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

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.