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A differentiated global equities fund
with a 17-year track record of outperformance
Finally available in Australia

JOHCM Global Select Fund has for many years been one of the most successful investment strategies offered overseas by Pendal Group’s UK-based asset manager, J O Hambro Capital Management.

Managed by Chris Lees and Nudgem Richyal, the fund is now available to Australian investors as the Pendal Global Select Fund.

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17 years of strong performance*

Chris and Nudgem created the strategy in 2004 at Barings Asset Management before bringing it to JOHCM in 2008. Since then it has delivered 3.13%* annualised alpha (before fees) compared to the MSCI All Country World NR Index benchmark.

In 2021 the Fund was brought to Australia as the Pendal Global Select Fund.

* Source: JO Hambro, Lipper survey - Sector quartile ranking: IA Global, and Lipper Global Equity Global domiciled in the UK, offshore Ireland, or offshore Luxembourg. Lipper ranking is from A GBP Class.
Past performance is not a reliable indicator of future performance.
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Different portfolio complements other strategies

This is mainly a set of lesser-known names. It can complement other index or large-cap global equity funds or be used as stand-alone exposure to the asset class.

Instead of following the crowd, the fund focuses on “fat tail” winners in the distribution of stock returns. These are the long-term compounders, stocks in early-stage growth or those undergoing transformation or recovery.

Chris and Nudgem’s proven process aims to identify the best stocks in good or improving neighbourhoods.

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Our approach

This is a very different approach in selecting global equities, resulting in a distinctive portfolio. Fund managers Chris Lees and Nudgem Richyal have worked closely together for more than 20 years. They manage a portfolio of 30-60 stocks using quantitative analysis and fundamental research based on decades of experience. The team draws on the expertise of 40-plus investment professionals at JOHCM and Regnan.

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What makes Pendal Global Select stand out?

A differentiated global equities fund with a 17-year track record of outperformance.

A differentiated portfolio

You won’t see all the same old names here. This is a very different approach that complements existing global equities strategies. “Our clients have already got loads of Amazon and loads of Apple — they don’t need any more,” says Chris Lees. “We offer a process and a portfolio that is different. “We’ve delivered top-quartile investment returns over the past 20 years without owning some of those mega-caps.

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“Our portfolio holdings tend to be mid-cap names that many people haven’t heard of — yet we believe they are the next Apple, the next Amazon. “We’re fortunate to run more than $US20 billion of client money — so clearly, clients think we’re differentiated,” says senior fund manager Chris Lees. Chris and Nudgem believe there are three main points of differentiation from other global equities strategies:

  • Focus on good houses in good neighbourhoods. You’ll often hear Chris and Nudgem say “beware good houses in deteriorating neighbourhoods”. They believe truly idiosyncratic stock opportunities are rare and that most often relative stock returns rely on positive tailwinds from a country or sector. Chris and Nudgem’s process identifies the source of these tailwinds and chooses the stocks best-placed to benefit.
  • Ruthless sell discipline. “Clients are fed up with dogmatic portfolio managers who think they know best,” says Chris. “The world’s always changing, so we are unemotional and ruthless about weeding out the losers, and letting the winners run”.
  • Don’t manage money the way academics say equity markets should be. “We manage money the way the world actually is — and it’s always evolving,” says Chris.

As you can see below, the process results in a set of lesser-known names that will complement other index or large-cap global equities funds. The fund gives investors something that can “zig when other strategies zag”, providing more consistent overall performance.

Pendal Global Select top ten holdings (at Dec 31, 2021)
CNH Industrial
Magna International
SBI Holdings
Intercontinental Exchange
Rakuten Group
The MSCI World benchmark (at Dec 31, 2021)
Johnson & Johnson
JPMorgan Chase & Co
Alphabet (Class C)
Meta Platforms
Alphabet (Class A)
Exxon Mobil
Berkshire Hathaway
Source: The Global Select data is from Morningstar Direct for 31/12/2021 (under JOHCM Global Select A GBP). The MSCI World ex AU data is from Factset for 31/12/2021 (under MSCI World ex AU (996200)
A “quantamental” approach

The team first uses sophisticated, dynamic quant screens to quickly identify interesting parts of a market. This narrows the universe to 50 or 100 stocks with the best combination of growth, valuation and trend. The team then focuses fundamental research on the “best of the best”, augmented by 40-plus investment professionals at JOHCM and Regnan. “So we don’t waste our precious time looking at the average company,” says fund manager Chris Lees.

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Chris and senior fund manager Nudgem Richyal focus on “fat tail winners” such as long-term compounders, stocks in early-stage growth or those undergoing transformation or recovery. The process also weeds out “fat tail losers” such as value traps, growth traps or frauds. “Investing isn’t just what you own, a huge amount is about avoiding the losers,” Chris says. The team’s approach also provides greater exposure to midcap (size factor) stocks which enhance returns over the long term.


