TM CRUX European Special Situations Fund I Accumulation GBP

European Equities

Rated Fund 2017-20. Buys and holds ‘best ideas’

This fund, launched in 2009, 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. An established approach, stable team and Morningstar’s growing ease with the overall set-up at the new firm led it to upgrade the fund to silver from bronze in 2019.

Pease and Milne aim to back around 60 of the best stock ideas and consider four key criteria in their stock selection. First, they 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. Secondly, they seek sound businesses that are not highly capital-intensive, where the return on capital employed exceeds the cost of that capital. Thirdly, they look for quality managers with proven track records and meaningful equity in the companies they manage. Finally, companies need to be on attractive valuations. If valuations are high, it is much harder for shares to exceed expectations, they say.

The managers have courage in their convictions and are not afraid to avoid index heavyweights if the investment case is lacking. Adrian Lowcock, at Willis Owen, says: “Despite differing notably from the competition, the fund has remained less volatile than most of its peers, as the managers have skilfully made their ideas work for investors."

Narrative and ratings content all as of January 2020.

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
0.88 %
Risk Rating
3 Year Sharpe
3 Year Alpha
1.8 %
IA Europe (ex UK) Sector
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 %
SGS AG 4.02 %
Novartis AG 3.65 %
Kuehne + Nagel International AG 3.61 %
Aroundtown SA 3.60 %
Bawag Group AG Ordinary Shares 3.45 %
SPIE SA 3.39 %
Bureau Veritas SA 3.33 %
Alphabet Inc Class C 2.86 %
Deutsche Boerse AG 2.71 %
Sampo Oyj Class A 2.69 %
Region %
Eurozone 57.07 %
Europe - ex Euro 31.86 %
United States 5.17 %
Sector %
Industrials 30.89 %
Financial Services 15.49 %
Healthcare 11.91 %
Communication Services 10.22 %
Technology 7.54 %
Consumer Cyclical 6.29 %
Basic materials 5.94 %
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.

Data provided by Morningstar.

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