FUNDS

The European Smaller Companies Trust follows a similar investment approach to the open-ended Montanaro European Smaller Companies Fund.
It differs in being listed on the London Stock Exchange. A discount control mechanism is in place designed to ensure that shares are bought back in to treasury if the discount to Net Asset value exceeds 5% over a sustained period of time. In addition, it holds far lower investments in the United Kingdom.
The share price can be found on Bloomberg: MTE LN
ISIN: GB0004543517 SEDOL: 0454351 GB
| Yearly NAV Return | Yearly Benchmark Return | Cumulative NAV Return | Cumulative Benchmark Return | Outperformance | |
|---|---|---|---|---|---|
| 2006 | 16.5% | 15.6% | 16.5% | 15.6% | YES |
| 2007 | 4.7% | -0.5% | 22.0% | 15.1% | YES |
| 2008 | -34.6% | -39.3% | -20.2% | -30.2% | YES |
| 2009 | 51.3% | 55.6% | 12.2% | 2.8% | NO |
| 2010 (July) | 3.1% | -2.6% | 15.7% | 0.1% |
Montanaro European Smaller Companies Trust plc is an investment company within the meaning of Section 833 of the Companies Act 2006. Registered in Scotland, Company Registration No.74677. Registered Office: 80 George Street, Edinburgh EH2 3BU.
392.67
2.4%

