Wassenaar – 2 July 2018 – The Juno Selection Fund has followed a successful and consistent investment strategy since its inception ten years ago, resulting in a strong growth of the assets under management. This has caused the fund to have now reached its maximum size. In 2017, the fund was already closed to new participants. Now the fund manager has decided to close the fund as from 1 October 2018 for follow-on subscriptions by existing participants as well. Juno will continue its investment style and strategy unchanged.
Juno invests in (predominantly) family-owned companies in the European small- and midcap segment, with a highly-concentrated portfolio. This portfolio consists of approximately ten to fifteen companies which are held for longer periods of time, often more than five years. A direct consequence of this concentrated investment style is that there is a maximum level of assets that can be managed. This cap is dictated by liquidity: the extent to which existing positions can be reduced or new positions can be added to the portfolio without causing too much upward pressure on share prices. Moreover, Juno believes it to be of great importance that its positions remain sufficiently liquid to accommodate participant redemptions from the fund.
“We are very pleased with the trust we have received from our participants, with whom we have recently celebrated the tenth anniversary of the Juno Selection Fund. We will continue our investment style and strategy, as we have done since 2008. That is our strength and we remain true to that.”, says Lennart Smits, manager and co-founder. “Closing the fund is a special moment that we are proud of, but we also feel some melancholy. Sticking to our style, however, is more important than the total assets under management, “says Frans Jurgens, manager and co-founder.
The decision to keep the fund closed could change over time as a result of market conditions, investment results and the total assets under management. When participants leave, or direct mandates are terminated, capacity could become available, although we do not expect that to happen in the short term, given the low outflow of participants and the constant results achieved by the Juno Selection Fund.
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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