PRESS RELEASE: Juno Selection Fund shows 14.8% increase in 2013
October 7, 2013: The third quarter, which ended on September 30, 2013, finished with a Net Asset Value of €180.25 per participation. The increase during the third quarter amounted to 6.6%. For the full year of 2013, the Juno Selection Fund has achieved a positive result of 14.8%.
However, we did have to give up our lead over the HSBC Smaller Europe Index this quarter. During September, we were not able to match the strong increase of the more high risk and cyclical stocks in that index. The AEX also climbed a little more than the Juno Selection Fund did, but we still easily beat its annual return.
Over the longer term, our fund has achieved an impressive lead over the indices. Over the past five years, our compounded annual growth rate amounted to 17.3%. In comparison, the HSBC index and AEX achieved a CAGR of 9.0% and 2.5% respectively over the same period. Juno has therefore earned the maximum of five stars in its category in the rankings of Morningstar.nl.
The concentrated portfolio of European (family-owned) companies experienced an increase in its share prices in line with underlying profit growth. This continuous, stable profit growth is the engine behind the results of our fund.
Juno selects the best listed European companies with preferably the founding family or management as their main shareholder. Juno has chosen for this strategy because family-owned companies, unlike many other companies, have a true long term vision, dedication, create a strong corporate culture and have an aversion against debt.
While there will be periods of time when our solid, growing and profitable companies are less in favor because investors are looking for riskier investments, Juno stays true to its investment style. We believe that our predictable family-owned companies will again prove to be able to show underlying growth this year. The value we receive in the form of profits and growth is in our opinion still insufficiently reflected in the prices which is why we expect a good fourth quarter once again.
About Juno Investment Partners
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). Juno uses no derivatives and can be qualified as a
‘long-only’-manager. With this investment style, Juno has achieved
consistent superior investment results for its clients during the past
For questions or comments, please contact Cécile Krikke-Fritz at +31.70.24.00.247, or via e-mail (firstname.lastname@example.org).
Juno Investment Partners
2245 CB, Wassenaar