Wassenaar – April 2019 – The Juno Selection Fund, specialised in investments in European small and medium-sized (family-owned) companies, ended the first quarter of 2019 with an excellent result, achieving a return of 22.0% over the first three months of the year. The EMIX Smaller Europe Index and the Dutch AEX index also rose, but clearly less strongly, by 12.5% and 13.0% respectively.

Since its inception in January 2008, the Juno Selection Fund has achieved an average annual net return of 12.5%. This is more than double the EMIX Smaller Europe Index’s performance measured over the same time frame (5.6%).

Juno’s focus on strongly managed, family-owned companies has resulted in a portfolio composed of companies that are able to grow their earnings year after year in a reasonably predictable fashion. It is Juno’s goal for this group of companies to achieve an aggregated annual net earnings growth of 10-15% per annum. Only when this growth continues regardless of the prevailing economic situation, does it become clear how great an accomplishment this is. Frans Jurgens, director and co-founder of Juno: “A slowdown in the growth of the overall economy is not necessarily bad news for Juno’s companies. It makes their strong performance stand out more, which in most cases brings about higher price-earnings ratios.”

Lennart Smits, director and co-founder of Juno: “We expect the growth of the European economy to remain at a low level in 2019. As a result, the 10-15% earnings growth of our companies will stand out more and the valuations will further increase. We remain positive for 2019 and certainly for the years thereafter.”

The five largest holdings in the Juno Selection Fund are the following companies: SimCorp, Grenke, Technogym, Brembo, and CTS Eventim.

About Juno Investment Partners

Juno Investment Partners is an independent asset manager based in The Hague. Juno invests in concentrated portfolios of high-quality European listed companies, often family-owned businesses or companies in which founders and directors are shareholders. The selection process emphasises predictable earnings growth, a high return on invested capital, low debt levels, strong margins and free cash flow, and a sustainable competitive advantage.

Launched in January 2008, the Juno Selection Fund focuses on small- and mid-cap European companies. The portfolio typically consists of around fifteen companies. Each is analysed intensively, and regular contact is maintained with management. The investment horizon is long, generally well over five years. Juno’s analysts, portfolio managers and employees also invest their personal capital in the JSF.

In addition to the JSF, Juno offers individually managed accounts through separate mandates, using the same investment approach. Juno holds an AIFM licence issued by the Dutch Authority for the Financial Markets (AFM).