Our Funds

We look for well managed growth companies, typically with dominant positions, in growing niche markets.

Funds

The Montanaro European Smaller Companies Fund was launched on 8 December 2000 and is listed on the Irish Stock Exchange.

Structured as an open-ended investment company, it is a “UCITS” Fund authorised by the Central Bank of Ireland. It is administered by State Street International (Ireland) Limited and audited by Ernst & Young.  It is approved in Ireland, France, Finland, Netherlands, Norway, Sweden, Switzerland and the UK; additionally the EUR and EUR Accumulation classes of the Montanaro European Smaller Companies Fund are registered for sale in Germany and Austria.  The EUR Accumulation Class of the Montanaro European Smaller Companies Fund is registered for sale in Belgium. 

The European Fund invests primarily in quoted European (including UK) companies with a market capitalisation below €3 billion.  The investment objective is to outperform its benchmark, the Morgan Stanley Europe Small Companies Index.

Since launch the Fund is among the top performing fund within its peer group. It is Platinum rated by Standard & Poor's.

Shares in the European Fund are traded daily through the Administrator at Net Asset Value. 

Identifiers:

  •   Identifier
    Bloomberg: MONESCF ID
    ISIN: IE0001195316
    SEDOL: 0119531
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2000* 3.0% -1.3%     YES
2001 -6.8% -10.1%     YES
2002 -15.6% -22.7%     YES
2003 24.4% 42.0%     NO
2004 26.4% 20.8%     YES
2005 35.9% 30.0%     YES
2006 35.0% 25.4%     YES
2007 3.2% -0.5%     YES
2008 -37.1% -39.3%     YES
2009 37.2% 45.0%     NO
2010 36.5% 23.4%     YES
2011 -15.3% -21.5%     YES
2012 23.5% 20.0% 197.0% 95.1% YES

* Fund Launched 08/12/2000

Source: Montanaro, Bloomberg. NAV to NAV, unrounded. NAVs prior to 24/09/07 priced at close of business; between 24/09/07 and 01/10/09 priced at midday; since 2/10/09 priced at 4pm.

Identifiers:

  •   Identifiers
    Bloomberg:  MONESCF ID
    ISIN: IE0001195316
    SEDOL: 0119531
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2012 9.3% 4.6% 9.3% 4.6% YES

 

Source: Montanaro, Bloomberg. NAV to NAV, unrounded. Class listed March 2012

Identifiers:

  •   Identifiers
    Bloomberg  MONESCE ID
    ISIN IE00B1FZRP01
    SEDOL B1FZRPO
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2000* 0.1% -4.1%     YES
2001 -4.2% -7.6%     YES
2002 -20.8% -27.4%     YES
2003 15.4% 31.4%     NO
2004 25.2% 20.3%     YES
2005 40.0% 33.6%     YES
2006 37.7% 28.1%     YES
2007 -5.3% -8.8%     YES
2008 -51.8% -53.4%     YES
2009 46.8% 56.4%     NO
2010 42.1% 27.7%     YES
2011 -13.5% -19.5%     YES
2012 26.7% 23.4% 120.4% 46.7% YES

* Fund Launched 08/12/2000

Source: Montanaro, Bloomberg. NAV to NAV, unrounded. NAV prior to class listing 30/11/06 based on GBP NAV. NAVs prior to 24/09/07 priced at close of business; between 24/09/07 and 01/10/09 priced at midday; since 2/10/09 priced at 4pm.

Identifiers:

  •   Identifiers
    Bloomberg  MONESEA ID
    ISIN IE00B411W698
    SEDOL B411W69

     

     

  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2009 6.3% 5.7%     YES
2010 43.3.% 27.7%     YES
2011 -13.4% -19.5%     YES
2012 27.9% 23.4% 68.7% 34.2% YES

 

Source: Montanaro, Bloomberg. NAV to NAV, unrounded. Class listed 02/10/09

Identifiers:

  •   Identifiers
    Bloomberg  MONESCU ID
    ISIN IE00B1FZRQ18
    SEDOL B1FZRQ1
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2000*  6.3% 1.8%     YES 
2001 -9.3% -12.5%     YES 
2002 -6.6% -14.4%     YES 
2003 38.1% 57.2%     NO
2004 35.1% 29.8%     YES
2005 22.2% 16.6%     YES
2006 53.9% 42.7%     YES
2007 4.6% 0.9%     YES 
2008 -53.8% -55.4%     YES 
2009 51.9% 60.7%     NO 
2010 31.8% 19.1%     YES 
2011 -15.9% -21.9%     YES 
2012 29.6% 25.7% 233.2% 118.9% YES 

* Fund Launched 08/12/2000

Source: Montanaro, MSCI.  NAV to NAV, unrounded. NAVs prior to 24/09/07 priced at close of business; between 24/09/07 and 01/10/09 priced at midday; since 2/10/09 priced at 4pm.