The global resources of JOHCM

Chris and Nudgem are a team of two, but they benefit from the work of more than 40-plus investment professionals at JOHCM and Regnan. The Fund is named “Global Select” because it includes the best stocks from those portfolios, Chris says.

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“The portfolio we deliver for our clients is roughly 50% of ideas sourced from Chris and Nudgem and 50% of JOHCM sourced ideas. “We’re selecting the best of the best. We’re ‘open source’ if you like. That is one of our key differentiators.”

Beyond ESG

The Fund started with a socially responsible investment approach back in 2004 — which means it has never owned tobacco, alcohol, alcohol, gambling, or weapons. But after moving to J O Hambro in 2008, the strategy moved beyond “screening out the bad” to “screening in the good” using Environmental, Social and Governance (ESG) analysis The team works closely with Pendal Group’s in-house responsible investing business Regnan to ensure ESG factors are at the core of the process.

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“We like the ‘already good’ and we like the transformations, says Chris. “The transformations is where you make some of the greatest investment returns for your clients.” In 2018, as ESG grew in popularity — and some investment managers were accused of “greenwashing” and “box-ticking” — Chris and Nudgem evolved to a “Beyond ESG” approach. This emphasises analysis of the “intentionality” of a company; the materiality of its transformation and externalities. Pendal Global Select Fund features the highest “5 globes” rating from Sustainalytics and MSCI.

Equal weighting

The Pendal Global Select Fund consists of 30 to 60 equal-weighted stocks. Equal-weighting is key to the fund’s long-term success. It quickly highlights under-performers, prevents risk from becoming concentrated in a handful of names, and provides greater exposure to midcap stocks which can enhance returns over the long term.

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Humans often make bad investment decisions “because we suffer from overconfidence bias”, says senior fund manager fund manager Chris Lees. “One of the ways to avoid overconfidence bias is to equally weight your portfolio.” “It’s really good risk control,” says Lees. “It allows all the stocks to be very high conviction. The ones that are right, we let them run and trim them back to equally weighted every now and again. With any that are wrong, we are systematically forced to sell them.”

Our team

Christopher Lees - Senior Fund Manager

Christopher Lees

Senior Fund Manager


Chris has more than 32 years of industry experience. He joined Pendal Group’s UK-based asset manager J O Hambro Capital management in 2008. Chris has worked closely with Pendal Global Select Fund’s other senior fund manager, Nudgem Richyal, for more than 20 years. Before JOHCM Chris headed up Baring Asset Management’s Global Sector team. He spent 19 years at Baring. He also held positions as senior portfolio manager (US equities) in Boston and as an analyst in the UK stock selection and global asset allocation teams. Christopher is a CFA Charterholder and holds a BSc (Hons) in Geography from University of London.

Nudgem Richyal - Senior Fund Manager

Nudgem Richyal

Senior Fund Manager


Nudgem has more than 22 years of industry experience, joining Pendal Group’s UK-based asset manager J O Hambro Capital management in 2008. Nudgem has worked closely with Pendal Global Select Fund’s other senior fund manager, Chris lees, for more than 20 years. Nudgem was previously an investment director with Baring Asset Management’s global equity group and managed one of London’s biggest Latin American funds. Nudgem is a CFA Charterholder and holds a first class BSc (Hons) in Chemistry from the University of Manchester.


Tim North Ash - Head of Distribution, Pendal Group

Tim North Ash

Head of Distribution

Peter Lambos - Head of Institutional, Pendal Group

Peter Lambos

Head of Institutional

Lee Hopperton - Head of High Net Worth Distribution, Pendal Group

Lee Hopperton

Head of High Net Worth Distribution

Laurice Considine - Head of Independent Licensee Distribution, Pendal Group

Laurice Considine

Head of Independent Licensee Distribution

Jeremy Dean - Head of Regnan and Responsible Investment Distribution

Jeremy Dean

Head of Regnan and Responsible Investment Distribution

Fund information

Significant features

The Pendal Global Select Fund is an actively managed portfolio of global shares.

Fund Objective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the MSCI ACWI NR Index (net dividends reinvested) in AUD over rolling 5 year periods.

Class R

Entry Price $8.9896
Exit Price $8.9896
06.10.2022 History


PDS Additional Information


Target Market Determination


Fact Sheets
Annual Report

Available soon

APIR code PDL6767AU
Benchmark MSCI ACWI NR Index (net dividends reinvested) in AUD
Management fee 0.90% p.a. Other fees and costs also apply – please refer to the PDS or 'Fees and costs' flyer for more information.
Minimum investment $25,000
Buy Sell spread 0.40% (0.20%/0.20%)
Risk level High

An investment fund is subject to a number of risks. For a detailed description of these risks please refer to the PDS.

