The Juno Selection Fund, focussed on European small and medium sized (family-owned) companies, has continued the steady growth of its performance in the third quarter. The performance rose by +1.8% during the third quarter. The total performance for 2015 is +21.1% as per September 30.

The third quarter was positive for the Juno Selection Fund, whereas the stock markets showed heavy corrections. The decline of the Euromoney Smaller Company index amounted to -5.6% in the third quarter. The third quarter was positive for the Juno Selection Fund, while the equity markets showed strong corrections. The decline of the Euromoney Smaller Company index amounted to -5.6% in the third quarter and the Dutch AEX index fell by slightly more than -10% in the quarter. The defensive character of the participations in the Juno Selection Fund made itself felt in the past quarter.

But especially in the longer term, we see that the Juno Selection Fund has clearly outperformed the market. The fund's total return since its inception in 2008 is now +174%. Over the same period, the AEX (including reinvested dividends) achieved a cumulative return of +12%. The Euromoney Smaller European Companies Index (formerly HSBC Smaller Europe) shows a total return of +41% since January 2008.

The strict selection criteria used by the Juno Selection Fund result in a small group of highly profitable companies. These companies, mostly family businesses, generate very high returns on capital and significant free cash flows. Their market positions are often dominant and their products or services little sensitive to economic cycles. The annual earnings growth of the group of companies in the portfolio should be between 10% and 15% each year. This earnings growth is the main driver of the fund's performance.

Director and co-founder Lennart Smits: “The strong and predictable (family) companies are expected to maintain the earnings growth of +15% for the whole of 2015. The Juno Selection Fund continues to look to the longer term with confidence.”

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).