TM CRUX European Special Situations Fund
Fund Opportunity
The TM CRUX 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 | Richard Pease & James Milne | 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 | 0.83% | None | None | None | £100.00 |
| I-Class | Accumulation | GBP | GB00BTJRQ064 | 0.83% | None | None | None | £100.00 |
| I-Class | Accumulation | EUR | GB00BTJRQ171 | 0.83% | None | None | None | £100.00 |
*The ongoing charge is based on last year's expenses for the year ending 31 March 2021. This figure may vary year to year.
Meet the Managers
Richard Pease
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.
James Milne
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.
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 |