Juno Selection Fund performance in 2012: +19.2%
The investment fund managed by Juno Investment Partners, the Juno Selection Fund, once again showed excellent results. The net asset value of the Fund was up 19.4% for the year. We welcomed several new clients, bringing the total assets in the Fund above € 20 Million.
Importantly, the investment returns we generate over a longer period of time continue to be very strong. Since inception of the fund in January 2008, a positive +57% total return was achieved. This compares to a fall of -6% in the HSBC Smaller Europe Index and an even greater decline in the value of the Dutch AEX index (-29%). On an annualized basis the Juno Selection Fund has returned 9.4% per annum, making it the best performer in our segment across Europe.
Our focus on family-owned listed companies across Europe is clearly paying off. These companies tend to have more prudent financing, higher margins and better growth. Their patient owners take a genuine long term view to growing the business. The steady increase in their share prices reflects these unique aspects.
In 2012, once again, we have seen continued strong underlying earnings growth for our portfolio companies. This steady, recurring growth in earnings, is the most important force behind rising share prices and is a gratifying result of our proprietary in-house research and analysis and many company visits during the year.
Given their predictable growth, high free cash flows, impressive returns on capital and excellent management, combined with current levels of valuation and available investment alternatives, we believe the share prices of our companies still do not reflect their underlying value. For this reason, we continue to look forward to the future with great confidence.
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