Wassenaar – January 18, 2018 – The Juno Selection Fund ended the fourth quarter of 2017 with a -4.0% return. For the full year, the fund return was +6.4%. As of December 31, 2017, the net asset value per participation of the Juno Selection Fund stood at €325.97.

As was the case in 2016, our portfolio companies again achieved a healthy earnings growth this year. Lennart Smits, director and co-founder of Juno: “Even when not all annual results have been reported, we can calculate that 2017 profits will have probably increased by about 12% for the fund’s portfolio holdings on an aggregated basis. This makes 2017 the 11th year in succession where our companies report higher annual results”. On average, our portfolio companies’ earnings rose by 14.2% per annum over that period. This earnings growth does not translate linearly into higher share prices each year. Frans Jurgens, director and co-founder of Juno: “In 2017, share prices lagged our companies’ earnings growth. As earnings growth is the predominant driver of higher share prices, your portfolio has in effect become cheaper over the past year and therefore continues to offer very good return prospects for patient long-term investors”.
 
The Juno Selection Fund’s assets under management further increased in the past year to over € 227 million. This led to our decision to close the fund to new participants as of June 1st, 2017. Juno’s employees and their direct family members now represent 9% of the fund’s assets. 

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).