TM CRUX European Fund

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

The opportunity

Europe continues to be home to attractive investment propositions with the potential to deliver good long-term returns. The TM 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 TM CRUX European Fund complements the TM 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.

Fund Policy Fund Policy
Fund Facts Fund Facts
Fund Structure Fund Structure
Fund Characteristics Fund Characteristics
Fund Literature Fund Literature

The Fund will achieve the investment objective by primarily investing in European (excluding UK) domiciled companies listed on regulated European stock exchanges. The investments will be ordinary shares and other transferable securities including, but not limited to, preference shares and debt securities convertible into ordinary stocks and shares. The Fund may also invest in cash, money-market instruments and deposits.


FUND NAME	TM CRUX European Fund
FUND MANAGER(S)	James Milne & Richard Pease
LAUNCH DATE	2 November 2015
PERFORMANCE COMPARATOR	IA Europe (ex-UK)
STATUS	UCITS (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 will be managed on a concentrated basis in Europe and may also invest outside of Europe if the investment manager believes that it should be beneficial for the Fund.

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.

The TM CRUX European Fund typically is more concentrated than the average OEIC sub-fund. Whilst increasing the potential reward, the nature of this funds can increase risk. As such, the returns may be more volatile and will be impacted more by fluctuations in the value of underlying stock.

Derivative transactions may be used for the purposes of meeting the investment objective of the Fund as well as for hedging purposes, although it is not anticipated that the Fund will use this power to enter into derivatives at present.

The TM CRUX European Fund employs the same rigorous investment approach as the TM 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.

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Fund Prices

Fund Objective

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

Fund Managers

James Milne
James has been co-manager of the fund since Novmber 2015. James also co-manages the CESSF.

Richard Pease
Richard has over three decades of experience in the financial industry. He has co-managed the CEF since its launch in November 2015.

Important Information

The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and investors may not get back the original amount invested. CRUX funds may be higher risk than other funds and past performance is not a guide to future performance. Investments in emerging markets are higher risk and potentially more volatile than those in established markets. CRUX funds may hold a greater percentage of smaller company stocks which can be higher risk than those in larger companies. If you are unsure about the suitability of an investment please consult an authorised financial adviser.

The material within this webpage is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell investments. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. Any views are those of CRUX as at issue, unless stated otherwise, and we do not undertake to advise you as to any change of our views. Forecasts/ estimates are not a reliable indicator of future performance. All information is given in good faith but without any warranty. CRUX does not give investment advice and only provides information on CRUX products.

Further risk information can be found in the Prospectus/Key Investor Information Document which should be read carefully prior to investing and can be obtained by calling 0345 113 6965 or downloaded from the Literature page.

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