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

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).