Wassenaar – 12 October 2018 – The Juno Selection Fund ended the third quarter of 2018 with a return of + 1.5%. In total, the fund’s net asset value increased by +17.1% during the first nine months of 2018. This left similar indices once again behind: the EMIX Smaller European Companies Index (net) fell by -0.5% during the third quarter. This index has returned +0.6% after three quarters. The Dutch AEX index (dividends reinvested) increased by +0.3% over the quarter and stands at +3.5% for the year.
 

After its initial close to new participants on 1 June 2017, the Juno Selection Fund was also closed to existing participants on 1 October 2018. Frans Jurgens, portfolio manager and co-founder of Juno: “In months leading to the fund’s final close, a large part of Juno’s participants have seized the opportunity to increase their investment. The trust in Juno that this reflects is something that makes us very grateful and proud. “
 
Juno expects continued volatility for the remainder of the year. Nevertheless, Lennart Smits, portfolio manager and co-founder of Juno, remains confident in the underlying profit growth of Juno’s portfolio companies: “In 2018 the portfolio grew with a fairly large number of new companies. Together with the already existing positions, we believe that the portfolio will once again generate an underlying earnings growth of 10-15% this year. Also for the coming years, such earnings growth seems a viable goal for us “.

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).