# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0001193125-23-017858
**Filing Date:** 2023-1
**Character Count:** 24928
**Document Hash:** 603bde44e6016cd8bfb31b9aa45c8845
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017858.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001193125-23-017858

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHCM Funds Trust
- **CENTRAL INDEX KEY:** 0001830437
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-249784
- **FILM NUMBER:** 23564738

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET, 13TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-993-0712

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET, 13TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

## Series and Classes Contracts Data

### JOHCM International Opportunities Fund (Series ID: S000070685)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224755 | Class Z Shares       |  |
| C000224756 | Institutional Shares | JOPSX           |
| C000224757 | Advisor Shares       |  |
| C000224758 | Investor Shares      |  |

**Summary Prospectus** January 27, 2023

![LOGO](g387818logo1.jpg)

## JOHCM International Opportunities Fund

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | / Ticker | **Institutional Shares** | JOPSX | **Advisor Shares** | (Not currently offered) | **Investor Shares** | (Not currently offered) | **Class Z Shares** | (Not currently offered) |

---

Before you invest, you may want to review the Fund's Prospectus, which contains information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated January 27, 2023, as revised from time to time, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus and other information about the Fund, go to https://www.johcm.com/us/how-to-invest/222/prospectus-sai, call 866-260-9549 (toll free) or 312-557-5913, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling toll-free 866-260-9549 or 312-557-5913. If you own your shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund by calling toll-free 866-260-9549 or 312-557-5913 or by contacting your financial intermediary.

**Investment Objective** 

The investment objective of the JOHCM International Opportunities Fund (the "Fund") is to achieve long-term total return by investing in a focused portfolio of international equity securities.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) | **Shareholder Fees** (Fees paid directly from your investment) |
| | **Institutional<br>Shares** | **Institutional<br>Shares** | **Advisor<br>Shares** | **Advisor<br>Shares** | **Investor<br>Shares** | **Investor<br>Shares** | **Class Z<br>Shares** | **Class Z<br>Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | | None | | None | | None | | None |
| Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) | | None | | None | | None | | None |
| Redemption Fee | | None | | None | | None | | None |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) |
| | **Institutional<br>Shares** | **Advisor<br>Shares** | **Investor<br>Shares** | **Class Z<br>Shares** |
| Management Fee | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
| Other Expenses<sup>1</sup> | 2.29% | 2.29% | 2.29% | 2.29% |
| Total Annual Fund Operating Expenses | 3.04% | 3.14% | 3.29% | 3.04% |
| Fee Waivers and Reimbursements<sup>2</sup> | (2.16%) | (2.16%) | (2.16%) | (2.16%) |
| **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | **0.88%** | **0.98%** | **1.13%** | **0.88%** |

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<sup>1</sup> Restated to reflect current expenses.

<sup>2</sup> JOHCM (USA) Inc (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.88%, 0.98%, 1.13%, and 0.88% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until January 28, 2024. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Advisory Agreement. 

**Example**<br>

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1 year example and for the first year of the 3, 5 and 10 year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| **Institutional Shares** | $90 | $735 | $1406 | $3203 |
| **Advisor Shares** | $100 | $765 | $1456 | $3298 |
| **Investor Shares** | $115 | $810 | $1530 | $3438 |
| **Class Z Shares** | $90 | $735 | $1406 | $3203 |

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | January 27, 2023 | **JOHCM Funds** |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recently completed fiscal year, the portfolio turnover rate of the Fund was 68.19% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests, under normal market conditions, primarily in equity securities of companies located outside the United States, including those located in emerging market countries. The Fund may invest in non-U.S. companies of any size, including small- and mid-capitalization companies, to achieve its objective. Equity securities include common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may achieve its equity exposure either directly or indirectly, such as through participatory notes, though it does not use such indirect instruments as a means of achieving leverage. The Fund may invest a significant portion of its assets in investments located in one country or a small number of countries. These countries may change from time to time.

The Fund operates as a "diversified" investment company, and will typically own between 25-50 holdings. The portfolio managers aim to achieve above-average risk-adjusted equity returns, over the medium term of three to five years. The portfolio managers believe this is best achieved by investing in a benchmark-agnostic portfolio of attractively valued high quality companies. The portfolio managers seek to assess intrinsic value of such companies based on long term competitive advantages and cash flow expectations. They prioritize companies that they believe can generate cash profits reliably over many years and have opportunities to pay dividends and/or reinvest some of those profits at high rates of return.

