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

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.