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  1. About
  2. Funds
  3. Invest
  4. Literature
  5. News
  6. Contact


CRUX European Special Situations Fund (CESSF) has been managed by Richard Pease and James Milne since the launch of the fund in October 2009.

The aim: to capture growth while protecting the portfolio from potential downside

CRUX European Special Situations Fund has a rigorous investment approach, seeking to achieve long-term capital growth by identifying and investing in the best stock ideas within its investment universe.

Fund Name FP CRUX European Special Situations Fund
Fund Manager(s) Richard Pease & James Milne
Inception 1 October 2009 (restructured FP CRUX European Special Situations Fund on 8 June 2015)
Benchmark FTSE World Europe (ex UK) TR (GBP)
IA Sector IA Europe ex UK Sector
Status UCITS (UK)
Pricing Frequency Daily
 Minimum Investment Initial £1,000
 Monthly Savings £100 Minimum

CRUX 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

The 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 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 co-manager of the fund since June 2015 previously assisting on the fund since launch in October 2009.

Fund Aim

The fund aims to achieve long term capital growth by investing in European (ex UK) equities of companies in special situations.

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