Juno Selection Fund: Q3 2011

Juno Selection Fund stays well ahead of markets

The Juno Selection Fund ended the third quarter of 2011 with a negative return of -15,4% compared to the second quarter of 2011. This brings the return for the full year 2011 to -10,3%. During the same period, the Dutch AEX-Index decreased by -21% and the HSBC Smaller Europe index fell by -22%.

Since the inception of the fund in 2008, the fund has shown a positive result of +14,9%. With this result, the Juno Selection Fund stays well ahead of the markets: the HSBC Smaller Companies Index has decreased by -22,5%, while the AEX shows a negative return of -41,9% over the same period.

We also compare our results to those of other investment funds across Europe. After the first 9 months of 2011, the Juno Selection Fund has maintained its number 1 position in the ranking of all European funds in the midcap equity category, based on a 3-year total return (

During the past months, the slogan at Juno has been “The Price Is What You Pay, The Value Is What You Get”. Regardless of the fact that the companies in our portfolio continued to grow their earnings in a consistent and predictable manner, their stock prices decreased with the rest of the market (albeit to a lesser extent). However, when operating results grow but prices are lower, the underlying value of our portfolio increases rapidly. The compounded underlying profits of our portfolio companies have increased with over 70% since inception of the Juno Selection Fund, well within our target of 10-15% per annum.

Our companies have shown that they were able to grow through the recession in 2008 and 2009 and we expect nothing less for 2011. The portfolio companies of the Juno Selection Fund are all financed in a solid manner and are showing a predictable profit growth year after year. This is why we are convinced that the current prices that are being paid for these profits provide us with a golden opportunity to -in due course- realize significant returns for our clients.

About Juno Investment Partners

Juno invests in extraordinary European Small-, and Midcap companies. 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 superior investment results for its clients during the past years.

For questions or comments, please feel free to contact Cécile Krikke-Fritz on: +31 (0), or by e-mail (

Juno Investment Partners
Villa Maarheeze
Rijksstraatweg 675
2245 CB, Wassenaar

tel: +31.(0)