably peak sometime later this year, with earnings growth rates decelerating and interest rates rising. They are also less affected by the highly correlated passive/etf/macro-driven global investment flows that dominate today s global investment environment. Christopher Lees Senior Fund Manager 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. 90

93 JOHCM Global Select Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets AUSTRALIA Newcrest Mining 3,540 AUD 25,688 46, South32 28,198 AUD 25,196 56, , , BERMUDA IHS Markit 1,489 USD 37,384 49, Lazard 1,274 USD 40,595 49, ,979 99, BRAZIL B3 SA - Brasil Bolsa Balcao 9,491 BRL 29,099 48, ,099 48, CANADA First Quantum Minerals 5,237 CAD 38,835 55, ,835 55, CAYMAN ISLANDS Alibaba Group Holding 357 USD 26,312 45, Momo 1,707 USD 50,579 31, ,891 77, FRANCE Total 1,137 EUR 36,376 46, ,376 46, GERMANY Infineon Technologies 2,558 EUR 33,586 52, SAP 570 EUR 27,781 47, Siemens 462 EUR 33,682 47, , , GREAT BRITAIN BHP Billiton 3,302 GBP 29,176 49, Rio Tinto 1,342 GBP 30,000 52, , , HONG KONG Hong Kong Exchanges and Clearing 2,396 HKD 40,457 54, ,457 54, IRELAND Accenture 450 USD 32,144 51, ,144 51, JAPAN Kao 1,011 JPY 36,533 50,

94 JOHCM Global Select Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets Mitsui 3,889 JPY 44,631 46, Nippon Telegraph & Telephone 1,267 JPY 35,502 44, NTT DOCOMO 2,516 JPY 31,914 44, PeptiDream 1,855 JPY 42,088 47, Renesas Electronics 5,438 JPY 41,142 46, SBI Holdings Inc/Japan 3,534 JPY 45,730 54, , , NEW ZEALAND a2 Milk 11,123 AUD 38,202 47, ,202 47, SOUTH KOREA NAVER 85 KRW 46,664 51, ,664 51, UNITED STATES Alcoa 1,594 USD 34,228 63, Alphabet 62 USD 19,004 47, Cboe Global Markets 562 USD 26,169 51, Citrix Systems 751 USD 40,611 49, CME Group 426 USD 27,369 46, E*TRADE Financial 1,476 USD 42,979 54, Facebook 348 USD 19,920 45, Freeport-McMoRan 4,220 USD 51,130 60, Intercontinental Exchange 914 USD 30,753 47, Intuit 426 USD 36,821 50, Micron Technology 1,490 USD 27,177 46, Microsoft 817 USD 29,327 51, Nasdaq 861 USD 33,289 48, NextEra Energy 397 USD 32,837 45, Oracle 1,295 USD 37,655 45, Raymond James Financial 704 USD 42,333 46, TD Ameritrade Holding 1,313 USD 48,541 50, , , Transferable securities admitted to an official stock exchange listing 1,479,439 2,071,

95 JOHCM Global Select Fund Schedule of investments as at 31 December 2017 B) OTC financial derivative instruments: Open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD - GBP RBC Investor Services Luxembourg USD 221 EUR (185) (1) RBC Investor Services Luxembourg USD 5 EUR (4) RBC Investor Services Luxembourg EUR 443 USD (529) RBC Investor Services Luxembourg GBP 2 USD (3) RBC Investor Services Luxembourg USD - GBP Total as at 31 December Total as at 31 December 2016 (57) - 93

96 JOHCM Global Select Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 United States Japan Germany Australia Great Britain Bermuda Cayman Islands Canada Hong Kong South Korea Ireland Brazil New Zealand France Netherlands Israel Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 15.17% (2016: 21.08%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 94

97 JOHCM Global Select Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Holding and finance companies Internet software Mines and heavy industries Electronic semiconductor Precious metals Banks and financial institutions Pharmaceuticals and cosmetics Other services News transmission Non-ferrous metals Electronics and electrical equipment Consumer goods Business houses Petrol Public services Construction and building material Retail Food and distilleries Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

98 JOHCM Global Select Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Freeport-McMoRan 4,756 57,633 Teck Resources 2,829 55,042 TD Ameritrade Holding 1,440 53,212 E*TRADE Financial 1,753 51,057 Momo 1,707 50,579 Raymond James Financial ,497 Vestas Wind Systems ,209 Micron Technology 2,547 46,461 PeptiDream 2,027 45,973 SBI Holdings Inc/Japan 3,534 45,730 Renesas Electronics 5,438 41,142 a2 Milk 11,123 38,202 Nomura Holdings 6,736 33,952 US Silica Holdings ,051 Citrix Systems ,873 HeidelbergCement ,355 First Quantum Minerals 1,289 11,289 LogMeIn 121 9,534 South32 3,308 5,224 Total 114 4,621 PURCHASES Arconic 3,076 55,947 POSCO ,618 Tencent Holdings 2,130 54,635 Danone ,251 Canadian Natural Resources 1,876 48,155 HeidelbergCement ,759 Walgreens Boots Alliance ,544 CRH 1,664 46,021 Occidental Petroleum ,109 Koninklijke Ahold Delhaize 2,624 44,672 McCormick & Co ,346 International Flavors & Fragrances ,035 Taiheiyo Cement 16,841 43,681 US Silica Holdings 1,438 42,508 Nomura Holdings 9,086 37,125 CyberArk Software 1,177 36,716 Teck Resources 2,829 33,808 Vestas Wind Systems ,664 Hecla Mining 9,641 30,825 Alibaba Group Holding ,493 Micron Technology 1,057 28,085 Infineon Technologies ,900 B3 SA - Brasil Bolsa Balcao 3,196 15,888 Cboe Global Markets ,771 Alphabet 20 14,333 Facebook ,079 Oracle ,830 Intuit ,701 96

99 JOHCM Emerging Markets Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 98 Schedule of investments Transferable securities admitted to an official stock exchange listing 99 Other transferable securities 103 Derivatives: open foreign currency contracts 103 Geographic division of investments 104 Economic division of investments 105 Principal portfolio changes JOHCM Emerging Markets Fund

100 JOHCM Emerging Markets Fund Investment Management Report for the year ended 31 December 2017 Emery Brewer Senior Fund Manager 25 years industry experience Joined JOHCM in March 2010 Dr Ivo Kovachev Senior Fund Manager 24 years industry experience Joined JOHCM in March 2010 Performance The JOHCM Emerging Markets Fund (the Fund ) returned 24.12%, net of fees and in sterling terms for the A share class, in the calendar year Over the same period the MSCI Emerging Markets NR Index (12pm adjusted) returned 25.15%. Investment background Emerging market equities rose sharply in Driving a powerful showing for the asset class was a wider synchronised global economic uptick as the US, European, Asian and Japanese economies all enjoyed growing momentum, strength in the commodities markets and a weaker US dollar. The best-performing markets over the year were China, Poland and South Korea, but most countries within the MSCI Emerging Markets index benchmark Malaysia was a notable exception achieved sizeable gains. Fund review The portfolio marginally underperformed the benchmark for the year but we saw strong showings from our technology names Sunny Optical and Nanya Technology. Pneumatic equipment supplier Airtac International was also among the top performers. Not owning scandal-hit South African-listed retailer Steinhoff contributed to relative performance as well; avoiding catastrophes like that is always important to performance.china Taiping Insurance also contributed positively as the Chinese 10-year government bond yield continued to increase. In addition, a new asset management rule was introduced in China which terminated the implicit guarantee of bank wealth management products (the implication being that inflows would go instead into insurance products). On the negative side, our underweight position in Tencent was the only material hindrance to relative performance as the company enjoyed a steady share price rise throughout Elsewhere, not owning Ping An Insurance also hurt relative performance as the Chinese insurance company benefited from a government crackdown some of its competitors. It may be tempting to call the bottom of the US dollar. More than a year ago, in December 2016, we successfully called the top of the dollar, which provided additional impetus to our bullish stance on emerging markets. An eventual dollar rebound now, however, should only provide a healthy correction (at most), given the synchronous recovery in global growth currently under way, which should serve emerging markets economies well. Emerging market equities have performed well since the start of 2016 and the asset class has re-rated, but we continue to find very attractive opportunities. For all the latest talk of trade wars, we would suggest that current economic fundamentals, particularly in emerging markets, should continue to provide very solid support for the equity markets. Emery Brewer Senior Fund Manager Dr Ivo Kovachev Senior Fund Manager 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. 98

101 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets ARGENTINA YPF 10 USD AUSTRIA Erste Group Bank 11 EUR BERMUDA Credicorp 1 USD BRAZIL Arezzo Industria e Comercio 11 BRL Banco Bradesco 45 USD Cia Brasileira de Distribuicao 25 USD Kroton Educacional 27 BRL Lojas Renner 27 BRL Magazine Luiza 13 BRL Petrobras Distribuidora 40 BRL Qualicorp 12 BRL Randon SA Implementos e Participacoes 107 BRL Vale 39 USD ,025 2, CANADA Pan American Silver 8 USD Parex Resources 26 CAD CAYMAN ISLANDS Airtac International 30 TWD Alibaba Group Holding 7 USD ANTA Sports Products 131 HKD Baidu 1 USD China Conch Venture Holdings 83 HKD ENN Energy Holdings 41 HKD Hengan International Group 45 HKD JD.com 6 USD Sunny Optical Technology 16 HKD Tencent Holdings 29 HKD 479 1, Xinyi Glass Holdings 238 HKD ,839 4,

102 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets CHILE Empresas COPEC 13 CLP CHINA Angang Steel 457 HKD China Life Insurance 169 HKD China Vanke 124 HKD CITIC Securities 90 HKD Guangzhou Automobile Group 170 HKD Industrial & Commercial Bank of China 1,474 HKD ZTE 69 HKD ,266 2, GREAT BRITAIN Anglo American 22 ZAR KAZ Minerals 35 GBP HONG KONG China Mobile 19 HKD China Taiping Insurance Holdings 85 HKD CNOOC 503 HKD Galaxy Entertainment Group 95 HKD ,149 1, INDIA Adani Ports & Special Economic Zone 73 INR Axis Bank 57 INR Bharat Forge 50 INR Hero MotoCorp 4 INR ICICI Bank 135 INR Indiabulls Housing Finance 11 INR Mahindra & Mahindra Financial Services 60 INR NCC 194 INR Sobha 31 INR Zee Entertainment Enterprises 33 INR ,689 3,

103 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets INDONESIA Bank Rakyat Indonesia Persero 2,380 IDR United Tractors 173 IDR JERSEY Wizz Air Holdings 7 GBP MEXICO Grupo Financiero Banorte 31 MXN Wal-Mart de Mexico 189 MXN NETHERLANDS X5 Retail 9 USD Yandex 15 USD NORWAY Yara International ASA 3 NOK POLAND Dino Polska 7 PLN Powszechna Kasa Oszczednosci Bank Polski 45 PLN Powszechny Zaklad Ubezpieczen 19 PLN RUSSIA Lukoil 11 USD Sberbank of Russia 49 USD , SOUTH AFRICA Aspen Pharmacare Holdings 11 ZAR Discovery 29 ZAR Foschini Group 24 ZAR Gold Fields 22 USD Naspers 3 ZAR Standard Bank Group 13 ZAR ,226 1,

104 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA CJ CheilJedang 1 KRW Hana Financial Group 7 KRW Hana Tour Service 2 KRW Hanon Systems 31 KRW Hyundai Mipo Dockyard 1 KRW ING Life Insurance Korea 4 KRW LG 6 KRW LG Household & Health Care 1 KRW Mando 2 KRW POSCO 2 KRW Samsung Electronics 1 KRW 598 1, SK Hynix 4 KRW ,947 4, TAIWAN Cathay Financial Holding 385 TWD Cub Elecparts 7 TWD FLEXium Interconnect 46 TWD Gigabyte Technology 102 TWD Hon Hai Precision Industry 58 TWD MediaTek 30 TWD Merry Electronics 22 TWD Nanya Technology 160 TWD Taiwan Semiconductor Manufacturing 31 USD ,101 2, THAILAND Beauty Community 409 THB Kasikornbank 86 THB Muangthai Leasing 141 THB TURKEY Turkcell Iletisim Hizmetleri 150 TRY Transferable securities admitted to an official stock exchange listing 23,273 29,

105 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA CJ O Shopping 0 KRW Seoul Semiconductor 10 KRW TAIWAN Kingpak Technology 33 TWD Other transferable securities Investments in Transferable securities 23,734 29, C) OTC financial derivative instruments: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD - GBP RBC Investor Services Luxembourg GBP - USD RBC Investor Services Luxembourg ZAR 124 USD (10) RBC Investor Services Luxembourg ZAR 97 USD (8) RBC Investor Services Luxembourg ZAR 97 USD (8) RBC Dublin BRL 66 USD (20) RBC Investor Services Luxembourg THB 7 USD RBC Investor Services Luxembourg PLN 31 USD (9) RBC Investor Services Luxembourg ZAR 137 USD (11) RBC Investor Services Luxembourg ZAR 65 USD (5) RBC Investor Services Luxembourg ZAR 118 USD (10) RBC Investor Services Luxembourg ZAR 133 USD (11) RBC Investor Services Luxembourg THB 1 USD Total as at 31 December 2017 Total as at 31 December

106 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 Cayman Islands South Korea India Taiwan China Brazil South Africa Hong Kong Russia Indonesia Thailand Poland Great Britain Netherlands Mexico Turkey Canada Austria Jersey Bermuda Argentina Chile Norway Hungary Portugal Czech United States United Arab Emirates Mauritius Islands Italy Malaysia Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 8.21% (2016: 12.58%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 104

107 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Banks and financial institutions Electronic semiconductor Holding and finance companies Retail Petrol Graphic art and publishing Automobile industry Mines and heavy machinery Pharmaceuticals and cosmetics Insurance Other services Mechanics and machinery News transmission Electronics and electrical equipment Leisure Transportation Construction and building materials Internet software Textile Public services Photography and optics Real estate companies Non-ferrous metals Precious metals Mortgage and funding institutions Food and distilleriesd Office equipment and computers Consumer goods Healthcare education and social services Agriculture and fishing Tires and rubber Tobacco and spirits Chemicals Miscellaneous Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

108 JOHCM Emerging Markets Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES China Overseas Land & Investment ICICI Bank Cathay Financial Holding Turkcell Iletisim Hizmetleri China Life Insurance LG Household & Health Care Cia Brasileira de Distribuicao CNOOC Hero MotoCorp Powszechna Kasa Oszczednosci Bank Polski United Tractors Yandex Kasikornbank LG Bharat Forge Adani Ports & Special Economic Zone YPF Bank Rakyat Indonesia Persero 2, CITIC Securities Alibaba Group Holding SALES Telekomunikasi Indonesia Persero 2, SK Hynix China Overseas Land & Investment Cathay Financial Holding Shinhan Financial PetroChina Grupo Financiero Banorte China Taiping Insurance Holdings Cemex Advanced Semiconductor Engineering Richter Gedeon X5 Retail CITIC Securities Sberbank of Russia E-MART Hon Hai Precision Industry Telefonica Brasil Siam Commercial Bank Jeronimo Martins NAVER Gerdau Nedbank Group Erste Group Bank Taiwan Semiconductor Manufacturing Bank Rakyat Indonesia Persero

109 JOHCM Global Emerging Markets Opportunities Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 108 Schedule of investments Transferable securities admitted to an official stock exchange listing 110 Other transferable securities 112 Derivatives: open foreign currency contracts 112 Geographic division of investments 113 Economic division of investments 114 Principal portfolio changes 115 JOHCM Global Emerging Markets Opportunities Fund 107

110 JOHCM Global Emerging Markets Opportunities Fund Investment Management Report for the year ended 31 December 2017 James Syme, CFA Senior Fund Manager 22 years industry experience Joined JOHCM in May 2011 Paul Wimbourne Senior Fund Manager 18 years industry experience Joined JOHCM in April 2011 Performance The JOHCM Global Emerging Markets Opportunities Fund (the Fund ) returned 28.23%, net of fees and in sterling terms for the A share class, in Over the same period the MSCI Emerging Markets NR Index (12pm adjusted) returned 25.15%. Investment background Emerging market equities rose sharply in Driving a powerful showing for the asset class was a wider synchronised global economic uptick as the US, European, Asian and Japanese economies all enjoyed growing momentum, strength in the commodities markets and a weaker US dollar. The best-performing markets over the year were China, Poland and South Korea, but most countries within the MSCI Emerging Markets index benchmark Malaysia was a notable exception achieved sizeable gains. Fund review Our assertively top-down investment process means country allocation decisions typically drive the portfolio s performance. In 2017, however, it was stock selection within South Africa, South Korea, India and Taiwan that largely accounted for the Fund s outperformance, more than offsetting weakness in our Brazilian and Chinese names. The portfolio s top performer over the year was Naspers. The South African media conglomerate continues to reap the rewards of some shrewd investments in internet businesses in other emerging markets. One of these is China s Tencent, a company with a business model that we feel is one of the strongest in the world but which we sold out in 2017 on the grounds of its elevated valuation. Naspers trades at a deep discount to its underlying net asset value; in fact, Naspers trades at a discount to its stake in Tencent alone. We regard it as undervalued, offering an exciting portfolio of assets other than Tencent, as well as representing a cheap and defensive way to have exposure to Tencent. By country, our overweight position in Korea proved helpful. We find the stable currency, attractive equity market valuations and powerful corporate governance reform prospects an enticing top-down story. In addition, the wide and liquid equity universe offers a good number of attractive bottom-up investments to access the countrylevel opportunity. Here, our holdings in SK Hynix and Samsung Electronics contributed significantly as prices of the dynamic random access memory (DRAM) chips they produce soared on strengthening demand. China was a less successful hunting ground in We were underweight China all year, moving heavily underweight in Q2 on concerns that the economy would slow with monetary tightening. Late in the year we reduced our exposure to surging Chinese internet stocks on valuation grounds. Both our underweight position and stock picks (owning China Mobile and, as discussed above in the context of Naspers, selling out of Tencent) weighed on returns. Our long-standing significant underweight position in the Brazilian market proved helpful over The Brazilian economy continues to disappoint on growth while Brazilian equities have benefited from the market pricing in major and necessary reforms (e.g. raising the state pension age) that have yet to be implemented and will be hard to do so. Given the size of the fiscal deficit, government spending needs to be slashed but that will be politically tough to deliver. Brazilian equities look expensive relative to history while political risks remain elevated. While our underweight stance was helpful over the year, the one stock we own in this market, food producer BRF, sold off following negative earnings revisions. 108

111 JOHCM Global Emerging Markets Opportunities Fund Investment Management Report continued Outlook In terms of current positioning, our top-down approach currently leads us towards a strong preference for India, South Korea and Taiwan. We believe the Indian economy resembles a coiled spring waiting to be released. Whilst Indian equities are not cheap in an absolute sense, the premium they attract over the average for emerging markets is slightly below its normal level, and we feel that the very strong growth opportunity and the prospects for further reforms justify current valuations. We remain heavily overweight Indian equities, with a focus on domestic cyclical sectors including banks and autos companies. South Korean stocks are cheap for corporate governance, not geopolitical, reasons. Korean companies are rich in cash yet Korea has the lowest payout ratio of any major market in the world, because a lack of effective oversight allows company managers to simply hold cash back from shareholders. This is changing. The behaviour of corporate Korea and the related lack of dividends has become an increasing issue in Korean politics, as an ageing population needs income from its investments. We feel that both the Korean public s response to a recent corruption scandal, and the resulting election of a left-wing administration, will put huge pressure on Korean companies to reform, and that this will be the catalyst to unlock much of the hidden value in the Korean equity market. James Syme Senior Fund Manager Paul Wimbourne Senior Fund Manager 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. 109

112 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BERMUDA Haier Electronics 1,917 HKD 2,775 3, ,775 3, BRAZIL BRF 462 USD 4,353 3, BRF 325 BRL 3,758 2, ,111 6, CAYMAN Alibaba Group Holding 46 USD 3,026 5, ISLANDS China High Precision Automation 238 HKD China Resources Land 1,248 HKD 2,115 2, ENN Energy Holdings 1,245 HKD 5,177 6, Hengan International Group 1,460 HKD 9,115 11, Tingyi Cayman Islands Holding 3,223 HKD 3,914 4, Xinyi Solar Holdings 12,047 HKD 2,816 3, ,282 35, CHINA China Petroleum & Chemical 3,439 HKD 1,862 1, China Petroleum & Chemical 59 USD 2,869 3, PICC Property & Casualty 2,253 HKD 2,987 3, ,718 8, CZECH Komercni banka 106 CZK 3,159 3, ,159 3, HONG KONG China Mobile 414 HKD 3,326 3, China Mobile 282 USD 10,269 10, China Overseas Land & Investment 2,640 HKD 5,198 6, Lenovo 5,400 HKD 3,038 2, ,831 22, INDIA Apollo Tyres 2,082 INR 4,857 6, Axis Bank 791 INR 3,607 5, Container Corp Of India 216 INR 3,147 3, HDFC Bank 34 USD 1,288 2, ICICI Bank 1,312 USD 7,165 9, Info Edge India 233 INR 2,684 3, ITC 2,084 INR 5,123 6, Reliance Industries 34 USD

113 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets INDIA Reliance Industries 1,010 INR 6,529 10, continued Tata Motors 252 INR 1,174 1, Tata Motors 95 USD 1,991 2, Yes Bank 1,858 INR 4,211 6, ,188 59, JERSEY Randgold Resources 109 GBP 7,297 8, ,297 8, MEXICO Megacable Holdings 1,365 MXN 4,122 4, Wal-Mart de Mexico 3,812 MXN 6,847 6, ,969 10, RUSSIA Magnit 132 USD 3,502 2, MMC Norilsk Nickel 367 USD 3,938 5, Sberbank of Russia 590 USD 5,723 7, ,163 15, SOUTH AFRICA Naspers 114 ZAR 11,864 23, ,864 23, SOUTH KOREA Hyundai Motor 17 KRW 1,952 1, Hyundai Motor pref. 65 KRW 3,994 4, LG Household & Health Care 7 KRW 4,256 6, NAVER 7 KRW 3,178 4, S-1 66 KRW 4,575 4, Samsung Electronics 7 KRW 5,423 12, Samsung Electronics 20 USD 11,883 17, SK Hynix 175 KRW 5,147 9, Youngone 128 KRW 3,176 2, ,584 64, TAIWAN Cathay Financial Holding 5,872 TWD 6,024 7, Cleanaway 392 TWD 1,586 1, Fubon Financial Holding 4,389 TWD 4,772 5, Hon Hai Precision Industry 3,674 TWD 6,699 8, MediaTek 509 TWD 4,023 3, Mega Financial Holding 4,189 TWD 2,452 2, Primax Electronics 1,796 TWD 2,604 3,

114 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing (continued) Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets TAIWAN Shin Kong Financial Holding 15,738 TWD 3,216 4, continued Taiwan Semiconductor Manufacturing 746 TWD 2,040 4, Taiwan Semiconductor Manufacturing 76 USD 1,804 2, Tong Yang Industry 3,096 TWD 4,614 4, ,834 48, VIRGIN ISLANDS Lenta 378 USD 1,937 1, ,937 1, Transferable securities admitted to an official stock exchange listing 240, , B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA Com2uS 43 KRW 3,441 4, ,441 4, Other transferable securities 3,441 4, Investments in Transferable securities 244, , C) OTC financial derivative instruments: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD - GBP RBC Investor Services Luxembourg USD - GBP RBC Investor Services Luxembourg EUR 60 USD (71) RBC Investor Services Luxembourg GBP 21 USD (28) - - Total as at 31 December 2017 Total as at 31 December (1) - 112

115 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 South Korea India Taiwan Cayman Islands South Africa Hong Kong Russia Mexico China Jersey Brazil Bermuda Czech Virgin Islands Poland Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding for 31 December 2017 was 1.02 % (2016: 1.15%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 113

116 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Electronic semiconductor Banks and financial institutions Holding and finance companies Graphic art and publishing Pharmaceuticals and Cosmetics News Transmission Electronics and Electrical equipment Real estate companies Chemicals Other services Automobile industry Retail Internet software Precious metals Public Services Tires and Rubber Agriculture and fishing Tobacco and spirits Food and distilleries Non-ferrous metals Petrol Transportation Insurance Business houses Office equipment and computers Environmental services and recycling Photography and optics Mechanics and Machinery Miscellaneous Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

117 JOHCM Global Emerging Markets Opportunities Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Samsung Electronics 9 7,915 Wal-Mart de Mexico 3,812 6,847 Naspers 35 6,404 Hengan International Group 884 5,730 Sberbank of Russia 526 5,355 China Mobile 134 5,088 Tong Yang Industry 3,096 4,614 S ,575 Megacable Holdings 1,365 4,122 Tingyi Cayman Islands Holding 3,223 3,914 Primax Electronics 2,526 3,558 Magnit 132 3,502 Komercni banka 112 3,357 Apollo Tyres 1,146 3,186 Container Corp Of India 216 3,147 Fubon Financial Holding 2,473 3,123 PICC Property & Casualty 2,316 3,029 ENN Energy Holdings 587 2,943 ICICI Bank 411 2,776 Reliance Industries 634 2,716 Info Edge India 233 2,684 Tencent Holdings 110 2,326 MediaTek 288 2,298 Xinyi Solar Holdings 8,571 2,235 SK Hynix 41 2,176 BRF 242 2,156 Hon Hai Precision Industry 862 2,113 Lenta 378 1,937 China Mobile 237 1,936 China Petroleum & Chemical 3,439 1,862 China Petroleum & Chemical 35 1,855 Randgold Resources 27 1,830 Cathay Financial Holding 1,307 1,720 Taiwan Semiconductor Manufacturing 58 1,671 LG Household & Health Care 2 1,618 Yes Bank 429 1,529 ITC 504 1,489 Alibaba Group Holding 12 1,447 SALES Taiwan Semiconductor Manufacturing 321 9,097 Tencent Holdings 267 7,032 Alibaba Group Holding 58 6,968 Naspers 39 6,372 SK Hynix 145 6,219 Samsung Electronics 6 4,403 Hon Hai Precision Industry 1,368 3,611 Tata Motors 115 3,374 Haier Electronics 1,832 3,273 Novatek Microelectronics 987 2,987 MMC Norilsk Nickel 226 2,831 China Construction Bank 4,147 2,658 LG Household & Health Care 3 2,480 PICC Property & Casualty 1,941 2,450 Largan Precision 22 2,388 Reliance Industries 77 2,367 Yungtay Engineering 1,842 2,353 M Video 426 2,228 Eurocash 333 1,943 Sberbank of Russia 148 1,720 Cathay Financial Holding 1,039 1,335 ICICI Bank 192 1,281 Primax Electronics 730 1,208 St Shine Optical 69 1,116 Youngone 57 1,103 Randgold Resources 16 1,102 China Mobile 24 1,

118 116

119 JOHCM Asia ex-japan Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 118 Schedule of investments Transferable securities admitted to an official stock exchange listing 120 Derivatives: open foreign currency contracts 122 Geographic division of investments 123 Economic division of investments 124 Principal portfolio changes 125 JOHCM Asia ex-japan Fund 117

