CRUX (Lux) European Special Situations Fund will seek to achieve its investment objective by investing in European (excluding the UK) equities of companies in special situations, where it believes the company is considered undervalued. CRUX (Lux) European Special Situations Fund will also invest in other European (excluding the UK) equities to mitigate the volatility of the CRUX (Lux) European Special Situations Fund. CRUX (Lux) European Special Situations Fund portfolio will be managed on a concentrated basis. CRUX (Lux) European Special Situations Fund will be able to invest without restriction by market cap or sector. CRUX (Lux) European Special Situations Fund may also invest in other transferable securities, units or shares in collective investment schemes, money market instruments, and cash and near cash, and deposits.

The use of derivatives is permitted by the CRUX (Lux) European Special Situations Fund for efficient portfolio management purposes (including hedging), and borrowing will be permitted under the terms of the 2010 Law. It is not intended that the use of derivatives in this way will change the risk profile.

In addition, CRUX (Lux) European Special Situations Fund may hold up to 10% of its assets in ancillary liquid assets such as cash and cash equivalents, including time deposits and money market instruments having an initial or residual maturity of less than 12 months or, pursuant to the conditions of issue governing such securities, with an interest adapted at least annually according to market conditions.

CRUX (Lux) European Special Situations Fund will not invest in securities financing transactions, such as securities lending transactions, repurchase and reverse repurchase agreements, buy-sell back or sell-buy back transactions for the purposes of efficient portfolio management, total return swaps or other OTC derivatives.

Within the CRUX (Lux) European Special Situations Fund, “special situations” includes, but is not limited to:

  • companies that have high barriers to entry and strong pricing power, enabling them to generate robust earnings with growth potential;
  • businesses that are not highly capital intensive where the return on capital employed exceeds the cost of capital;
  • companies with strong free cash flow and higher dividend yields than usual;
  • businesses that have relatively conservative valuations against their peer group and the market, because if valuations are high, it is considerably harder to exceed expectation; and
  • businesses where management has its own money invested.

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Fund Managers

Richard Pease
Richard has over three decades of experience in the financial industry. He has managed the CESSF fund since its launch in October 2009.

James Milne
James has been the Assistant Fund Manager on CESSF since launch in October 2009.

Fund AIM

The fund aims to achieve long term capital growth by investing in European (ex UK) equities of companies in special situations. 

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