The Hague – October 18, 2019 – The Juno Selection Fund has ended the third quarter of 2019 with a negative 3.8% return. However, when measured over the first nine months of 2019, the fund’s net asset value has increased by +20.6%. This represents an outperformance of the comparable European index: the EMIX Smaller European Companies Index (net), which grew by +0.6% during the third quarter but returned +15.5% after three quarters this year. The Dutch AEX Index (dividends reinvested) increased by +4.2% over the past quarter and stands at +22.2% for the year.
 
On October 1st, it was exactly one year ago that the Juno Selection Fund closed for (follow-on) investments. Frans Jurgens, director and co-founder of Juno: “many people have asked us if and when the fund will open again. However, given the limited number of redemptions over these past 12 months, we have decided to not reopen the Juno Selection Fund for follow-ons or new subscriptions for the time being”. Of course, circumstances may warrant a re-evaluation of this decision at some point in the future.

The Juno Selection Fund focuses on small and medium-sized European (family-owned) companies.  Lennart Smits, director and co-founder of Juno: “We aim to select only those companies that, as a group, can continue to achieve predictable and stable earnings growth of 10-15% year after year. As in previous years, earnings growth in 2019 is again expected to fall within this bandwidth, despite the very low rate of inflation observed worldwide these days. This steady earnings growth keeps us confident that we can continue to achieve attractive returns for our participants”.

The quarterly report can be found here and the most recent factsheet here.

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).