120 JOHCM Asia ex-japan Fund Investment Management Report for the year ended 31 December 2017 Samir Mehta, CFA Senior Fund Manager 26 years industry experience Joined JOHCM in May 2011 Performance The JOHCM Asia ex Japan Fund (the Fund ) returned 21.02%, net of fees and in sterling terms for the A share class, in the calendar year Over the same period the MSCI AC Asia ex Japan NR Index (12pm adjusted) returned 29.16%. Investment background A weak US dollar and strong regional and global economic growth underpinned the sharp rally in Asian equities in With the exception of poor-performing Pakistan market, a tiny weighting within the index, every other country in the benchmark recorded large double-digit gains. Leading the pack was China/Hong Kong, with South Korean equities also making sizeable advances. The asset class had a good start to the year, rebounding from the sell-off in the last quarter of Investors shrugged off tensions in the Korean peninsula and fading optimism in the Trump reflation trade as investor optimism surrounding corporate earnings, a synchronised global economic recovery and a benign inflation backdrop pushed markets higher. China posted stronger-than-expected first quarter real GDP growth of 6.9% and fear of capital flight receded as the country recorded capital inflows. In the second quarter, Moon Jae-In s win in the South Korean presidential election raised hopes of better relations with China and the easing of tensions in the Korean peninsula. Turning to India, the Goods and Services Tax (GST) rate structure was finalised for most goods and services, with the majority taxed at the 18% level or less. Asian equities continued their ascent in the second half of the year. China and South Korea agreed to work swiftly to normalise relations following a year-long standoff over the controversial deployment of the Terminal High Altitude Area Defence system in South Korea. India posted strong gains driven by the government s announcement of a Rs2.1 trillion (US$32 billion) recapitalisation plan for state-owned banks over the next two years whilst the ruling party s victory in two state elections and expectations of a growthoriented fiscal budget for the fiscal year commencing 1st April 2018 also buoyed investor sentiment. Towards the end of the year, stock markets globally cheered the successful passage of President Trump s tax reform bill in the US and the easy monetary policy stance maintained by the European Central Bank (the ECB ) despite the ECB upgrading the growth outlook in the euro region. Fund review It was a challenging year for the Fund. Quality stocks, the bedrock of the portfolio, struggled as growing global economic momentum and higher interest rates drove cyclicals up. Whilst 55-60% of the index can be classified as cyclical names, our investment process dictates that we hold a maximum of 25% of the portfolio in cyclicals. This usually leads the portfolio to underperform during big cyclical rallies, as was witnessed in The rally in Asian equities was also very narrowly led. For context, the top ten-performing stocks within the MSCI Asia ex Japan index accounted for 41% of 2017 s index gains. We expect a much broader participation in 2018, which should serve the portfolio better. Drilling down into the attribution, the portfolio s material underperformance in 2017 largely stemmed from a combination of weakness in the portfolio s Taiwanese, Korean and Hong Kong holdings and markedly negative country allocation effects. The portfolio s small frictional cash balance also weighed on returns given the surge in Asian stock markets over the year. At a country level, being underweight China, overweight Indonesia and overweight Taiwan all proved unhelpful. Our optimism towards Indonesia was based on a stabilising economic environment but also improving corporate 118

121 JOHCM Asia ex-japan Fund Investment Management Report continued fundamentals. However, returns were hampered as concerns rose over a religious feud surrounding Jakarta s governor which culminated in him losing his bid for re-election and receiving a two-year prison sentence. Investors were also disappointed by the sluggish economic recovery and the slow pace of government infrastructure spending. However, we remain patient and continue to stay the course. On a brighter note, stock selection in China was strong, led by owning technology names Weibo, AAC Technologies and Tencent Holdings, although not owning Alibaba Group detracted from relative returns, as did not owning South Korea s Samsung Electronics. Technology proved to be the best-performing sector within the index over Elsewhere, Taiwan was a challenging market for the portfolio. Long-term holding Taiwanese lens-maker Largan Precision, which supplies lenses for Apple s iphones, saw its share price fall sharply in December after it warned of reduced revenue due to a drop in orders. Outlook Recent data indicates the global economy remains healthy with few clouds on the horizon. This naturally raises a question on the possibility of higher inflation across the world. If this portends a structural rise in interest rates, there will be an inevitable need to normalise monetary policy. At the same time, advances in AI, machine learning and robotics indicate a structural deflation, which could mean this nascent rise in inflation is just cyclical in nature. diminishing financial risks in China are bigger positives that outweigh the potential risk of trade war rhetoric. Recent changes to portfolio composition include increasing our exposure to the financials sector and Malaysia and reducing our exposure to Indian equities and to the consumer-facing sectors. Our core holdings, which have quality, sustainable, long-term growth hallmarks, remain largely the same, however, and we retain our conviction in their long-term prospects. Despite the disappointing short-term performance, we believe the portfolio remains well-positioned to outperform over a full market cycle and we remain faithful to our long-established and proven investment process. Samir Mehta Senior Fund Manager 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. Amidst this macro uncertainty, we do feel there has been a distinct change for the better in the Chinese financial system. With President Xi Jinping now focused on reducing pollution, we have seen some drastic cuts in capacity in steel, coal, cement and maybe aluminium. If this is sustained, growth will be subjugated to quality growth, resulting in better cash flows, healthier companies, and, to the benefit of the banking sector, reduced non-performing loans. The improving global economic scenario and 119

122 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets CAYMAN AAC Technologies Holdings 1,339 HKD 6,684 17, ISLANDS CK Hutchison Holdings 1,599 HKD 13,654 14, JD.com 289 USD 8,770 8, Sands China 4,827 HKD 11,400 18, Tencent Holdings 980 HKD 12,874 37, Weibo 403 USD 10,099 31, , , CHINA Anhui Conch Cement 3,242 HKD 6,194 11, Beijing Capital International Airport 19,868 HKD 14,013 22, China Life Insurance 4,969 HKD 8,852 11, China Merchants Bank 5,373 HKD 13,053 15, Ping An Insurance Group Co of China 1,603 HKD 11,037 12, ,149 73, GREAT BRITAIN HSBC Holdings 1,215 HKD 8,975 9, ,975 9, HONG KONG Sun Hung Kai Properties 987 HKD 8,871 12, ,871 12, INDIA Asian Paints 1,071 INR 9,346 14, Emami 1,068 INR 11,732 16, GAIL India 1,711 INR 7,728 9, ICICI Bank 1,647 USD 10,115 11, Ramco Systems 1,244 INR 3,980 7, Vedanta 2,946 INR 7,906 11, ,807 71, INDONESIA AKR Corporindo 41,195 IDR 12,345 14, Gudang Garam 4,226 IDR 14,908 19, Indofood CBP Sukses Makmur 16,913 IDR 6,395 8, ,648 41, ITALY PRADA 5,609 HKD 18,278 15, ,278 15,

123 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets MALAYSIA CIMB Group Holdings 8,589 MYR 9,087 10, Genting Malaysia 15,776 MYR 16,258 16, Hong Leong Bank 2,240 MYR 6,143 6, ,488 33, SOUTH KOREA Hana Financial Group 320 KRW 10,526 11, Hanssem 115 KRW 15,029 14, Hyosung 82 KRW 8,068 7, ING Life Insurance Korea 234 KRW 6,784 8, KB Financial Group 243 KRW 9,576 10, POSCO 52 KRW 9,420 11, Woori Bank 794 KRW 9,661 8, ,064 73, TAIWAN Elite Material 2,592 TWD 9,070 6, Largan Precision 243 TWD 14,826 24, Makalot Industrial 2,677 TWD 11,670 8, Nien Made Enterprise 1,705 TWD 9,282 13, Taiwan Paiho 3,867 TWD 6,603 11, Taiwan Semiconductor Manufacturing 4,485 TWD 19,796 25, ,247 90, THAILAND Thai Beverage 30,007 SGD 12,555 15, ,555 15, Transferable securities admitted to an official stock exchange listing 421, ,

124 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2017 B) OTC financial derivative instruments: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD 124 GBP (92) RBC Investor Services Luxembourg GBP 4 USD (5) RBC Investor Services Luxembourg EUR 227 USD (272) 1 - Total as at 31 December Total as at 31 December

125 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 Cayman Islands Taiwan South Korea China India Indonesia Malaysia Thailand Italy Hong Kong Great Britain Singapore Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 4.27 % (2016: Nil%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 123

126 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Banks and financial institutions Holding and finance companies Electronic semiconductor Textile Internet software Graphic art and publishing Leisure Tobacco and spirits Insurance Business houses Chemicals Photography and optics Mines and heavy industries Transportation Consumer goods Real estate companies Construction and building material Public services Retail Food and distilleries Electronics and electrical equipment News transmission Automobile industry Petrol Mechanics and machinery Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

127 JOHCM Asia ex-japan Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Proceeds 000 Security Name Quantity 000 Proceeds 000 PURCHASES PRADA 5,609 18,278 Genting Malaysia 15,776 16,258 China Merchants Bank 5,373 13,053 Taiwan Semiconductor Manufacturing 2,015 12,102 Ping An Insurance Group Co of China 1,603 11,037 Hana Financial Group ,526 Woori Bank 794 9,661 KB Financial Group 243 9,576 CIMB Group Holdings 8,589 9,087 Elite Material 2,592 9,070 HSBC Holdings 1,215 8,975 Hyosung 91 8,890 JD.com 289 8,770 GAIL India 1,711 7,728 ING Life Insurance Korea 234 6,784 Hanssem 48 6,414 Hong Leong Bank 2,240 6,143 Jiangxi Copper 4,560 6,039 POSCO 21 4,646 Vedanta 1,332 3,953 SALES China Mobile 3,165 25,394 Tencent Holdings ,442 Zee Entertainment Enterprises 2,778 17,018 Bajaj Auto ,487 Delta Electronics 3,702 12,696 Amara Raja Batteries 1,441 12,393 PChome Online 1,934 12,168 KT&G ,825 PetroChina 15,294 9,293 AAC Technologies Holdings 689 8,658 King Slide Works 748 8,172 Cummins India 747 7,726 Doosan Bobcat 300 7,240 Indofood CBP Sukses Makmur 14,654 7,214 Giant Manufacturing 1,444 6,905 Jiangxi Copper 4,560 5,258 Asian Paints 388 4,823 POSCO 22 4,271 Largan Precision 29 3,470 Anhui Conch Cement 1,302 3,318 Keppel 730 3,026 Doosan Bobcat 96 2,

128 126

129 JOHCM Asia ex-japan Small and Mid-Cap Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 128 Schedule of investments Transferable securities admitted to an official stock exchange listing 130 Other transferable securities 133 Derivatives: open foreign currency contracts 133 Geographic division of investments 134 Economic division of investments 135 Principal portfolio changes 136 JOHCM Asia ex-japan Small and Mid-Cap Fund 127

130 JOHCM Asia ex-japan Small and Mid-Cap Fund Investment Management Report for the year ended 31 December 2017 Cho-Yu Kooi, CFA Senior Fund Manager 21 years industry experience Joined JOHCM in May 2011 Performance The JOHCM Asia ex Japan Small and Mid-cap Fund (the Fund ) returned 8.41% in sterling terms, net of fees for the A share class, in Over the same period the MSCI AC Asia ex Japan Small and Mid-cap Index (12pm adjusted) returned 21.70%. Investment background A weak US dollar and strong regional and global economic growth underpinned the sharp rally in Asian equities in Performance at the country level proved to be mixed, however, with Chinese and Indian small and mid cap stocks enjoying exceptionally strong returns while their Thai, Malaysian, Singaporean and Indonesian peers sold off heavily. The asset class had a good start to the year, rebounding from the sell-off in the last quarter of Investors shrugged off tensions in the Korean peninsula and fading optimism in the Trump reflation trade as investor optimism surrounding corporate earnings, a synchronised global economic recovery and a benign inflation backdrop pushed markets higher. China posted stronger-than-expected first quarter real GDP growth of 6.9% and fear of capital flight receded as the country recorded capital inflows. In the second quarter, Moon Jae-In s win in the South Korean presidential election raised hopes of better relations with China and the easing of tensions in the Korean peninsula. Turning to India, the Goods and Services Tax (GST) rate structure was finalised for most goods and services, with the majority taxed at the 18% level or less. Asian equities continued their ascent in the second half of the year. China and South Korea agreed to work swiftly to normalise relations following a year-long standoff over the controversial deployment of the Terminal High Altitude Area Defence system in South Korea. India posted strong gains driven by the government s announcement of a Rs2.1 trillion (US$32 billion) recapitalisation plan for state-owned banks over the next two years whilst the ruling party s victory in two state elections and expectations of a growthoriented fiscal budget for the fiscal year commencing 1st April 2018 also buoyed investor sentiment. Towards the end of the year, stock markets globally cheered the successful passage of President Trump s tax reform bill in the US and the easy monetary policy stance maintained by the European Central Bank despite the ECB upgrading the growth outlook in the euro region. Fund review The Fund materially underperformed over the year, chiefly as a result of our significant overweight in Indonesia and weakness among our Taiwanese holdings. From a style perspective, quality stocks, the bedrock of the portfolio, struggled as growing global economic momentum and higher interest rates drove cyclicals up. Stock prices in Indonesia have been hampered by adverse political developments in Jakarta in April 2017 and a much slower-than-expected economic recovery. But with the increased government spend in the second half of 2017 and several high frequency data such as cement sales, capital goods and commercial vehicle purchases showing improvement, we are optimistic that it is Indonesia s turn to shine in 2018, especially with stock market valuations on its side. In Taiwan, many of our holdings are component manufacturers for technology companies. We remain convinced about the long-term structural growth drivers in the technology sector and therefore maintain our substantial weighting here. The increasing adoption of factory automation, Big Data and Artificial Intelligence by firms to improve their operations; the growing number of connected devices and use of smart devices (e.g. Amazon Echo s smart speakers); the popularity of music and video streaming driving the need for high speed data transmission; and the increasing penetration of electronics 128

131 JOHCM Asia ex-japan Small and Mid-Cap Fund Investment Management Report continued in automobiles, especially as we move towards autonomous vehicles, are just some examples of the evolution of technology in our lives. Turning to individual stocks, our top performers over the year were Sunny Optical and Nexteer Automotive Group, whilst Group Lease and tile manufacturer Arwana Citramulia tbk PT lagged. Outlook The stock market rally in Asia in 2017 was very narrowly based: the top 10 stocks accounted for about 40% of the region s performance. And small-cap stocks have now underperformed their large-cap peers for two consecutive years (2016 and 2017), the first time this has happened since With the synchronised global economic recovery becoming more entrenched, we expect the benefits to filter down to a broader spectrum of stocks and see small caps emerging from the relative shadows. Cho-Yu Kooi Senior Fund Manager 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. 129

132 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets BERMUDA Johnson Electric Holdings 142 HKD CAYMAN Baozun 34 USD ISLANDS Bitauto Holdings 13 USD Bizlink Holding 99 TWD Convenience Retail Asia 1,852 HKD Fufeng Group 908 HKD Himax Technologies 44 USD Nexteer Automotive Group 294 HKD O-Net Technologies Group 917 HKD Regina Miracle International Holdings 471 HKD Sitoy Group Holdings 1,042 HKD Sunny Optical Technology 113 HKD 353 1, Tuniu 79 USD Uni-President China Holdings 738 HKD ,496 6, CHINA China BlueChemical 1,828 HKD China National Building Material 562 HKD Maanshan Iron & Steel 1,000 HKD Sinotrans 1,187 HKD ,566 1, HONG KONG Dah Sing Banking Group 315 HKD Hua Hong Semiconductor 423 HKD ,133 1, INDIA Crompton Greaves Consumer Electricals 211 INR Emami 66 INR 658 1, ,204 1,

133 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets INDONESIA Arwana Citramulia 36,395 IDR 1, Bank CIMB Niaga 6,141 IDR Nippon Indosari Corpindo 11,061 IDR Semen Indonesia Persero 620 IDR Sumber Alfaria Trijaya 24,242 IDR XL Axiata 3,410 IDR ,083 3, MALAYSIA Alliance Bank Malaysia Bhd 652 MYR British American Tobacco Malaysia 61 MYR Karex 1,429 MYR ,494 1, SINGAPORE Ezion Holdings 3,588 SGD mm2 Asia 1,808 SGD Sembcorp Marine 585 SGD Singapore O&G 1,930 SGD ,567 1, SOUTH KOREA Doosan Bobcat 23 KRW Hanssem 6 KRW NongShim 2 KRW ,865 1, TAIWAN ASMedia Technology 60 TWD Basso Industry 344 TWD Chicony Power Technology 376 TWD Egis Technology 94 TWD Global PMX 136 TWD Globalwafers 48 TWD Hiwin Technologies 68 TWD King Yuan Electronics 625 TWD Macronix International 429 TWD

134 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets TAIWAN Nien Made Enterprise 101 TWD continued SDI 237 TWD Sunonwealth Electric Machine Industry 303 TWD Taiwan Paiho 267 TWD TSRC 382 TWD Wistron NeWeb 215 TWD ,464 8, THAILAND Chularat Hospital 9,050 THB IRPC 2,536 THB Susco 3,555 THB Tisco Financial Group 365 THB TMB Bank 4,935 THB TOA Paint Thailand 245 THB ,324 2, Transferable securities admitted to an official stock exchange listing 29,519 30,

135 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets CAYMAN ISLANDS Parade Technologies 52 TWD SOUTH KOREA Loen Entertainment 6 KRW TAIWAN Advanced Ceramic X 48 TWD ASPEED Technology 30 TWD ememory Technology 46 TWD Kingpak Technology 71 TWD Land Mark Optoelectronics 46 TWD Poya International 71 TWD ,749 3, Other transferable securities 3,544 4, Investments in Transferable securities 33,063 35, C) OTC financial derivative instruments: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg GBP 27 USD (36) RBC Investor Services Luxembourg USD 28 GBP (21) RBC Investor Services Luxembourg USD - GBP RBC Investor Services Luxembourg USD 139 HKD (1,090) RBC Investor Services Luxembourg USD 101 HKD (786) RBC Investor Services Luxembourg HKD 497 USD (64) - - Total as at 31 December 2017 Total as at 31 December

136 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 Taiwan Cayman Islands Indonesia Thailand South Korea Singapore India China Malaysia Hong Kong Bermuda Luxembourg Philippines Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net (liabilities)/assets (0.05) (0.03) Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was Nil% (2016: 2.30%) ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 134

137 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Electronic semiconductor Business houses Electronics and electrical equipment Internet software Mechanics and machinery Food and distilleries Holding and finance companies News transmission Textile Retail Banks and financial institutions Chemicals Photography and optics Graphic art and publishing Healthcare education and social services Construction and building material Consumer goods Automobile industry Agriculture and fishing Public services Leisure Tobacco and spirits Biotechnology Transportation Mines, heavy industries Petrol Office equipment and computers Pharmaceuticals and cosmetics Other services Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net (liabilities) (0.05) (0.03) Total net assets attributable to redeemable participating shareholders

138 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Group Lease 902 1,097 Hanssem Hilong Holding 4, Doosan Bobcat Banpu 1, ASPEED Technology NongShim British American Tobacco Malaysia Ezion Holdings 3, China BlueChemical 3, Parade Technologies XL Axiata 4, Chicony Power Technology King Yuan Electronics Sinotrans 1, Chularat Hospital 12, Sitoy Group Holdings 4, Land Mark Optoelectronics Baozun Dah Sing Banking Group Macronix International O-Net Technologies Group Yip's Chemical Holdings 1, Kingpak Technology Sunonwealth Electric Machine Industry Regina Miracle International Holdings SDI Wistron NeWeb Fufeng Group Alliance Bank Malaysia Bhd Bitauto Holdings Uni-President China Holdings Bank CIMB Niaga 6, Globalwafers IRPC 2, AMMB Holdings China National Building Material Tisco Financial Group Sembcorp Marine mm2 Asia 2, Pacc Offshore Services Holdings 3, Himax Technologies Global PMX ASMedia Technology Singapore O&G Hua Hong Semiconductor Tuniu Crompton Greaves Consumer Electricals Bank Pan Indonesia 10, Zhou Hei Ya International Holdings Kinsus Interconnect Technology Hiwin Technologies

139 JOHCM Asia ex-japan Small and Mid-Cap Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Proceeds 000 Security Name Quantity 000 Proceeds 000 SALES Sunny Optical Technology 467 3,507 Nexteer Automotive Group 1,974 2,503 Britannia Industries 50 2,175 Minth Group 580 1,794 Silergy 109 1,708 PChome Online 229 1,551 Tonymoly Bizlink Holding Banpu 1, ememory Technology Bank Pan Indonesia 10, Nippon Indosari Corpindo 7, Johnson Electric Holdings 534 1,500 Raffles Medical Group 1,806 1,498 Bloomberry Resorts 12,145 1,444 Loen Entertainment 23 1,426 Taiwan Paiho 497 1,419 Ennoconn 142 1,400 Cub Elecparts 209 1,389 King Slide Works 123 1,339 L'Occitane International 849 1,325 Voltronic Power Technology 89 1,248 Egis Technology 189 1,237 Posiflex Technology 285 1,215 Emami 88 1,189 Karex 3,144 1,152 Bajaj 252 1,131 WABCO India 17 1,094 AKR Corporindo 2,754 1,042 Sumeeko Industries 408 1,041 Castrol India 206 1,040 Surya Citra Media 8,144 1,020 Ramco Systems 225 1,005 Com2uS Delfi Berger Paints India Kajaria Ceramics Advanced Ceramic X GlaxoSmithKline Consumer Healthcare SPC Samlip

140 138

141 JOHCM Global Opportunities Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 140 Schedule of investments Transferable securities admitted to an official stock exchange listing 141 Other transferable securities 143 Derivatives: open foreign currency contracts 143 Geographic division of investments 144 Economic division of investments 145 Principal portfolio changes 146 JOHCM Global Opportunities Fund 139

142 JOHCM Global Opportunities Fund Investment Management Report for the year ended 31 December 2017 Ben Leyland, CFA Senior Fund Manager 13 years industry experience Joined JOHCM in April 2006 Performance The JOHCM Global Opportunities Fund (the Fund ) returned 5.26%, net of fees and in sterling terms for the A share class, over the calendar year The MSCI AC World NR Index (12pm adjusted) returned 13.02% in sterling terms over the same period. Investment background It was an excellent year for global developed and emerging stock markets by almost any measure. Equities were buoyed by synchronised economic strength across the world as the US, European, Japanese and Asian economies all experienced decent momentum. Technology and materials were the leading sectors, the latter boosted by a recovery in commodity prices. Fund review It is fair to say that 2017 was not a helpful environment for our investment strategy, with relentlessly rising markets and falling volatility. The MSCI AC World Index rose every single month, even excluding dividends. As a result, our large cash balance remained a drag on relative performance. Technology and emerging markets, two areas where we tend to be underrepresented, led the upward momentum, so we suffered an allocation headwind, too. It is not impossible for us to outperform in this kind of environment, but in order to do so our stock picking has to be extremely strong, and last year it was not. Although we enjoyed very positive returns from a variety of names in particular European stocks such as Wolters Kluwer, ENEL and Safran we suffered absolute losses in a small number of names, including three that we started buying during the year. Most are suffering operational headwinds, which we believe to be temporary. In general, we have used share price weakness as an opportunity to buy more shares, but they have clearly been a drag on relative performance in the short term. We are in a momentum-driven phase of the investment cycle where winners keep on winning and losers are assumed to be broken. Turning to individual stock contributions, Uniti Group and Capita were the portfolio s worst individual performers. Uniti is a US telecommunications real estate investment trust (REIT) which was spun out of Windstream in Windstream remains Uniti s major tenant and two events over summer caused concerns about the ability of Windstream to continue paying the network lease. Firstly, Windstream cut its dividend. Secondly, a claim has emerged that the spin out of Uniti constituted a technical default on Windstream s senior debt. Uniti stock has reacted to this very negatively, but we see tremendous value here, based on ownership of a strategically valuable and growing fibre network in the US, with particular strength in underserved rural areas. Capita was very much a tale of two halves. After a difficult 2016, the first half of 2017 offered signs of cash flow stabilisation combined with the strengthening of the balance sheet through a disposal. It was our best performing stock in the first six months of the year. Through the course of the second half, however, and particularly after a further profit warning in December, it became increasingly clear that cash flows have continued to deteriorate and the business is in need of significant restructuring and reinvestment. In retrospect, we were wrong to see previous share price falls as opportunities to increase our position. Outlook We accept that equity markets can continue their upward momentum but remain convinced that it is appropriate to tread carefully. Real world data is encouraging but there is only ever a tenuous link between economic growth and investment returns after all markets have been very strong for years in the face of lacklustre growth, so it is quite possible that strong growth and rising inflation is negative, not positive, for equity investors. Ben Leyland Senior Fund Manager 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. 140

143 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets FRANCE Safran 90 EUR 5,115 6, Sanofi 131 EUR 8,458 8, ,573 15, GERMANY CECONOMY 383 EUR 3,356 4, ,356 4, GREAT BRITAIN Capita 2,177 GBP 14,373 8, Compass Group 427 GBP 6,066 6, National Grid 1,077 GBP 11,163 9, Rio Tinto 188 GBP 6,082 7, Royal Dutch Shell 313 GBP 6,851 7, ,535 40, HONG KONG China Mobile 947 HKD 7,688 7, ,688 7, ITALY Enel 1,428 EUR 5,053 6, ,053 6, JAPAN Ain Holdings 180 JPY 9,159 7, Inpex 797 JPY 5,221 7, Kao 51 JPY 2,515 2, Mitsubishi Electric 156 JPY 1,945 1, Sugi Holdings 171 JPY 6,719 6, ,559 26, JERSEY Ferguson 124 GBP 5,129 6, ,129 6, NETHERLANDS Akzo Nobel 107 EUR 7,348 6, Wolters Kluwer 211 EUR 5,366 8, ,714 15, PORTUGAL Galp Energia 559 EUR 5,171 7, ,171 7, SWITZERLAND Roche Holding 32 CHF 5,864 6, ,864 6,

144 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets UNITED STATES Advance Auto Parts 107 USD 9,213 7, Cognizant Technology Solutions 131 USD 5,483 6, Dollar General 109 USD 6,258 7, Oracle 299 USD 8,919 10, O'Reilly Automotive 49 USD 8,461 8, PepsiCo 42 USD 3,643 3, Public Service Enterprise Group 209 USD 6,664 7, Sempra Energy 84 USD 6,856 6, TD Ameritrade Holding 167 USD 3,884 6, TJX Cos 142 USD 7,571 8, United Technologies 69 USD 5,111 6, Uniti Group 619 USD 10,693 8, ,756 89, Transferable securities admitted to an official stock exchange listing - equities 211, , IRELAND Institutional Cash Series - US Treasury Fund 11,080 USD 8,607 8, ,607 8, LUXEMBOURG JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Fund 11,193 USD 8,695 8, ,695 8, Transferable securities admitted to an official stock exchange listing - investment fund 17,302 16, Transferable securities admitted to an official stock exchange listing 228, ,

