PRESS RELEASE: Juno Selection Fund +6% in 2011
July 11, 2011: The second quarter of 2011 was again very successful for the Juno Selection Fund. The quarter ended with a positive return of +4,6%. This brings the return for the year 2011 to +6.0%. The total return since inception of the fund in January 2008 has risen to +35,8%. Furthermore, this is the fifth consecutive month that the Juno Selection Fund outperforms the HSBC Smaller European Companies Index. The relative outperformance to this index for the year 2011 amounts to +8,4%. Better yet, the fund’s return over the past six months is ahead of all other European mid cap funds in Europe, according to Morningstar.nl.
The Juno Selection Fund consists of a highly concentrated portfolio of carefully selected European small-, and mid cap stocks. The companies in the Juno portfolio distinguish themselves by their predictable profit growth, high return on capital and large free cash flows. During the second quarter, the continuing inflation was a challenge to many European companies. However, thanks to their pricing power and the fact that they are market leaders, the companies in the Juno portfolio were able to pass on the input price rises and made it through the first half of 2011 without any substantial pressure on their profit margins.
We strongly believe that the fund’s performance is driven first and foremost by the steadily growing underlying earnings growth of our portfolio companies. Since Juno Selection Fund’s inception, the overall underlying earnings of our portfolio companies have increased at a 60% clip, well within our target range of 10-15% per annum. It is expected that the underlying earnings of the Juno portfolio will continue to grow at an above average rate for the remainder of 2011.
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:
+31 (0)70.240.02.47, or by e-mail (firstname.lastname@example.org).
Juno Investment Partners
NL-2245 CB, Wassenaar