Juno Selection Fund: a positive 2.8% return in 2011 and +31.7% since January 2008
The investment fund managed by Juno Investment Partners, the Juno Selection Fund, once again showed excellent results in an otherwise very weak stock market during 2011. The performance came in at +2,8% for the year as a whole, helped by a strong Q4 performance of +14,6%.
Importantly, the investment returns we continue to generate over a longer period of time continue to be robust. Since inception of the fund in January 2008, a positive 32% total return was achieved. This compares to a fall of 21% in the HSBC Smaller Europe Index and an even greater decline in the value of the Dutch AEX index (-35%).
Independent fund analysis and ranking companies Morningstar.nl and Lipper Fund Screener, have listed the Juno Selection Fund as the best performing fund on both a three-year, as well as on a one-year basis. Our fund remains the only Netherlands-based investment fund to have been awarded the highest Morningstar rating (5 stars) in our category since early 2011.
The positive share price performance of the companies in the Juno Selection Fund was generally broad-based during the year. This is a reflection of the strong underlying financial results that were achieved by these companies. Juno selects European companies that stand out in predictability of earnings growth, combined with above-average returns on invested capital and high (free) cashflows. This healthy growth in underlying earnings achieved by our companies during 2011, is a gratifying result of our proprietary in-house research and analysis.
Given their predictable growth, high free cash flows, impressive returns on capital and excellent management, combined with current levels of valuation, we believe the share price of our companies does not reflect their underlying value. For this reason, Juno continues to look forward to the future with great confidence.
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). 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 years. https://www.juno-invest.com/.
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