145 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2017 B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets IRELAND Goldman Sachs US$ Treasury Instruments Liquid Reserves Fund 11,080 USD 8,608 8, ,608 8, Other transferable securities 8,608 8, Investments in Transferable securities 237, , C) OTC financial derivative instruments: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg GBP 119 USD (160) RBC Investor Services Luxembourg EUR 14 USD (16) RBC Investor Services Luxembourg USD 2 GBP (1) RBC Investor Services Luxembourg GBP 3 USD (4) RBC Investor Services Luxembourg USD 199 GBP (148) (1) RBC Investor Services Luxembourg USD 6 EUR (5) RBC Investor Services Luxembourg USD 152 EUR (127) RBC Investor Services Luxembourg JPY 83,937 USD (746) RBC Investor Services Bank Luxembourg GBP 150 USD (201) 2 - Total as at 31 December Total as at 31 December 2016 (12) - 143

146 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 United States Great Britain Japan Ireland France Netherlands Luxembourg Portugal Hong Kong Jersey Italy Switzerland Germany Finland Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was % (2016: 26.38%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 144

147 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Public services Internet software Pharmaceuticals and cosmetics Investment funds Retail Petrol Holding and finance companies Aerospace technology Real estate companies Graphic art and publishing Food and distilleries Non-ferrous metals News transmission Chemicals Leisure Construction and building material Electronics and electrical equipment Mechanics and machinery Tobacco and spirits Transportation Banks and financial institutions Consumer goods Total investments Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

148 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Uniti Group ,370 Advance Auto Parts ,690 O'Reilly Automotive 78 13,392 JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Fund 17,053 13,274 Goldman Sachs US$ Treasury Instruments Liquid Reserves Fund 16,940 13,187 Institutional Cash Series PLC - US Treasury Fund 16,940 13,186 National Grid 1,110 10,768 Enel 2,705 9,477 Royal Dutch Shell 429 9,372 Capita 1,600 8,511 Safran 150 8,485 Akzo Nobel 112 7,734 Rio Tinto 216 6,944 Ain Holdings 117 6,220 Roche Holding 32 5,864 Sempra Energy 62 5,329 MMC Norilsk Nickel 502 5,280 Dollar General 91 5,253 Eversource Energy 106 5,109 Sanofi 68 4,957 Cognizant Technology Solutions 102 4,740 Public Service Enterprise Group 123 4,245 PepsiCo 42 3,643 Wolters Kluwer 113 3,578 TJX Cos 62 3,549 CECONOMY 405 3,548 Grupo Mexico 1,515 3,534 Ferguson 72 3,528 Oracle 95 3,449 China Mobile 411 3,273 Galp Energia 224 2,619 Kao 51 2,515 SALES Japan Tobacco ,764 Edison International ,312 Unilever ,175 Reed Elsevier 610 9,613 Union Pacific 108 9,114 MasterCard 82 7,950 Oracle 213 7,799 Cognizant Technology Solutions 145 7,691 Wartsila 178 7,667 Travis Perkins 506 7,517 Syngenta Reg. 21 7,266 Wolters Kluwer 208 7,249 MMC Norilsk Nickel 502 6,717 Burckhardt Compression Holding 28 6,661 Sempra Energy 75 6,636 Capita 1,096 6,625 Inpex 826 6,608 Dollar General 102 6,118 Public Service Enterprise Group 159 5,938 Woodward 98 5,683 Enel 1,277 5,525 SAP 64 5,173 Eversource Energy 106 5,052 Ferguson 100 5,028 Cobham 4,410 5,015 Ain Holdings 86 4,957 United Technologies 52 4,775 O'Reilly Automotive 28 4,680 Goldman Sachs US$ Treasury Instruments Liquid Reserves Fund 5,862 4,481 JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Fund 5,862 4,481 Institutional Cash Series PLC - US Treasury Fund 5,862 4,481 China Mobile 506 4,

149 JOHCM Global Opportunities Fund Schedule of investments as at 31 December 2017 Principal portfolio changes continued Security Name Quantity 000 Proceeds 000 Safran 60 4,108 TD Ameritrade Holding 111 4,087 Galp Energia 295 3,898 Grupo Mexico 1,515 3,828 Advance Auto Parts 51 3,783 Compass Group 222 3,617 Sanofi 49 3,492 Uniti Group 259 3,347 Sugi Holdings 66 2,

150 148

151 JOHCM Japan Dividend Growth Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 150 Schedule of investments Transferable securities admitted to an official stock exchange listing 152 Derivatives: open foreign currency contracts 153 Geographic division of investments 154 Economic division of investments 155 Principal portfolio changes 156 JOHCM Japan Dividend Growth Fund 149

152 JOHCM Japan Dividend Growth Fund Investment Management Report for the year ended 31 December 2017 Scott McGlashan Senior Fund Manager 38 years industry experience Joined JOHCM in April 2004 Ruth Nash Senior Fund Manager 31 years industry experience joined JOHCM in April 2005 Performance The JOHCM Japan Dividend Growth Fund (the Fund ) returned 11.25%, net of fees and in sterling terms for the A share class, for the calendar year Over the same period the Topix 100 Index (12pm adjusted) returned 13.11% in sterling terms. Investment background Once associated with serial disappointment and unremitting pessimism, there were abundant reasons to be cheerful about the Japanese economy and Japanese equities in An early positive tone was struck by a 23-year low in the unemployment rate, robust quarter one Gross Domestic Product ( GDP ) numbers and company results for the year to March 2017 that were generally ahead of expectations. This economic momentum continued largely unchecked through the course of the year. With compelling valuations and strong corporate earnings already providing fertile ground for a stock market rally, political developments gave further cause for investor optimism. Prime Minister Abe s decision to call an early general election in October was rewarded with a renewed mandate for the package of reflationary policies dubbed Abenomics. Heading into the year end, the Bank of Japan s quarterly Tankan survey of corporate sentiment showed continued improvement in companies profit forecasts and rising concerns about shortages of both labour and productive capacity. The scene is set for inflation to return in The Japanese market closed 2017 in buoyant mood, with the Topix Total Return index hitting levels not seen since Contrary to the widespread perception, this market strength was not a function of currency weakness; the yen traded in a range over the year. Fund review The stark relative outperformance of large cap growth versus large cap value stocks in recent years has proved to be a major headwind for the Fund s performance, as investors have been prepared to pay elevated earnings multiples for bond proxies providing predictable earnings. Unfortunately, this unhelpful trend persisted in 2017, albeit there were nascent signs of a reversal of this market trend in the final quarter. Drilling down into the attribution data, our overweight position in the real estate sector and weakness among our commerce and services holdings contributed most to the portfolio s underperformance. On a brighter note, Tokyo Electron, Mitsubishi Chemical Holdings and Minebea Mitsumi were the top performers over the year. In quarter four. Tokyo Electron, a maker of semiconductor production equipment, reported a doubling of semi-annual profits and raised its dividend from the previous forecast of 497 to 605, a 72% year-on-year increase. Meanwhile, Minebea Mitsumi announced strong earnings and revised up its full-year profit forecasts. Mitsubishi Chemical also revised up its earnings forecasts and boosted its dividend. With corporate profits surging and a greater emphasis on shareholder-friendly behaviour on the part of Japan Inc, Japanese companies are raising dividends and engaging in share buybacks. The words Japanese equities and income are no longer an oxymoron. 150

153 JOHCM Japan Dividend Growth Fund Investment Management Report continued Outlook Never in our investment careers has the backdrop to the market been more favourable. Valuations are low, corporate earnings growth is spectacular, the economy is strong, fiscal and monetary policy are supportive, shareholder returns are improving and now there is also political stability. There is no longer any reason for investors to ignore Japan. We expect 2018 to be the year in which the equity market finally begins to accept that the improvements seen over the past five years are not temporary. Scott McGlashan Senior Fund Manager Ruth Nash Senior Fund Manager 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. 151

154 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Alps Electric 159 JPY 3,382 3, Asahi Glass 108 JPY 3,330 3, Concordia Financial Group 900 JPY 3,579 4, Dai Nippon Printing 145 JPY 2,334 2, Daiwa Securities 700 JPY 3,343 3, Fujifilm Holdings 120 JPY 3,418 3, Hitachi 465 JPY 1,647 2, Hulic 325 JPY 2,216 2, Japan Airlines 115 JPY 2,820 3, JX Holdings 850 JPY 2,275 4, KDDI 175 JPY 3,612 3, Komatsu 155 JPY 2,183 4, Kubota 200 JPY 2,644 2, Mazda Motor 275 JPY 2,717 2, Minebea 215 JPY 2,414 3, Mitsubishi Chemical Holdings 540 JPY 3,140 4, Mitsui 320 JPY 3,549 3, Mitsui Fudosan 240 JPY 4,258 3, Murata Manufacturing 35 JPY 3,861 3, Nippon Steel & Sumitomo Metal 215 JPY 3,809 4, Nissan Motor 470 JPY 3,534 3, Nitori Holdings 27 JPY 2,815 2, NSK 300 JPY 2,792 3, ORIX 325 JPY 3,570 4, Resona Holdings 850 JPY 3,064 3, Seibu Holdings 225 JPY 3,088 3, Seiko Epson 185 JPY 2,583 3, Sekisui Chemical 225 JPY 2,359 3, Sekisui House 285 JPY 2,858 3, Seven & i Holdings 100 JPY 3,148 3, Sompo Holdings 95 JPY 2,524 2, Sumitomo Electric Industries 330 JPY 3,441 4, Sumitomo Mitsui Financial 110 JPY 2,959 3,

155 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Sumitomo Mitsui Trust Holdings 95 JPY 2,463 2, continued Taisei 87 JPY 2,795 3, Tokio Marine Holdings 120 JPY 3,201 4, Tokyo Electron 20 JPY 906 2, Tokyu 330 JPY 3,734 3, Toyota Industries 93 JPY 3,682 4, , , Transferable securities admitted to an official stock exchange listing 116, , B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg JPY 670 GBP (4) RBC Investor Services Luxembourg GBP 1,055 JPY (160,047) RBC Investor Services Luxembourg JPY 135 EUR (1) RBC Investor Services Luxembourg JPY 283 GBP (2) RBC Investor Services Luxembourg JPY 24 GBP RBC Investor Services Luxembourg GBP 23,556 JPY (3,574,081) RBC Investor Services Luxembourg USD 2,515 JPY (284,097) (10) (0.01) RBC Investor Services Luxembourg JPY 145,613 GBP (961) (3) - Total as at 31 December Total as at 31 December 2016 (9) (0.01) 153

156 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 Japan Total investments Open foreign currency contracts 0.01 (0.01) Total investments at fair value through profit or loss Other net assets/(liabilities) Total net assets attributable to redeemable participating shareholders

157 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Holding and finance companies Electronic semiconductor Mechanics and machinery Construction and building material Banks and financial institutions Automobile industry Transportation Real estate companies Retail Electronics and electrical equipment Mines and heavy industries Business houses News transmission Graphic art and publishing Tires and rubber Total investments Open foreign exchange forward contracts 0.01 (0.01) Total investments at fair value through profit or loss Other net assets/(liabilities) Total net assets attributable to redeemable participating shareholders

158 JOHCM Japan Dividend Growth Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Toyota Industries 105 4,149 Nitori Holdings 40 4,120 Murata Manufacturing 35 3,861 Canon 165 3,858 Nippon Steel & Sumitomo Metal 215 3,809 Alps Electric 179 3,807 Tokyu 505 3,734 KDDI 175 3,612 Mitsui 320 3,549 Nissan Motor 470 3,534 Fujifilm Holdings 120 3,418 Asahi Glass 400 3,330 Toray Industries 475 3,330 Seven & i Holdings 100 3,148 Seibu Holdings 225 3,088 Nippon Telegraph & Telephone 85 3,064 Secom 50 2,992 Mazda Motor 275 2,717 Kubota 200 2,644 Minebea 230 2,580 Tokio Marine Holdings 50 1,560 ORIX 120 1,526 Sumitomo Mitsui Financial 45 1,358 Sumitomo Electric Industries 100 1,236 Mitsubishi Chemical Holdings 165 1,231 Fuji Heavy Industries 38 1,032 Taisei 50 1,014 Resona Holdings 250 1,003 NSK Sekisui House Mitsui Fudosan Seiko Epson Yamada Denki SALES Canon 165 4,202 Toyota Motor 79 3,708 Mitsui 285 3,432 Honda Motor 135 3,319 Nippon Telegraph & Telephone 85 3,291 Fuji Heavy Industries 135 3,047 Toray Industries 475 3,044 Mitsubishi Heavy Industries 880 2,953 Secom 50 2,880 Bridgestone 85 2,855 Isuzu Motors 280 2,743 Yamada Denki 650 2,632 NTT DOCOMO 130 2,307 Fujifilm Holdings 80 2,298 TDK 43 2,183 West Japan Railway 35 1,903 Tokyo Electron 18 1,841 Mitsubishi Electric 155 1,772 Nitori Holdings 13 1,380 Hitachi 295 1,320 NSK 115 1,291 Taisei 180 1,268 Mitsubishi Chemical Holdings 150 1,035 JX Holdings 270 1,029 Sompo Holdings Tokio Marine Holdings Seiko Epson

159 JOHCM US Small Mid Cap Equity Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 158 Schedule of investments Transferable securities admitted to an official stock exchange listing 160 Derivatives: open foreign currency contracts 162 Geographic division of investments 163 Economic division of investments 164 Principal portfolio changes 165 JOHCM US Small Mid Cap Equity Fund 157

160 JOHCM US Small Mid Cap Equity Fund Investment Management Report for the year ended 31 December 2017 Thorsten Becker Senior Fund Manager 20 years industry experience Joined JOHCM in June 2014 Arun Daniel Senior Fund Manager 16 years industry experience Joined JOHCM in June 2014 Vincent Rivers Senior Fund Manager 19 years industry experience Joined JOHCM in June 2014 Performance The JOHCM US Small Mid Cap Equity Fund (the Fund ) returned 8.10%, net of fees and in sterling terms for the A share class for calendar year Over the same period the Russell 2500 NR Index (12pm adjusted) returned 6.22%. Investment background Supported by decent economic growth, rising employment, buoyant business and consumer confidence, a solid global economic picture, improved corporate earnings and a Federal Reserve intent on only taking tentative steps towards the normalisation of interest rates, US equities rallied sharply in Underlining the extent of the rally was the fact that the S&P 500 index posted positive returns in every single month, a remarkable run last seen in Although not quite keeping pace with their largercap counterparts, mid and small cap stocks also enjoyed a productive year. A number of sectors healthcare, information technology, materials, industrials and consumer discretionary recorded 20+ per cent returns for the year, with only the energy and telecommunications sectors losing ground. A weaker US dollar resulted in more subdued returns for sterling-based investors in US stocks. Further succour for investors was provided towards the end of the year after the approval of President Trump s ambitious tax reform programme. The package of reforms included a cut in corporation tax from 35 per cent to 21 per cent, which will take effect from Fund review Stock selection largely accounted for the Fund s outperformance over the course of Highlights by sector included successful stock picking in consumer discretionary, real estate, consumer staples and telecoms. In contrast, the technology sector was more challenging. Centene, a healthcare provider, was the top portfolio performer over the year. The Medicaid specialist produced good results, announced plans to offer coverage in areas without other Affordable Care Act options and continued to expand into new states in public exchanges. In industrials, owning Terex, a construction-equipment manufacturer, was helpful. It has a solid backlog and a promising turnaround plan that is currently under way. First American Financial, a provider of title insurance and real-estate settlement services, gained on good earnings numbers, helped by a robust housing market. CommScope was the worst individual performer. The network infrastructure provider issued disappointing quarterly results and guidance, citing a difficult industry environment. Travel technology company Sabre also struggled after it issued mixed fourth-quarter results and a disappointing full-year forecast amid higher planned costs as the firm invests more in its IT infrastructure. 158

161 JOHCM US Small Mid Cap Equity Fund Investment Management Report continued Outlook In terms of current positioning, we continue to like procyclical names (technology, financials, industrials) with above-average growth and reasonable valuations. We remain cautious on bond-surrogates but are also staying well clear of names with fantasy valuations (everything Bitcoin-related, Tesla, Netflix, Amazon, etc.). Management meetings at the recent Citi and Barclays industrial conferences confirmed our view on the positive outlook for the industrials sector in This outlook is shaped primarily by recently passed tax reforms driving higher capex for industrial companies, strong housing data and the opportunity from infrastructure build-out in 2018 and beyond provided by President Trump s US$1.5 trillion federal infrastructure plan. Thorsten Becker Senior Fund Manager Vincent Rivers Senior Fund Manager Arun Daniel Senior Fund Manager 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. Looking ahead at an asset class level, small and midcap stocks currently look relatively more attractive than their large cap counterparts. Smaller companies should disproportionately benefit from improving domestic economic conditions. They also generally pay higher tax rates and therefore stand to benefit more from the sizeable cut in the corporate tax rate. Lastly, the relative underperformance of small caps versus large caps in 2017 provides an attractive entry point. 159

162 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets CANADA Lions Gate Entertainment 31 USD IRELAND Allegion 15 USD Jazz Pharmaceuticals 6 USD ,539 1, NETHERLANDS Wright Medical Group 37 USD UNITED STATES Alaska Air Group 16 USD B&G Foods 17 USD Bank of the Ozarks 35 USD 1,133 1, Benefitfocus 36 USD BioMarin Pharmaceutical 10 USD Burlington Stores 6 USD Centene 15 USD 859 1, Cogent Communications Holdings 16 USD CONMED 22 USD CoStar 2 USD First American Financial 33 USD 1,064 1, First Republic Bank 18 USD 1,161 1, Fluor 17 USD FMC 15 USD 786 1, Great Western Bancorp 22 USD Hasbro 11 USD HD Supply Holdings 34 USD 832 1, Helmerich & Payne 16 USD Heska 11 USD HubSpot 9 USD INC Research Holdings 20 USD Jones Lang LaSalle 10 USD 867 1, KBR 45 USD L Brands 15 USD Leidos Holdings 18 USD Lennar 14 USD Martin Marietta Materials 6 USD

163 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets UNITED STATES Masco 34 USD 878 1, continued MGM Growth Properties 36 USD Microsemi 31 USD 1,049 1, Mosaic 36 USD MuleSoft 25 USD Newfield Exploration 19 USD Old Dominion Freight Line 9 USD Pacira Pharmaceuticals 17 USD Pinnacle Foods 17 USD Post Holdings 11 USD Range Resources 33 USD Rapid7 60 USD Raymond James Financial 19 USD 980 1, Sabre 36 USD SEI Investments 17 USD Service Corp International 37 USD 916 1, ServiceMaster Global Holdings 16 USD SVB Financial Group 6 USD 795 1, Tableau Software 15 USD Tapestry 33 USD 1,054 1, Terex 29 USD 748 1, Woodward 16 USD Zayo Group Holdings 33 USD ,250 40, Transferable securities admitted to an official stock exchange listing 39,255 43,

164 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2017 B) Derivatives: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg USD 1 GBP (1) - - Total as at 31 December 2017 Total as at 31 December

165 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 United States Ireland Canada Netherlands Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 4.69% (2016: 4.24%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 163

166 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Banks and financial institutions Holding and finance companies Internet software Construction and building material Consumer goods Healthcare education and social services Pharmaceuticals and cosmetics Real estate companies Food and distilleries Transportation Chemicals Petrol Mortgage and funding institutions Retail Electronic semiconductor Textile Mechanics and machinery Electronics and electrical equipment Graphic art and publishing Biotechnology Leisure Total investments at fair value through profit or loss Open foreign currency contracts - - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

167 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES HD Supply Holdings 40 1,037 Hasbro 13 1,000 First Republic Bank Pinnacle Foods Cogent Communications Holdings Alaska Air Group Bank of the Ozarks Leidos Holdings Snyder's Lance Zayo Group Holdings Terex Jacobs Engineer Group First American Financial Microsemi L Brands Centene SVB Financial Group ServiceMaster Global Holdings Allegion Cavium Rapid Raymond James Financial Tableau Software Lennar Martin Marietta Materials Lions Gate Entertainment Masco Tapestry Service Corp International Heska INC Research Holdings Benefitfocus Post Holdings Old Dominion Freight Line FMC KBR Fluor Jones Lang LaSalle Booz Allen Hamilton Woodward Wright Medical Group MGM Growth Properties CONMED Sabre Allscripts Healthcare Sol BioMarin Pharmaceutical SEI Investments Jazz Pharmaceuticals HubSpot Mosaic Great Western Bancorp B&G Foods Range Resources MuleSoft Helmerich & Payne

168 JOHCM US Small Mid Cap Equity Fund Schedule of investments as at 31 December 2017 Principal portfolio changes continued Security Name Quantity Proceeds 000 SALES Cavium 22 1,438 Snyder's Lance 40 1,326 Jacobs Engineer Group 25 1,209 Booz Allen Hamilton Allscripts Healthcare Sol Cogent Communications Holdings ServiceMaster Global Holdings Commscope Holding Lennar L Brands Investment Technology Group Pinnacle Foods Hasbro HD Supply Holdings Fortinet Terex Regal Entertainment Group HubSpot Centene Nordstorm Sabre Lululemon Athletica Old Dominion Freight Line Wellcare Health Plans

169 JOHCM European Concentrated Value Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 168 Schedule of investments Transferable securities admitted to an official stock exchange listing 170 Other transferable securities 171 OTC financial derivative instruments 171 Geographic division of investments 172 Economic division of investments 173 Principal portfolio changes 174 JOHCM European Concentrated Value Fund 167

170 JOHCM European Concentrated Value Fund Investment Management Report for the year ended 31 December 2017 Robrecht Wouters Senior Fund Manager 26 years industry experience Joined JOHCM in September 2003 Performance The JOHCM European Concentrated Value Fund (the Fund ) returned 12.87%, net of fees and in euro terms for the A share class, for the calendar year The MSCI Europe NR Index (12pm adjusted) returned 10.81% over the same period. Investment background With the eurozone economy enjoying increasing momentum over the year, corporate earnings climbing and market-friendly, pro-eu candidates prevailing at the polls in a number of closely-watched general elections across the continent, European equities benefited from a number of tailwinds in Gains were led by the materials, industrials, technology and financials sectors, with more subdued performance from the healthcare and telecommunications sectors. Politics took centre stage amid concern that the Dutch general election and French presidential election would produce further votes for populism in the wake of the Trump and Brexit votes of 2016 and see anti-eu candidates triumph. These fears were quashed by the re-election of the Liberal party in the Dutch general election and an ultimately convincing win for pro-eu candidate Macron over Marine Le Pen of the Front National in the French presidential contest. Such was the magnitude of the tailwinds in 2017 that the index enjoyed a run of monthly gains that only came to a halt in June. Returns for the asset class were more lacklustre over the second half of the year, although economic momentum across Europe remained strong, reflected in growing business and consumer confidence, although monetary policy remained highly accommodative. Fund review The portfolio outperformed the index over the calendar year owing to a favourable combination of stock selection and sector allocation effects (the latter essentially being a function of our bottom-up investment process). French telecommunications company SFR Group was one of the portfolio s top performers over the period. The group s share price rose by over 9% in August after majority shareholder Altice, on crossing the 95% shareholding threshold, announced the full takeover of the remaining minorities (through squeeze-out) at 34.50, in cash. We first invested in SFR in August 2016 at prices well below 22.50, thus this represented a significantly positive return. Yet this event was not an entirely satisfying outcome. We believed that the bid price was substantially below the fundamental value of SFR, even if the per share offer was clearly better then Altice s first failed takeover attempt in September We sold our position. In materials, owning Akzo Nobel, a Dutch producer of paints, performance coatings and chemicals, was helpful. Its share price was boosted by an ultimately unsuccessful takeover approach by PPG Industries. Other notable positive contributors to the Fund s outperformance were Wolters Kluwer, the portfolio s best individual performer, and Spanish healthcare company Grifols. Significant portfolio laggards were relatively rare. Germany s Metro Wholesale & Foods was the Fund s worst performer. It is a world-leading B2B food wholesaler (cash & carry and food services). It stands to benefit from better valuation transparency, increased financial focus and better capital allocation following its split from its conglomerate parent, Metro AG, in quarter

171 JOHCM European Concentrated Value Fund Investment Management Report continued Nokia was also a laggard. Its share price fell sharply on disappointing third-quarter results and management s negative outlook for the telecom equipment industry in A delay in the long-awaited recovery of telecoms equipment demand limits intermediate earnings visibility and thus investor appetite. A lower revenue base than originally anticipated admittedly also reduces our estimate of the group s intrinsic value, but not significantly. Our bottom-up investment strategy combines a classic value focus with a preference for quality (high return on reinvestment) companies. As an outcome of the process, the Fund has always been fairly defensively positioned, strategically underweight financials and commodity industries and structurally overweight industries generating high returns on capital employed, such as consumer, media and technology Our investment case for Nokia is multi-faceted. It is based on earnings and cash flow visibility in the Network division coming from self-help cost restructuring measures; the underappreciated value of Nokia s extensive intellectual property portfolio (its Technologies division), where earnings are on track and starting to grow; and the company s net cash and substantial tax assets. We used the market s overreaction to add to our position. Robrecht Wouters Senior Fund Manager 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. Outlook In markets that are hovering around all-time highs, it is more important than ever to be valuation-disciplined, especially given that improving economic conditions and ultra-loose monetary policies will not co-exist forever. Helpfully, our existing investments offer significant aggregate upside potential, which enables us to be patient and opportunistic. 169

172 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets FINLAND Nokia 4,831 EUR 18,821 16, Wartsila 238 EUR 10,363 11, ,184 27, FRANCE Danone 340 EUR 19,227 21, Imerys 175 EUR 11,773 12, JCDecaux 647 EUR 18,006 19, Pernod Ricard 111 EUR 11,237 12, Sanofi 133 EUR 9,166 8, Vivendi 968 EUR 16,257 19, ,666 93, GERMANY Bayer 101 EUR 9,339 9, CECONOMY 718 EUR 5,705 7, Henkel 85 EUR 7,572 7, METRO 1,557 EUR 25,494 22, SAP 140 EUR 11,081 11, ThyssenKrupp 827 EUR 16,510 17, ,701 77, GREAT BRITAIN British American Tobacco 163 GBP 8,166 8, Liberty Global - Class C 1,082 USD 27,402 26, Pearson 1,219 GBP 8,315 8, Reed Elsevier 500 GBP 7,971 8, Rolls-Royce Holdings 2,203 GBP 17,434 18, Royal Dutch Shell 459 GBP 10,544 11, ,832 82, NETHERLANDS Akzo Nobel 243 EUR 15,355 15, Heineken Holding 238 EUR 15,528 17, Wolters Kluwer 552 EUR 18,900 21, ,783 54,

173 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SPAIN Grifols 800 EUR 15,584 17, ,584 17, UNITED STATES Oracle 609 USD 21,360 21, ,360 21, Transferable securities admitted to an official stock exchange listing 357, , B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Rolls-Royce Holdings 66,301 GBP Other transferable securities Investments in Transferable securities 357, , C) OTC financial derivative instruments: open foreign currency contracts Maturity Counterparty CCY Purchased 000 CCY Sold 000 Fair Value 000 % Net Assets RBC Investor Services Luxembourg SGD 7,400 EUR (4,637) (16) RBC Investor Services Luxembourg SGD 342,937 EUR (214,792) (871) (0.23) Total as at 31 December 2017 Total as at 31 December 2016 (887) (0.23)