The portfolio managers believe that a key risk to any investor is permanent impairment of capital from owning overvalued assets. Therefore, the Fund maintains a valuation discipline intended to ensure that assets are only bought when they are attractively valued, in absolute terms, with reference to their estimated intrinsic value. The portfolio managers employ a scenario-based approach to assessing intrinsic value, evaluating best- and worst-case outcomes for potential and current investments and their related cash flows. Consistent with the Fund's absolute valuation discipline, the portfolio managers may determine to delay reinvestment of sale proceeds or other available cash immediately, instead holding positions in cash and cash equivalents, including money market funds, potentially in an amount up to 20% of the net assets of the Fund, while examining and awaiting available investment opportunities.

Additionally, as part of the research and security selection processes, the portfolio managers consider financially material environmental, social and governance ("ESG") factors, including potential impacts on the long-term risk and return profile of a company. In doing so, the portfolio managers incorporate proprietary ESG analysis into their investment decisions and have access to third-party analytics sources, which may include Sustainalytics and MSCI.

**Principal Investment Risks** 

All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value

of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear. The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing with a focus on global stocks.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

**Emerging Markets Risk.** In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**ESG Factor Risk.** Considering ESG factors when evaluating an investment may result in the selection or exclusion of certain investments based on the Adviser's view of these factors and carries the risk that the Fund may underperform funds that do not take ESG factors into account. In evaluating an issuer, the Adviser may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of related risks and opportunities.

**Equity Securities Risk.** The risk that events negatively affecting issuers, industries, or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints.

**Geographic Focus Risk.** The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic or other political developments in that country or region as

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | January 27, 2023 | **JOHCM Funds** |

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compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**Management Risk.** The Adviser's judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Equity-Linked Instruments Risk.** There is a risk that, in addition to market risk and other risks of the referenced equity security, the Fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the Fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the Fund's investment.

**Participatory Notes Risk.** P-notes, which are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions, represent interest in securities listed on certain non-U.S. exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is risk that the entity issuing the note may not be able to honor its financial commitments. The liquidity of a P-note reflects the liquidity in the underlying security. At times, it may be more illiquid than trading the underlying security as broker selection is restricted to the underwriter of the P-note.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Performance Information** 

The Fund commenced operations upon the reorganization of the Predecessor Fund into the Fund on July 19, 2021. With the reorganization, the Fund assumed the financial and performance history of the Predecessor Fund. The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Predecessor Fund for periods prior to the reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are

not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

**Annual Total Returns – Institutional Shares for year ended December 31\***![LOGO](g387818g84p39.jpg)

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| | | | |
|:---|:---|:---|:---|
| Best quarter: | 10/01/2022 | 12/31/2022 | 22.26% |
| Worst quarter: | 01/01/2020 | 03/31/2020 | (17.90%) |

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\* The Fund's fiscal year end is September 30. The Fund's most recent quarterly return (since the end of the last fiscal year) through December 31, 2022 was 22.26%. 

**Average Annual Total Returns – for the Periods Ended December 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since<br>Inception^** |
| **Institutional Shares – Before Taxes** | (0.59%) | 3.69% | 5.01% |
| **Institutional Shares – After Taxes on Distributions** | (0.69%) | 2.58% | 3.69% |
| **Institutional Shares – After Taxes on Distributions and Sale of Fund Shares** | 0.39% | 2.84% | 3.72% |
| **MSCI EAFE Index (reflects no deductions for fees or expenses)\*** | (14.45%) | 1.54% | 4.74% |

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^ The Institutional Shares of the Predecessor Fund commenced operations on September 29, 2016.

\* Index returns shown are net of withholding taxes.

**Portfolio Management** 

**Investment Adviser** 

The Fund's investment adviser is JOHCM (USA) Inc (the "Adviser").

**Portfolio Managers** 

Robert Lancastle, CFA

Senior Fund Manager

Length of Service: Since 2016\*

Ben Leyland, CFA

Senior Fund Manager

Length of Service: Since 2016\*

\* Each Portfolio Manager served as portfolio manager of the Fund's predecessor, which reorganized into the Trust on July 19, 2021.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | January 27, 2023 | **JOHCM Funds** |

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**Buying and Selling Fund Shares** 

**Minimum Initial Investment** 

Institutional $1,000,000

Advisor No minimum

Investor No minimum

Class Z $10,000,000

**There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.** 

**To Buy or Sell Shares:** 

JOHCM Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

Telephone: 866-260-9549 (toll free) or 312-557-5913

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and JOHCM Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

**Dividends, Capital Gains and Taxes** 

The Fund intends to make distributions that are generally taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

![LOGO](g387818logo1.jpg)