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CRUX (Lux) European Special Situations Fund

Fund Opportunity

The CRUX (Lux) Special Situations Fund seeks to identify and invest in:

  1. companies that have high barriers to entry and strong pricing power, enabling them to generate robust earnings with growth potential;
  2. businesses that are not highly capital intensive where the return on capital employed exceeds the cost of capital;
  3. companies with strong free cash flow and higher dividend yields than usual;
  4. businesses that have relatively conservative valuations against their peer group and the market, because if valuations are high, it is considerably harder to exceed expectation; and
  5. businesses where management has its own money invested.
Euro car

Investment Process

The CRUX (Lux) European Special Situations Fund a rigorous investment approach, focusing on four key criteria for stock selection:

  1. 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;
  2. Companies with high barriers to entry and strong pricing power, enabling them to produce robust earnings with good growth potential;
  3. Businesses whose management have proven track records as well as meaningful stakes in the companies they run;
  4. Companies that have relatively conservative valuations versus their peer group.

    Fund Facts

    Fund Name Strategy Fund Manager Style Pricing Eligible assets Structure
    CRUX (LUX)  European Special Situations Fund Pan European Equity multi-Cap fund   Richard Pease & James Milne Active Daily European and overseas equities

    Luxembourg Domiciled SICAV/

    EU -UCITS

     

    Share Class Share Type Eligible investors Share Class Currency ISIN Ongoing Charges* (OCF) Entry Charge Exit Charge Performance Fee Minimum Investment Amount
    A-Class Accumulation All investors EUR LU1598676333 1.62% Up to 5.00% Up to 1.00% None €1,000.00
    A-Class Accumulation All investors GBP LU1598676846 1.62% Up to 5.00% Up to 1.00% None €1,000.00
    I-Class Accumulation Institutional Investors EUR LU1598676176 0.90% Up to 5.00% Up to 1.00% None €1,000.00
    I-Class Accumulation Institutional Investors GBP LU1598676689 0.90% Up to 5.00% Up to 1.00% None €1,000.00

    *The ongoing charge is based on last year's expenses for the year ending 31 March 2021. This figure may vary year to year.

    Meet the 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.

    Richard Pease
    James Milne

    Fund Objectives and Investment Policy

    The investment objective of the CRUX (Lux) European Special Situations Fund is to achieve long term capital growth by investing in European (excluding the UK) equities of companies in special situations. The Fund has no benchmark index and is not managed in reference to a benchmark index.

    The Fund is actively managed. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund’s investment objective; this will include decisions regarding asset selection, regional allocation, sector views and overall level of exposure to the market. The Fund will seek to achieve its investment objective by investing in European (excluding the UK) equities of companies in special situations, where it believes the company is considered undervalued. The Fund will also invest in other European (excluding the UK) equities to mitigate the volatility of the Fund. The Fund will be able to invest without restriction by market cap or sector.

    Fund Structure

    CRUX (Lux) European Special Situations Fund will be a close reflection of the ‘onshore’ TM CRUX European Special Situations Fund, although cash positions in the two are likely to vary due to differing flow dynamics and currency.

    CRUX (Lux) 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

    Fund Prices

    GBP£

    ISIN Class Unit Prev Price Curr Price Date
    LU1598676689
    I
    Acc
    121.33
    121.22
    2021-10-18
    LU1598676846
    A
    Acc
    117.55
    117.45
    2021-10-18

    EUR€

    ISIN Class Unit Prev Price Curr Price Date
    LU1598676176
    I
    Acc
    125.84
    125.7
    2021-10-18
    LU1598676333
    A
    Acc
    121.58
    121.45
    2021-10-18
    London Skyline

    Contact Us

    For individual investor enquiries please contact the Fund's Administrator.

    in writing to:
    State Street Bank Luxembourg S.C.A
    CRUX Global SICAV
    Attention : IFDSL Registration Team
    49 Avenue J.F. Kennedy
    L-1855 Luxembourg

    or by phone: 
    +352 4640 10 600

    Office hours are between 9am and 5pm (CET) Monday to Friday

    How to Invest

    You can invest in the CRUX (Lux) Pan-European Growth Fund, a sub Fund of the CRUX Global SICAV, via several methods, which include:

    Fund platform

    The CRUX (Lux) Pan-European Growth 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 

    Direct

    You may invest directly by completing the appropriate application form, which is available from the literature section of this webpage and returning in to the address provided on the application form. 

     

    The CRUX (Lux) Pan-European Growth 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.

     

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    Fund Registrations:

     

    Fund Domiciled UK Switzerland France Spain Luxembourg
    TM CRUX UK Core Fund  UK Yes        
    TM CRUX UK Special Situations Fund  UK Yes        
    TM CRUX European Special Situations Fund  UK Yes Yes      
    TM CRUX European  Fund  UK Yes Yes      
    CRUX (Lux) European Special Situations Fund  Luxembourg Yes Yes Yes Yes Yes
    CRUX (Lux) Pan-European Growth Fund  Luxembourg Yes Yes     Yes