174 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 France Great Britain Germany Netherlands Finland United States Spain Sweden Total investments at fair value through profit or loss Open foreign currency contracts (0.23) - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 90.60% (2016: 88.35%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 172

175 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Graphic art and publishing Food and distilleries News transmission Tobacco and spirits Internet software Chemicals Aerospace technology Mines and heavy machinery Biotechnology Construction and building material Petrol Mechanics and machinery Holding and finance companies Pharmaceuticals and cosmetics Consumer goods Total investments at fair value through profit or loss Open foreign currency contracts (0.23) - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

176 JOHCM European Concentrated Value Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Proceeds 000 PURCHASES Liberty Global - Class C 1,085 27,515 METRO 1,557 25,494 Oracle ,581 Wolters Kluwer ,496 Nokia 5,440 21,334 CECONOMY ,450 Danone ,337 JCDecaux ,986 ThyssenKrupp ,645 Rolls-Royce Holdings 2,174 17,361 Akzo Nobel ,962 Heineken Holding ,898 Vivendi ,494 Grifols ,385 Pernod Ricard ,747 SAP ,325 Wartsila ,086 Imerys ,050 Royal Dutch Shell ,446 Pearson 1,417 9,599 SALES SFR Group ,072 Nokia 676 3,289 Wolters Kluwer 88 3,235 Pernod Ricard 28 3,106 SAP 33 2,590 Wartsila 48 2,185 Akzo Nobel 31 2,102 Heineken Holding 26 1,816 CECONOMY 154 1,582 Oracle 45 1,551 Henkel 16 1,534 Danone 25 1,525 Pearson 214 1,524 ThyssenKrupp 65 1,464 Swedish Match 48 1,227 Grifols 57 1,203 Vivendi Liberty Global - Class C Imerys British American Tobacco Bayer 99 9,227 Sanofi 131 9,040 Henkel 99 8,830 SFR Group 345 8,357 British American Tobacco 165 8,284 Reed Elsevier 492 7,

177 JOHCM Global Smaller Companies Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 176 Schedule of investments Transferable securities admitted to an official stock exchange listing 178 Other transferable securities 181 Geographic division of investments 182 Economic division of investments 183 Principal portfolio changes 184 JOHCM Global Smaller Companies Fund 175

178 JOHCM Global Smaller Companies Fund Investment Management Report for the year ended 31 December 2017 Thorsten Becker Senior Fund Manager 20 years industry experience Joined JOHCM in June 2014 Arun Daniel Senior Fund Manager 16 years industry experience Joined JOHCM in June 2014 Vincent Rivers Senior Fund Manager 19 years industry experience Joined JOHCM in June 2014 Performance The JOHCM Global Smaller Companies Fund (the Fund ) returned 24.75%, net of fees and in US dollar terms for the A share class for calendar year Over the same period the MSCI AC World SMID NR Index (12pm adjusted) returned 24.38%. Investment background It was an excellent year for global developed and emerging stock markets by almost any measure. Equities were buoyed by synchronised economic strength across the world as the US, European, Japanese and Asian economies all experienced decent momentum. Technology and materials were the leading sectors, the latter boosted by a recovery in commodity prices, but every sector within the index, bar energy, achieved major gains. Fund review The portfolio performed strongly over the year in marginally outpacing a very strong index. Returns were driven primarily by stock picking, but sector allocation was also broadly positive. By sector, our overweight in financials was marginally unhelpful, along with our underweight in materials and our small cash position. However, these were more than offset by our underweight in real estate and overweight in healthcare. Although our overweight position was a detractor, stock selection in financials was strong. Looking at individual stocks, Chilean chemical company Sociedad Química y Minera (SQM) was the top portfolio performer. Its share price rallied towards the end of the year following Sebastian Pinera s victory in the Chilean general election, held in December. Investors spirits were lifted on hopes of reinvigoration for the country s flagging economy. In healthcare, owning Centene added value. The Medicaid specialist produced good results, announced plans to offer coverage in areas without other Affordable Care Act options and continued to expand into new states in public exchanges. In industrials, owning Terex, a constructionequipment manufacturer, was helpful. It has a solid backlog and a promising turnaround plan that is currently under way. Range Resources was the main laggard over Elsewhere, Leonardo - Finmeccanica warned of a significant downgrade in its outlook for its helicopter business. CommScope also underperformed, as the network infrastructure provider issued disappointing quarterly results and guidance, citing a difficult industry environment. Travel technology company Sabre also dipped after it issued mixed fourth-quarter results and a disappointing full-year forecast amid higher planned costs as the firm invests more in its IT infrastructure. 176

179 JOHCM Global Smaller Companies Fund Investment Management Report continued Outlook We continue to like pro-cyclical names (tech, financials, industrials) with above-average growth and reasonable valuations. We remain cautious on bond-surrogates but are also staying well clear of names with fantasy valuations (everything Bitcoin-related, Tesla, Netflix, Amazon, etc.). Thorsten Becker Senior Fund Manager Arun Daniel Senior Fund Manager Vincent Rivers Senior Fund Manager 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. 177

180 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets AUSTRIA Erste Group Bank 3 EUR CANADA Lions Gate Entertainment 2 USD Potash Corp of Saskatchewan 3 CAD CHILE Sociedad Quimica y Minera de Chile 2 CLP CZECH Komercni banka 1 CZK DENMARK H Lundbeck 2 DKK FRANCE Euler Hermes 1 EUR Maisons du Monde 2 EUR GERMANY Aareal Bank 3 EUR GREAT BRITAIN Worldpay Group 19 GBP INDIA Godrej Consumer Products 8 INR IRELAND Allegion 1 USD Jazz Pharmaceuticals - USD ITALY Leonardo-Finmeccanica 7 EUR

181 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets JAPAN Concordia Financial Group 11 JPY Nitori Holdings 1 JPY Sysmex 1 JPY Tsuruha Holdings 1 JPY NETHERLANDS Wright Medical Group 3 USD UNITED STATES Alaska Air Group 1 USD B&G Foods 2 USD Bank of the Ozarks 2 USD Benefitfocus 2 USD BioMarin Pharmaceutical 1 USD Burlington Stores 1 USD Centene 1 USD Cogent Communications Holdings 2 USD CONMED 1 USD CoStar - USD First American Financial 1 USD First Republic Bank 1 USD Fluor 2 USD FMC 1 USD Hasbro 1 USD HD Supply Holdings 2 USD Helmerich & Payne 1 USD Heska 1 USD HubSpot 1 USD INC Research Holdings 1 USD Jones Lang LaSalle - USD KBR 4 USD L Brands 1 USD Leidos Holdings 1 USD Lennar 1 USD Martin Marietta Materials 1 USD

182 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets UNITED STATES Masco 2 USD continued MGM Growth Properties 3 USD Microsemi 2 USD Mosaic 2 USD MuleSoft 2 USD Newfield Exploration 1 USD Old Dominion Freight Line - USD Pacira Pharmaceuticals 2 USD Pinnacle Foods 1 USD Post Holdings 1 USD Range Resources 3 USD Rapid7 5 USD Raymond James Financial 1 USD Sabre 3 USD SBA Communications - USD SEI Investments 1 USD Service Corp International 2 USD ServiceMaster Global Holdings 1 USD SVB Financial Group - USD Tableau Software 1 USD Tapestry 3 USD Terex 2 USD Woodward 1 USD ,241 2, Transferable securities admitted to an official stock exchange listing 3,235 3,

183 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2017 B) Other transferable securities Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets SOUTH KOREA Samsung Fire & Marine Insurance - USD Other transferable securities Investments in Transferable securities 3,297 4,

184 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 % Net Assets 2016 United States Japan France Ireland Chile Canada Austria India Germany Great Britain Denmark South Korea Italy Netherlands Czech Switzerland Man (Isle Of) Hong Kong - Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was % (2016: 19.17%). ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 182

185 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 % Net Assets 2016 Banks and financial institutions Holding and finance companies Pharmaceuticals and cosmetics Internet software Food and distilleries Construction and building materials Chemicals Retail Real estate companies Consumer goods Healthcare education and social services Insurance Petrol Transportation Textile Other services Mechanics and machinery Electronic semiconductor Graphic art and publishing Aerospace technology Electronics and electrical equipment Mortgage and funding institutions Biotechnology Leisure News transmission Total investments at fair value through profit or loss Other net assets Total net assets attributable to redeemable participating shareholders

186 JOHCM Global Smaller Companies Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES HD Supply Holdings 3 87 L Brands 2 68 Tapestry 2 68 Rapid Sociedad Quimica y Minera de Chile 2 65 Tableau Software 1 62 Post Holdings 1 61 KBR 4 61 Fluor 2 60 Lions Gate Entertainment 2 60 SVB Financial Group - 55 Leidos Holdings 1 51 Heska 1 42 INC Research Holdings 1 41 B&G Foods 2 41 MuleSoft 2 41 Hasbro 1 40 Pinnacle Foods 1 39 Burlington Stores 1 39 Allegion 1 38 Snyder's Lance 1 38 Potash Corp of Saskatchewan 3 37 Terex 1 36 Martin Marietta Materials - 34 Alaska Air Group 1 29 ServiceMaster Global Holdings 1 28 Old Dominion Freight Line - 28 Lululemon Athletica 1 28 Range Resources 2 27 Jacobs Engineer Group 1 26 Erste Group Bank 1 24 Emerald Expositions Events 2 22 Tapestry 1 20 Cogent Communications Holdings 1 20 Bank of the Ozarks 1 19 Lennar - 19 Regal Entertainment Group 1 19 Kingfisher 5 18 Godrej Consumer Products 6 18 Leonardo-Finmeccanica 2 18 SALES Snyder's Lance Cavium HD Supply Holdings 3 87 ServiceMaster Global Holdings 3 87 Jacobs Engineer Group 2 85 Actelion - 79 Optimal Payments Socie Quimica 2 66 Booz Allen Hamilton 2 65 Kingfisher Terex 2 57 Great Western Bancorp 2 56 Allscripts Healthcare Sol 5 55 Lululemon Athletica 1 54 Fortinet 2 54 Commscope Holding 2 54 L Brands 1 50 Hasbro 1 50 Regal Entertainment Group 4 48 Nitori Holdings - 48 Dixons Carphone Nordstorm 1 42 Investment Technology Group 3 38 Centene - 30 Lennar 1 30 Pinnacle Foods 1 29 Emerald Expositions Events 2 25 Cogent Communications Holdings 1 25 Aareal Bank 1 22 Bank of the Ozarks - 22 Old Dominion Freight Line - 20 Alaska Air Group - 20 Allegion - 19 Godrej Consumer Products

187 JOHCM UK Dynamic Fund A sub-fund of J O Hambro Capital Management Umbrella Fund plc Contents Investment Management Report 186 Schedule of investments Transferable securities admitted to an official stock exchange listing 188 Geographic division of investments 190 Economic division of investments 191 Principal portfolio changes 192 JOHCM UK Dynamic Fund 185

188 JOHCM UK Dynamic Fund Investment Management Report for the year ended 31 December 2017 Alex Savvides Senior Fund Manager 19 years industry experience Joined JOHCM in March 2003 Performance The JOHCM UK Dynamic Fund* (the Fund ) was launched on 27 September 2017 and replicates the successful JOHCM UK Dynamic strategy. The Fund returned 5.24 since launch and the FTSE All-Share Total Return Index (12pm adjusted) returned 6.17% over the same period. The UK domiciled version of the Fund returned 16.03%, net of fees and for the A share class, for the 2017 calendar year. The FTSE All-Share Total Return Index (12pm adjusted) returned 13.10% over the same period. Investment background Although trailing the stronger-performing developed equity markets of the US, Asia and continental Europe, 2017 was still a good year for UK equities reflected in a healthy return for the index. Led by the basic materials, financials and much smaller-weighted technology sectors, most sectors achieved double-digit gains. Basic materials stocks were boosted by rising commodity prices against the backdrop of a synchronised global economic upturn that also saw the price of Brent crude oil increase 14% in US dollar terms over then year, helped by efforts by OPEC members to constrain supplies. After the political earthquakes of Brexit and President Trump s election in 2016, politics again dominated the headlines for much of the year. At home, Prime Minister Theresa May sought to take advantage of a sizeable lead in the opinion polls and perceived weak Corbyn-led Labour Party to call a snap general election for early June. A lacklustre campaign centred on May coupled with a betterthan-expected campaign from Jeremy Corbyn resulted in a loss of seats for the Conservative Party, leaving the Tory leader to shore up her now minority government with support from Northern Ireland s Democratic Unionist Party. On the European front, Brexit negotiations took centre stage. Tortuous talks over the terms of the UK s divorce bill from the EU finally achieved a breakthrough in December, with agreement to move to the next phase of discussions on trade, a set of negotiations which will no doubt cause plenty of volatility ahead. Wage inflation remained subdued, although trends are slowly improving. In the currency markets, sterling finished near the year s high against the US dollar in closing at US$1.351/ 1, up 9.4% for the year. Strategy review The strategy entered 2017 with strong momentum from a number of its larger active positions. When reflecting on the portfolio s showing in 2016, we noted that we would expect to see a broadening out of performance amongst the Fund s holdings and, by implication, a levelling off of returns from some of 2016 s best performers. We also had high hopes for what was a relatively young portfolio of assets, a collective balance sheet position that was extremely strong and a set of management teams that we rate extremely highly. Pleasingly, there was indeed a broadening out of performance across the portfolio, with over 50% of the performance from the top ten outperformers coming from stocks that were not top ten active positions at the beginning of the year. Patience was certainly a virtue in Man Group and Britvic, both long-standing holdings in the Fund but not top ten active positions, were the largest and thirdlargest positive contributors to the Fund s performance, respectively. Man Group was a major beneficiary of latecycle economics, with strong fund flows throughout the year aided by new management s strategy of focusing on differentiated and diversified products in an ever competitive industry. Britivic, having had a tough 2016 in share price terms as the market looked dimly on the shortterm cash impact of it investing in its UK supply chain, saw its shares re-rate in This followed earnings upgrades predominantly driven by the benefits derived from that very same UK supply chain investment plus greater than expected synergies from its acquisitions in Brazil. Elsewhere, Electrocomponents, 3i Group and Anglo American all continued to perform well. * Launched 27 September,

189 JOHCM UK Dynamic Fund Investment Management Report continued Inevitably with active fund management not all of the Fund s positions played out successfully over the year. QinetiQ (the largest individual laggard) encapsulates the extremities of negative investor sentiment towards UKcentric stocks in Prior to the snap general election, QinetiQ s share price had been up as much as 20% for the year. The market had begun to reappraise the investment case as new management shifted the strategy from restructuring to growth through the use of its net cash balance sheet to invest in core assets and bolt-on acquisitions. However, post the snap UK election, QinetiQ s share price collapsed as investors became concerned over UK defence budgets with a minority government in place and an emboldened Labour Party led by a self-declared pacifist. QinetiQ did not suffer any earnings downgrades; there were actually upgrades, albeit mainly one-off in nature. Furthermore, it indicated an improvement in its EMEA Services order book and management bought the equivalent of over 400k in shares at today s prices. All these factors went on to be ignored by the market. Hopefully patience will prove to be a virtue in WM Morrison was one of the strategy s top-performing positions in 2016 while the momentum behind its recovery story continued through It was therefore a somewhat surprising laggard over the year. The half-year results showed better than expected like-for-like sales progression but did not show further margin growth, as management chose to invest further in price. This was used as a source of disappointment and negative commentary amongst a still negative analyst community. This fed through to a debate over the high price-to-earnings relative to the sector, something we feel strongly is less relevant given the rapidly improving balance sheet. On a balance sheet-adjusted basis, Morrisons remains valued in line with the sector or lower, but it has a materially higher margin of safety given extensive asset ownership and a pension surplus is likely to be a year of further like-for-like sales and balance sheet progression. Furthermore, we expect to see the introduction of a special dividend or share buyback. Imagination Technologies sold off heavily after announcing that Apple will no longer use the group s intellectual property in its new products. Whilst the strategy had only a small active position in this early stage restructuring story largely because of our concerns of an overreliance on Apple as a customer there proved to be an inadequate margin of safety in the valuation and the shares fell significantly. Outlook This strategy has always built its margin of safety through investing in stocks that exhibit not solely traditional value characteristics but also exhibit idiosyncratic drivers of shareholder value in the form of management change and strategic change. It is perhaps of little surprise therefore that the newer ideas in the portfolio all have new management teams that are implementing significant portfolio asset changes, whether it be at St Modwen Properties, Essentra, Euromoney, Hunting, ITE Group and Daily Mail & General Trust. Additionally, given the currently extremely negative sentiment towards domestically-oriented UK stocks, we believe there are pockets of value, particularly in the consumer services sector. Many of these stocks come with negative earnings momentum and/or substantial investor short interest bases focused on structural issues. It is difficult to pinpoint what precise catalyst will lead this sector to outperform. But by focusing on those stocks with strong balance sheet and cash flow characteristics alongside management and strategic change, we believe the strategy holds a subset of stocks that have the potential to outperform without the need for a broader sector move, yet are buttressed by a sufficient margin of safety Alex Savvides Senior Fund Manager 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. 187

190 JOHCM UK Dynamic Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN 3i 8 GBP Anglo American 5 GBP Ascential 4 GBP Aviva 15 GBP Barclays 32 GBP BP 23 GBP Britvic 5 GBP Chemring 13 GBP CMC Markets 7 GBP Daily Mail & General Trust 2 GBP De La Rue 5 GBP DS Smith 5 GBP Electrocomponents 10 GBP Elementis 11 GBP Essentra 5 GBP Euromoney Institutional Investor 2 GBP GlaxoSmithKline 7 GBP HSBC Holdings 13 GBP Hunting 3 GBP ITE Group 14 GBP Lloyds Banking Group 123 GBP Majestic Wine 3 GBP Man Group 22 GBP Marks & Spencer Group 10 GBP McBride 12 GBP National Express Group 11 GBP Numis 6 GBP QinetiQ 28 GBP Restaurant Group 15 GBP Rio Tinto 2 GBP Royal Dutch Shell 5 GBP SDL 3 GBP SIG 15 GBP Sky 2 GBP Speedy Hire 24 GBP St Modwen Properties 8 GBP

191 JOHCM UK Dynamic Fund Schedule of investments as at 31 December 2017 A) Transferable securities admitted to an official stock exchange listing continued Description Quantity 000 Currency Acquisition Cost 000 Fair Value 000 % Net Assets GREAT BRITAIN Stock Spirits Group 11 GBP continued Tesco 13 GBP TT Electronics 13 GBP Urban & Civic 14 GBP Vodafone Group 34 GBP Wm Morrison Supermarkets 32 GBP ,798 1, Transferable securities admitted to an official stock exchange listing 1,798 1,

192 JOHCM UK Dynamic Fund Schedule of investments as at 31 December 2017 Geographic division of investments % Net Assets 2017 Great Britain Total investments at fair value through profit or loss Other net assets 3.95 Total net assets attributable to redeemable participating shareholders % PEA eligible holding as at 31 December 2017 was 96.05%. ( PEA stands for Plan d Épargne en Actions and is applicable to French investors). 190

193 JOHCM UK Dynamic Fund Schedule of investments as at 31 December 2017 Economic division of investments % Net Assets 2017 Banks and financial institutions Petrol Holding and finance companies Retail 7.29 Non-ferrous metals 6.84 News transmission 4.93 Aerospace technology 4.62 Insurance 4.01 Real estate companies 3.54 Business houses 3.39 Graphic art and publishing 3.34 Chemicals 3.08 Transportation 3.03 Leisure 2.26 Food and distilleries 2.21 Construction and building material 2.16 Other services 2.10 Tobacco and spirits 1.49 Consumer goods 1.44 Electronic semiconductor 1.44 Package and container industry 1.23 Internet software 0.72 Total investments at fair value through profit or loss Other net assets 3.95 Total net assets attributable to redeemable participating shareholders

194 JOHCM UK Dynamic Fund Schedule of investments as at 31 December 2017 Principal portfolio changes Security Name Quantity 000 Cost 000 Security Name Quantity 000 Cost 000 PURCHASES Royal Dutch Shell BP GlaxoSmithKline 7 98 HSBC Holdings Lloyds Banking Group i 9 81 Aviva Wm Morrison Supermarkets Electrocomponents Vodafone Group Barclays QinetiQ Anglo American 5 64 Rio Tinto 2 56 Restaurant Group Marks & Spencer Group Britvic 5 40 Man Group National Express Group TT Electronics Urban & Civic De La Rue 5 34 SALES AstraZeneca 1 31 Saga SDL 3 14 Robert Walters 2 12 Xaar 3 11 Electrocomponents 2 11 Northgate 2 10 Severfield 12 9 Majestic Wine 2 8 Marks & Spencer Group 2 7 TT Electronics 3 7 McBride 3 6 3i 1 5 DS Smith 1 5 Barclays 3 5 Anglo American - 4 Numis 1 4 Restaurant Group 1 3 Man Group 1 3 Royal Dutch Shell - 2 Stock Spirits Group 1 2 Wm Morrison Supermarkets 1 2 McBride Elementis SDL 6 30 AstraZeneca 1 30 Stock Spirits Group St Modwen Properties 8 29 Essentra 5 28 DS Smith 6 28 SIG ITE Group Tesco Chemring Numis

195 Notes to the Financial Statements J O Hambro Capital Management Umbrella Fund plc Notes to the Financial Statements 193

196 Notes to the Financial Statements For the year ended 31 December Establishment and organisation The Company is an open-ended umbrella type investment company with variable capital and limited liability organised under the laws of Ireland and authorised by the Central Bank pursuant to the provisions of Part 24 of the Companies Act 2014, as amended, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations 2011 ) and to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the Central Bank UCITS Regulations 2015 ). The Company s share capital is at all times equal to its Net Asset Value. The Company was incorporated on 3 July The Company comprises distinct sub-funds. The assets of a sub-fund are invested separately in accordance with the investment objectives and policies of that sub-fund which are set out in a supplement to the Prospectus. As at 31 December 2017 the Company had fifteen active sub-funds, all denominated in GBP: JOHCM Continental European Fund JOHCM Asia ex-japan Fund JOHCM UK Growth Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM European Select Values Fund JOHCM Global Opportunities Fund JOHCM Japan Fund JOHCM Japan Dividend Growth Fund JOHCM Global Select Fund JOHCM US Small Mid Cap Equity Fund JOHCM Emerging Markets Fund JOHCM European Concentrated Value Fund JOHCM Global Emerging Markets Opportunities Fund JOHCM Global Smaller Companies Fund JOHCM UK Dynamic Fund* * Launched 27 September, 2017 The primary investment objective of the Company is to seek long-term capital growth and it aims to achieve this as follows: JOHCM Continental European Fund The Fund aims to achieve its objective by investing in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe, excluding the UK. JOHCM UK Growth Fund The Fund aims to achieve its objective by investing in solid, well managed companies domiciled or exercising the predominant part of their economic activities in the UK, capable of generating growth throughout the economic cycle. JOHCM European Select Values Fund The Fund aims to achieve its objective by investing in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe which are listed on European Exchanges or a Recognised Exchange. JOHCM Japan Fund The Fund aims to achieve its objective by investing in Japanese equities, listed on the principal stock markets of Japan or other Recognised Markets. JOHCM Global Select Fund The Fund aims to achieve its objective by investing in a concentrated portfolio of global securities. JOHCM Emerging Markets Fund The Fund aims to achieve its objective by investing in a portfolio of equity securities of companies in emerging markets around the world. JOHCM Global Emerging Markets Opportunities Fund The Fund aims to achieve its objective by investing in, both direct and indirect, a diversified portfolio of emerging market equity securities. 194

197 Notes to the Financial Statements continued 1 Establishment and Organisation continued JOHCM Asia ex-japan Fund The Fund aims to achieve long-term capital appreciation through investment, both direct and indirect, in a diversified portfolio of Asia ex-japan equity securities. JOHCM Asia ex-japan Small and Mid-Cap Fund The Fund aims to achieve long-term capital appreciation through investment, both direct and indirect, in a diversified portfolio of Asia ex-japan Small and Mid Cap equity securities. JOHCM Global Opportunities Fund The Fund aims to achieve long-term total return by investing in a concentrated portfolio of global equity securities. It is anticipated that the Fund s portfolio will comprise fewer than 50 holdings. JOHCM Japan Dividend Growth Fund The Fund aims to achieve its objective by investing entirely in equity securities of companies which are listed on the principal stock markets of Japan, the majority of which will be securities contained in the Index (Topix TR). At no time will less than half of the Fund s total net assets be invested in securities contained in the Index (Topix TR). JOHCM US Small Mid Cap Equity Fund The Fund aims to achieve its objective by investing in a portfolio of equity securities of smaller and mid-sized capitalisation companies domiciled in the United States. JOHCM European Concentrated Value Fund The Fund aims to achieve long-term capital appreciation, through investment in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe, which are listed on European exchanges or a Recognised Exchange. JOHCM Global Smaller Companies Fund The Fund aims to achieve long-term capital appreciation by investing in a portfolio of equity securities of smaller and midsized capitalisation companies domiciled in the global market. JOHCM UK Dynamic Fund The Fund aims to achieve long-term capital appreciation and outperform the Index net of fees by investing in stocks where ongoing corporate change creates an asymmetric risk/reward profile. 2 Principal Accounting Policies The Company s financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the Company for the financial year ended 31 December 2017, certain provisions of the UCITS Regulations and in accordance with Irish statute comprising the Companies Act 2014, as amended. The Company has availed itself of certain exemptions contained in FRS 102 section 7.1A Cash Flow Statements and has presented a statement of changes in net assets in place of a cash flow statement. In the opinion of the Directors, this information also satisfies the requirement of FRS 102 section 10.4 Reporting Financial Performance, in relation to a reconciliation of movements in Shareholders Equity. The financial statements are prepared on a going concern basis. Financial Assets and Liabilities at Fair Value through Profit or Loss Classification The Company classifies its investment securities as financial assets and liabilities at fair value through profit or loss: held for trading, in accordance with IAS 39 Financial Instruments: Recognition and Measurement ( IAS 39 ). Investments are classified as held for trading if they are acquired for the purpose of selling and/or repurchasing in the near term. This category includes equities and derivatives. These investments are acquired principally for the purpose of generating a profit from fluctuations in the price. The Company s policy is not to apply hedge accounting. 195