Note: Montanaro USD Returns based on Sterling NAV after Fees, converted using Bloomberg exchange rates

The Montanaro UK Smaller Companies Fund.

The Fund invests in quoted UK companies with a market capitalisation lower than the largest constituent of the Numis Smaller Companies Index (the smallest 10% of the UK stock market) ("NSCI") at the time of first investment and is benchmarked against the FTSE SmallCap ex - IT.  The Fund was launched on 30 March 2012 and is listed on the Irish Stock Exchange (Bloomberg ticker: MUKSMSD ID).  The Fund is approved in Ireland and the UK.

Identifiers:

  •   Identifiers
    Bloomberg  MUKSMSD ID
    ISIN IE00B707HG41
    SEDOL B707HG4
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
1999 52.0% 15.4%     YES
2000* -11.4% 3.9%     NO
2001 -16.6% -17.6%     YES
2002 -29.5% -29.7%     YES
2003 26.3% 36.8%     NO
2004 23.1% 10.4%     YES
2005 26.2% 16.4%     YES
2006 29.2% 20.1%     YES
2007 -10.9% -19.9%     YES
2008 -35.8% -50.4%     YES
2009 22.4% 52.7%     NO
2010 33.1% 13.0%     YES
2011 -4.8% -17.7%     YES
2012 23.7% 32.3% 120.2% 9.2% NO

 

Source: Montanaro, Bloomberg. NAV to NAV. Fund Launched 31/03/2012. Performance prior to 31/03/12 based on Montanaro UK Focus Fund (managed since June 1999)

The Montanaro Equity Income Fund.

The Fund invests primarily in quoted smaller companies offering a dividend yield higher than the overall market or offering the potential for above average dividend growth.  The investment objective is to outperform its benchmark, the MSCI Europe SmallCap (Total Return) Index.  The Fund was launched in December 2006 and is listed on the Irish Stock Exchange (Sterling Class: MONEUIG ID ; Euro Class: MONEINE ID).  Dividends are paid quarterly.  The Fund is approved in Finland, France, Ireland, Norway, Sweden, Switzerland, the Netherlands and the UK.

Identifiers:

  •   Identifiers
    Bloomberg  MONEUIG ID
    ISIN IE00B1FZRT49
    SEDOL B1FZRT4
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2007 0.3% 1.7%     NO
2008 -32.6% -37.4%     YES
2009 49.5% 49.3%     YES
2010 35.2% 26.5%     YES
2011 -14.3% -19.3%     YES
2012 23.4% 23.7% 44.5% 20.0% NO

 

Source: Montanaro, Bloomberg. NAV to NAV, unrounded, dividends reinvested at ex date. NAVs prior to 24/09/07 priced at close of business; between 24/09/07 and 01/10/09 priced at midday; since 2/10/09 priced at 4pm.

Identifiers:

  •   Identifiers
    Bloomberg  MONEINE ID
    ISIN IE00B1FZRR25
    SEDOL B1FZRR2
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2007 -7.6% -6.3%     NO
2008 -48.4% -51.9%     YES
2009 61.4% 61.0%     YES
2010 40.0% 30.9%     YES
2011 -12.1% -17.3%     YES
2012 27.1% 27.2% 20.4% 0.02% NO

 

Source: Montanaro, Bloomberg. NAV to NAV, unrounded. NAV prior to class listing 26/04/07 based on GBP NAV. NAVs prior to 24/09/07 priced at close of business; between 24/09/07 and 01/10/09 priced at midday; since 2/10/09 priced at 4pm.

 

The Montanaro European MidCap Fund.

The Fund invests primarily in equity securities of MidCap companies (companies with a market capitalisation of €3 - €10 billion) quoted in the European Union, Iceland, Norway and Switzerland.  The Fund was launched on 30 March 2012 and is listed on the Irish Stock Exchange (Bloomberg ticker: MEUMCED ID).  The Fund is approved in Ireland, Sweden, Switzerland and the UK.

