The TM Crux European Special Situations fund has been renamed the TM Lansdowne European Special Situations fund, following the firm’s acquisition last year.
Crux Asset Management was purchased by Lansdowne Partners in August 2023. The following month, the firm’s European equities fund was taken over by Lansdowne partner and portfolio manager Daniel Avigad, after Crux founder and fund manager Richard Pease (pictured) retired.
Since then, the £431m fund has continued to invest across Europe, although Avigad and his team have since applied their own investment process. This focuses on companies with higher barriers to entry, strong free cashflow and which are not capital intensive, among other factors. The team also looks for firms which have “relatively conservative valuations” relative to their peer group and market.
Alongside the fund’s name change, Lansdowne will also take over from Crux as investment manager of the portfolio.
Brian Heyworth, managing partner and CEO of Lansdowne, said, “The renaming of the fund reinforces Lansdowne’s dedication to continuity and excellence in investment management, further solidifying our position as a leading active equities boutique.
“Investors can expect the same level of commitment to delivering strong risk-adjusted returns and preserving capital with the TM Lansdowne European Special Situations fund.”
