He is currently co-manager with John Wood on the £870m JOHCM UK Opportunities Fund, a fund capped at £1bn. Leyland, who joined JOHCM in 2006, will continue these responsibilities in addition to running the global offering.
Besides the obvious lifting of a geographical restriction, the new fund – that will be available before the end of the second quarter this year – will follow the same strategy as the UK Opportunities proposition.
For this, Wood uses a thematic, top-down process to identify the stock ideas and then takes a rigorous approach to the stocks’ valuation to realise between 30 and 40 for investment. He will work closely alongside Leyland on the global fund, to identify between 25 and 40 opportunities.
Investors can already access a global equity fund from JOHCM, through Christopher Lees and Nudgem Richyal’s £730m (capped at £5bn) Global Select Fund.
JOHCM Global Opportunities will focus on blue-chip global equities that invest consistently at high marginal returns to produce compounding long-term returns.
JOHCM Global Select will focus on the behaviour of each share price to determine whether the most important driver of each prospective investment is stock specific, sector or country-based. It has more of an all-cap bias.
