CRUX (Lux) European Special Situations Fund
Fund Opportunity
The CRUX (Lux) Special Situations Fund seeks to identify and invest in:
- 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.
Investment Process
The CRUX (Lux) European Special Situations Fund a rigorous investment approach, focusing on four key criteria for stock selection:
- Companies that are not highly capital intensive but generate good cash flow that is either invested in the business, put to work in corporate actions such as M&A or returned to shareholders as dividends;
- Companies with high barriers to entry and strong pricing power, enabling them to produce robust earnings with good growth potential;
- Businesses whose management have proven track records as well as meaningful stakes in the companies they run;
- Companies that have relatively conservative valuations versus their peer group.
Fund Facts
| Fund Name | Strategy | Fund Manager | Style | Pricing | Eligible assets | Structure |
|---|---|---|---|---|---|---|
| CRUX (LUX) European Special Situations Fund | European Equity multi-Cap fund | Daniel Avigad | Active | Daily | European and overseas equities | Luxembourg Domiciled SICAV/EU -UCITS |
| Share Class | Share Type | Eligible investors | Share Class Currency | ISIN | Ongoing Charges* (OCF) | Entry Charge | Exit Charge | Performance Fee | Minimum Investment Amount |
|---|---|---|---|---|---|---|---|---|---|
| A-Class | Accumulation | All investors | EUR | LU1598676333 | 1.% | Up to 5.00% | Up to 1.00% | None | €1,000.00 |
| A-Class | Accumulation | All investors | GBP | LU1598676846 | 1.% | Up to 5.00% | Up to 1.00% | None | €1,000.00 |
| I-Class | Accumulation | Institutional Investors | EUR | LU1598676176 | 1.79% | Up to 5.00% | Up to 1.00% | None | €1,000.00 |
| I-Class | Accumulation | Institutional Investors | GBP | LU1598676689 | 1.79% | Up to 5.00% | Up to 1.00% | None | €1,000.00 |
*The ongoing charge is based on July 2022. This figure may vary year to year.
Fund Performance
Meet the Manager
Daniel Avigad was appointed portfolio manager of TM CRUX European Special Situations Fund and CRUX (Lux) European Special Situations Fund post the acquisition of CRUX Asset Management Limited by Lansdowne Partners (UK) LLP.
Daniel is a Partner and Management Committee member of Lansdowne Partners (UK) LLP and the Head of the Lansdowne European Long Only Strategy.
Prior to joining Lansdowne in 2006, Daniel worked for five years in the Pan-European telecoms services equities research team at Dresdner Kleinwort Wasserstein which was ranked 1st in the 2005 Extel Survey.
Daniel holds a Master’s degree with Distinction in Information Technology and a First Class Honours for his Bachelor degree in Mechanical Engineering with Mathematics from the University of Nottingham. Daniel is a holder of the CFA.
Fund Literature
Fund Objectives and Investment Policy
The investment objective of the CRUX (Lux) European Special Situations Fund is to achieve long term capital growth by investing in European (excluding the UK) equities of companies in special situations. The Fund has no benchmark index and is not managed in reference to a benchmark index.
The Fund is actively managed. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund’s investment objective; this will include decisions regarding asset selection, regional allocation, sector views and overall level of exposure to the market. The 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. The Fund will also invest in other European (excluding the UK) equities to mitigate the volatility of the Fund. The Fund will be able to invest without restriction by market cap or sector.
Fund Structure
CRUX (Lux) European Special Situations Fund will be a close reflection of the ‘onshore’ TM CRUX European Special Situations Fund, although cash positions in the two are likely to vary due to differing flow dynamics and currency.
CRUX (Lux) European Special Situations Fund aims to achieve long-term growth by investing in European companies in special situations (5% maximum in UK).
- Alpha generation driven by bottom-up stock selection
- Emphasis on active management seeking long-term capital growth
- Disciplined, research-driven investment process
- Not benchmarked; country weightings are a result of the fund’s investments
- Low portfolio turnover
Contact Us
For individual investor enquiries, please contact the Fund's Administrator.
in writing to:
IFDS Registration Team
CRUX Global SICAV
IFDSL Registration Team
49 Avenue J.F. Kennedy
L-1855 Luxembourg
or by phone:
+352 4640 10 600
Office hours are between 9am and 5pm (CET) Monday to Friday
How to Invest
You can invest in the CRUX (Lux) European Special Situations Fund, a sub-fund of the CRUX Global SICAV, via several methods, which include:
Fund platform
The CRUX (Lux) European Special Situations Fund is available to purchase through a wide range of platforms and supermarkets. Please see the list of platforms and supermarkets below.
Financial Advisor
Your financial adviser can give you advice on making an investment. They will help plan your investments based on your overall financial goals. If you do not have a financial adviser, please visit unbiased.co.uk
Direct
You may invest directly by completing the appropriate application form, which is available from the literature section of this webpage and returning in to the address provided on the application form.
The CRUX (Lux) Pan-European Growth Fund has multiple share classes available, some with different minimum investment amount or charging structures. Please refer to the Fund Fact section of this page or the literature section of our website for more information.
Important information
The material within this website (including research) is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell an investment.
Fund Registrations:
| Fund | Domiciled | UK | Switzerland | France | Spain | Luxembourg | Germany |
|---|---|---|---|---|---|---|---|
| TM CRUX UK Core Fund | UK | Yes | |||||
| TM CRUX UK Special Situations Fund | UK | Yes | |||||
| TM CRUX European Special Situations Fund | UK | Yes | Yes | ||||
| TM CRUX European Fund | UK | Yes | Yes | ||||
| CRUX (Lux) European Special Situations Fund | Luxembourg | Yes | Yes | Yes | Yes | Yes | Yes |
| CRUX Asia ex-Japan Fund | Luxembourg | Yes | Yes | Yes | Yes | Yes | Yes |
| CRUX China Fund | Luxembourg | Yes | Yes | Yes | Yes | Yes | Yes |