198 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Measurement and Recognition The Company has elected to apply the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and the disclosures of section 11 and 12 of FRS 102. The Company recognises financial assets and liabilities held for trading on the date it becomes party to the contractual provisions of the instruments, and all significant rights and access to the benefits or losses and the exposure to the risks inherent in those instruments are transferred to the Company; generally the trade date. Financial instruments are initially measured at fair value which is generally the transaction amount (excluding transaction costs which are expensed as incurred). For financial assets, the transaction amount is the fair value of the consideration given and for financial liabilities the transaction amount is the fair value of the consideration received. Subsequent measurement After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss, at their fair values. Fair value is the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair value measurement is based on the presumption that the transaction to sell the asset or transfer liability takes place either in the principal market or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of financial instruments traded in active markets at reporting date is quoted at last traded price. If a quoted market price is not available on a recognised stock exchange or, in the case of non-exchange traded financial instruments, from a broker/dealer, the fair value of the instrument is estimated using valuation techniques, including use of recent arm s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. Where discounted cash flow techniques are used, estimated future cash flows are based on the Directors best estimates and the discount rate used is a market rate at the balance sheet date applicable for an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the balance sheet date. Fair values for unquoted equity investments are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer. Equity instruments which do not have a quoted market price in an active market and whose fair value cannot be reliably measured using valuation techniques are measured at cost. Gains and losses arising from a change in the fair value of investments are recognised in the Statement of Comprehensive Income. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39. The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires. The Company uses the weighted average method to determine realised gains and losses on derecognition. The Financial Reporting Council has issued an amendment to FRS 102 fair value hierarchy disclosures which aligns with IFRS 13 Fair Value Measurement effective for accounting periods beginning on or after 1 January 2017 with early application permitted. The Company has elected to apply the amendment for these financial statements. 196

199 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Net Asset Value ( NAV ) The NAV of the Company and of each sub-fund and of each class of share, as the case may be, is calculated by the Administrator at the valuation point on each valuation date. The NAV per share in each sub-fund is calculated by dividing the NAV of such sub-fund by the number of shares in issue in respect of that sub-fund. Where a sub-fund is made up of more than one class of share, the NAV of each class of share is calculated by determining that part of the NAV of each sub-fund attributable to each such class of share and dividing this value by the number of shares of that class in issue. As per the Company s Prospectus, the valuation point for NAV reporting purposes is noon Irish time. Transactions entered up until the valuation point on 31 December 2017 were recorded in the current financial year; transactions entered after the valuation point at this date will be recorded in the next set of financial statements. Share Capital The Company s subscriber shares are classified as equity in accordance with the Company s articles of association. These shares do not participate in the profits of the Company. Net gain/(loss) on financial assets and liabilities at fair value through profit or loss Results arising from trading activities are recognised in the Statement of Comprehensive Income, including all gains and losses from changes in fair value of financial instruments. Income from Investments Dividends are recognised when the Shareholder s right to receive payment is established. Dividend income is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income. Operating Expenses The Company pays out of the assets of each sub-fund, all normal operating expenses including Depositary fees, Administration fees, Investment Manager s fees, Directors fees, NAV publication and circulation fees, audit and other professional fees and stamp duties and charges incurred on the acquisition and realisation of investments. Such costs are expensed in the financial year to which they relate. Listed Equities Listed equities are valued at the price at the valuation point or, where the recognised market on which the investment is quoted is closed at the valuation point, at the last traded price at the close of the regular trading session of the market on which such investment is quoted at each valuation point. Unlisted Equities Unlisted equities are valued at the probable realisation value as determined with care and in good faith by such competent persons as may be appointed by the Directors and approved for the purpose by the Depositary. Contracts for Difference Off-exchange derivative contracts are valued by the counterparty at least daily. The valuation must be approved or verified weekly by a third party who is independent of the counterparty and who is approved for the purpose by the Depositary. Fixed Income Securities Fixed income securities are valued at the close of business price of the preceding business day in each case on the market on which these assets are traded or admitted for trading. Options Options contracts are valued at the settlement price as determined by the market in question. If such market price is not available, the value will be the probable realisation value estimated with care and in good faith by the Directors or such other competent person approved for the purpose by the Depositary. 197

200 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Forward Contracts A forward currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time the contract is made. Forward currency contracts are valued by reference to the forward price at which a new forward contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward currency contracts is calculated as the difference between the contract rate and this forward price and is included in the Statement of Comprehensive Income. Open positions of the foreign currency contracts as at 31 December 2017 are disclosed in the Schedule of Investments. Foreign Exchange Translation The cost of investments in currencies other than the functional currency of the relevant sub-fund has been translated at the rates of exchange ruling at the time of the purchase. The market value of the investments and other assets in currencies other than the currency of the relevant sub-fund has been translated at the rates of exchange as at 31 December The resulting profits or losses are dealt with in the Statement of Comprehensive Income. The method of translation has no effect on the NAV per share attributable to the individual classes. Other financial liabilities This category includes all financial liabilities, other than those classified as at fair value through profit or loss. The Company includes in this category amounts relating to cash collateral on securities lent and other short-term payables. Cash and Cash Equivalents Cash and cash equivalents in the Statement of Financial Position comprise cash on hand, demand deposits and short-term deposits in banks and are valued at nominal value plus accrued interest, where applicable, at the end of the relevant day on which the Valuation Point occurs. Short term deposits are subject to an insignificant risk of changes in value and have original maturities of three months or less. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Company includes in this category amounts relating to short-term receivables. Classification of Redeemable Participating Shares Redeemable participating shares are redeemable at the Shareholders option and are classified as financial liabilities as they do not have identical features and are not the most subordinate class of equity interest. The participating shares can be put back to the Company on any dealing day for cash equal to a proportionate share of the Company s NAV. All financial instruments in the class of instruments that is subordinate to all other classes of instruments have identical features. Distributions to Holders of Redeemable Participating Shares Distributions to holders of redeemable participating shares that do not meet the criteria for recognition as equity in line with FRS 102 section 22.4 are recorded in the Statement of Comprehensive Income and presented as finance costs in line with the distribution policy as authorised by the Directors. The Distributions to holders of redeemable participating shares for the financial year ended 31 December 2016 are recognised as a finance cost in Transaction costs Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and security exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These are expensed through the Statement of Comprehensive Income as incurred. Taxation Dividend income, interest income and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its Shareholders. 198

201 Notes to the Financial Statements continued 2 Principal Accounting Policies continued Judgements and Estimates The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The accounting policies have been applied consistently by the Company and are consistent with those used in the previous period. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the judgements, estimates and assumptions when they occur. Functional and Presentation Currency Items included in the Company s financial statements are measured and presented using the currency of the primary economic environment in which it operates ( the functional currency ). This is Pound Sterling ( GBP ), which reflects the fact that the Company s investor base is mainly located in the UK. The presentation currency is also GBP. 3 Financial Instruments at Fair Value through Profit or Loss Fair value 31 December Fair value 31 December Financial assets held for trading Equities 9,545,566 8,021,410 Investment Funds 24,687 - Warrants Investments in transferable securities 9,570,323 8,021,479 Options 3,276 1,991 Equity Swaps Forward Currency Contracts Investments in derivatives 3,658 2,212 Total financial assets 9,573,981 8,023,691 Financial liabilities held for trading Forward Currency Contracts (1,283) (3,647) Equity Swaps (196) (542) Investments in derivatives (1,479) (4,189) Total financial liabilities (1,479) (4,189) 199

202 Notes to the Financial Statements continued 4 Taxation Under current Irish law and practice the Company qualifies as an investment undertaking under Section 739B of the Taxes Consolidation Act, 1997 and is not therefore chargeable to Irish tax on its relevant income or relevant gains. No stamp, transfer or registration tax is payable in Ireland on the issue, redemption or transfer of shares in the Company. Distributions and interest on securities issued in countries other than Ireland may be subject to taxes including withholding taxes imposed by such countries. The Company may not be able to benefit from a reduction in the rate of withholding tax by virtue of the double taxation agreement in operation between Ireland and other countries. The Company may not, therefore, be able to reclaim withholding tax suffered by it in particular countries. Following legislative changes in the Finance Act 2006, the holding of shares at the end of a relevant period will, in respect of Irish resident investors, also constitute a chargeable event. To the extent that any tax issues arise on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant shares. Relevant period is defined as a period of eight financial years beginning with the acquisition of a share by a Shareholder and each subsequent period of eight financial years beginning immediately after the preceding relevant period. Dividends received from investment in Irish equities may be subject to Irish dividend withholding tax (currently at the rate of 20%). However, the Company can make a declaration to the payer that it is a collective investment undertaking beneficially entitled to the dividends to avoid this withholding tax. The Company is not required to deduct dividend withholding tax on dividend payments to Shareholders provided the Shareholder has completed the relevant declaration. It is the intention of the Directors that the business of the Company will be conducted in such a manner as to ensure that the Company will be regarded as Resident in Ireland for tax purposes. 5 Share Capital On incorporation the authorised share capital of the Company was Euro 40,000 divided into 40,000 Subscriber shares of one Euro each and 800,000,000 Redeemable Participating Shares of no par value. As only redeemable participating shares can represent an interest in a sub-fund, the subscriber shares have no entitlement or interest in such sub-funds. Subscriber Shares 40,000 subscriber shares were issued to J O Hambro Capital Management Limited or its nominees to comply with the requirements of the Companies Act. J O Hambro Capital Management Limited redeemed 39,993 of these subscriber shares on 22 November The remaining seven subscriber shares are fully paid up. Each holder of subscriber shares is entitled to attend and vote at any General Meeting except that any holder of subscriber shares is not entitled to vote at any such General Meeting at any time that more than one Shareholder holds participating shares in issue. The subscriber shares do not form part of the net asset value of the Company and are thus disclosed in the financial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company s business as an investment fund. The rights attached to any class of share may, whether or not the Company is being wound up, be varied or abrogated with the consent in writing of the holders of 75% of the issued shares of that class or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. Redeemable Participating Shares The issued redeemable participating share capital is at all times equal to the net asset value of the Company. The movement in the number of participating shares is shown in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. Capital Management Policies The Company may from time to time by ordinary resolution increase its capital, consolidate and divide its shares into shares of a larger amount or subdivide its shares into shares of a smaller amount or cancel any shares not taken or agreed to be taken by any person. The Company may by special resolution from time to time reduce its share capital in any way permitted by law. 200

203 Notes to the Financial Statements continued 6 Operating Expenses Investment Management and Performance Fees The following table provides detail of the investment management fee rate applied to each share class of each sub-fund: Sub-fund Share Class Inv Mgmt Fee Sub-fund Share Class Inv Mgmt Fee JOHCM Continental GBP Class A Shares 0.75% European Fund EUR Class A Shares 0.75% USD Hedged Class A Shares 0.75% GBP Hedged Class A Shares 0.75% GBP Class B Shares 1.25% EUR Class B Shares 1.25% USD Hedged Class B Shares 1.25% GBP Y Shares 0.625% EUR Y Shares 0.625% GBP Hedged X Shares 0.55% GBP Hedged Y Shares 0.625% JOHCM UK GBP Class A Shares 0.75% Growth Fund GBP Class B Shares 1.25% JOHCM European GBP Class A Shares 0.75% Select Values Fund EUR Class A Shares 0.75% GBP Class B Shares 1.25% EUR Class B Shares 1.25% EUR X Shares 1.50% EUR Non - Distributing Class 1.25% JOHCM Japan Fund GBP Class A Shares 0.75% GBP Hedged Class A Shares 0.75% EUR Class A Shares 0.75% JPY Class A Shares 0.75% GBP Class B Shares 1.25% GBP Hedged Class B Shares 1.25% EUR Class B Shares 1.25% JPY Class B Shares 1.25% JOHCM Global GBP Class A Shares 0.75% Select Fund EUR Class A Shares 0.75% USD Class A Shares 0.75% GBP Class B Shares 1.50% EUR Class B Shares 1.50% USD Class B Shares 1.50% EUR Non - Distributing Class 1.25% JOHCM Emerging GBP Class A Shares 0.90% Markets Fund EUR Class A Shares 0.90% USD Class A Shares 0.90% GBP Class B Shares 1.50% EUR Class B Shares 1.50% USD Class B Shares 1.50% GBP Y Shares 0.80% JOHCM Global GBP Class A Shares 0.90% Emerging Markets EUR Class A Shares 0.90% Opportunities Fund USD Class A Shares 0.90% GBP Class B Shares 1.50% EUR Class B Shares 1.50% GBP Y Shares 0.75% JOHCM Asia ex-japan GBP Class A Shares 0.90% Fund EUR Class A Shares 0.90% USD Class A Shares 0.90% GBP Class B Shares 1.50% EUR Class B Shares 1.50% USD Class B Shares 1.50% JOHCM Asia ex-japan Small and Mid-Cap Fund GBP Class A Shares 0.90% EUR Class A Shares 0.90% USD Class A Shares 0.90% GBP Class B Shares 1.50% EUR Class B Shares 1.50% USD Class B Shares 1.50% JOHCM Global Opportunities Fund GBP Class A Shares 0.75% EUR Class A Shares 0.75% USD Class A Shares 0.75% GBP Class B Shares 1.50% EUR Class B Shares 1.50% USD Class B Shares 1.50% GBP X Shares 0.625% GBP Hedged X Shares JOHCM Japan GBP Class A Shares 0.625% Dividend Growth Fund GBP Hedged Class A Shares 0.625% EUR Class A Shares 0.625% USD Class A Shares 0.625% USD Hedged Class A Shares 0.625% EUR Class B Shares 1.25% GBP Shares 0.25% JOHCM US Small GBP Class A Shares 0.75% Mid Cap Equity EUR Class A Shares 0.75% Fund USD Class A Shares 0.75% EUR Class B Shares 1.50% USD Class B Shares 1.50% 201

204 Notes to the Financial Statements continued 6 Operating Expenses continued Sub-fund Share Class Inv Mgmt Fee Sub-fund Share Class Inv Mgmt Fee JOHCM European Concentrated Value Fund USD Shares 0.25% EUR Class A Shares 0.75% EUR Class B Shares 1.25% USD Class B Shares 1.25% SGD Hedged Class B Shares 1.25% JOHCM Global Smaller USD Class A Shares 0.75% Companies Fund JOHCM UK Dynamic GBP Class A* 0.75% Fund* GBP Y Shares* 0.625% * JOHCM UK Dynamic Fund launched on 27 September Investment Management and Performance Fees Investment Management fees for Z class shares are negotiated separately with the Investment Manager and not charged to the respective sub-fund. The Investment Manager has voluntarily agreed to waive a portion of its fees and/or reimburse certain expenses in respect of individual sub-funds so that the total expenses of those sub-funds will not exceed voluntary expense limitations established for each respective sub-fund. The Investment Manager, at its discretion, may revise or discontinue the voluntary waivers and/or expense reimbursements at any time. For the financial year ended 31 December 2017 and 31 December 2016, the Investment Management fees waived and reimbursed were as follows: Sub-Fund 31 December December JOHCM Emerging Markets Fund JOHCM Japan Dividend Growth Fund - 1 JOHCM US Small Mid Cap Equity Fund - 61 JOHCM European Concentrated Value Fund JOHCM Global Smaller Companies Fund JOHCM UK Dynamic Fund 13 - Additionally, the Investment Manager receives a performance fee based on the out-performance of each sub-fund s return over an index specific to each sub-fund. The performance fee equates to 15% of the out-performance and is accrued daily and payable annually in arrears in respect of each performance year. The performance year for all sub-funds was the period commencing 1 January 2017 or the inception date if later. The fund performance in respect of a performance period is the arithmetical difference between the NAV per share on the last business day of the preceding performance period, which reflects the charging of a performance fee, if any, in respect of the previous performance period, and the NAV per share on the last business day of the performance period expressed as a percentage. 202

205 Notes to the Financial Statements continued 6 Operating Expenses continued Administration Fees The Administrator is entitled to an annual fee payable by the Company not exceeding EUR 45,000 per annum per sub-fund with up to 2 share classes and in addition, up to EUR 4,500 per annum for each additional share class plus Domiciliary and Corporate Agent Fees of up to EUR 13,000 per annum for the Company. Such fees are accrued daily and are payable monthly in arrears. The Administrator is also entitled to the payment of fees for acting as Registrar and Transfer Agent and transaction charges (charged at normal commercial rates), based on transactions undertaken by the Company, the number of subscriptions, redemptions, exchanges and transfer of shares processed by the Administrator and time spent on company shareholder servicing duties and to the reimbursement of operating expenses. The Administrator is also entitled to be repaid for all of its out-of-pocket expenses incurred on behalf of the Company, which shall include reasonable legal fees, courier fees, telecommunications and expenses. Depositary Fees Effective to 1 April 2016 The Depositary is entitled to safekeeping fees not exceeding % p.a. of the Net Asset Value of the sub-fund depending on the location of the assets held, subject to a minimum fee of EUR 7,700 per annum, per sub-fund and to transaction charges charged at normal commercial rates. In addition, the Depositary is entitled to an annual Trustee Fee of up to 0.03% of the Net Asset Value of the sub-fund, subject to a minimum fee of up to EUR 5,000 per annum per sub-fund. Such fees shall accrue daily and be payable monthly in arrears. The Depositary is also entitled to be reimbursed for reasonable out-of-pocket expenses properly incurred by it, including telephone and fax charges, stamp duties, proxy voting and registration fees. Directors Remuneration The Directors are entitled to a fee in remuneration for their services at a rate to be determined from time to time by the Directors, but so that the aggregate amount of Directors remuneration in any one financial year shall not exceed EUR 75,000. Helen Vaughan has waived her entitlement to a fee. Directors fees charged for the financial year ended 31 December 2017 and 31 December 2016 were as follows: 31 December December Director fees Total

206 Notes to the Financial Statements continued 6 Operating Expenses continued Auditors Remuneration The paid amount for work carried out for the Company for the financial year end is as follows: 31 December December Audit services (including VAT) Audit Fee Non audit services (including VAT) Tax Advisory Fee Other non-audit services 42 2 Total Service Provider Fees For the financial year ended 31 December 2017 and 31 December 2016, the service provider fees were as follows: 31 December December Administration fees 1,243 1,065 Depositary fees 1,832 1,098 Depositary Oversight fees 1, Transfer and domiciliary agency fees 1,481 1,154 Total 6,056 4,123 7 Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if the party is a member of the key management personnel of the entity or its parent. The Investment Manager is a related party under this definition. Ms. Vaughan is Chief Operating Officer of J O Hambro Capital Management Limited, the Investment Manager of the Company. For the financial year ended 31 December 2017 the Company incurred GBP 83,267,000 (2016: GBP 65,997,000) in total for investment management fees. As discussed in note 6, the Investment Manager is entitled to receive performance fees. For the financial year ended 31 December 2017, the Company accrued GBP 475,000 (2016: GBP 12,824,000) in total for performance fees. For the financial year ended 31 December 2017 the Company received GBP 300,000 (2016: GBP 244,000) in total as Reimbursement from the Investment Manager. Graham Warner, Máire O Connor and Robert Burke are independent non-executive Directors of J O Hambro Capital Management Umbrella Fund plc. As at 31 December 2017, none of the independent non-executive directors held shares in J O Hambro Capital Management Umbrella Fund plc (2016: nil). Ms. Vaughan held 8,772 shares in JOHCM Global Select Fund as at 31 December 2017 (31 December 2016: 8,772 shares) and 5,597 shares in JOHCM Emerging Markets Fund as at 31 December 2017 (31 December 2016: 5,597). 204

207 Notes to the Financial Statements continued 7 Related Parties continued As at 31 December 2017, J O Hambro Capital Management Limited held shares in the Company as follows: Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM Continental European Fund Class Y GBP JOHCM European Select Value Fund Class A GBP 125, , JOHCM Global Select Fund Class Z GBP 213, , (213, ) (396) 2, JOHCM Emerging Market Fund Class Y GBP 106, (53, ) (68) 54, JOHCM Global Emerging Market Opportunities Fund Class A EUR 165, , Class B EUR 11, , JOHCM Asia ex-japan Fund Class A EUR 144, , Class B EUR 11, , Class Z GBP 467, , (233, ) - 242, JOHCM Asia ex-japan Small and Mid-Cap Fund Class A EUR 146, , Class A USD 1,224, ,224, Class B EUR 11, , Class B USD 15, , Class Z GBP 227, , (126, ) - 207, JOHCM Global Opportunities Fund Class A EUR 154, (154, ) (348) - Class A USD 195, (195, ) $(348) - Class B EUR 12, (12, ) (27) - Class B USD 15, (15, ) $(27) - JOHCM Japan Dividend Growth Fund Class A GBP 901, (901, ) (1,561) - Class A Hedged GBP 821, (821, ) (1,298) - Class A EUR 156, (156, ) (244) - Class A USD 211, , Class A Hedged USD 207, , Class B EUR 12, (12, ) (20) - 205

208 Notes to the Financial Statements continued 7 Related Parties continued Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM US Small Mid Cap Equity Fund Class A GBP 10, , Class A EUR 10, , Class A USD 10, , Class B EUR 10, , Class B USD 10, , USD Seed 11,695, ,559, $8, ,255, JOHCM European Concentrated Value Fund Class A EUR 4,152, (82, ) - 4,070, JOHCM Global Smaller Companies Fund Class A USD 4,461, ,461, As at 31 December 2016, J O Hambro Capital Management Limited held shares in the Company as follows: Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM Continental European Fund Class Y GBP JOHCM European Select Value Fund Class A GBP 57, (58, ) (242) - JOHCM Japan Fund Class A Hedged GBP 1, (1, ) (2) - JOHCM Global Select Fund Class Z GBP 862, , (657, ) (932) 213, JOHCM Emerging Market Fund Class Y GBP - 106, , JOHCM Global Emerging Market Opportunities Fund Class A EUR 165, , Class B EUR 11, , JOHCM Asia ex-japan Fund Class A EUR 144, , Class B EUR 11, , Class Z GBP - 467, (233, ) - 233,

209 Notes to the Financial Statements continued 7 Related Parties continued Opening Shares Subscriptions Shares Monetary 000 Redemption Shares Monetary 000 Closing Shares JOHCM Asia ex-japan Small and Mid-Cap Fund Class A EUR 146, , Class A USD 1,224, ,224, Class B EUR 11, , Class B USD 15, , Class Z GBP 24, , (101, ) - 227, JOHCM Global Opportunities Fund Class A EUR 154, , Class A USD 195, , Class B EUR 12, , Class B USD 15, , JOHCM Japan Dividend Growth Fund Class A GBP 888, , , Class A Hedged GBP 807, , , Class A EUR 151, , , Class A USD 207, , $ , Class A Hedged USD 207, , Class B EUR 12, , JOHCM US Small Mid Cap Equity Fund Class A GBP 10, , Class A EUR 10, , Class A USD 10, , Class B EUR 10, , Class B USD 10, , USD Seed 4,937, ,757, $7, ,695, JOHCM European Concentrated Value Fund Class A EUR 4,235, (82, ) - 4,152, JOHCM Global Smaller Companies Fund Class A USD 4,461, ,461, The Secretary did not hold any shares of the Company during the financial year or at the financial year end (2016: nil). Directors Remuneration A list of members of the Board of Directors is shown on page 1 of this report. Directors remuneration is discussed in note

210 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments The sub-funds utilise various methods to value investments measured at fair value on a recurring and non recurring basis. Fair Valuation Estimation Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement (lowest being Level 3). Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company s management s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The determination of what constitutes observable requires significant judgment by the Company s management. Management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company s management s perceived risk of that instrument. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company s management s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Management uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The three levels of inputs are defined as follows: Level 1 - The unadjusted quoted price in active markets for identical assets or liabilities that the entity can access at the measurement date (Level 1); Level 2 - Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly (Level 2); and Level 3 - Inputs that are unobservable (i.e. for which market data is unavailable) for the asset or liability (Level 3). Unlisted Equities Unlisted equities are valued at the probable realisation value as determined with care and in good faith by such competent persons as may be appointed by the Directors and approved for the purpose by the Depositary. Transfer between level 1 and 2 There have been no significant transfers between Level 1 and Level 2 during the financial year ended 31 December 2017 and financial year ended 31 December Valuation Techniques The fair value of ordinary shares or preference shares that do not have a quoted market price in an active market is reliably measurable if: (i) the variability in the range of reasonable fair value estimates is not significant for that asset; or (ii) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. 208

211 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued There are many situations in which the variability in the range of reasonable fair value estimates of assets that do not have a quoted market price is likely not to be significant. Normally it is possible to estimate the fair value of ordinary shares or preference shares that an entity has acquired from an outside party. However, if the range of reasonable fair value estimates is significant and the probabilities of the various estimates cannot be reasonably assessed, an entity is precluded from measuring the ordinary shares or preference shares at fair value. If a reliable measure of fair value is no longer available for an asset measured at fair value (e.g. ordinary shares or preference shares measured at fair value through profit or loss), its carrying amount at the last date the asset was reliably measurable becomes its new cost. The entity shall measure the ordinary shares or preference shares at this cost amount less impairment until a reliable measure of fair value becomes available. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company s accounting policies in relation to derivatives are set out in note 2 to the financial statements and the Company has a Risk Management Process in place for the use of financial derivative investments which has been approved by the Board and the Central Bank of Ireland. The Board has designated Carne Global Financial Services Limited ( Carne ) as being responsible for risk management. Carne ensures that procedures are in place so that all significant risks to the Company can be identified, monitored and managed at all times. Carne reports to the Board quarterly based on the reports supplied by the Company s Investment Manager and Administrator. Set out below is a description of some of the more important types of risk and an outline of the processes the Investment Manager has implemented to assess, monitor and control these specific risks: The Company invests in the following financial instruments which are classified under Level 2. These instruments are valued as follows; OTC Options Options contracts are valued at the settlement price as determined by the market in question. If such market price is not available, the value shall be the probable realisation value estimated with care and in good faith by the Directors or such other competent person approved for the purpose by the Depositary. Contracts for Difference Contracts for Difference are valued by the counterparty at least daily. The valuation must be approved or verified weekly by a third party who is independent of the counterparty and who is approved for the purpose by the Depositary. Upon entering into contracts for differences, the sub-funds pledge cash (financial assets) collateral against the contracts for differences financial liabilities. As at 31 December 2017 GBP Nil was pledged on the JOHCM European Select Values Fund (31 December 2016: GBP 465,000). Forward Contracts Forward exchange contracts are valued by reference to the price at which a new forward contract of the same size and maturity could be undertaken. 209

212 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued The following tables summarise the inputs used to value the sub-funds financial instruments measured at fair value on a recurring and non-recurring basis as at 31 December 2017: Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM Continental European Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,910,241 1,910, Forward foreign exchange contracts Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (375) - (375) - Total 1,909,888 1,910,241 (353) - JOHCM UK Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 394, , Total 394, , JOHCM European Select Values Fund Financial assets at fair value through profit or loss 2,936,470 2,936, Investments in transferable securities, at fair value Options 3,276 3, Financial liabilities at fair value through profit or loss Contracts for difference (196) - (196) - Forward foreign currency contracts (5) - (5) - Total 2,939,627 2,939,746 (119) - JOHCM Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 507, , Foreign currency contracts Financial liabilities at fair value through profit or loss Forward forward foreign exchange contracts (1) - (1) - Total 507, , JOHCM Global Select Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 2,071,722 2,071, Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (1) - (1) - Total 2,071,723 2,071,

213 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM Emerging Markets Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 29,509 29, Total 29,509 29, JOHCM Global Emerging Markets Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 314, , Total 314, , JOHCM Asia ex-japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 563, , Forward foreign currency contracts Total 563, , JOHCM Asia ex-japan Small and Mid-Cap Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 35,008 35, Total 35,008 35, JOHCM Global Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 248, , Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (1) - (1) - Total 248, , JOHCM Japan Dividend Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 134, , Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (13) - (13) - Total 134, , JOHCM US Small Mid Cap Equity Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 43,284 43, Total 43,284 43,

