Nine months into the year Juno Selection Fund returns over 10%
Wassenaar – October 6, 2017 – The Juno Selection Fund ended the third quarter of 2017 with a +1.7% return. After a weaker second quarter, the climbing trend of the first quarter is now back on track. After the first nine months of 2017, the Juno Selection Fund shows a +10.8% return. The Euromoney Smaller Europe Index increased by +4.1% during this quarter and has returned +15.4% to date in 2017.
The growth of the European economy is continuing steadily. Frans Jurgens, director and co-founder of Juno: “Only the weak dollar throws a spanner in the works. In the last months of the year we will see that reflected in the earnings of a number of our portfolio companies”. Lennart Smits, director and co-founder of Juno: “Our portfolio companies nevertheless continue to show stable earnings growth. We therefore expect that our target of 10-15% earnings growth for the portfolio as a whole will again be met this year.”
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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