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ii Super 60 - FP Crux European Special Situations

ii Super 60 investments:
FP Crux European Special Situations

Asset Group Asset Sub-Group Investment Category
Equities European equities Adventurous

Selection rationale:
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. Pease and Milne’s approach involves four key criteria for 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. Second, they seek sound businesses that are not highly capital intensive and where the return on capital employed exceeds the cost of capital. Ideally, companies should have strong free cash flow 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.

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 good choice.

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The information we provide in the Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. None of the opinions provided are a “personal recommendation”, therefore you should ensure that any investment decisions you make are suitable for your personal circumstances. Past performance of the underlying constituents is not a guarantee of future performance. Remember, the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest.

Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Outlook.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.