Access to the information contained herein may be restricted by laws and regulations applicable to the user and so the user should ensure that the use of this information and the making of any investment as a result does not contravene any such restrictions. In particular, this information does not constitute an offer to sell or the solicitation of any offer to subscribe to, underwrite or purchase any securities in the United States of America or elsewhere, to or for the benefit of United States persons or any other persons.

Past performance is not necessarily a guide to the future. The value of your investment can go down as well as up and an investor may not get back the amount originally invested.  Foreign exchange exposure may increase the volatility of returns.

This web site is approved, for the purposes of UK regulation, by Montanaro solely to give information about Montanaro and the funds it manages and does not constitute the provision of investment advice as defined under the FSA Rules and Financial Services Act 1986.

All data has been sourced by Montanaro. However, whilst all reasonable steps have been taken to ensure the accuracy of the information provided, Montanaro has no liability to any persons for any errors or omissions. The information contained in this memorandum is for background purposes only, is not to be relied upon by any recipient, and is subject to material updating, revision and amendment and no representation or warranty, express or implied, is made, and no liability whatsoever is accepted in relation thereto.

Prior to making any investment decision, you may wish to consult your financial adviser, stockbroker, accountant, banker, lawyer or other professional adviser.

Montanaro Asset Management Limited is authorised and regulated by the Financial Services Authority (FSA).