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TM CRUX European Special Situations Class I - Income (GBP)

Sell:245.72p Buy:245.72p Change: 2.18p (0.88%)
Prices as at 21 January 2022
Change: 2.18p (0.88%)
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 21 January 2022
Change: 2.18p (0.88%)
Prices as at 21 January 2022
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 is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

Richard Pease has built a superb reputation investing in European shares. We like his approach to investing. He's willing to look for opportunities off the beaten track, which may have been overlooked or misunderstood by other investors.

It means he needs to uncover many stones to find companies he thinks have the best growth potential. So he's built a strong team around him and we think each member provides their own complementary skills and perspectives to running the fund. He has used the same strategy to great effect for many years and built a fantastic track record. This isn't a guide to future performance though. We view the fund as a superior option for investing in Europe.

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

Richard Pease has built an exceptional track record investing in Europe since 1990 and he's delivered a much greater return than the broad European stock market. Our analysis suggests he has one of the best records of picking strong-performing stocks in the Europe sector. His approach means the fund's tended to perform better than the market when it's weak, and has gone up almost as much when it rises. Past performance shouldn't be seen as a guide to future returns.

Investment Philosophy

The manager invests in quality businesses that can be bought at an attractive share price because other investors don't yet recognise their potential. He then aims to hold on to them for the long term.

Process and Portfolio Construction

Richard Pease looks for four key factors in a company:

1. A clear business strategy - he looks for companies that do something unique so that other businesses find it difficult to compete with them.

2. Management teams with a successful track record and often ownership of part of the business.

3. Healthy finances - companies that make plenty of cash and have little debt.

4. A share price that's more attractive compared with peers and the wider market.

He avoids looking at broader economic and political issues and prefers to concentrate on what individual companies are getting up to. He likes 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 invests in a fairly small number of companies, so each one can have a significant impact on performance, though this increases risk. The manager invests in some larger companies, but he invests more in small and medium-sized companies than most others in this sector.

question mark Manager Track Record Based on HL Quantitative Research

  • Jupiter European Fund L-Class (Inc)
  • Jupiter European Spc Sits Fund...
  • Janus Henderson European Growth...
  • Henderson European Special...
  • TM CRUX European Special...
  • TM CRUX European Special...
  • IA Europe (Excluding UK)

Fund Track Record

21/01/17 to 21/01/18 21/01/18 to 21/01/19 21/01/19 to 21/01/20 21/01/20 to 21/01/21 21/01/21 to 21/01/22
Annual return 22.30% -13.12% 18.12% 3.68% 5.28%

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.

Fund Management Group Comment

Crux Asset Management is a boutique investment house established in 2014. The individuals running the business and the group's fund managers ensure their aims are aligned with those of investors by investing meaningful amounts of their own assets in their funds. The group's first fund is the FP Crux European Special Situations Fund and it is their intention to add to the investment team in order to launch additional products in future.

Information about the fund

Fund manager biography

Manager Name: James Milne
Manager start date: 1 October 2009
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: 1 October 2009
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