Distribution Frequency Yearly
Distribution (CPU) 0.0000
Distribution History View history
MIT Notice View history

Fund performance

As at 31/08/22 1m 3m 1yr 3yr (p.a) 5yr (p.a) % since inception 30 July 2021
Total return After fees -3.88 -6.15 -21.37 - - -17.75
Distribution 0.00 0.71 0.59 - - 0.58
Growth -3.88 -6.86 -21.96 - - -18.33
Total return (Before fees and tax) -3.80 -5.94 -20.65 - - -17.01
Benchmark: MSCI AC World Index (Net) in AUD -1.96 -1.26 -10.33 - - -7.01

This webpage has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and the information contained within is current as at the date of its publication. It is not to be published, or otherwise made available to any person other than the party to whom it is provided. PFSL is the responsible entity of, and issuer of units in the Pendal Global Select Fund ARSN: 651 789 678 (the “Fund”). PFSL has appointed J O Hambro Capital Management Limited to manage the assets of the Fund. A product disclosure statement (PDS) is available for each class in the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the relevant PDS and TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This webpage is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. Past performance is not a reliable indicator of future performance. J O Hambro Capital Management Ltd claims compliance with the Global investment Performance Standards (GIPS®) and has prepared the performance information presented in this webpage in compliance with the GIPS standards. J O Hambro Capital Management Ltd has been independently verified for the periods 1st December 2001 to 31st December 2019. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards.  Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis.  Verification does not provide assurance on the accuracy of any specific performance report. For the purposes of compliance with GIPS®, the Firm is defined as all open-ended and segregated assets managed since November 2001 by J O Hambro Capital Management Ltd (“JOHCM”), a UK investment management firm.  All portfolio returns are calculated on a total return basis, including realized and unrealized gains plus income. All total return calculations include returns for any cash balances held within the portfolio. GIPS® is a registered trademark of CFA Institute.  CFA Institute does not endorse or promote JOHCM, nor does it warrant the accuracy or quality of the content contained herein. Gross and net performance is calculated after the deduction of trading expenses. All dividends and income are calculated gross of recoverable but net of irrecoverable taxes.  For open-ended portfolios, net performance is calculated net of all costs including custody and management fees. Net performance for segregated portfolios is calculated net of all management fees (including actual annual management charges and performance fees). For open-ended portfolios based in the UK or Dublin on which JOHCM receive a NAV, from 1st January 2016 onwards, reporting on net performance switched from the B share class to the corresponding A share class. This is as a result of RDR share reporting requirements, which requires net performance to be reported on the lowest fee-paying share class. Dublin and UK open-ended portfolios launched after 31st March 2014 have historically reported on the A share class, so there was no change to reporting. For funds that launched prior to 2003, the gross performance of open-ended portfolios is calculated by adding back one twelfth of the annual management fee to the monthly net return for all periods before September 2003. For those funds that launched in 2003 onwards (and from September 2003 in the case of the above), gross performance is calculated by adding back one twelfth of the annual total expense ratio (provided quarterly) of the portfolio, on a monthly basis, to the net return. Between 1st February 2011 and 29th February 2020, JOHCM employed a policy to exclude portfolio performance from composites in months where the portfolio had experienced a cash flow greater than 30% of assets at the time of cash flow. This policy was employed for all composites, with exception of single account composites. If after a period of time a composite which had previously included more than one account became a single account composite, it would at this point cease to be included in this procedure. As of 1st March 2020, and following discussions with the JOHCMs new verifier,  JOHCM no longer employs this policy. Portfolios in this composite may participate in a stock lending programme at discretion. Any income from stock lending is included in performance. Additional information on the methodologies used for the valuation of portfolios, the calculation and reporting of returns and the preparation of GIPS Reports is available upon request. The base fee to invest in this mandate for A class investors is 0.75% per annum. For B class investors, a base fee of 1.50% per annum is applicable. A performance fee may also be applicable. Timing and sourcing of exchange rates may differ between funds in the composite and the benchmark due to the use of differing third party administrators to produce portfolio valuations. Monthly composite Gross-of-fee returns are used for the inputs in the external and internal dispersion risk measures. All composites are compared to indices priced at close of business. Where the composite contains open-ended portfolios, market fluctuations between the intra-day pricing of the fund and close of day will have an impact on relative performance. Dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year. Periods with less than 5 accounts are not deemed statistically representative and dispersion is not presented. The 3 year annualised ex-post standard deviation of the composite and benchmark is displayed as of each year end. The standard deviation is not presented if there is less than 36 months of performance history available. Performance results shown include the reinvestment of dividends and other earnings. The benchmark for this composite is the MSCI All Country World NR Index. All MSCI indices are calculated net dividends reinvested. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up. Portfolios in this composite aim to achieve long-term total return from investing in a concentrated portfolio of global securities on an unconstrained basis. The composite was created in September 2009. The firm’s list of composites and broadly and limited distribution pooled fund descriptions are available upon request.