Identifiers:

  •   Identifiers
    Bloomberg  MEUMCED ID
    ISIN IE00B6VJL827
    SEDOL B6VJL82
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2012 12.89% 5.69% 12.89% 5.69% YES

Fund Launch March 2012

Source: Montanaro, Bloomberg. NAV to NAV, unrounded.

  • Continental European Smaller Companies Fund

  • Continental Europe SmallCap
  • Downloads
      • Montanaro European Smaller Companies Plc Prospectus 20120326
      • 1.05.2013
      • Download PDF
      • 573kb
      • Montanaro European Smaller Companies Plc Annual Report 2012
      • 1.05.2013
      • Download PDF
      • 3mb
      • Montanaro ESC Plc Application Form Nov 2012
      • 1.05.2013
      • Download PDF
      • 137kb
      • Montanaro Continental European Smaller Companies Fund 2012 Q4
      • 1.05.2013
      • Download PDF
      • 1mb
  • Invest in this fund

The Montanaro Continental European Smaller Companies Fund.

The Fund invests principally in quoted European (ex-UK) companies with a market capitalisation below €3 billion and is benchmarked against the MSCI Europe Small Cap ex-UK Index.  The Fund was launched on 30 March 2012 and is listed on the Irish Stock Exchange (Bloomberg ticker: MOCESCG ID).  The Fund is approved in Ireland and the UK.

Identifiers:

  •   Identifiers
    Bloomberg  MOCESCG ID
    ISIN IE00B3Q8KY24
    SEDOL B3Q8KY2
  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
2012 6.7% 2.4% 6.7% 2.4% YES

Fund Launch March 2012

Source: Montanaro, Bloomberg. NAV to NAV, unrounded.

Trusts

The Montanaro European Smaller Companies Trust (MESCT).

The Trust invests principally in quoted European (ex-UK) companies with a market capitalisation below €3 billion and is benchmarked against the MSCI Europe Small Cap ex-UK Index.  We were appointed to manage the Trust in September 2006.  The Trust is listed on the London Stock Exchange (Bloomberg ticker: MTE LN).

  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
06/07 24.8% 23.2%     YES
07/08 -6.7% -11.9%     YES
08/09 -36.3% -39.1%     YES
09/10 67.6% 71.0%     NO
10/11 26.2% 14.2%     YES
11/12 -12.5% -18.7%     YES
12/13 +17.9% +14.8% 61.6% 20.3% YES

Trust managed since September 2006

Source: Montanaro, Bloomberg. NAV to NAV, fully diluted. Year ended 31.03

* Effective June 1st 2009 the index used for comparison purposes is the MSCI European Smaller Companies Index ex-UK. The benchmark history for the European Trust prior to June 1st 2009 was the MSCI European Smaller Companies Index. 

The Montanaro UK Smaller Companies Investment Trust (MUSCIT).

The Trust invests in UK quoted small companies falling within the Numis Smaller Companies Index (the smallest 10% of the UK stock market) ("NSCI") at the time of first investment and is benchmarked against the NSCI excluding Investment Companies.  The Trust was launched in March 1995 and is listed on the London Stock Exchange (Bloomberg ticker: MTU LN).

  Yearly NAV Return Yearly Benchmark Return Cumulative NAV Return Cumulative Benchmark Return Outperformance
95/96 23.3% 22.6%     YES
96/97 10.7% 11.8%     NO
97/98 19.9% 13.0%     YES
98/99 -5.3% -9.7%     YES
99/00 55.5% 39.5%     YES
00/01 -6.6% -13.3%     YES
01/02 -11.3% -11.6%     YES
02/03 -40.4% -35.3%     NO
03/04 48.4% 61.9%     NO
04/05** 24.9% 8.8%     YES
05/06** 39.5% 20.9%     YES
06/07 19.8% 12.4%     YES
07/08 -17.3% -30.8%     YES
08/09 -37.2% -46.9%     YES
09/10 58.4% 63.1%     NO
10/11 38.6% 11.7%     YES
11/12 3.6% -3.1%     YES
12/13 21.7% 24.3% 429.6% 86.8% NO

Trust Launch March 1995

Source: Montanaro, Bloomberg. NAV to NAV. Year ended 31.03

Years 1-3 undiluted NAV, years 4-5 diluted NAV and years 6 onwards basic NAV as no longer any warrants in issue

**Restated for changes to UK GAAP (all other years have not been restated)