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

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.