Wassenaar – 2 July 2018 – The Juno Selection Fund has followed a successful and consistent investment strategy since its inception ten years ago, resulting in a strong growth of the assets under management. This has caused the fund to have now reached its maximum size. In 2017, the fund was already closed to new participants. Now the fund manager has decided to close the fund as from 1 October 2018 for follow-on subscriptions by existing participants as well. Juno will continue its investment style and strategy unchanged.
   
Juno invests in (predominantly) family-owned companies in the European small- and midcap segment, with a highly-concentrated portfolio. This portfolio consists of approximately ten to fifteen companies  which are held for longer periods of time, often more than five years. A direct consequence of this concentrated investment style is that there is a maximum level of assets that can be managed. This cap is dictated by liquidity: the extent to which existing positions can be reduced or new positions can be added to the portfolio without causing too much upward pressure on share prices. Moreover, Juno believes it to be of great importance that its positions remain sufficiently liquid to accommodate participant redemptions from the fund.

“We are very pleased with the trust we have received from our participants, with whom we have recently celebrated the tenth anniversary of the Juno Selection Fund. We will continue our investment style and strategy, as we have done since 2008. That is our strength and we remain true to that.”, says Lennart Smits, manager and co-founder. “Closing the fund is a special moment that we are proud of, but we also feel some melancholy. Sticking to our style, however, is more important than the total assets under management, “says Frans Jurgens, manager and co-founder.

The decision to keep the fund closed could change over time as a result of market conditions, investment results and the total assets under management. When participants leave, or direct mandates are terminated, capacity could become available, although we do not expect that to happen in the short term, given the low outflow of participants and the constant results achieved by the Juno Selection Fund.

About Juno Investment Partners

Juno Investment Partners was established in 2007 as a fully independent fund manager and has an AIFM license (as referred to in Section 2:65 of the Wft), issued by the Dutch regulator AFM. Juno specializes in the selection of exceptional listed (family owned) companies in Europe. Companies that are able to achieve predictable and stable earnings growth year after year are considered for investment. The selection process focuses on the return on invested capital, a low debt ratio and free cash flows of a highly predictable nature. The analysts/portfolio managers compile a highly concentrated portfolio of approximately fifteen companies that they identify, analyze and visit regularly. Selected companies remain in the portfolio for a longer time period (usually more than five years). All analysts/portfolio managers have themselves invested in the Juno funds.

Juno offers three products: The Juno Selection Fund, which focuses on the selection of smaller and medium-sized listed companies, the Juno Continuation Fund for medium-sized companies and individual asset management using the same investment style, for larger clients through managed segregated accounts.

– The Juno Selection Fund was launched in 2008. This mutual fund invests in distinctive European small and medium-sized companies with an initial market capitalization of €250 million to €4 billion. In recent years, this investment style has resulted in above average investment returns for participants in the Juno Selection Fund. This fund has been hard closed for further (follow on) subscriptions since 2018.

– The same investment strategy is applied in the Juno Continuation Fund, which was launched on February 1, 2020. This fund focuses on unique, medium-sized European companies with a market value between €4 billion and €20 billion at the time of initial purchase. As is the case with the Selection Fund, the Continuation Fund also has a strong preference for investments in businesses that are family owned, or companies in which a family or management itself is also a shareholder.