TM Lansdowne European Special Situations Fund
Notice to Investors
Following the acquisition of CRUX Asset Management (“CRUX”) by Lansdowne Partners in August 2023, some changes have been made to TM CRUX OEIC and TM CRUX European Special Situations Fund (the “Fund”). With effect from 18 March 2024, CRUX ceased to be the Investment Manager of TM CRUX European Special Situations Fund and Lansdowne Partners has been appointed Investment Manager of the Fund. Also effective 18 March 2024, the Fund name changed from “TM CRUX European Special Situations Fund” to “TM Lansdowne European Special Situations Fund”. CRUX continues in its role as distributor, co-manufacturer and sponsor of all the Sub-Funds of TM OEIC (previously TM CRUX OEIC).
Please click here to download the investor notice.
Fund Opportunity
The TM Lansdowne European Special Situations Fund aims to invest primarily in the equity and equity-related securities of European, excluding UK, companies which are identified as being undervalued and where it is believed that there is potential for both significant creation of value in the company and/or significant potential for revaluation of the equity.
Investment Process
The TM Lansdowne European Special Situations Fund has 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 Lansdowne 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 | 0.89% | None | None | None | £100.00 |
| I-Class | Accumulation | GBP | GB00BTJRQ064 | 0.89% | None | None | None | £100.00 |
| I-Class | Accumulation | EUR | GB00BTJRQ171 | 0.89% | None | None | None | £100.00 |
| S-Class | Income | GBP | GB00BN6R0724 | 0.74% | None | None | None | £60m |
| S-Class | Accumulation | GBP | GB00BN6R0617 | 0.74% | None | None | None | £60m |
*The ongoing charge is based on last year's expenses for the year ending 30 September 2023. This figure may vary year to year.
Meet the Manager
Daniel Avigad
Daniel Avigad was appointed portfolio manager of TM Lansdowne 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 Lansdowne European Special Situations Fund, a sub Fund of the TM OEIC, via several methods, which include:
Fund platform
The TM Lansdowne 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 Lansdowne 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 Lansdowne European Special Situations Fund is available via the following providers:
Fund Registrations:
| Fund | Domiciled | UK | Switzerland |
|---|---|---|---|
| TM CRUX UK Core Fund | UK | Yes | |
| TM CRUX UK Special Situations Fund | UK | Yes | |
| TM CRUX UK Smaller Companies Fund | UK | Yes | |
| TM Lansdowne European Special Situations Fund | UK | Yes | Yes |