Juno Selection Fund: 20.6% performance after nine months
The Hague – October 18, 2019 – The Juno Selection Fund has ended the third quarter of 2019 with a negative 3.8% return. However, when measured over the first nine months of 2019, the fund’s net asset value has increased by +20.6%. This represents an outperformance of the comparable European index: the EMIX Smaller European Companies Index (net), which grew by +0.6% during the third quarter but returned +15.5% after three quarters this year. The Dutch AEX Index (dividends reinvested) increased by +4.2% over the past quarter and stands at +22.2% for the year.
On October 1st, it was exactly one year ago that the Juno Selection Fund closed for (follow-on) investments. Frans Jurgens, director and co-founder of Juno: “many people have asked us if and when the fund will open again. However, given the limited number of redemptions over these past 12 months, we have decided to not reopen the Juno Selection Fund for follow-ons or new subscriptions for the time being”. Of course, circumstances may warrant a re-evaluation of this decision at some point in the future.
The Juno Selection Fund focuses on small and medium-sized European (family-owned) companies. Lennart Smits, director and co-founder of Juno: “We aim to select only those companies that, as a group, can continue to achieve predictable and stable earnings growth of 10-15% year after year. As in previous years, earnings growth in 2019 is again expected to fall within this bandwidth, despite the very low rate of inflation observed worldwide these days. This steady earnings growth keeps us confident that we can continue to achieve attractive returns for our participants”.
About the Juno Selection Fund and Juno Investment Partners
The Juno Selection Fund invests in extraordinary European small- and mid-cap companies with a market cap at the time of the initial investment of between 250 million and 4 billion Euro. These are usually publicly listed family-owned companies or businesses that have a family or management as one of its main shareholders. 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 AIFM licence (as referred to in article 2:65 Wft), granted by the Dutch Financial Markets Authority (“AFM”).
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