Investment Philosophy

A special situation is a company attractively valued relative to its assets or future earning potential. The Funds investment philosophy is based around the following principles:

  • Fund manager co-invested on the same terms as the investors
  • A concentrated portfolio
  • High conviction
  • Fundamentally (values) driven investment
  • A size bias towards the mid and small cap, however taking into consideration the FTSE 100 as well

We believe over time these principles will provide sources of alpha contributing to returns allowing the opportunity to find companies that fit the FP CRUX UK Special Situations Fund process.

Key criteria for stock selection:

1.How good is the business?

Part of this is that the business must have sustainability of premium returns alongside quality management who are aligned to the long-term business.

2.What is the business worth?

This involves looking at the business compared to its sector, history and other similar business models.

3.Does the stock improve the portfolio?

This is part of the portfolio management, the investment must improve the overall shape and return of the portfolio.


To return to the Fund details page, click below.

Fund Manager

Richard Penny
Richard has been managing the FP CRUX UK Special Situtions Fund since its inception.

Fund Objective

The Fund aims to achieve long-term capital growth through bottom up stock picking.


Expertise and experience - that's the      Contact Us

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CRUX Asset Management Limited is registered in England & Wales, company number 08697189

Registered Office

48 Pall Mall,
London SW1Y 5JG

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