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

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.