TM CRUX European Special Situations Fund I Accumulation GBP

European Equities

Rated Fund 2017-19. 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 cashflow and higher than usual dividend yields.

Third, they look for quality management, picking businesses whose management has 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 then they point out that it is considerably harder for shares to exceed expectations.

The managers have the courage of their convictions and are not afraid to avoid index heavyweights if the investment case is lacking.

The strength of the managers’ stock-picking skills, exemplary record and interests that are directly aligned with fund-holders – both managers invest their own money in the fund – make this a decent choice.

Narrative and ratings content all as of 01 January 2019. 

See all Money Observer rated funds
TM CRUX European Special Situations Fund I Accumulation GBP
Thesis Unit Trust Management Limited
Open Ended Investment Company
Europe Excluding UK
0.87 %
Risk Rating
3 Year Sharpe
3 Year Alpha
1.7 %
The fund aims to achieve long term capital growth by investing in European (excluding the UK) equities of companies in special situations. The fund invests into a relatively small number of assets, or into individual countries or a specific market sector. Such concentrated portfolios give rise to more risk than where investments are spread across a larger number of assets, countries or market sectors.
Holding %
Aroundtown SA 4.24 %
Novartis AG 3.68 %
Brenntag AG 3.51 %
Kuehne + Nagel International AG 3.46 %
Bureau Veritas SA 3.12 %
SPIE SA 2.95 %
ISS A/S 2.83 %
KONE Oyj Class B 2.77 %
Bayer AG 2.64 %
Wolters Kluwer NV 2.48 %
Region %
Eurozone 61.42 %
Europe - ex Euro 28.67 %
Sector %
Industrials 34.82 %
Financial Services 14.89 %
Healthcare 11.72 %
Consumer Cyclical 8.56 %
Basic materials 8.45 %
Technology 7.76 %
Real Estate 5.37 %
Thesis Unit Trust Management Limited
Chichester, United Kingdom
Legal Structure
Open Ended Investment Company


James Milne
Joined 06/08/2015

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.

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