TM CRUX European Special Situations Fund
Fund Opportunity
The TM CRUX European 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 TM CRUX 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 | Performance Comparator | IA Sector | ISA Eligible | Structure |
|---|---|---|---|---|---|---|---|---|---|
| TM CRUX European Special Situations Fund | European Equity multi-Cap fund | Daniel Avigad | Active | Daily | European and overseas equities | IA European-Ex UK Sector | IA European-Ex UK Sector | Yes | UK Domiciled OEIC and UK-UCITS |
| Share Class | Share Type | Share Class Currency | ISIN | Ongoing Charges* (OCF) | Entry Charge | Exit Charge | Performance Fee | Minimum Investment Amount |
|---|---|---|---|---|---|---|---|---|
| I-Class | Income | GBP | GB00BTJRPZ43 | 0.85% | None | None | None | £100.00 |
| I-Class | Accumulation | GBP | GB00BTJRQ064 | 0.85% | None | None | None | £100.00 |
| I-Class | Accumulation | EUR | GB00BTJRQ171 | 0.85% | None | None | None | £100.00 |
*The ongoing charge is based on last year's expenses for the year ending 30 September 2022. This figure may vary year to year.
Meet the Manager
Daniel Avigad
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 Fund is to achieve long term capital growth by investing in European (excluding the UK) equities of companies in special situations.
The Fund aims to achieve its objective primarily through investment in equity securities of European companies in special situations where it is believed the company is considered undervalued. The Fund’s portfolio will be managed on a concentrated basis. The Fund will be able to invest without restriction by market cap or sector.
Investors should note that while the investment objective of the Fund is to achieve long term capital growth there may be situations in which an income return is also achieved.
Contact Us
For individual investor enquiries please contact the Fund's Administrator.
in writing to:
CRUX Asset Management Limited
PO Box 12248
Chelmsford
Essex
CM99 2EG
United Kingdom
or by phone:
+ 44 (0) 345 113 6965
Office hours are between 9am and 5pm (GMT) Monday to Friday.
How to Invest
You can invest in the TM CRUX European Special Situations Fund, a sub Fund of the TM CRUX OEIC, via several methods, which include:
Online in a few easy steps via My Account.
This is a quick and easy method of investing without incurring any platform fees
Fund platform
The TM CRUX 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
The TM CRUX European Special Situations 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.
The TM CRUX European Special Situations Fund is available via the following providers:
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 |