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

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.