214 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM European Concentrated Value Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 374, , Financial liabilities at fair value through profit or loss Forward foreign exchange contracts (887) - (887) - Total 373, ,620 (887) - JOHCM Global Smaller Companies Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 4,010 4, Total 4,010 4, JOHCM UK Dynamic Fund* Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,870 1, Total 1,870 1, * JOHCM UK Dynamic Fund launched on 27 September The following tables summarise the inputs used to value the sub-funds financial instruments measured at fair value on a recurring and non recurring basis as at 31 December 2016: Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM Continental European Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 1,658,398 1,658, Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign currency contracts (3,517) - (3,517) - Total 1,654,915 1,658,398 (3,483) - JOHCM UK Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 309, , Total 309, ,

215 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM European Select Values Fund Financial assets at fair value through profit or loss 2,306,679 2,306, Investments in transferable securities, at fair value Options 1,992 1, Forward foreign currency contracts Financial liabilities at fair value through profit or loss Contracts for difference (543) - (543) - Forward foreign currency contracts (11) - (11) - Total 2,308,237 2,308,671 (434) - JOHCM Japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 421, , Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign currency contracts (20) - (20) - Total 421, , JOHCM Global Select Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 2,186,491 2,186, Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign currency contracts (66) - (66) - Total 2,186,434 2,186,491 (57) - JOHCM Emerging Markets Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 25,022 25, Total 25,022 25, JOHCM Global Emerging Markets Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 217, , Financial liabilities at fair value through profit or loss Forward foreign currency contracts (1) - (1) - Total 217, ,724 (1) - 213

216 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Assets and Liabilities Total Investments (level 1) (level 2) (level 3) JOHCM Asia ex-japan Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 473, , Total 473, , JOHCM Asia ex-japan Small and Mid-Cap Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 56,798 56, Total 56,798 56, JOHCM Global Opportunities Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 246, , Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign currency contracts (13) - (13) - Total 246, ,735 (12) - JOHCM Japan Dividend Growth Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 98,354 98, Forward foreign currency contracts Financial liabilities at fair value through profit or loss Forward foreign currency contracts (18) - (18) - Total 98,345 98,354 (9) - JOHCM US Small Mid Cap Equity Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 11,854 11, Total 11,854 11, JOHCM European Concentrated Value Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 4,806 4, Total 4,806 4, JOHCM Global Smaller Companies Fund Financial assets at fair value through profit or loss Investments in transferable securities, at fair value 3,595 3, Total 3,595 3,

217 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Global Exposure to Financial Derivative Instruments The Investment Manager s Risk Management department has assessed the risk profile of the Company and the related subfunds on the basis of the investment policy, strategy and the use of Financial Derivative Instruments ( FDIs ). Based on the risk profile, Risk Management has determined that the method for the calculation of the global exposure to FDIs for all subfunds will be the commitment approach, where the sub-fund holds FDIs. Breaches of the exposure limits, if any, are identified using commitment approach, addressed by the Investment Manager and reported to the Directors. An annual FDIs report is provided to the Central Bank detailing any exposure breaches in either the global exposure or counterparty risk exposure in respect of FDIs. During the financial year ended 31 December 2017 and financial year ended 31 December 2016 there were no breaches of the FDIs exposure limits. Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices and includes currency risk, interest rate risk and price risk. The Company s market risk management strategy is driven by the investment objectives of each of the sub-funds. The sub-funds are actively managed. The following specific processes are in place to control market risk and prohibit speculation: Market risk for all sub-funds is assessed by the Investment Manager in the context of the total portfolio being managed, where financial derivative instruments are included on a fully paid up exposure basis. Where options or option related financial derivative instruments are utilised, exposure is determined on a delta-weighted basis. Consideration is given to basis risk (the risk that the financial derivative instrument will not move in line with the physical position) where appropriate; Restrictions on gearing of portfolios are in place (as defined in the Company s Prospectus). Financial derivative instruments cannot be used to circumvent these restrictions; Net exposures of a sub-fund to an asset class, including the delta weighted exposure of derivative instruments are restricted by the Company s investment guidelines; In the case of use of financial derivative instrument positions to achieve exposure, the sub-funds hold sufficient cash or appropriate equivalent to meet potential obligations arising from the net derivative position. In the case of derivative positions to remove exposure, the sub-funds hold assets, which are considered a reasonable hedge. Price Risk The Company s equity securities and FDIs are susceptible to market price risk arising from uncertainties about the future prices of the instruments. The Company s market price risk is managed through diversification of the portfolios of the subfunds. Asset allocation is determined by the Company s Investment Manager who manages the allocation of assets to achieve each sub-fund s investment objective. Market risk exposures are measured through monitoring sector and country exposures against the relevant benchmark indices on a daily basis via live spreadsheets. 215

218 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Price Risk continued The Board s best estimate of the effect on net assets and profits due to a reasonably possible change in equity indices with all other variables held constant is as follows: Fund Index Change in equity price 31 Dec 2017 Effect on net assets and profit 31 Dec s JOHCM Continental European Fund MSCI Europe Ex UK NR ,526 JOHCM UK Growth Fund FTSE All Share 13 51,627 JOHCM European Select Values Fund MSCI Europe NR ,361 JOHCM Japan Fund TOPIX 13 66,056 JOHCM Global Select Fund MSCI ACWI NR ,296 JOHCM Emerging Markets Fund MSCI Emerging Markets NR 25 7,495 JOHCM Global Emerging Markets Opportunities Fund MSCI Emerging Markets NR 25 79,968 JOHCM Asia ex-japan Fund MSCI AC Asia ex-japan NR ,081 JOHCM Asia ex-japan Small and Mid-Cap Fund MSCI AC Asia ex-japan Small Cap 22 7,688 JOHCM Global Opportunities Fund MSCI ACWI NR 13 32,931 JOHCM Japan Dividend Growth Fund TOPIX 13 17,565 JOHCM US Small Mid Cap Equity Fund RUSSELL TR 7 2,900 JOHCM European Concentrated Value Fund MSCI Europe NR 15 54,715 JOHCM Global Smaller Companies Fund MSCI ACWI SMID Cap JOHCM UK Dynamic Fund* FTSE All Share * JOHCM UK Dynamic Fund launched on 27 September TR stands for Total Return. All indices are sterling adjusted. Fund Index Change in equity price 31 Dec 2016 Effect on net assets and profit 31 Dec s JOHCM Continental European Fund MSCI Europe Ex UK NR ,119 JOHCM UK Growth Fund FTSE All Share 17 51,842 JOHCM European Select Values Fund MSCI Europe NR ,975 JOHCM Japan Fund TOPIX 23 97,459 JOHCM Global Select Fund MSCI ACWI NR ,676 JOHCM Emerging Markets Fund MSCI Emerging Markets NR 33 8,163 JOHCM Global Emerging Markets Opportunities Fund MSCI Emerging Markets NR 33 71,033 JOHCM Asia ex-japan Fund MSCI AC Asia ex-japan NR ,088 JOHCM Asia ex-japan Small and Mid-Cap Fund MSCI AC Asia ex-japan Small Cap 17 9,404 JOHCM Global Opportunities Fund MSCI ACWI NR 29 70,716 JOHCM Japan Dividend Growth Fund TOPIX 23 22,719 JOHCM US Small Mid Cap Equity Fund RUSSELL TR 40 4,773 JOHCM European Concentrated Value Fund MSCI Europe NR JOHCM Global Smaller Companies Fund MSCI ACWI SMID Cap 30 1,090 TThe changes in equity price are based on the movement of ten financial year annualised rates. The Board believes that this is appropriate for portraying the underlying sub-fund s sensitivity to market movements. In practice the actual trading results may differ from the sensitivity analysis above and the difference could be material as all the sub-funds are actively managed. 216

219 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Currency Risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company s functional currency is Sterling (GBP). The Company invests in securities and other investments that are denominated in currencies other than the functional currency. Accordingly, the value of the Company s assets may be affected favourably or unfavourably by fluctuations in currency rates. Sub-funds may employ techniques and use instruments intended to provide protection against exchange rate risks in the context of the management of the assets and liabilities in line with the Company s Risk Management Process. This will involve the buying or selling of a foreign currency in order to complete a forward contract entered into at the same time as the initial transaction to eliminate exchange rate risk. A sub-fund may enter into forward foreign currency exchange contracts to hedge the foreign exchange risk implicit in the value of the portfolio securities denominated in a foreign currency. The rates of exchange to GBP as at 31 December 2017 and 31 December 2016 were: AED MXN AUD MYR BRL NOK CAD PHP CHF PKR CLP PLN CZK QAR DKK RUB EUR SEK HKD SGD HUF THB IDR 18, , TRY INR TWD JPY USD KRW 1, , ZAR LKR The Investment Manager seeks to mitigate foreign currency risk by launching share classes denominated in currencies other than the reporting currency of the Fund. For the Japan Fund, while the base currency of the Fund is GBP, JPY hedged share classes have been introduced to provide investors with the same return as the underlying JPY assets. For the Continental European Fund, while the base currency of the Fund is GBP, EUR and USD hedged share classes have been introduced to provide investors with the same return as the underlying EUR and USD assets. For the Japan Dividend Growth Fund, while the base currency of the Fund is GBP, EUR and JPY hedged share classes have been introduced to provide investors with the same return as the underlying EUR and JPY assets. Table 1 on pages 218 to 221 and overleaf analyses the net amount of monetary assets and liabilities held by each sub-fund at the Statement of Financial Position date denominated in currencies other than GBP, the functional currency. Table 2 on pages 222 to 223 discloses the Board s best estimates of the effect of a reasonably probable movement of the currency rate against Sterling, with the other variables held constant on the Statement of Comprehensive Income and equity. A negative amount in the table reflects a potential net reduction in Statement of Comprehensive Income or equity, while a positive amount reflects a net potential increase. In practice the actual trading results may differ from the below sensitivity analysis and the difference could be material. 217

220 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1: Analysis of the net amount of foreign currency investments and net monetary assets and liabilities held by each sub-fund at the Statement of Financial Position date Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM Continental European Fund CHF 242, ,296 - (1,681) - 1, , ,296 CZK - 16, ,601 DKK 57,428 65,941 1,562 3 (1,559) - 57,431 65,944 EUR 1,524,492 1,384,584 29,438 16,945 (422,907) (343,488) 1,131,023 1,058,041 NOK 13, ,928 - SEK 71,961 8, ,961 8,732 USD - 14,244 9 (166) 53,575 64,421 53,584 78,499 Total 1,910,241 1,658,398 31,009 15,101 (370,891) (277,386) 1,570,359 1,396,113 JOHCM UK Growth Fund EUR USD Total JOHCM European Select Values Fund CAD 12,644 9, ,644 9,479 CHF 100,696 56, ,696 56,487 DKK 34,528 35, ,528 35,381 EUR 2,172,791 1,708,082 20,922 (9,736) (19,665) 117 2,174,048 1,698,463 HKD (196) (543) (196) (543) NOK 24,951 1, ,951 1,032 SEK - 29, ,545 USD 305, , ,275 11, , ,391 Total 2,651,038 2,067,773 20,922 (9,736) (16,586) 11,198 2,655,374 2,069,235 JOHCM Japan Fund EUR (122) JPY 507, ,856 6,027 10,763 (174,475) (175,817) 338, ,802 Total 507, ,856 6,028 10,641 (174,475) (175,695) 338, ,802 JOHCM Global Select Fund AUD 151,174 85, ,174 85,321 BRL 48,314 48, ,785 49,240 CAD 55,416 87, (212) 55,416 87,128 EUR 193, , (315) 194, ,518 HKD 54,420 86, ,420 86,120 JPY 334, , ,670 - (9,683) 334, ,406 KRW 51,547 87, ,599 87,776 USD 1,079,851 1,126, ,171 92,879 (226) 10,173 1,298,796 1,229,205 Total 1,969,248 2,097, ,850 98,319 (1) (37) 2,190,097 2,195,

221 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1 continued Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM Emerging Markets Fund AED BRL 1, (53) (2) 1, CAD CLP CZK EUR HKD 6,724 4,425 - (38) ,724 4,425 HUF IDR INR 3,042 1, ,045 1,883 KRW 4,310 3, ,329 3,768 MXN MYR NOK PLN (7) SGD THB TRY TWD 2,225 1, ,231 1,945 USD 5,536 6, (68) (16) 5,843 6,312 ZAR 1,895 1,164 (66) (19) 1,875 1,164 Total 28,924 24, ,201 25,191 JOHCM Global Emerging Markets Opportunities Fund BRL 2,659 4, ,659 4,207 CZK 3, ,342 - EUR - - (52) HKD 49,983 31, ,983 31,316 INR 44,035 21, ,036 21,903 KRW 50,373 35,860 (686) ,687 36,165 MXN 10, ,998 - PLN - 2, ,558 RUB - 1, ,046 THB ,143 - (832) TWD 46,489 37, ,497 37,278 USD 75,200 63,192 12,555 3,430 (73) ,682 67,403 ZAR 23,718 14, ,718 14,111 Total 306, ,471 11,826 4,878 (20) (51) 318, ,

222 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1 continued Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM Asia ex-japan Fund EUR - - (146) (45) HKD 198, , , ,872 IDR 41,805 46,847-1, ,805 48,035 INR 59,592 88, ,881 88,830 KRW 73,376 34, ,142 34,975 MYR 33, ,484 - SGD 15,296 16, ,296 16,661 TWD 90, , , ,622 USD 51,903 22,253 3,534 3,822 (113) (89) 55,324 25,986 Total 563, ,722 4,443 5, (44) 568, ,981 JOHCM Asia ex-japan Small and Mid-Cap Fund EUR (54) HKD 7,253 9, (131) (65) 7,255 9,601 IDR 3,593 6, ,593 6,944 INR 1,689 9, , ,775 11,523 KRW 2,291 3, ,354 3,923 MYR 1,274 1, ,284 1,956 PHP - 1, ,226 SGD 1,973 2,724 - (12) - 6 1,973 2,718 THB 2, ,392 - TWD 12,645 20,521 (36) ,609 20,654 USD 1,898 - (141) (1,702) 124 (4) 1,881 (1,706) Total 35,008 56, (7) (9) 35,116 56,839 JOHCM Global Opportunities Fund CHF 6,000 12, ,000 12,884 EUR 48,818 50, ,178 (105) (1,178) 48,895 50,468 HKD 7,105 8, ,105 8,973 INR JPY 26,306 37,079 (537) (166) ,321 36,913 USD 113,687 99,406 27,137 57,880 (570) 2, , ,346 Total 201, ,810 26,782 58,894 (123) , ,586 JOHCM Japan Dividend Growth Fund EUR (1) (2) 6 - JPY 134,886 98,354 3,667 2,546 (25,483) (33,249) 113,070 67,651 USD ,861 1,824 1,861 1,824 Total 134,886 98,354 3,674 2,548 (23,623) (31,427) 114,937 69,

223 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 1 continued Currency Dec Total investments Dec Net foreign currency monetary assets Dec Dec Net foreign currency derivatives Dec Dec Dec Total exposure Dec JOHCM US Small Mid Cap Equity Fund USD 43,284 11,854 1, (30) 44,497 12,287 Total 43,284 11,854 1, (30) 44,497 12,287 JOHCM European Concentrated Value Fund EUR 270,366 3,424 20, (195,000) - 95,908 3,713 SEK SGD - - (4,100) - 194, ,013 - USD 48, , Total 318,792 4,130 16, (887) - 334,347 4,419 JOHCM Global Smaller Companies Fund CAD CHF CLP CZK DKK EUR INR JPY USD 2,953 2, ,988 2,630 Total 3,929 3, ,964 3,433 JOHCM UK Dynamic Fund* EUR Total * JOHCM UK Dynamic Fund launched on 27 September

224 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 2*: Analysis of the effect of a reasonably possible movement of the currency exchange rate against GBP for each sub-fund Currency Change to currency rate in percentage 2017 % Effect on profit before tax Effect on net assets Change to currency rate in percentage 2016 % Effect on profit before tax Effect on net assets JOHCM Continental European Fund EUR (2) 23,082 23,082 (1) 10,688 10,688 USD (3) 1,657 1,657 (2) 1,602 1,602 JOHCM UK Growth Fund EUR (2) USD (3) - - (2) 1 1 JOHCM European Select Values Fund EUR (2) 44,368 44,368 (1) 17,156 17,156 USD (3) 9,548 9,548 (2) 4,886 4,886 JOHCM Japan Fund JPY (2) 6,911 6,911 (1) 2,594 2,594 JOHCM Global Select Fund EUR (2) 3,979 3,979 (1) 3,500 3,500 JPY (2) 6,836 6,836 (1) 2,267 2,267 USD (3) 40,169 40,169 (2) 25,085 25,085 JOHCM Emerging Markets Fund EUR (2) 7 7 (1) 7 7 HKD (3) 47,450 47, USD (3) (2) JOHCM Global Emerging Markets Opportunities Fund USD (3) 2,712 2,712 (2) 1,376 1,376 JOHCM Asia ex-japan Fund HKD (3) 1,399,086 1,399,086 (2) 1,077,557 1,077,557 INR (2) USD (3) 1,711 1,711 (2) JOHCM Asia ex-japan Small and Mid-Cap Fund HKD (3) 51,198 51, INR , ,750 USD (3) (2) (35) (35) JOHCM Global Opportunities Fund EUR (2) (1) JPY (2) (1) USD (3) 4,338 4,338 (2) 3,252 3,252 JOHCM Japan Dividend Growth Fund JPY (2) 2,308 2,308 (1) USD (3) (2) * Figures are rounded to the nearest whole number. 222

225 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Table 2* continued Currency Change to currency rate in percentage 2017 % Effect on profit before tax Effect on net assets Change to currency rate in percentage 2016 % Effect on profit before tax Effect on net assets JOHCM US Small Mid Cap Equity Fund USD (3) 1,376 1,376 (2) JOHCM European Concentrated Value Fund EUR (2) 1,958 1,958 (1) USD (3) 1,498 1,498 (2) JOHCM Global Smaller Companies Fund EUR (2) 8 8 (1) 3 3 JPY (2) 5 5 (1) 3 3 USD (3) (2) JOHCM UK Dynamic Fund** EUR (2) * Figures are rounded to the nearest whole number. ** JOHCM UK Dynamic Fund launched on 27 September Cash Account Risk Subscription monies will become the property of a sub-fund upon receipt and accordingly investors will be treated as a general creditor of a sub-fund during the period between receipt of subscription monies and the issue of shares. Any failure to supply the sub-fund or the Administrator with any documentation requested by them for anti-money laundering purposes may result in a delay in the settlement of redemption proceeds or dividend payments. In such circumstances, the Administrator will process any redemption request received by a shareholder and by doing so that investor will no longer be considered a shareholder notwithstanding that they have not received the redemption proceeds. In the event of the insolvency of the Company or the relevant sub-fund, the shareholder will rank as an unsecured creditor of the sub-fund until such time as the Administrator is satisfied that its anti-money-laundering procedures have been fully complied with, following which redemption proceeds will be released or the dividend paid (as applicable) to the relevant shareholder. Accordingly, shareholders are advised to promptly provide the sub-fund or Administrator (as appropriate) with all documentation requested to reduce the risk in this scenario. The Administrator also operates the Cash Account with respect to receipt of subscription monies. In this scenario, the investor is subject to the risk of becoming an unsecured creditor in the event of the insolvency of the Company or the relevant subfund during the period between receipt of subscription monies and the Dealing Day on which the shares are issued. In the case of sub-funds which operate on a cleared funds basis, in the event of an insolvency of the Company or the relevant sub-fund, the rights of the investor to money held in the Cash Account which have been received from the investor in advance of shares being issued, are those of an unsecured creditor of the sub-fund. In such a case the investor will not be a shareholder. 223

226 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Credit Risk Credit risk is the risk that an issuer or counterparty will be unable to meet a commitment that it has entered into with the Company. It is the Company s policy to enter into financial transactions with a range of reputable counterparties thus diversifying the risk. Therefore, the Company does not expect to incur material credit losses on its financial instruments. The depositary agreement between the Company and the Depositary provides that the appointment of the Depositary shall continue until terminated by either party on not less than 90 days prior written notice or earlier upon certain breaches or the insolvency of either party. The Depositary is liable for any loss suffered by the Company or the Shareholders as a result of the Depositary s negligent or intentional failure to properly fulfil its obligations under the UCITS Regulations. In the event of a loss of financial instrument held in custody, the Depositary must immediately return a financial instrument of identical type or the corresponding amount to the Company. With respect to Financial Derivative Instruments ( FDIs ), credit risk arises from the potential failure of counterparties to meet their obligations under the contract or arrangement. It is controlled in the following ways: A process is in place to enable the creditworthiness of counterparties to be assessed and limits established regarding exposure to each counterparty. The counterparty s financial statements are reviewed. A list of approved counterparties and exposure limits is approved by the Head of Compliance of the Investment Manager; Counterparty risk exposure to approved counterparties is monitored against the established limits; Standard legal agreements are entered into to govern the relationship with the counterparty; All exchange traded derivatives are executed through approved brokers and cleared through a clearing broker with the appropriate documentation in place; OTC derivatives (put options and equity swaps) may only be entered into with an approved counterparty using standard documentation. The FDI must be capable of being priced on a daily basis. As at 31 December 2017, the counterparties of the Company are RBC Investor Services Bank S.A., Dublin Branch and Goldman Sachs International. Both are considered reputable counterparties. All financial assets and liabilities of the Company as at 31 December 2017 are held with RBC Investor Services Bank S.A., Dublin Branch except for GBP 3,162,000 (December 2016: GBP 1,566,000) which is held by Goldman Sachs International. As at 31 December 2017 RBC Investor Services Bank S.A. has a credit rating of AA- with S&P (as at 31 December 2016: AA- for S&P) and Goldman Sachs International has a credit rating of A1 with Moody s (as at 31 December 2016: A1 for Moody s). The Company s maximum credit exposure is as follows: 31 December December JOHCM Continental European Fund Investments in financial derivative instruments (353) - Amounts due from brokers 5,188 - Other receivables Securities lending (collateralised) 139,092 58,998 JOHCM UK Growth Fund Investments in financial derivative instruments - - Amounts due from brokers 563 1,658 Other receivables 7 1 Securities lending (collateralised)

227 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Credit Risk continued 31 December December JOHCM European Select Values Fund Investments in financial derivative instruments 3,157 1,558 Amounts due from brokers Other receivables Securities lending (collateralised) 356, ,339 Assets held in Goldman Sachs: Investments in financial derivative instruments 3,162 1,566 JOHCM Japan Fund Investments in financial derivative instruments Amounts due from brokers 1,136 14,232 Other receivables 7 16 JOHCM Global Select Fund Investments in financial derivative instruments 1 - Amounts due from brokers - 17,715 Other receivables 12 8 Securities lending (collateralised) 384, ,020 JOHCM Emerging Markets Fund Investments in financial derivative instruments - - Amounts due from brokers Other receivables Securities lending (collateralised) 1, JOHCM Global Emerging Markets Opportunities Fund Investments in financial derivative instruments - - Amounts due from brokers - 1,143 Other receivables 30 9 Securities lending (collateralised) 23,304 9,743 JOHCM Asia ex-japan Fund Investments in financial derivative instruments 1 - Amounts due from brokers - 1,188 Other receivables 25 7 Securities lending (collateralised) 45,178 31,187 JOHCM Asia ex-japan Small and Mid-Cap Fund Investments in financial derivative instruments - - Amounts due from brokers 229 1,004 Other receivables Securities lending (collateralised) 3,479 2,438 JOHCM Global Opportunities Fund Investments in financial derivative instruments - - Amounts due from brokers - - Other receivables - 9 Securities lending (collateralised)

228 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Credit Risk continued 31 December December JOHCM Japan Dividend Growth Fund Investments in financial derivative instruments 21 - Amounts due from brokers Other receivables 23 8 JOHCM US Small Mid Cap Equity Fund Investments in financial derivative instruments - - Amounts due from brokers - - Other receivables 26 7 Securities lending (collateralised) 11, JOHCM European Concentrated Value Fund Investments in financial derivative instruments (887) - Amounts due from brokers - - Other receivables Securities lending (collateralised) 29,930 - JOHCM Global Smaller Companies Fund Investments in financial derivative instruments - - Amounts due from brokers 78 - Other receivables 16 3 Securities lending (collateralised) JOHCM UK Dynamic Fund* Investments in financial derivative instruments - - Amounts due from brokers 3 - Other receivables 6 - Securities lending (collateralised) * JOHCM UK Dynamic Fund launched on 27 September Portfolio Management Risk Due to the nature of futures, cash to meet initial and future margin deposits may be held by a broker with whom the subfund has an open position. On execution of the option the sub-fund may pay a premium to a counterparty. In the event of bankruptcy of the counterparty the option premium may be lost in addition to any unrealised gains where the contract is in the money. The sub-funds have not entered into any such contracts to date. Operational Risk Operational risk comprises the risk that deficiencies in the effectiveness and accuracy of information systems or internal controls will result in a material loss. The risk arises from human error, systems failures, inadequate procedures or internal management controls. To minimise operational risk the following processes and controls have been implemented: The valuation standards and systems utilised by the Administrator are consistent with current industry standards, with derivatives valued at market value and exposures stated on a delta-adjusted basis; Valuation/pricing of all financial derivative instruments are sourced and reported independently, using appropriate methodologies as appropriate for the instrument; There is segregation of duties between the Investment Manager and the Administrator; 226

229 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Operational Risk continued Operational control procedures are in place to enable prompt and accurate recording of physical and derivative transactions and protect the integrity of systems and portfolio information. All trades are booked on trade date and the transaction history cannot be deleted from the system; Independent reconciliations of portfolio holdings and frequent broker confirmations are carried out by both the Investment Manager and the Administrator on a monthly basis and signed off by senior personnel and; New types of derivative instruments must be approved for use by the Board after consideration of the investment and operational risks and requirements and documented business continuity/disaster recovery plans are in place for both the Investment Manager and the Administrator. The Investment Manager analyses and monitors the portfolios of the sub-funds on a daily basis. Exposure is measured by market, asset class, sector and market capitalisation. Pre and post trade compliance monitoring is carried out to ensure that there are no breaches of the sub-funds investment guidelines. Cross Liability between sub-funds The Company is established as an umbrella fund with segregated liability between sub-funds. As a matter of Irish law, the assets of one sub-fund will not be available to satisfy the liabilities of another. However, the Company is a single legal entity which may operate or have assets held on its behalf or be subject to claims in other jurisdictions which may not necessarily recognise such segregation. There is no guarantee that the courts of any jurisdiction outside Ireland will respect the limitations on liability associated with segregated liability companies nor is there any guarantee that the creditors of one sub-fund will not seek to enforce such sub-fund s obligations against another sub-fund. Liquidity Risk Liquidity risk is the risk that the sub-funds will encounter difficulty in realising assets or otherwise raising funds to meet commitments associated with financial instruments. Ultimate responsibility for liquidity risk management rests with the Board which has built an appropriate liquidity risk management framework for the management of the Company s liquidity management requirements. Generally the sub-funds assets are composed of actively traded and highly liquid securities. The liquidity risks associated with the need to satisfy Shareholders requests for redemptions are mitigated by maintaining a constant pool of cash to satisfy usual levels of demand and by holding liquid securities. Redemptions are settled on a T+3 basis (redemptions are paid out three days after trade date) and therefore it is possible to sell securities to meet redemptions as appropriate. The sub-funds avoid entering into derivative contractual arrangements that produce an exposure not covered by sufficient liquid assets or a total investment exposure in excess of total Shareholders funds. The risk management framework adopted requires coverage to be composed of cash reserves or physical securities. The Company s listed securities are considered to be readily realisable as they are listed on Recognised Exchanges. Please see the table on pages 210 to 214 illustrating the liquidity of each sub-funds portfolio. The liquidity is controlled in the following ways: Daily monitoring of the liquidity of all instruments used, including Financial Derivative Investments (FDI), in the context of the investment objectives and liquidity requirements of each sub-fund. Cash positions are monitored and reported on a daily basis to ensure that each sub-fund has sufficient capacity to meet obligations arising from its FDI positions; and Procedures are in place to review each sub-fund s cash weightings to ensure liquidity requirements will be met in the event of extreme market movements to meet obligations at expiry/maturity. 227

