TM CRUX European Special Sit I Acc GBP

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Trading AccountISAJISASIPP

Fund Info

  • Yield History0.49%
  • 3 Year sharpe-0.10
  • 3 Year alpha-1.69
  • Distribution Typeaccumulation
  • BenchmarkIA Europe (ex UK) Sector
  • Legal StructureOpen Ended Investment Company
  • Fund Size (month end)Open Ended Investment Company
  • OCF0.91%
  • IA SectorEurope Excluding UK
  • Manager GroupOldfield Partners
  • DomicileUnited Kingdom
  • ISINGB00BTJRQ064

Investment Strategy

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.

ii Super 60 selected

This Fund is a member of our ii Super 60 rated list

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. A well-defined approach and experienced team are two of the main competitive advantages this strategy has.  

The duo aim to back around 60 of the best stock ideas and consider four key criteria in their stock selection. 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. They also seek sound businesses that are not highly capital-intensive and where the return on capital employed exceeds the cost of capital.

Pease and Milne assess quality management, picking businesses whose managements have proven track records and meaningful equity ownership of the companies they manage. Finally, companies need to be on attractive valuations. If valuations are high, it is considerably harder for shares to exceed expectations, they say.

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

October 2020

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