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 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).