Press Release: Juno Selection Fund achieves return of over 10% in the third quarter
Wassenaar – October 21, 2016 – The Juno Selection Fund, specialized in investments in listed European small- and mid-cap (family-owned) companies, has recuperated from the weak performance that was achieved in the beginning of the year. The performance now stands at a positive return of almost 3% to date, after achieving an increase of 10.6% in the third quarter. This implies that the Juno Selection Fund stays well ahead of the European index* which lost 2% this year. Since inception in January 2008, almost nine years ago, the fund has achieved an average compound return of 14% per annum. Over the past five years, the fund has returned an average of 22% per annum. The Juno Selection Fund takes first place in the five-years rankings of Citywire out of a total of 156 funds investing in European small- and midcaps **.
The fund’s total value has increased by almost 40% over the first nine months of 2016 to €159.5 million***. This growth is partially a result of positive overall performance, but to a large extent stems from the steady inflow of new money into the fund, from both existing and new participants. Considering the continued strong developments at Juno’s portfolio companies, we remain positive about the future.
Frans Jurgens, director and founding partner of Juno: “The historical association investors used to make between fixed income securities and low risk, no longer holds. Bonds have in fact become high risk. Especially when we take into account that in their search for yield, investors are increasingly forced to choose higher risk loans of companies of lesser stature. Comparing the ‘risk-free’ alternative of bonds to the high quality companies that Juno invests in, we are convinced that they are clearly a better alternative.”
Lennart Smits, director and founding partner of Juno: “Almost no debt, high profit margins, large free cash flows and 10-15% earnings growth year in, year out: those are the ingredients of the companies we invest in that keep us fully confident in a further increase of the fund’s value for the remainder of 2016, but especially also for the long term.
About Juno Selection Fund and Juno Investment Partners
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.
* Euromoney Smaller Companies Index (net)
** For Citywire’s assessment, click here.
*** In total, Juno Investment Partners manages over 230 million Euro in this strategy, divided over the Juno Selection Fund and direct mandates of institutional clients.
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