FP CRUX EUROPEAN FUND

The CRUX European Fund is managed by the same successful team behind the CRUX European Special Situations Fund (CESSF), namely Richard Pease and James Milne.


The opportunity

Europe continues to be home to attractive investment propositions with the potential to deliver good long-term returns. The CRUX European Fund identifies high quality businesses, which hold their own within global markets, are cash generative and have the ability to dominate their niche, run by management with a good track record for success.

The CRUX European Fund complements the CRUX European Special Situations Fund, meeting demand for a vehicle which adopts the same tried and tested strategy whilst offering greater exposure to European large cap stocks.

The Fund aims to achieve the investment objective primarily by investing in equities of companies listed on regulated European stock exchanges. 

The Fund is managed on a concentrated basis in Europe and may also invest outside of Europe if the investment manager believes that it is in the interest of the Fund.

 Fund Name  FP CRUX European Fund
 Fund Manager(s)  Richard Pease & James Milne
 Launch Date  2 November 2015
 Benchmark  FTSE World Europe ex-UK (GBP)
 IA Sector  Europe (ex-UK)
 Status  OEIC (UK)
 Pricing Frequency  Daily, noon
 Launch Price  100p
 Strategy  Long only equities
 Regular Savings  Yes, only Class I GBP: £100 per month minimum

 


The Fund has a concentrated portfolio of 45 to 55 stocks. This is facilitated by the greater liquidity offered by a higher weighting to European large cap stocks which are likely to comprise two thirds of the names held in the fund. There is no upper cap on individual holdings.

The fund’s managers do not reference a company’s sector or domicile: they will instead invest in businesses that are best of breed on a global level putting a greater emphasis on where their sales are generated than on their country of origin.

The Fund has the flexibility to be up to 10% invested in global stocks. This offers the managers the freedom to pursue specific investment themes and opportunities which are not available in Europe. Additionally, the fund may have an allocation of up to 5% to the UK and there will be no constraints on its exposure to the Swiss market.

The Fund will offer an income share class for those investors requiring a level of income although this will not be a principal objective for the fund.

The CRUX European Fund employs the same rigorous investment approach as the CRUX European Special Situations Fund, 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 Prices

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 Objective

The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equities of European companies.

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

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