We focus exclusively on quoted Pan-European SmallCap.

We do not have the distraction of various mandates with different briefs.  We spend our time primarily on investment, not on asset gathering. 

We are independent.

Montanaro is completely independent and focuses entirely and exclusively on researching and investing in quoted UK and European small companies. 

We have a highly experienced multi-national team.

We have a far larger specialist team than most others which means we have the ability to spend time out of the office meeting companies in-situ.  This is particularly important in some European countries where we can identify interesting companies, sometimes with no research coverage at all, and some that have never met a foreign investor.

Having several different nationalities in-house ensures access to local knowledge and the ability to converse in the mother tongue if necessary.  It breaks down barriers and allows us to be taken seriously and to get the information we need.  Not only do we have the benefits of locals working in the team, we work primarily with small local specialist brokers who have access to less well known, regional companies. 

We have a rigorous and conservative investment process.

Our investment process is very different from any other SmallCap firm that we know.  It is thoroughly tried and tested and helps us to make fewer mistakes, a key element to successful SmallCap investment.   

The investment process has been developed over many years to provide a comprehensive understanding of each company, the industry it operates in and how it stands in relation to its competitors and the market.  The focus of the investment team and their remuneration is directly linked to the quality of their recommendations and their performance.  Montanaro offers an unparalleled level of in-house knowledge of Pan-European small companies.

We are more pro-active than mainstream managers.

The disciplines of the Montanaro approach are similar to those of private equity (although Board representation is not sought).  We encourage active dialogue with the management of companies in which we invest and are often consulted on matters such as share option plans.  We are actively involved in assessing and assisting in matters of corporate governance.      

We have a strong 14-year track record.

Because the SmallCap market is inefficient, it is essential to have broad based knowledge and experience of small companies over many years.  Management teams reappear in different incarnations over time.  There is no doubt, as Warren Buffett would argue, that SmallCap investors get better with age.   

Our funds have beaten their benchmarks by 3% - 7% p.a., a feat few can match.

A track record of consistent high returns irrespective of market cycle.

Montanaro are noted for delivering consistent returns no matter what the prevailing market conditions.  The UK Investment Trust has outperformed in 11 out of 14 years and the European Fund in 8 out of 9 years.  We are not aware of any other Fund Manager in SmallCap with this track record of consistency of performance.  

What is our edge?

Our edge is our team of research analysts, the databases we build and the detailed, thorough proprietary research that we do.