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 buy any securities in the United States of America to or for the benefit of United States 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.

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.

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.

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

Montanaro Investment Managers Limited, Montanaro Fund Managers Limited and Montanaro & Company Limited are authorised and regulated by the Financial Services Authority (FSA).