Juno Selection Fund Q1 2014

Juno Selection Fund achieves
excellent results in 2013 with investments in European Small- and Midcap family-owned

Q1 2014: best quarter ever

– April 10  – The Juno Selection fund, which
specialises in investments in European Small- and Midcap (family-owned)
companies, has achieved an impressive 22% performance in 2013. The first
quarter of 2014 also started well, and showed a strong +12.9% return. Juno predominantly
selects its investments on the basis of criteria such as predictable, stable
annual earnings growth and high profit margins. The fund comprises of a
concentrated portfolio of thirteen companies. For this year, Juno expects a
further increase in the underlying profits of their companies and therewith a further
increase in the value of the Fund.

Performance 2013: +22%
Performance Q1 2014: +12,9%
Total Return last five years: +196% 
Assets under management in the investment Fund now
exceed € 40 mln

investment style is aimed at a specific segment of the stock market:
family-owned companies, or companies where the family or management is also a
significant shareholder. During the selection process, Juno puts special
emphasis on the return on invested capital and free cash flows, that must be
highly predictable in nature. Juno’s analysts and portfolio managers put
together a highly concentrated portfolio of listed companies that they
themselves have identified, analysed and visit regularly. The companies that
have been selected, often remain in the portfolio for a longer periods of time
(usually well over three years).

Since inception of the fund in January
2008, the Juno Selection Fund has achieved a total return of 116%. The average annual
return therefore has reached 24.2% during the past five years. These
performance numbers have clearly outstripped the performance achieved by the
markets. The assets under management in the Fund have grown, and now stand in
excess of € 40 million. 
Jurgens, director and co-founder of Juno: “Now that most numbers over 2013 have
been reported, we can see that the underlying earnings growth of our companies
has once again been strong last year. When we look back over the past 6 years,
we see our companies grew at an annual clip of just under 15% per annum. That
includes the strong economic set-back in the world economy these past few years.
We strongly believe that the compounding of annual earnings, over time, will
result in continuing rising share prices for our companies.”

expects a further increase this year, according to Lennart Smits, director en co-founder:
“The performance across the thirteen companies in our portfolio was broadly
based, and a direct consequence of –once again- excellent operational progress
of our European family-owned companies. The price that the market is willing to
pay for this predictable earnings growth has become more realistic recently,
but still offers some great opportunities”.

Outlook: cautiously optimistic

The low interest rates on bonds and
deposits have caused a significant inflow into the equity markets. As a result,
share prices saw a strong uplift these past months. However, the short but
violent correction that followed the unrest in the Ukraine, has showed that the
market remains very cautious and that little is required for investors to take
profits, especially on some of their positions where they have seen strong performance
recently. The disappointing development of European company earnings during
2013 was much more worrisome. Market expectations for earnings growth were clearly
missed. With share prices rising and profits in decline, price-earnings ratios
across Europe increased further.
Viewed in the context of
disappointing earnings development across Europe, Juno sees the earnings
development with the companies that are owned in the Juno Selection Fund, as
very promising. This selection of high-quality companies has proven these past years
that they are very capable to generate impressive earnings growth year after
year. This earnings growth is the engine behind the steadily increasing share
prices of these companies. Whereas, compared to some years ago, the large
undervaluedness of these companies has somewhat dissipated, Juno remains optimistic
about further opportunities for profitable growth of earnings and the
attractiveness of prices it has to pay for these excellent companies.

About Juno Investment Partners

Juno invests in unique European
Small- and Mid Cap companies. Mostly these are family-owned companies, or
companies where a family of management is also a shareholder. Companies that
can continue to achieve a predictable and stable profit growth, year after
year, are considered for investment. During this selection process, the
emphasis lies on the return on invested capital and free cash flows that are
highly predictable in nature. Our analysts / asset managers put together a
highly concentrated portfolio of companies that they themselves have
identified, analyzed and visit frequently. These companies often remain in the
portfolio for a longer period of time (over three years). With this investment
style, Juno has achieved consistent superior investment results for its clients
during the past years.

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In case you have questions about this document, please contact Ms. Mariëlle
Brinkmann of Sharpe Financial Communications on +31 (0)20-820 86 41 or or via