230 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Continental European Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 1,910, ,910,241 Investments in financial derivative instruments Cash and cash equivalent 32, ,976 Dividends receivable - 1, ,118 Subscriptions receivable 5, ,049 Amounts due from brokers 5, ,188 Other receivables TOTAL ASSETS 1,953,454 1, ,954,694 LIABILITIES 2017 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 6, ,678 Amounts due to brokers 4, ,138 Management, directors and advisory fees payable - 1, ,242 Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,941, ,941,835 TOTAL LIABILITIES 1,952,651 2, ,954,694 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 1,658, ,658,398 Investments in financial derivative instruments Cash and cash equivalent 16, ,408 Dividends receivable Subscriptions receivable 8, ,254 Other receivables Other receivables TOTAL ASSETS 1,683, ,683,372 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments - 3, ,517 Redemptions payable 7, ,195 Amounts due to brokers 1, ,681 Management, directors and advisory fees payable - 1, ,058 Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,669, ,669,285 TOTAL LIABILITIES 1,678,161 5, ,683,

231 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM UK Growth Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 394, ,098 Cash and cash equivalent 1, ,268 Dividends receivable Subscriptions receivable Amounts due from brokers Other receivables TOTAL ASSETS 396, ,699 LIABILITIES 2017 ( 000) Redemptions payable 1, ,006 Amounts due to brokers Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,174 TOTAL LIABILITIES 396, ,699 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 309, ,445 Dividends receivable Subscriptions receivable Amounts due from brokers 1, ,658 Other receivables TOTAL ASSETS 311, ,000 LIABILITIES 2016 ( 000) Bank Overdraft 1, ,721 Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Net assets attributable to redeemable participating shareholders , ,358 TOTAL LIABILITIES 311, ,

232 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM European Select Values Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2,936, ,936,470 Investment in financial derivative instruments , ,358 Cash and cash equivalent 68, ,031 Subscriptions receivable 22, ,709 Amounts due from brokers Other receivables TOTAL ASSETS 3,027, , ,031,404 LIABILITIES 2017 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 1, ,922 Management, directors and advisory fees payable - 2, ,562 Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,026, ,026,204 TOTAL LIABILITIES 3,028,126 3, ,031,404 TOTAL LIABILITIES ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2,306, ,306,679 Investment in financial derivative instruments , ,112 Cash and cash equivalent 104, ,665 Cash collateral Subscriptions receivable 2, ,811 Other receivables TOTAL ASSETS 2,414, , ,416,757 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable 12, ,318 Management, directors and advisory fees payable - 1, ,931 Performance fee payable - 12, ,340 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,389, ,389,296 TOTAL LIABILITIES 2,401,737 14, ,416,

233 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Japan Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 507, ,108 Investment in financial derivative instruments Cash and cash equivalent 5, ,930 Dividends receivable Subscriptions receivable Amounts due from brokers 1, ,136 Other receivables TOTAL ASSETS 514, ,240 LIABILITIES 2017 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 1, ,093 Amounts due to brokers Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,949 TOTAL LIABILITIES 514, ,240 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 421, ,856 Investment in financial derivative instruments Cash and cash equivalent 9, ,205 Dividends receivable Subscriptions receivable 2, ,443 Amounts due from brokers 14, ,232 Other receivables TOTAL ASSETS 447, ,027 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 1, ,413 Amounts due to brokers 12, ,075 Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,149 TOTAL LIABILITIES 447, ,

234 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Select Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2,071, ,071,722 Investments in financial derivative instruments Cash and cash equivalent 218, ,403 Dividends receivable - 1, ,227 Subscriptions receivable 1, ,461 Amounts due from brokers Other receivables TOTAL ASSETS 2,291,586 1, ,293,827 LIABILITIES 2017 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 1, ,265 Management, directors and advisory fees payable - 1, ,657 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,290, ,290,545 TOTAL LIABILITIES 2,291,810 2, ,293,827 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 2,186, ,186,491 Investments in financial derivative instruments Cash and cash equivalent 99, ,893 Dividends receivable - 3, ,361 Subscriptions receivable 2, ,196 Amounts due from brokers 17, ,715 Other receivables TOTAL ASSETS 2,306,295 3, ,309,673 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable 3, ,336 Amounts due to brokers 21, ,494 Management, directors and advisory fees payable - 1, ,746 Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders ,282, ,282,827 TOTAL LIABILITIES 2,307,657 2, ,309,

235 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Emerging Markets Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 29, ,509 Cash and cash equivalent Dividends receivable Subscriptions receivable Receivable from investment manager Other receivables TOTAL ASSETS 29, ,053 LIABILITIES 2017 ( 000) Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,817 TOTAL LIABILITIES 29, ,053 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 25, ,022 Cash and cash equivalent Dividends receivable Subscriptions receivable Amounts due from brokers Receivable from investment manager Other receivables TOTAL ASSETS 25, ,693 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Bank overdraft Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,388 TOTAL LIABILITIES 25, ,

236 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Emerging Markets Opportunities Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 314, ,836 Cash and cash equivalent 12, ,574 Dividends receivable Subscriptions receivable Receivable from investment manager Other receivables TOTAL ASSETS 327, ,174 LIABILITIES 2017 ( 000) Payable on redemptions Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,423 TOTAL LIABILITIES 327, ,174 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 217, ,724 Cash and cash equivalent 3, ,193 Dividends receivable Subscriptions receivable Amounts due from brokers 1, ,143 Receivable from investment manager Other receivables TOTAL ASSETS 222, ,637 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Payable on redemptions Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,470 TOTAL LIABILITIES 222, ,

237 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Asia ex-japan Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 563, ,940 Investments in financial derivative instruments Cash and cash equivalent 3, ,378 Dividends receivable Subscriptions receivable Other receivables TOTAL ASSETS 568, ,093 LIABILITIES 2017 ( 000) Redemptions payable Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,138 TOTAL LIABILITIES 568, ,093 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 473, ,722 Cash and cash equivalent 10, ,356 Dividends receivable Subscriptions receivable Amounts due from brokers 1, ,188 Other receivables TOTAL ASSETS 485, ,720 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable 6, ,732 Amounts due to brokers Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,490 TOTAL LIABILITIES 485, ,

238 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Asia ex-japan Small and Mid-Cap Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 35, ,008 Cash and cash equivalent Dividends receivable Subscription receivable Amounts due from brokers Other receivables TOTAL ASSETS 35, ,647 LIABILITIES 2017 ( 000) Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,991 TOTAL LIABILITIES 35, ,647 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 56, ,798 Investments in financial derivative instruments Cash and cash equivalent Dividends receivable Subscription receivable Amounts due from brokers 1, ,004 Other receivables TOTAL ASSETS 58, ,768 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable 1, ,812 Amounts due to brokers Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,779 TOTAL LIABILITIES 58, ,

239 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Opportunities Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 248, ,721 Investments in financial derivative instruments Cash and cash equivalent 26, ,524 Dividends receivable Subscription receivable Amounts due from brokers Other receivables TOTAL ASSETS 276, ,941 LIABILITIES 2017 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,643 TOTAL LIABILITIES 276, ,941 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 246, ,735 Investments in financial derivative instruments Cash and cash equivalent 58, ,116 Dividends receivable Subscription receivable 2, ,418 Other receivables TOTAL ASSETS 307, ,514 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Redemptions payable Amounts due to brokers Management, directors and advisory fees payable Performance fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,266 TOTAL LIABILITIES 307, ,

240 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Japan Dividend Growth Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 134, ,886 Investments in financial derivative instruments Cash and cash equivalent 3, ,643 Dividends receivable Subscriptions receivable Other receivables TOTAL ASSETS 138, ,990 LIABILITIES 2017 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Payable on redemptions 1, ,121 Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,771 TOTAL LIABILITIES 138, ,990 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 98, ,354 Investments in financial derivative instruments Cash and cash equivalent 2, ,062 Dividends receivable Subscriptions receivable Amounts due from brokers Other receivables TOTAL ASSETS 101, ,650 LIABILITIES 2016 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Bank overdraft Payable on redemptions Amounts due to brokers Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,983 TOTAL LIABILITIES 101, ,

241 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM US Small Mid Cap Equity Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 43, ,284 Cash and cash equivalent 1, ,182 Dividends receivable Subscriptions receivable Receivable from investment manager Other receivables TOTAL ASSETS 44, ,614 LIABILITIES 2017 ( 000) Redemptions payable Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,490 TOTAL LIABILITIES 44, ,614 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 11, ,854 Cash and cash equivalent Dividends receivable Subscriptions receivable Amounts due from brokers Receivable from investment manager Other receivables TOTAL ASSETS 12, ,354 LIABILITIES 2016 ( 000) Redemptions payable Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,296 TOTAL LIABILITIES 12, ,

242 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM European Concentrated Value Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 374, ,620 Cash and cash equivalent 1, ,232 Dividends receivable Subscriptions receivable 19, ,416 Receivable from investment manager Other receivables TOTAL ASSETS 395, ,417 LIABILITIES 2017 ( 000) Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments Payable on redemptions 4, ,225 Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,820 TOTAL LIABILITIES 394,045 1, ,417 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 4, ,806 Cash and cash equivalent Receivable from investment manager Other receivables TOTAL ASSETS 5, ,132 LIABILITIES 2016 ( 000) Management, directors and advisory fees payable Performance fee payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,116 TOTAL LIABILITIES 5, ,

243 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM Global Smaller Companies Fund Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 4, ,010 Cash and cash equivalent Dividends receivable Amounts due from brokers Receivable from investment manager Other receivables TOTAL ASSETS 4, ,164 LIABILITIES 2017 ( 000) Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,144 TOTAL LIABILITIES 4, ,164 ASSETS 2016 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 3, ,595 Cash and cash equivalent Dividends receivable Receivable from investment manager Other receivables TOTAL ASSETS 3, ,664 LIABILITIES 2016 ( 000) Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,651 TOTAL LIABILITIES 3, ,

244 Notes to the Financial Statements continued 8 Risk Associated with Financial Instruments continued Liquidity Risk continued JOHCM UK Dynamic Fund* Due on demand Due within 1 month Due within 3 months Due between 3 & 12 mths Total ASSETS 2017 ( 000) Financial assets at fair value through profit or loss: Investments in transferable securities 1, ,870 Cash and cash equivalent Dividends receivable Amounts due from brokers Receivable from investment manager Other receivables TOTAL ASSETS 1, ,965 LIABILITIES 2017 ( 000) Amounts due to brokers Management, directors and advisory fees payable Administration and transfer agency fee payable Other payables Net assets attributable to redeemable participating shareholders , ,947 TOTAL LIABILITIES 1, ,965 * JOHCM UK Dynamic Fund on 27 September Interest Rate Risk Interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates. The sub-funds are not exposed to significant interest rate risk as the majority of the sub-funds financial assets are equity shares and other instruments which neither pay interest nor have a maturity date. 242

245 Notes to the Financial Statements continued 9 Distributions to Shareholders Sub-fund Year ended 31 December Year ended 31 December JOHCM Continental European Fund 28,767 2,076 JOHCM UK Growth Fund 5,709 7,004 JOHCM European Select Values Fund 7,961 4,226 JOHCM Japan Fund 6,287 5,316 JOHCM Global Select Fund 10,685 6,741 JOHCM Emerging Markets Fund JOHCM Global Emerging Markets Opportunities Fund 4,222 2,540 JOHCM Asia ex-japan Fund 4, JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM Global Opportunities Fund 3,460 1,820 JOHCM Japan Dividend Growth Fund 2,182 1,837 JOHCM European Concentrated Value Fund 5 - JOHCM Global Opportunities Fund 1,820 The Company may declare dividends once a year out of the net income available for distribution. The distribution paid in 2017 was based on available income as at 31 December The Directors operate a distribution policy designed to enable the Company to obtain reporting fund status in respect of all sub-funds and share classes for the purposes of United Kingdom taxation. Such certification is granted retrospectively and there can be no guarantee that certification will be obtained. The Company has been certified as a reporting Fund in respect of all sub-funds and share classes in respect of the financial year ended 31 December Distributions payable to holders of redeemable participating preference shares Proposed distributions to holders of participating shares are classified as finance costs in the Statement of Comprehensive Income when they are ratified at the Annual General Meeting. 10 Soft Commissions Under the existing UK Financial Conduct Authority Regulations to which they were subject, the Investment Manager could only use commission paid by the Company to pay for execution or research services. Such payments would normally be paid to the broker executing the trade for the Company but the Investment Manager also made limited use of commission sharing arrangements. Under these arrangements a proportion of the commission paid to specified commission sharing brokers who execute trades for the Company are put aside and subsequently paid at the Investment Manager s direction to specialist research providers where those services would assist in the provision of investment services to the Company. There were no Soft Commission arrangements entered into during the financial year ended 31 December 2017 (2016: GBP nil). On 29 August, 2017 the Investment Manager announced that it will directly pay for external research used by its fund management teams when the reforms to the EU s Markets in Financial Instruments Directive (known as MiFID II) come into effect on 3rd January

246 Notes to the Financial Statements continued 11 Efficient Portfolio Management Techniques and instruments for the purpose of efficient portfolio management were utilised during the financial year by the JOHCM Continental European Fund, JOHCM European Select Values Fund, JOHCM Japan Fund, JOHCM Global Select Fund, JOHCM Emerging Markets Fund, JOHCM Global Emerging Markets Opportunities Fund, JOHCM Asia ex-japan Fund, JOHCM Asia ex-japan Small and Mid-Cap Fund, JOHCM Global Opportunities Fund, JOHCM Japan Dividend Growth Fund, JOHCM US Small Mid Cap Equity Fund and JOHCM European Concentrated Value Fund. Certain sub-funds may also enter into stock lending with one or more counterparties for the purposes of efficient portfolio management, and in particular with the aim of generating additional income for the sub-funds with an appropriate level of risk, taking into account the risk profile of the sub-funds and subject to the conditions and limits as set out in the UCITS Regulations and within any further limits laid down by the Central Bank from time to time. (See note 14). The change in unrealised gains and losses and realised gains and losses on financial derivative instruments used for EPM are disclosed in note 12, Gains and Losses on Financial Assets. For the realised gains on Swaps for JOHCM European Select Values Fund this is disclosed as a stand alone item on the Statement of Comprehensive Income and is therefore not included in note 12. Techniques and instruments relating to transferable securities utilised for the purposes of efficient portfolio management may be used only in accordance with the investment objectives of a collective investment scheme. Any such technique or instrument must be one which is reasonably believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Company, i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following: (i) a reduction in risk; (ii) a reduction in costs; or (iii) an increase in capital or income returns to the scheme. 12 Gains and Losses on Financial Assets Net Gain/(Loss) on financial assets/liabilities at fair value through profit or loss for the financial year ended 31 December 2017 Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Continental European Fund Investments 290,695 (82,414) 208,281 Foreign exchange 2,408-2,408 Forward exchange contracts (19,974) 3,129 (16,845) 273,129 (79,285) 193,844 JOHCM UK Growth Fund Investments 21,628 28,342 49,970 21,628 28,342 49,970 JOHCM European Select Values Fund Investments 208, , ,833 Foreign exchange (1,666) - (1,666) Forward exchange contracts (155) 2 (153) Options (33,807) 1,648 (32,159) Swaps , , ,

247 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets continued Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Japan Fund Investments 30,091 42,611 72,702 Foreign exchange (809) - (809) Forward exchange contracts 7, ,611 36,682 42,822 79,504 JOHCM Global Select Fund Investments 125, , ,410 Foreign exchange (11,252) - (11,252) Forward exchange contracts (129) 58 (71) 113, , ,087 JOHCM Emerging Markets Fund Investments 4,030 1,794 5,824 Foreign exchange (79) - (79) Forward exchange contracts (8) - (8) 3,943 1,794 5,737 JOHCM Global Emerging Markets Opportunities Fund Investments 29,756 28,551 58,307 Foreign exchange (1,075) - (1,075) Forward exchange contracts (52) 1 (51) 28,629 28,552 57,181 JOHCM Asia ex-japan Fund Investments 36,951 55,770 92,721 Foreign exchange Forward exchange contracts (18) - (18) 36,964 55,770 92,734 JOHCM Asia ex-japan Small and Mid-Cap Fund Investments 8,717 (4,054) 4,663 Foreign exchange Forward exchange contracts (6) - (6) 8,771 (4,054) 4,717 JOHCM Global Opportunities Fund Investments 35,110 (20,152) 14,958 Foreign exchange (3,831) - (3,831) Forward exchange contracts ,288 (20,138) 11,

248 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets continued Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Japan Dividend Growth Fund Investments 7,502 3,787 11,289 Foreign exchange Forward exchange contracts 1, ,388 8,951 3,817 12,768 JOHCM US Small Mid Cap Equity Fund Investments 2,096 1,575 3,671 Foreign exchange (70) - (70) Forward exchange contracts (1) - (1) 2,025 1,575 3,600 JOHCM European Concentrated Value Fund Investments 6,194 17,430 23,624 Foreign exchange Forward exchange contracts (6,922) (887) (7,809) (673) 16,543 15,870 JOHCM Global Smaller Companies Fund Investments Foreign exchange (2) - (2) Forward exchange contracts (1) - (1) JOHCM UK Dynamic Fund* Investments Foreign exchange (1) - (1) * JOHCM UK Dynamic Fund on 27 September

249 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets continued Net Gain/(Loss) on financial assets/liabilities at fair value through profit or loss for the financial year ended 31 December 2016 Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Continental European Fund Investments 164,639 75, ,382 Foreign exchange 6,178-6,178 Forward exchange contracts (21,173) (4,011) (25,184) 149,644 71, ,376 JOHCM UK Growth Fund Investments (13,736) 30,693 16,957 Foreign exchange (54) - (54) (13,790) 30,693 16,903 JOHCM European Select Values Fund Investments 116, , ,917 Foreign exchange (2,788) - (2,788) Forward exchange contracts 210 (9) 201 Options (9,865) (7,044) (16,909) Swaps - (25) (25) 103, , ,396 JOHCM Japan Fund Investments 45,293 42,859 88,152 Foreign exchange Forward exchange contracts (63,049) (129) (63,178) (17,550) 42,730 25,180 JOHCM Global Select Fund Investments 182, , ,495 Foreign exchange 21,952-21,952 Forward exchange contracts 205 (56) , , ,596 JOHCM Emerging Markets Fund Investments 2,530 3,237 5,767 Foreign exchange (25) - (25) Forward exchange contracts (9) - (9) 2,496 3,237 5,733 JOHCM Global Emerging Markets Opportunities Fund Investments 5,774 43,594 49,368 Foreign exchange Forward exchange contracts (5) (1) (6) 6,421 43,593 50,

250 Notes to the Financial Statements continued 12 Gains and Losses on Financial Assets continued Realised Gains/(Losses) 000 Unrealised Gains/(Losses) 000 Total 000 JOHCM Asia ex-japan Fund Investments (672) 73,417 72,745 Foreign exchange 2,914-2,914 Forward exchange contracts (156) 2 (154) 2,086 73,419 75,505 JOHCM Asia ex-japan Small and Mid-Cap Fund Investments 5, ,548 Foreign exchange (35) - (35) Forward exchange contracts , ,524 JOHCM Global Opportunities Fund Investments 22,471 21,734 44,205 Foreign exchange 6,833-6,833 Forward exchange contracts 24 (13) 11 29,328 21,721 51,049 JOHCM Japan Dividend Growth Fund Investments 4,501 11,857 16,358 Foreign exchange Forward exchange contracts (2,219) (18) (2,237) 2,659 11,839 14,498 JOHCM US Small Mid Cap Equity Fund Investments 923 2,303 3,226 Foreign exchange ,303 3,260 JOHCM European Concentrated Value Fund Investments Foreign exchange Forward exchange contracts (1) - (1) JOHCM Global Smaller Companies Fund Investments Foreign exchange

251 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years 31 December December December 2015 JOHCM Continental European Fund Net Assets ( 000) 1,941,835 1,669,285 1,693,594 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.323 $1.206 $1.179 Net Asset Value per Unit in GBP Hedged Class A Shares Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Hedged Class B Shares $1.332 $1.219 $1.193 Net Asset Value per Unit in GBP Hedged X Shares $ Net Asset Value per Unit in GBP Y Shares Net Asset Value per Unit in EUR Y Shares Net Asset Value per Unit in GBP Hedged Y Shares JOHCM UK Growth Fund Net Assets ( 000) 395, , ,333 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in GBP Class B Shares JOHCM European Select Values Fund Net Assets ( 000) 3,026,204 2,389,296 1,692,190 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in EUR E Shares Net Asset Value per Unit in EUR X Shares JOHCM Japan Fund Net Assets ( 000) 512, , ,978 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in GBP Hedged Class Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in JPY Class A Shares Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in GBP Hedged Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in JPY Class B Shares

252 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years continued 31 December December December 2015 JOHCM Global Select Fund Net Assets ( 000) 2,290,545 2,282,827 1,944,964 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.601 $1.279 $1.268 Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Class B Shares $1.816 $1.454 $1.449 Net Asset Value per Unit in GBP Z Shares Net Asset Value per Unit in EUR Z Shares Net Asset Value per Unit in USD Z Shares $1.786 $1.426 $1.413 Net Asset Value per Unit in EUR E Shares JOHCM Emerging Markets Fund Net Assets ( 000) 29,817 25,388 22,185 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.651 $1.212 $1.104 Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Class B Shares $1.644 $1.213 $1.107 Net Asset Value per Unit in GBP Y Shares JOHCM Global Emerging Markets Opportunities Fund Net Assets ( 000) 326, , ,886 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.223 $0.880 $0.839 Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Class B Shares $1.585 $ Net Asset Value per Unit in GBP Z Shares Net Asset Value per Unit in AUD Z Shares AU$1.795 AU$1.401 AU$1.337 Net Asset Value per Unit in CAD Z Shares CA$1.615 CA$1.249 CA$1.245 Net Asset Value per Unit in GBP Y Shares Net Asset Value per Unit in USD Y Shares $1.493 $ JOHCM Asia ex-japan Fund Net Assets ( 000) 568, , ,874 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.954 $1.491 $1.465 Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Class B Shares $1.912 $1.458 $1.436 Net Asset Value per Unit in GBP Z Shares

253 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years continued 31 December December December 2015 JOHCM Asia ex-japan Small and Mid-Cap Fund Net Assets ( 000) 34,991 56,779 67,227 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.962 $1.668 $1.803 Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Class B Shares $1.875 $1.586 $1.725 Net Asset Value per Unit in GBP Z Shares JOHCM Global Opportunities Fund Net Assets ( 000) 275, , ,423 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.916 $1.676 $1.579 Net Asset Value per Unit in GBP Class B Shares Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Class B Shares $1.868 $1.639 $1.557 Net Asset Value per Unit in GBP X Shares Net Asset Value per Unit in GBP Hedged X Shares Net Asset Value per Unit in GBP Z Shares Net Asset Value per Unit in GBP Z Shares JOHCM Japan Dividend Growth Fund Net Assets ( 000) 137, , ,270 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.229 $1.097 $1.092 Net Asset Value per Unit in GBP Hedged Class A Shares Net Asset Value per Unit in USD Hedged Class A Shares $1.397 $1.181 $1.255 Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in GBP Shares JOHCM US Small Mid Cap Equity Fund Net Assets ( 000) 44,490 12,296 3,820 Net Asset Value per Unit in GBP Class A Shares Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class A Shares $1.416 $1.193 $1.036 Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in USD Class B Shares $1.385 $1.175 $1.028 Net Asset Value per Unit in USD Shares $1.443 $1.208 $1.044 JOHCM European Concentrated Value Fund Net Assets ( 000) 389,820 5,116 3,063 Net Asset Value per Unit in EUR Class A Shares Net Asset Value per Unit in USD Class B Shares $1.091 $ Net Asset Value per Unit in EUR Class B Shares Net Asset Value per Unit in AUD Z Shares AU$ Net Asset Value per Unit in SGD Hedged Class B Shares SG$

254 Notes to the Financial Statements continued 13 Statement of Net Assets for Current and Prior Years continued 31 December December December 2015 JOHCM Global Smaller Companies Fund Net Assets ( 000) 4,144 3,651 2,807 Net Asset Value per Unit in USD Class A Shares $1.255 $1.006 $0.932 JOHCM UK Dynamic Fund* Net Assets ( 000) 1, NNet Asset Value per Unit in GBP Y Shares * JOHCM UK Dynamic Fund on 27 September Stock Lending Certain sub-funds may lend securities to brokers, dealers and other financial organisations to earn additional income. Each security is collateralised with collateral assets in an amount greater than the current market value of the loaned securities. The Company appointed RBC Investor Services Trust ( the Agent ) as its Collateral Manager with the authority to service, administer and exercise any and all rights and remedies, on behalf of the Company in respect of the Collateral. Without limiting the foregoing, to the extent necessary or appropriate to perform its duties under this Agreement, the Agent, as collateral manager, has the power to negotiate, execute and deliver all necessary documents and instruments and take actions, on behalf of the Company, with respect to the Collateral and with respect to the rights and obligations that the Company may have under the relevant Loan Agreement. Under the ESMA requirements the Fund must be able to recall any security that has been lent out or terminate any securities lending agreement into which it has entered, at any time. In this regard, the Company authorises the Depositary to accept directions and instructions from the Agent in respect of the Collateral as if such directions and instructions were issued by the Company and agrees that it shall not seek to deal in or otherwise effect transactions in respect of the Collateral. The aggregate market value provided in respect of a sub-fund shall never be less than the higher of: (a) (i) in respect of Collateral consisting of bonds, 102% of the aggregate market value of the loaned Available Securities of such sub-fund; or (ii) in respect of Collateral consisting of equities, 105% of the aggregate market value of the loaned Available Securities of such sub-fund, whichever is applicable, and (b) the percentage of the aggregate market value of the loaned Available Securities of such sub-fund which is required by the applicable stock lending requirements of the CBI. The Agent monitors and calculates the market value of both the Collateral and loaned Securities, at least daily or otherwise in accordance with standard market practice, and, as appropriate, diligently request additional Collateral from a Securities Borrower under the relevant Loan Agreement. The Collateral shall be deposited with the Depositary and the Depositary will keep adequate accounting records that record the sub-fund s proportionate interest in the Collateral. The Company acknowledges and agrees that the Depositary may use sub-custodians or intermediaries (which may include the Agent or another affiliate of the Depositary) to hold the Collateral, as provided in the Depositary Agreement. The Company acknowledges and agrees that Collateral held with intermediaries (including but not limited to, the Agent, as aforesaid) may be held as part of a pool of collateral consisting of the Collateral and collateral delivered by the sub-custodian s or intermediary s other clients, provided that such sub-custodians or intermediaries shall maintain the Collateral in an account or accounts separate from accounts holding their own financial assets or those of their clients other than clients with an interest in the collateral pool. At 31 December 2017, the aggregate value of securities on loan by the Company amounted to GBP 1,004,515,000 (2016: GBP 652,075,000) and the value of collateral held by the Company in respect of these securities amounted to GBP 1,054,955,000 (2016: GBP 684,679,000). 252

