The Juno Selection Fund, a specialist in the selection of European small and medium-sized (family) businesses, ended 2015 with a very strong fourth quarter. During the fourth quarter, performance increased by +9.8%. In total, the fund achieved a return of +33% over the year 2015.

Growth in assets under management continued solidly in 2015. Assets under management in the fund doubled again to € 113.5 million. Almost 40% of the new inflow over the year came from existing participants who decided to increase their investment in the fund. In addition, there was also a strong growth in the number of new participants who decided to invest in the fund.

While most of the companies in the portfolio have not yet released their 2015 figures, Juno believes that the underlying companies as a whole have been able to achieve strong underlying earnings growth of 21%. An impressive achievement in a world where earnings growth appears to be increasingly scarce.

Director and co-founder Lennart Smits: “Although the new year has also started very turbulent for Juno’s portfolio companies’ share prices, we remain confident. The companies in the portfolio are virtually unaffected by an economic downturn in China, are benefiting from low oil prices and other basic materials and are optimistic about the new year. For this reason, Juno expects the companies it has selected to be able to generate a well-predictable earnings growth of 10-15% in 2016. That earnings growth will not necessarily translate in a predictable, linear way to higher stock prices, which offers great opportunities for patient investors with a focus on the longer term. Juno therefore remains positive for 2016.”

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.