Juno Selection Fund at +8.9% after first half of the year
Wassenaar – July 3, 2017 – The Juno Selection Fund ended the second quarter of 2016 with a -3.9% return. After a solid performance in the first three months, the fund had to give up some of the earlier gains during the second quarter. Over the first half year, the fund has returned +8,9%. The Euromoney Smaller Europe Index increased by +3.6% this quarter and stands at a return of +10.9% after the first six months of 2017.
Juno’s outlook for the fund’s performance in 2017 remains positive. Frans Jurgens, director co-founder of Juno: “The growth of the European economy is finally strong. The interest rates remain low, which gives the equity markets an excellent impulse”. Lennart Smits, director and co-founder of Juno: ”The fact that the market outperformed us this quarter does not worry us at all. It offers us an opportunity to increase the positions in some of our companies at a more attractive price level”.
The fund’s portfolio currently consists of thirteen companies, Simcorp, Dialog, and Grenke being the largest positions. The fund is closed to new participants as per June 1st, 2017. The steep increase in assets under management, both in the fund as via direct accounts (starting at €20 million), has led the manager to this decision in order to safeguard the fund’s investment style. Click here for the press release in which this decision is explained in more detail. At this time, limited capacity remains in the fund for add-on investments from existing participants.
About Juno Investment Partners and the Juno Selection Fund
Juno invests in unique European small- and mid-cap companies. For the most part, these are family-owned companies, or companies where a family or management is also a shareholder. 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 AFM licence for discretionary asset management for direct mandates.
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