255 Notes to the Financial Statements continued 14 Stock Lending continued The value of securities on loan and collateral pledged as at 31 December 2017 for each sub-fund, analysed by counterparty was as follows: Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM Continental European Fund Barclays Capital Securities 9,496 9,971 Skandinaviska Enskilda Banken AB Morgan Stanley & Co Natixis 27,221 28,582 HSBC Bank 4,136 4,342 Unicredit Bank Merrill Lynch International 2,778 2,917 Deutsche Bank 58,394 61,314 The Bank Of Nova Scotia 6,511 6,836 Societe Generale 4,724 4,961 BNP Paribas Arbitrage 2,221 2,332 Unicredit Bank AG Danske Bank 1,539 1,616 Credit Suisse Dublin 13,319 13,985 Credit Suisse AG Dublin Branch 5,919 6,216 UBS AG Total 139, ,046 JOHCM European Select Values Fund Barclays Capital Securities 13,945 14,642 BNP Paribas Arbitrage 1,712 1,797 Goldman Sachs International 3,881 4,075 CIBC World Markets 1,052 1,105 Credit Suisse Securities USA Deutsche Bank 49,125 51,581 Skandinaviska Enskilda Banken AB 11,119 11,675 Nomura International Morgan Stanley & Co. 10,224 10,735 HSBC Bank 36,336 38,153 Jefferies International Limited Citigroup Global Markets 1,604 1,684 Credit Suisse Securities EUR 3,609 3,789 Merrill Lynch International 34,233 35,945 BMO Nesbitt Burns Scotia Capital TD Securities Natixis 68,793 72,232 The Bank Of Nova Scotia 9,547 10,024 Societe Generale Abbey National Treasury Services 11,545 12,122 JP Morgan Securities 25,978 27,

256 Notes to the Financial Statements continued 14 Stock Lending continued Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM European Select Values Fund continued Danske Bank Credit Suisse Dublin Credit Suisse AG Dublin Branch 56,792 59,632 State Street Int'L Bank Gmbh 3,242 3,404 UBS AG 9,924 10,420 Total 356, ,831 JOHCM Global Select Fund RBC Dominion Securities 44,676 46,910 Scotia Capital 86,009 90,310 National Bank Financial 26,121 27,427 Barclays Capital Securities 2,389 2,509 JP Morgan Securities 14,826 15,567 CIBC World Markets 6,608 6,938 Healthcare Of Ont Pension 1,518 1,594 Credit Suisse Securities USA 1,799 1,889 Deutsche Bank 9,856 10,349 Nomura International HSBC Bank 19,233 20,194 Citigroup Global Markets 11,377 11,945 Credit Suisse Securities EUR 6,423 6,744 BMO Nesbitt Burns 14,246 14,958 TD Securities 4,997 5,386 Natixis 59,516 62,491 Merrill Lynch International - 1 The Bank Of Nova Scotia 23,456 24,629 Goldman Sachs International 4,288 4,503 Societe Generale BNP Paribas Prime Brokerage 7,909 8,305 Unicredit Bank AG Healthcare Of Ont Pension Plan 1,721 1,807 Banco Santander Credit Suisse Dublin 16,324 17,141 NBC Global Finance Limited 11,684 12,269 Credit Suisse AG Dublin Branch 7,381 7,750 Total 384, ,

257 Notes to the Financial Statements continued 14 Stock Lending continued Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM Emerging Market Fund BMO Nesbitt Burns 5 5 Credit Suisse Securities USA Unicredit Bank Citigroup Global Markets TD Securities ING Bank BNP Paribas Prime Brokerage Credit Suisse Dublin Credit Suisse AG Dublin Branch Total 1,871 1,966 JOHCM Global Emerging Market Opportunities Fund BMO Nesbitt Burns Scotia Capital 4,383 4,602 Morgan Stanley & Co HSBC Bank 2,415 2,536 Citigroup Global Markets 3,709 3,894 Natixis 1,279 1,343 Macquarie Bank ING Bank 5,768 6,056 BNP Paribas Prime Brokerage Unicredit Bank AG 1,719 1,805 Credit Suisse Dublin 1,114 1,170 Credit Suisse AG Dublin Branch Total 23,304 24,468 JOHCM Asia ex-japan Fund BMO Nesbitt Burns 3,437 3,609 RBC Dominion Securities 1,922 2,018 Scotia Capital 4,473 4,697 Barclays Capital Securities JP Morgan Securities 7,822 8,213 Goldman Sachs International 3,696 3,881 Credit Suisse Securities USA HSBC Bank TD Securities 1,164 1,255 Natixis 11,566 12,145 The Bank Of Nova Scotia Credit Suisse AG Dublin Branch 8,861 9,304 Total 45,178 47,

258 Notes to the Financial Statements continued 14 Stock Lending continued Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM Asia ex-japan Small And Mid Cap Fund Scotia Capital 1,141 1,199 National Bank Financial Goldman Sachs International Morgan Stanley & Co Citigroup Global Markets Credit Suisse Securities EUR Merrill Lynch International Deutsche Bank HSBC Bank The Bank Of Nova Scotia 1 1 UBS AG 1,282 1,346 Total 3,479 3,654 JOHCM US Small Mid Cap Equity Fund BMO Nesbitt Burns RBC Dominion Securities 4,103 4,308 Scotia Capital National Bank Financial 8 9 JP Morgan Securities CIBC World Markets Credit Suisse Securities USA Deutsche Bank 2,886 3,030 Nomura International Credit Suisse Securities EUR TD Securities 957 1,032 The Bank Of Nova Scotia Credit Suisse Dublin Credit Suisse AG Dublin Branch Barclays Bank Total 11,272 11,864 JOHCM European Concentrated Value Fund HSBC Bank 3,526 3,702 Credit Suisse Securities EUR 8,574 9,003 Merrill Lynch International 3,529 3,705 Deutsche Bank 7,890 8,285 Scotia Capital Barclays Capital Securities The Bank Of Nova Scotia Natixis 5,055 5,308 ING Bank Credit Suisse Dublin Credit Suisse AG Dublin Branch Total 29,930 31,

259 Notes to the Financial Statements continued 14 Stock Lending continued Counterparty Value of Securities on Loan 000 Value of Collateral 000 JOHCM Global Smaller Companies Fund RBC Dominion Securities JP Morgan Securities CIBC World Markets Deutsche Bank Scotia Capital TD Securities Credit Suisse Dublin Credit Suisse AG Dublin Branch Barclays Bank Total 953 1,004 JOHCM (IRE) UK Dynamic Fund Morgan Stanley & Co. 7 8 Citigroup Global Markets 8 8 Merrill Lynch International Skandinaviska Enskilda Banken AB Barclays Capital Securities The Bank Of Nova Scotia Natixis Total The following sub-funds did not enter into stocklending transactions during the year JOHCM UK Growth Fund JOHCM Japan Fund JOHCM Global Opportunities Fund JOHCM Japan Dividend Growth Fund The table overleaf is a breakdown of the net income earned from stock lending by each sub-fund for the financial year ended 31 December These amounts are included in other income in the Statement of Comprehensive Income. The Company has engaged a securities lending agent (the Agent ) to arrange these transactions on its behalf. All revenues from the stocklending transactions, net of direct and indirect operational costs, will be returned to the relevant Fund. The Agent is entitled to retain, as a fee for its services, 30% of all fees collected from securities borrowers, out of which the Agent will pay all of its costs and out of pocket expenses incurred in relation to the lending of the relevant Fund s securities. These costs and fees do not include hidden revenue. The appointed Agent as of the date of this Prospectus is RBC Investor Services Trust which is a related party to the Depositary. 257

260 Notes to the Financial Statements continued 14 Stock Lending continued Name of sub-fund Aggregate Value of Income 31 December Aggregate Value of Income 31 December JOHCM Continental European Fund 1, JOHCM European Select Values Fund 1,637 1,355 JOHCM Global Select Fund JOHCM Emerging Markets Fund 3 7 JOHCM Global Emerging Markets Opportunities Fund JOHCM Asia ex-japan Fund JOHCM Asia ex-japan Small and Mid-Cap Fund JOHCM US Small Mid Cap Equity Fund 4 2 JOHCM European Concentrated Value Fund 69 1 JOHCM Global Smaller Companies Fund - 1 Total 4,161 2, Material Changes to the Prospectus An updated Prospectus was submitted and noted by the CBI on 11 January Two new share classes, the JOHCM European Concentrated Value Fund AUD Z Class and EUR Z Class were launched on 12 January The Prospectus and each of the Supplements were updated and noted by the Central Bank on 4 May 2017 with the amendments as follows:- Removal of references to listing following the delisting in December 2016; Details of new paying agents in Germany and Spain included; Addition of new sub-funds; Inclusion of SFTR language; Updated language in relation to dealing commissions; and Minor housekeeping items. There was an updated prospectus and supplements for J O Hambro Capital Management Umbrella Fund plc dated 11 September Significant Events during the year JOHCM UK Dynamic Fund launched on 27 September Subsequent Events There have been no material subsequent events since 31 December Approval of financial statements The financial statements were approved and authorised for issue by the Board of Directors on 15 March

261 Appendix 1 (unaudited) Ongoing Charge Figure The Ongoing Charge Figures ( OCF ) are set out below. The OCF calculation includes all annual operating costs, but excludes bank interest and performance fees. The OCFs are not required to be included in this Report by the Central Bank of Ireland. They are provided for information purposes only. Ongoing charge figure year ended 31 Dec 2017 (ex perf fee) Ongoing charge figure year ended 31 Dec 2016 (ex perf fee) Performance Figure Financial Year Ended 31 Dec 2017 Performance Figure Financial Year Ended 31 Dec 2016 Total Expense Figure Financial Year Ended 31 Dec 2017 Total Expense Figure Financial Year Ended 31 Dec 2016 Sub-fund % % % % % % JOHCM Continental European Fund GBP Class A EUR Class A USD Class A Hedged GBP Class A Hedged GBP Class B EUR Class B USD Class B Hedged GBP Y Class EUR Y Class GBP Y Hedged Class GBP X Hedged Class JOHCM UK Growth Fund GBP Class A GBP Class B JOHCM European Select Values Fund GBP Class A EUR Class A EUR X Class EUR Accumulation Class GBP Class B EUR Class B JOHCM Japan Fund GBP Class A EUR Class A JPY Class A GBP Class A Hedged GBP Class B EUR Class B JPY Class B GBP Class B Hedged

262 Appendix 1 (unaudited) continued Ongoing Charge Figure continued Ongoing charge figure year ended 31 Dec 2017 (ex perf fee) Ongoing charge figure year ended 31 Dec 2016 (ex perf fee) Performance Figure Financial Year Ended 31 Dec 2017 Performance Figure Financial Year Ended 31 Dec 2016 Total Expense Figure Financial Year Ended 31 Dec 2017 Total Expense Figure Financial Year Ended 31 Dec 2016 Sub-fund % % % % % % JOHCM Global Select Fund GBP Class A EUR Class A USD Class A GBP Z Class EUR Z Class GBP Class B EUR Class B USD Class B USD Z Class EUR E Class JOHCM Emerging Markets Fund GBP Class A EUR Class A USD Class A GBP Y Class GBP Class B EUR Class B USD Class B JOHCM Global Emerging Markets Opportunities Fund GBP Class A EUR Class A USD Class A GBP Class B EUR Class B USD Class B CAD Z Class GBP Z Class AUD Z Class GBP Y Class USD Y Class JOHCM Asia ex-japan Fund GBP Class A EUR Class A USD Class A GBP Z Class GBP Class B EUR Class B USD Class B

263 Appendix 1 (unaudited) continued Ongoing Charge Figure continued Ongoing charge figure year ended 31 Dec 2017 (ex perf fee) Ongoing charge figure year ended 31 Dec 2016 (ex perf fee) Performance Figure Financial Year Ended 31 Dec 2017 Performance Figure Financial Year Ended 31 Dec 2016 Total Expense Figure Financial Year Ended 31 Dec 2017 Total Expense Figure Financial Year Ended 31 Dec 2016 Sub-fund % % % % % % JOHCM Asia ex-japan Small and Small and Mid-Cap Fund GBP Class A EUR Class A USD Class A GBP Z Class GBP Class B EUR Class B USD Class B JOHCM Global Opportunities Fund GBP Class A EUR Class A USD Class A GBP Z Class GBP X Class GBP Class B EUR Class B USD Class B GBP ND Z Class GBP X Hedged Class JOHCM Japan Dividend Growth Fund GBP Class A EUR Class A USD Class A GBP Class A Hedged USD Class A Hedged EUR Class B GBP Seed Class JOHCM US Small Mid Cap Equity Fund GBP Class A EUR Class A USD Class A EUR Class B USD Class B USD Seed Class JOHCM European Concentrated Value Fund EUR Class A USD Class B EUR Class B SGD Hedged Class B JOHCM Global Smaller Companies Fund USD Class A JOHCM UK Dynamic Fund* GBP Class Y * JOHCM UK Dynamic Fund on 27 September

264 Appendix 1 (unaudited) continued The Reportable Income table summarises the net income available per sub-fund at 31 December The income amount per share class are derived from the income received less any applicable expenses. JOHCM Continental European Fund Reportable Income For the financial year ended 31 December ISIN/SEDOL IE IE IE IE Share class IDI (GBP) IDX (EUR) RDI (GBP) RDX (EUR) Available Income 5,325, ,045, ,851, , Number of Shares Outstanding at 31/12/ ,806, ,627, ,348, ,367, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B993PD05 IE00BJ4G0G26 IE00BSJCJ493 IE00BJ4G0H33 Share class Y (GBP) IDU (USD) IHI (GBP) RDU (USD) Available Income 8,213, , ,994, , Number of Shares Outstanding at 31/12/ ,413, ,481, ,604, ,793, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00BSJCJ501 IE00B98YKX92 IE00BDZD4P74 Share class YCH (GBP) YE (EUR) XGH (GBP) Available Income 961, , Number of Shares Outstanding at 31/12/ ,694, ,850, ,408, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

265 Appendix 1 (unaudited) continued JOHCM UK Growth Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE IE Share class IDI (GBP) RDI (GBP) Available Income 4,869, , Number of Shares Outstanding at 31/12/ ,244, ,895, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 0 JOHCM European Select Values Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE IE IE IE Share class IDI (GBP) IDX (EUR) RDI (GBP) RDX (EUR) Available Income 411, ,253, , ,670, Number of Shares Outstanding at 31/12/2017 8,617, ,255, , ,800, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL Share class IE00B4K14L92 X (EUR) Available Income 401, Number of Shares Outstanding at 31/12/ ,422, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 263

266 Appendix 1 (unaudited) continued JOHCM Japan Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE IE IE IE00B5LD7P60 Share class IDI (GBP) IDX (EUR) IDY (YEN) IHI (GBP) Available Income 2,441, , , ,335, Number of Shares Outstanding at 31/12/ ,425, ,060, ,256, ,324, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE IE IE IE00B6386R19 Share class RDI (GBP) RDX (EUR) RDY (YEN) RHI (GBP) Available Income 52, , , , Number of Shares Outstanding at 31/12/2017 3,643, , , ,988, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

267 Appendix 1 (unaudited) continued JOHCM Global Select Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B3DBRN27 IE00B3T31Z22 IE00B3DBRP41 IE00B3DBRL03 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 310, , ,390, Number of Shares Outstanding at 31/12/ ,885, ,008, ,720, ,154, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B5L7L670 IE00B3DBRM10 IE00B3DCMB82 IE00B4V7J004 Share class RDU (USD) RDX (EUR) Z (GBP) Z (USD) Available Income - - 9,586, ,193, Number of Shares Outstanding at 31/12/ ,109, ,675, ,150, ,377, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

268 Appendix 1 (unaudited) continued JOHCM Emerging Markets Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B4X6J509 IE00B4Q8YK30 IE00B4XR4N63 IE00B4W7Q644 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 2, , , Number of Shares Outstanding at 31/12/ , ,249, ,338, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B4NX0P80 IE00B4WG5Q49 IE00B84FWM25 Share class RDU (USD) RDX (EUR) Y (GBP) Available Income , Number of Shares Outstanding at 31/12/2017 4,572, , ,035, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

269 Appendix 1 (unaudited) continued JOHCM Global Emerging Markets Opportunities Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B4002N46 IE00B4M6CN00 IE00B3ZBLW75 IE00B41RZ573 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 60, , , , Number of Shares Outstanding at 31/12/2017 4,111, ,689, ,257, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B4XXMP29 IE00B4TRCR07 IE00B6R54W91 IE00BBPK0L23 Share class RDU (USD) RDX (EUR) Z (GBP) Z (CAD) Available Income 114, , ,118, Number of Shares Outstanding at 31/12/ ,054, , , ,656, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B5W6ZB60 IE00BYSGJY42 IE00BYSGJZ58 Share class ZD (AUD) Y (GBP) YUD (USD) Available Income 811, , , Number of Shares Outstanding at 31/12/ ,603, ,320, ,573, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

270 Appendix 1 (unaudited) continued JOHCM Asia ex-japan Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B3RQ2721 IE00B435PM67 IE00B431KK76 IE00B3ZQS767 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 519, ,759, ,634, , Number of Shares Outstanding at 31/12/ ,129, ,771, ,207, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B4114S53 IE00B5L49R51 IE00B44PG779 Share class RDU (USD) RDX (EUR) Z (GBP) Available Income 872, , , Number of Shares Outstanding at 31/12/ ,507, ,678, ,076, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

271 Appendix 1 (unaudited) continued JOHCM Asia ex-japan Small and Mid Cap Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B6R5LS41 IE00B6R5QW32 IE00B6R5VD95 IE00B6R63P81 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 67, , , Number of Shares Outstanding at 31/12/2017 6,765, ,887, ,433, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B6R5YM91 IE00B6R5HM01 IE00B4X3T620 Share class RDU (USD) RDX (EUR) Z (GBP) Available Income , Number of Shares Outstanding at 31/12/ , , ,037, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

272 Appendix 1 (unaudited) continued JOHCM Global Opportunities Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00B89PQM59 IE00B89JY234 IE00B7MR5575 IE00B89JT176 Share class IDI (GBP) IDU (USD) IDX (EUR) RDI (GBP) Available Income 1,884, , ,585, , Number of Shares Outstanding at 31/12/ ,173, ,585, ,767, ,264, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00B8295C79 IE00B80FZF09 IE00BQVC9L01 IE00B83MS159 Share class RDU (USD) RDX (EUR) X (GBP) Z (GBP) Available Income 36, , ,623, , Number of Shares Outstanding at 31/12/2017 1,337, ,846, ,076, , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

273 Appendix 1 (unaudited) continued JOHCM Japan Dividend Growth Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00BQV17Q88 IE00BKS8NS44 IE00BKS8NX96 IE00BKS8NV72 Share class GBP IDI (GBP) IDU (USD) IDX (EUR) Available Income 1,244, , , , Number of Shares Outstanding at 31/12/ ,117, ,870, , ,720, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00BKS8NT50 IE00BKWPYF52 IE00BKS8NW89 IE00BF29TX58 Share class IHI (GBP) IHU (USD) RDX (EUR) XGH (GBP) Available Income 677, , , Number of Shares Outstanding at 31/12/ ,092, ,813, , , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

274 Appendix 1 (unaudited) continued JOHCM US Small Mid Cap Equity Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00BQT49290 IE00BQT49522 IE00BQT49308 IE00BQT49639 Share class IDI (GBP) IDU (USD) IDX (EUR) RDU (USD) Available Income N/A N/A N/A N/A Number of Shares Outstanding at 31/12/ , , , , Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL IE00BQT49415 IE00BQT49746 Share class RDX (EUR) USD Available Income N/A N/A Number of Shares Outstanding at 31/12/ , ,758, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B)

275 Appendix 1 (unaudited) continued JOHCM European Concentrated Value Fund Reportable Income For the year ended 31 December ISIN/SEDOL IE00BW0DJY98 IE00BW0DK137 IE00BDZD4R98 IE00BW0DJZ06 Share class IDX (EUR) RDU (USD) BSH (SGD) RDX (EUR) Available Income 33, , , N/A Number of Shares Outstanding at 31/12/ ,485, ,175, ,871, ,174, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) ISIN/SEDOL Share class IE00BYNJFM83 ZD (AUD) Available Income 1,765, Number of Shares Outstanding at 31/12/ ,885, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 273

276 Appendix 1 (unaudited) continued JOHCM Global Smaller Companies Fund Reportable Income For the year ended 31 December ISIN/SEDOL Share class IE00BW38RD60 IDU (USD) Available Income N/A Number of Shares Outstanding at ,461, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 JOHCM UK Dynamic Fund* Reportable Income For the year ended 31 December ISIN/SEDOL Share class IE00BDGKPZ46 ENI (GBP) Available Income N/A Number of Shares Outstanding at ,854, Available Income per share - (A) Cash and other distributions per share in relation to the period: Dividend per share 31/12/ Total Distributions -(B) Excess of available income over distribution per share (A-B) 0 *JOHCM UK Dynamic Fund launched on 27 September

277 Appendix 2 (unaudited) Remuneration Policy An effective remuneration policy of the Company (the Remuneration Policy ) has been put in place by the Company which complies with UCITS Regulations and the ESMA Guidelines on sound remuneration policies under the UCITS Directive (the Guidelines ). The Remuneration Policy is in line with the strategy, objectives, values and interests of the Investment Manager, the Company, the Funds and the Shareholders and includes measures to avoid conflicts of interest. The directors of the Company who are also employees of J O Hambro Capital Management Limited (the Investment Manager ) do not receive any remuneration in respect of their services as directors of the Company. The other directors and the designated persons receive fixed remuneration in respect of their services which is set at a level determined by the Board as a whole and which is not performance related. The total remuneration for the three directors concerned and the two designated persons is 132,939. None of the directors or designated persons are currently in receipt of variable remuneration in respect of their services as directors or designated person of the Company. Accordingly, the detailed provisions of Article 14b of Directive 2009/65/EC and the related ESMA Guidelines on sound remuneration policies under the UCITS Directive in relation to variable remuneration are not applicable to the Company. None of the directors or designated persons are currently in receipt of a pension from the Company. The Company has determined that the fixed remuneration payable to the directors who are not employees of Investment Manager and the designated persons is (a) consistent with sound and effective risk management and does not encourage risk-taking which is inconsistent with the risk profile, rules or instrument of incorporation of the Company and (b) in line with the business strategy, objectives, values and interests of the Company and the investors in the Company. The nature of the directors and designated persons remuneration, being fixed and not including any variable component and being determined by the Board as a whole, ensures that the Company appropriately manages any conflicts of interest in respect of remuneration. There have been no material changes to the remuneration policy of the Company during the financial year. The Investment Manager has implemented a revised remuneration policy ensures that relevant members of staff are not incentivised, by way of their remuneration package, to take excessive risks when managing funds. Details of the Investment Manager s remuneration policy are available at A paper copy is available free of charge from the Investment Manager upon request. 275

278 Appendix 3 (unaudited) Securities Financing Transactions As the Company undertakes securities lending it is required to report on Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities on commodities lending and securities on commodities borrowing and margin lending transactions). Please read this Appendix in conjunction with note 14 Stock Lending. Concentration Data Top 10 Issuers Issuer Name Volume Amount of Collateral GBP United States Treasury Note 100,389,513 77,320,892 French Republic Government Bond OAT 60,033,205 60,857,563 United Kingdom Gilt Inflation Linked 26,375,759 54,968,619 Royal Bank of Canada 559,797 33,935,105 United Kingdom Gilt 20,768,596 31,983,139 Toronto-Dominion Bank 631,950 27,406,283 Worldpay Group PLC 5,036,644 21,294,929 Bank of Montreal 316,270 18,778,123 Time Warner Inc 269,020 18,329,707 Suncor Energy Inc 604,247 16,472,644 Top 10 Counterparties Counterparty Name Country Name Amount of Collateral GBP Natixis France 182,156,219 Deutsche Bank Ag Germany 134,668,259 Scotia Capital Inc Canada 101,711,017 Credit Suisse AG Dublin Branch Ireland 84,914,093 HSBC Bank Plc United Kingdom 69,697,411 RBC Dominion Securities Inc Canada 53,641,706 Merrill Lynch International United Kingdom 42,638,337 The Bank Of Nova Scotia Canada 42,470,574 Credit Suisse Dublin Ireland 33,929,920 Barclays Capital Securities Ltd United Kingdom 28,416,263 Aggregate Transaction Data Type of Collateral Collateral Volume Amount of Collateral GBP Equities & Equivalent 40,448, ,282,286 Bonds 381,838, ,624,

279 Appendix 3 (unaudited) continued Securities Financing Transactions continued Maturity Tenure of Collateral Maturity Amount of Collateral GBP Less than one day - One day to one week 189,671 One week to one month 1,039,500 One month to three months 2,635,369 Three months to one year 12,765,096 Above one year 319,994,576 No maturity date 710,282,286 Currencies of Securities Collateral Currencies Volume Amount of Collateral GBP AUD 7,595,068 9,848,966 CAD 119,620, ,627,138 CHF 1,204,832 3,580,867 DKK 14,369,716 2,387,954 EUR 84,119, ,334,338 GBP 66,261, ,608,685 JPY 701,448 7,491,205 NOK 110,462 1,303,227 SEK 6,730, ,714 USD 121,573, ,976,404 Countries of Counterparties Countries Volume Amount of Collateral GBP Australia 40, ,705 Canada 86,238, ,429,674 Denmark 20,716,974 2,441,531 France 13,362, ,294,219 Germany 18,700, ,512,618 Ireland 56,185, ,215,174 Spain 43, ,299 Sweden 2,150,423 12,347,912 United Kingdom 190,090, ,340,132 United States of America 25,496,974 19,649,069 Switzerland 9,261,639 12,529,165 Safe Keeping of Collateral Received Depositaries Amount of Collateral Asset Safe-Kept GBP RBC Investor Services Bank S.A. 1,046,906,

280 J O Hambro Capital Management Limited Ground Floor, Ryder Court 14 Ryder Street London SW1Y 6QB Tel: Fax: