Wassenaar – July 3, 2017 – The Juno Selection Fund ended the second quarter of 2016 with a -3.9% return. After a solid performance in the first three months, the fund had to give up some of the earlier gains during the second quarter. Over the first half year, the fund has returned +8,9%. The Euromoney Smaller Europe Index increased by +3.6% this quarter and stands at a return of +10.9% after the first six months of 2017.

Juno’s outlook for the fund’s performance in 2017 remains positive. Frans Jurgens, director co-founder of Juno: “The growth of the European economy is finally strong. The interest rates remain low, which gives the equity markets an excellent impulse”. Lennart Smits, director and co-founder of Juno: ”The fact that the market outperformed us this quarter does not worry us at all. It offers us an opportunity to increase the positions in some of our companies at a more attractive price level”.

The fund’s portfolio currently consists of thirteen companies, Simcorp, Dialog, and Grenke being the largest positions. The fund is closed to new participants as per June 1st, 2017. The steep increase in assets under management, both in the fund as via direct accounts (starting at €20 million), has led the manager to this decision in order to safeguard the fund’s investment style. Click here for the press release in which this decision is explained in more detail. At this time, limited capacity remains in the fund for add-on investments from existing participants.

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).