FP CRUX European Special Situations Fund I Accumulation GBP

European Equities

3-year return: 66.1% FE Risk Score: 105 Rated Fund 2017-2018. Buys and holds 'best ideas'

Launched in 2009, this fund changed its name from Henderson European Special Situations when its managers Richard Pease and James Milne moved to Crux, which they co-founded, in 2014. They stress their belief in investing for the long term and their conviction that time is the investor's friend.

Capital protection is as important to them as achieving growth, but they have certain investment principles they will not compromise. Their aim is to identify around 60 of the best stock ideas within their investment universe.This approach involves four key criteria for stock selection.

First, Pease and Milne look for companies with identifiable business strategies that have high barriers to entry and strong pricing power, enabling them to generate robust earnings with growth potential. Second, they seek sound businesses that are not highly capital-intensive and where the return on capital employed exceeds the cost of capital. They look for companies with strong free cash flow and higher than usual dividend yields.=Third, they look for quality management, picking businesses whose management have proven track records and meaningful equity ownership of the company they manage. Finally, companies need to be on attractive valuations, so the managers focus on businesses that have relatively conservative valuations against the peer group and the market. If valuations are high, they point out, then it is considerably harder for shares to exceed expectations.

Whitechurch Securities and Rowan Dartington both use this fund for clients on the strength of the managers' stock-picking skills, exemplary record and interests that are directly aligned with those of fund holders.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Name
FP CRUX European Special Situations Fund I Accumulation GBP
Manager
FundRock Partners Limited
Type
Open Ended Investment Company
ISIN
GB00BTJRQ064
Sector
Europe Excluding UK
Launched
01/10/2009
OCF
0.88 %
Risk Rating
2
3 Year Sharpe
1.53
3 Year Alpha
6.26
Yield
1.3 %
Benchmark
FTSE World Eur Ex UK TR GBP
The investment objective of the Fund is to achieve long term capital growth by investing in European (excluding the UK) equities of companies in special situations.
Holding %
Aroundtown SA 4.43 %
RELX NV 3.23 %
Brenntag AG 3.19 %
ISS A/S 3.07 %
Wolters Kluwer NV 3.00 %
Sika AG Bearer Shs 2.71 %
Aurelius Equity Opportunities Se & Co KGaA 2.68 %
Trelleborg AB B 2.44 %
Novartis AG 2.43 %
Bayer AG 2.43 %
Region %
Eurozone 68.00 %
Europe - ex Euro 25.20 %
Sector %
Industrials 30.52 %
Consumer Cyclical 14.13 %
Financial Services 13.46 %
Basic materials 10.54 %
Healthcare 9.86 %
Technology 9.45 %
Real Estate 7.12 %
Name
FundRock Partners Limited
Address
BH21 7SB, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

James Milne
Joined 10/01/2009

James worked at Henderson Global Investors as a European equities fund manager from April 2009 until he joined CRUX in June 2015 with the successful merger of the Henderson European Special Situations Fund and the CRUX European Special Situations Fund. James previously worked at New Star Asset Management, which he joined in July 2006. James began his career in 2002 at KPMG in London where he qualified as a chartered accountant before moving into corporate finance. He graduated from Magdalen College, Oxford with a double first class degree in Engineering Science.

Richard Pease
Joined 10/01/2009

Richard has over three decades of experience in the industry, which started at the Central Board of Finance for the Church of England where he ran two funds. After a short period at Windsor Investment Management, where he set up and ran the European Unit Trust, he began his long association with John Duffield in 1989 when he joined Jupiter Asset Management and in 2001, he helped John Duffield set up New Star Asset Management. On Henderson Global Investor’s acquisition of New Star in April 2009, Richard became a Director of European Equities. He has run some of the best performing European unit trusts and has managed the CRUX European Special Situations Fund since launch in October 2009.

Data provided by Morningstar.

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