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TM CRUX European Class I - Income (GBP)

Sell:162.26p Buy:162.26p Change: 0.82p (0.51%)
Prices as at 1 December 2021
Change: 0.82p (0.51%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 1 December 2021
Change: 0.82p (0.51%)
Prices as at 1 December 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

This fund aims to grow investors' wealth over the long term by investing in large and medium-sized European companies. It could be used to diversify the European part of an investment portfolio, or a broader global portfolio focused on long-term growth.

The fund is managed by Richard Pease and James Milne. Pease is a fund manager we have rated highly for many years. He has invested in European companies for more than three decades and built impressive knowledge of the market over this time. Milne has significant input into how the fund is invested and has worked closely with Pease for many years.

We expect the managers will deliver good long-term performance on this fund although of course there are no guarantees. We currently have greater conviction in other funds they manage, so it does not currently feature on the Wealth Shortlist of funds chosen by our analysts for their long-term performance potential.

Our view on the sector

Europe has been blighted by political issues in recent years. And some European economies are struggling with high levels of debt and unemployment. But it's important to disconnect a region's economic prospects from its stock market prospects. Europe is home to lots of successful businesses that make money across the globe - from the US to high-growth areas like Asia and emerging markets. That means their prospects aren't heavily reliant on Europe's economy. Some investors have overlooked the region in recent years. But we think Europe is a great place to invest for the long term and there are plenty of high quality fund managers to choose from.

Performance Analysis

Pease has an enviable track record of investing in Europe. His funds have performed better than the broader European stock market over the length of his career, and also since he has worked with Milne. Please remember past performance should not be seen as a guide to the future. Our analysis suggests the managers have a good stock-picking record, and many of the companies they have invested in have gone on to perform well regardless of their size, or what sector or country they are located in.

Over longer periods, their funds have tended to hold up better in more turbulent markets. This will not necessarily happen all the time though.

Investment Philosophy

Pease and Milne are true stock-pickers at heart. They're steadfast in their focus on the prospects for individual companies, instead of wider economic events that are less likely to impact share prices over the long run.

Process and Portfolio Construction

For this fund the managers use the same investment process that's been in place since Pease started his investing career. The companies they invest in should generate strong cash flows, recurring revenues, and have little or no debt. They like businesses that do something unique and offer a product or service that other businesses struggle to replicate or do better.

These companies should also be run by a management team with a proven track record of running a successful business, which also typically owns part of the business, making it more likely their interests are aligned with other shareholders. The managers also tend to like companies that are based in Europe but do business across the globe, so they're not only dependent on customers in the countries they're based.

The fund mainly focuses more on larger companies, though it also invests in a relatively small number of companies which adds risk.

question mark Manager Track Record Based on HL Quantitative Research

This information is currently unavailable.

Fund Track Record

30/11/16 to 30/11/17 30/11/17 to 30/11/18 30/11/18 to 30/11/19 30/11/19 to 30/11/20 30/11/20 to 30/11/21
Annual return 19.18% -7.61% 11.28% 9.57% 15.17%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

Manager Name: James Milne
Manager start date: 12 October 2015
Manager located in: UK

James graduated from Magdalen College, Oxford with a double first class degree in Engineering Science. James began his career in 2002 at KPMG in London where he qualified as a chartered accountant before moving into corporate finance. In July 2006 James joined New Star Asset Management and in April 2009 he transferred to Henderson Global Investors when it bought NEW Star. James has assisted Richard Pease with Henderson European Special Situations fund since it was launched in October 2009 and he moved to CRUX at the same time as Richard and the European Special Situations fund in June 2015. He has also co-managed the CRUX European fund since launch in November 2015.

manager photo
Manager Name: Richard Peter Pease
Manager start date: 12 October 2015
Manager located in: UK

Richard has over three decades of experience in the financial industry. His first role in fund management was with the Central Board of Finance for the Church of England where he ran two funds. There followed a short period at Windsor Investment Management, where he set up and ran the European Unit Trust and in 1989 Richard joined Jupiter Asset Management where he started and ran the Jupiter European Unit Trust and several other European funds. In 2001 he helped to set up New Star Asset Management where he launched and managed the New Star European OEIC and its sister fund, the New Star Dublin-based OEIC. On the acquisition by Henderson Global Investors of New Star in April 2009, Richard became a Director of European Equities and continued to run the New Star European funds. In October 2009 the European Special Situations fund was launched and Richard was its manager at the outset. Richard joined CRUX in June 2015 following a Scheme of Arrangement that allowed him to merge the Henderson European Special Situations fund with the CRUX European Special Situations fund, a process which ensured that Richard has managed the fund, uninterrupted, since October 2009.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account