Fact sheet: FP Crux European Special Situations

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EUROPEAN EQUITIES
Sector
UT Europe Excluding UK
Fund type
OEIC
Primary aim
No data available.
Why Money Observer Rates FP Crux European Special Situations

3-year return: 66.1% ユ FE Risk Score: 105 Rated Fund 2017-2018. Buys and holds 'best ideas'

Launched in 2009, this fund changed its name from Henderson European Special Situations when its managers Richard Pease and James Milne moved to Crux, which they co-founded, in 2014. They stress their belief in investing for the long term and their conviction that time is the investor's friend.

Capital protection is as important to them as achieving growth, but they have certain investment principles they will not compromise. Their aim is to identify around 60 of the best stock ideas within their investment universe.This approach involves four key criteria for stock selection. First, Pease and Milne look for companies with identifiable business strategies that have high barriers to entry and strong pricing power, enabling them to generate robust earnings with growth potential. Second, they seek sound businesses that are not highly capital-intensive and where the return on capital employed exceeds the cost of capital. They look for companies with strong free cash flow and higher than usual dividend yields.=Third, they look for quality management, picking businesses whose management have proven track records and meaningful equity ownership of the company they manage. Finally, companies need to be on attractive valuations, so the managers focus on businesses that have relatively conservative valuations against the peer group and the market. If valuations are high, they point out, then it is considerably harder for shares to exceed expectations.Whitechurch Securities and Rowan Dartington both use this fund for clients on the strength of the managers' stock-picking skills, exemplary record and interests that are directly aligned with those of fund holders.<\p>

3 Year Performance
Fund Performance46.8%
Average of Rated Funds Group51.8%
Sector Performance35.9%
Fund information
Fund name
FP CRUX European Special Situations I Acc GBP
Fund manager company
CRUX Asset Management Limited
Fund type
OEIC
Fund managers
  • Richard Peasesince 01/10/2009
  • James Milnesince 08/06/2015
Accolades
Fund objective
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.
Benchmark
  • FTSE World Europe EX UK
Investment style
Value
Investment method
Shares
Quick stats
1 Year return
6.7%
1 Year rank in sector
52/100
Sector
UT Europe Excluding UK
Yield
1.3%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.89%
Fund size
£2,197m (£1,531m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
98
Mid price
286.4401
Top in this sector
Fund name1 Year
FP Argnt Eurpn Inc Opps20.1%
Jupiter European20%
LF Miton Eu Opp18.1%
Man GLG Con Er Gth14.9%
7IM European (ex UK) Equ Val14.1%
...more in UT Europe Excluding UK

Performance snapshot

Holdings snapshot

  • Germany28.1%
    France12.8%
    Sweden10.6%
    Netherlands10.5%
    Finland7.9%
  • Services22.7%
    Capital Goods17.5%
    Software8.4%
    Biotechnology/Medical7.8%
    Materials7.2%
  • German Equities24.7%
    Swedish Equities13.1%
    Dutch Equities11.2%
    French Equities10.5%
    Finnish Equities9%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund3.3%1.6%0.8%6.7%46.8%75.2%
Sector3.7%3.2%2%7.4%35.9%63%
Rank within sector72 / 10588 / 10478 / 10252 / 10011 / 9015 / 83
Quartile3rd4th4th3rd1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-0.3%20.9%21.4%13.2%1.6%
Sector1.8%17.2%16.4%9.1%-0.7%
Rank within sector93 / 10415 / 9712 / 9318 / 8717 / 84
Quartile4th1st1st1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
3.89
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.9
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.97
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
10.29
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
4.24
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.66
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.83
Price movement
52 week high293.88
52 week low267.74
Current bid price-
Current offer price-
Current mid price286.44
Region
1Germany28.12%
2France12.78%
3Sweden10.56%
4Netherlands10.45%
5Finland7.93%
6Switzerland7.6%
7UK4.38%
8Denmark4.34%
9Money Market4.34%
Industry sector
1Services22.72%
2Capital Goods17.51%
3Software8.35%
4Biotechnology/Medical7.78%
5Materials7.21%
6Real Estate6.54%
7Financials5.82%
8Banks5.38%
9Money Market4.34%
Asset type
1German Equities24.72%
2Swedish Equities13.07%
3Dutch Equities11.17%
4French Equities10.49%
5Finnish Equities8.96%
6Swiss Equities8.42%
7Danish Equities4.76%
8Money Market4.14%
9Irish Equities3.33%
Individual holdings
1AROUNDTOWN PROPERTY HLDGS4.22%
2ISS HOLDINGS3.11%
3RELX NV3.09%
4AURELIUS EQUITY OPPS SE & CO KGAA2.96%
5WOLTERS-KLUWER NV2.84%
6SPIE2.55%
7Trelleborg AB ORD2.54%
8BUREAU VERITAS2.49%
9NOVARTIS AG2.43%
Management
Fund manager group
No data available.
Fund manager company
CRUX Asset Management Limited
Fund type
OEIC
Fund objective
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.
Benchmark
  • FTSE World Europe EX UK
Investment style
Value
Investment method
Shares
Fund managers
NameSinceBiography
Richard Pease01/10/2009Richard 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 Milne08/06/2015James worked at Henderson Global Investors as a European equities fund manager from April 2009 until he joined CRUX in June 2015 with the successful merger of the Henderson European Special Situations Fund and the CRUX European Special Situations Fund. James previously worked at New Star Asset Management, which he joined in August 2006. James began his career in 2002 at KPMG in London where he qualified as a chartered accountant before moving into corporate finance. He graduated from Magdalen College, Oxford with a double first class degree in Engineering Science.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Switzerland, Spain, France, United Kingdom
FP CRUX European Special Situations A Acc EUR
Initial charge5%
Annual charge1.5%
Min single investment£5,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.64%
Total expense ratio (TER)1.64%
Bid price-
Offer price-
Mid price220.5984
CurrencyEUX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGMZ7
FP CRUX European Special Situations A Acc GBP
Initial charge5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.64%
Total expense ratio (TER)1.64%
Bid price-
Offer price-
Mid price134.3111
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGMZ3
FP CRUX European Special Situations A Inc GBP
Initial charge5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.64%
Total expense ratio (TER)1.64%
Bid price-
Offer price-
Mid price108.4747
CurrencyGBX
Price updated21/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeGMZ4
FP CRUX European Special Situations I Acc EUR
Initial charge-
Annual charge1%
Min single investment£5,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.14%
Total expense ratio (TER)1.14%
Bid price-
Offer price-
Mid price585.8743
CurrencyEUX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGMZ8
FP CRUX European Special Situations I Acc GBP
Initial charge-
Annual charge0.75%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)0.89%
Total expense ratio (TER)0.89%
Bid price-
Offer price-
Mid price286.4401
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGMZ5
FP CRUX European Special Situations I Hedged
Initial charge-
Annual charge0.75%
Min single investment£1,000
Min regular saving£100
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBX
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNQK1
FP CRUX European Special Situations I Inc GBP
Initial charge-
Annual charge0.75%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)0.89%
Total expense ratio (TER)0.89%
Bid price-
Offer price-
Mid price230.2292
CurrencyGBX
Price updated21/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeGMZ6
Data provided by

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