Performance Juno Selection Fund Catches Up
Wassenaar – April 2019 – The Juno Selection Fund, specialised in investments in European small and medium-sized (family-owned) companies, ended the first quarter of 2019 with an excellent result, achieving a return of 22.0% over the first three months of the year. The EMIX Smaller Europe Index and the Dutch AEX index also rose, but clearly less strongly, by 12.5% and 13.0% respectively.
Since its inception in January 2008, the Juno Selection Fund has achieved an average annual net return of 12.5%. This is more than double the EMIX Smaller Europe Index’s performance measured over the same time frame (5.6%).
Juno’s focus on strongly managed, family-owned companies has resulted in a portfolio composed of companies that are able to grow their earnings year after year in a reasonably predictable fashion. It is Juno’s goal for this group of companies to achieve an aggregated annual net earnings growth of 10-15% per annum. Only when this growth continues regardless of the prevailing economic situation, does it become clear how great an accomplishment this is. Frans Jurgens, director and co-founder of Juno: “A slowdown in the growth of the overall economy is not necessarily bad news for Juno’s companies. It makes their strong performance stand out more, which in most cases brings about higher price-earnings ratios.”
Lennart Smits, director and co-founder of Juno: “We expect the growth of the European economy to remain at a low level in 2019. As a result, the 10-15% earnings growth of our companies will stand out more and the valuations will further increase. We remain positive for 2019 and certainly for the years thereafter.”
The five largest holdings in the Juno Selection Fund are the following companies: SimCorp, Grenke, Technogym, Brembo, and CTS Eventim.
About the Juno Selection Fund and Juno Investment Partners
The Juno Selection Fund investests in extraordinary European small0 and mid-cap companies with an initial marketcap between 250 million and 4 billion Euro. These are often family-owned companies or businesses that have a family or management as one of its main shareholders. Companies that can continue to achieve predictable and stable profit growth, year after year, are considered for investment. During this selection process, the emphasis lies on 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, analysed and visit frequently. These companies often remain in the portfolio for a long period of time (on average more than three years). With this investment style, Juno has achieved consistent superior investment results for its clients during the past years.
The Juno Selection Fund is managed by Juno Investment Partners. Juno Investment Partners has an AIFM.
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