Juno Selection Fund: Q1 2011

PRESS RELEASE: Juno Selection Fund reveals +30% performance since inception
April 8, 2011: Juno Selection Fund, the proprietary investment fund managed by Juno Investment Partners has ended the first quarter of 2011 with a positive year-to-date result of +1,3%. By doing so, its total performance since inception in 2008 has risen to +29,8%, outperforming the Dutch AEX index with 54 percentage points over the same time period.

The portfolio of the Juno Selection Fund remained unchanged with ten high quality European midcap stocks.  The companies selected by Juno distinguish themselves by their predictable profit growth, high return on capital and large free cash flows. They have excellent pricing power and are market leaders, which makes them extra resilient against the seemingly inevitable rise of the inflation rate.

We strongly believe that the performance of the Fund is driven first and foremost by the underlying earnings growth of our portfolio companies. As the annual results of last year have now all been reported, we are pleased to see our portfolio companies have continued their steady annual growth in earnings with an aggregate 15% increase, slightly higher than we had predicted a year ago. Since inception of the Juno Selection Fund the overall underlying earnings of our companies have increased at a 55% clip, well within our target 10-15% per annum. For 2011 we anticipate another year of above-average earnings growth.

The past few months were marked by a very strong rise in the prices of commodities. Not only oil, but also sugar, cocoa, and wheat prices rose steeply. Thanks to their high levels of pricing power, the companies in Juno’s portfolio can increase their prices and thus keep their margins intact. Therefore we are confident that although the markets will undoubtedly be affected by the coming inflation and expected rise in interest rates, the Juno portfolio will continue its steady growth.

About Juno Investment Partners
Juno invests in European Small-, and Midcap equities. The management team has worked in the investment management industry for many years, as both analysts and investors in European companies. They manage the Juno Selection Fund. This fund has an investment horizon of three to five years. The Juno Selection Fund is an open ended fund, organized under Dutch law as a “Fonds voor Gemene Rekening” or FCP. It trades monthly on intrinsic value, thereby offering its investors good liquidity. Both the fund and the manager are exempt from obtaining a license from the Dutch Financial regulator, AFM, as article 2:74 of the Dutch Wft Law applies. Investors can participate in the fund from an initial investment of €100’000.
For questions or comments, please feel free to contact Cécile Krikke-Fritz on:
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