The Hague – April 2020 – On 1 February this year, the Juno Continuation Fund was launched. This new fund, managed by Juno Investment Partners, will apply the successful investment style of the Juno Selection Fund, which closed for investors in 2018. The Continuation fund is identical in almost all respects to the Selection fund, but focuses on investments in European (family-owned) companies that are one size up compared to the Selection Fund. Juno is delighted and proud to announce that the Fund had over 80 participants at launch date and that this number has been steadily increasing since.

Since its launch date, the Juno Continuation Fund did suffer from the effects of the COVID-19 virus as well and ended the first quarter of 2020 with a net asset value of €87.80 per participation, a decrease of -12.2% since the start of the fund on February 1. Over this period, the MSCI Europe Mid Cap Index lost -24.7% and the AEX (dividend reinvested) also fell sharply by -18.1%.

The pandemic that is currently gripping the world also affects some of the companies selected by Juno. Rob Deneke, director and co-manager of the Juno Continuation Fund: “Although affected by current developments, it is clear that the capability to withstand the current situation is above average for the majority of our companies. The products and services they provide are often essential for their customers, as a result of which the demand for these products and services often continues. In addition, our companies are financed conservatively so that their survival is not in jeopardy and they remain able to make the necessary investments, usually from their own resources, as and when necessary”.

Frans Jurgens, director and co-founder of Juno: “It is not our expertise to make macroeconomic forecasts, but we strongly believe that once this pandemic is behind us, it will leave a very deep scar in the economy. Fortunately, there are also companies that are barely affected and even a few that will take advantage of the current circumstances. We were able to act on share price weakness and selectively increase the holding of those companies in our portfolio”.

Lennart Smits, director and co-founder of Juno: “The timing of the launch of the Juno Continuation Fund meant that the Fund had a fairly high cash position of around 30%, which has certainly helped us over the past period. But especially the low dependency on economic cycles, a core selection criterion at Juno, makes our companies less vulnerable. We also benefited from the healthy financial structures of our companies: where cash on the balance sheet still cost money a few months ago and caused derision from bankers, our (family-owned) companies now hold the trump cards. Juno will try to continue to make smart, selective and disciplined use of the high volatility in the markets to get the cash we hold in the portfolio today back to work”.

The quarterly reports can be found here and the most recent fact sheet here.

About Juno Investment Partners

Since 2007, Juno Investment Partners has been investing in a highly concentrated portfolio of European listed companies with predictable and stable earnings growth, often family-owned businesses.

We focus on companies with a high return on invested capital, strong margins, and highly predictable (free) cash flows. These are typically companies with a strong competitive position and clear added value for their clients, enabling them to continue creating value over the long term.

Based on these characteristics, we select a limited number of companies that we want to understand thoroughly. The portfolio consists of approximately fifteen companies. These are analyzed intensively, visited regularly, and monitored over several years. The investment horizon is long, typically well over five years. Our analysts and portfolio managers also invest in the funds themselves.

Juno offers three products. The Juno Selection Fund focuses on small and medium-sized companies. The Juno Continuation Fund focuses on medium-sized companies. In addition, Juno offers individual asset management via managed accounts, using the same investment approach. The Juno Selection Fund was launched in 2008 and invests in European companies with an initial market capitalization between €250 million and €4 billion. The fund was closed to new investments for a long time and has been accessible to existing participants again since April 2023.

The Juno Continuation Fund was launched on February 1, 2020, and invests in medium-sized companies with a market capitalization between €4 and €20 billion. Here, too, the emphasis is on companies that often have family or management as co-shareholders.

Juno holds an AIFM license from the AFM.