Overview
Montanaro European Smaller Companies aims to achieve capital growth by investing principally in Continental European quoted smaller companies (those with a stock market value below €3 billion).
The managers say investments are focused on companies that are profitable and where there are sufficient shares in public hands to enable us to establish a holding. They don’t invest in complicated, blue-sky companies but focus on companies they can understand, typically niche franchises with good and experienced management, sound finances, simple business models, good order visibility, high barriers to entry, a strong, normally dominant market position and a competitive advantage that ensures pricing power. They prefer companies that can demonstrate self-funded organic growth rather than those on the acquisition treadmill. They also believe it is worth paying more for a higher quality company. Their outlook is long-term – they say they are more interested in where an industry and a specific company will be in 5 – 10 years than its next set of figures.
We have written notes that explain how the trust works –
- “Impressive returns in difficult market“, published in October 2020, examined the trust’s recent track record in the face of the COVID-19 pandemic
- “Focus on the small picture“, published in September 2019, suggests that in an uncertain environment, it pays to identify companies that can prosper regardless
- “Quality businesses at sensible prices”, published in March 2019, looks at MTE’s portfolio of smaller companies that were selected for quality
You can access the manager’s website here
Fundamentals
Price
Research History
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04 Feb 2021 5 min read
QuotedData’s Round the World Webinar series – Europe day playback
On 3rd February 2021, QuotedData hosted the first of four Round the World webinars. This webinar was focused on Europe and included presentations and Q&As from 4 investment companies’ managers, covering markets across Europe. We would like to thank all of our speakers and attendees for joining us. Click on the links below to watch the […]
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14 Oct 2020 24 min read
Montanaro European Smaller Companies Trust – Impressive returns in difficult market
Impressive returns in difficult market Montanaro European Smaller Companies (MTE) has generated impressive returns for investors over the past year and has outperformed its benchmark in four of the past five 12-month periods. The trust is ahead of both its benchmark and its peer group average by more than 80 percentage points over the five […]
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23 min read
Montanaro European Smaller Companies Trust – Impressive returns in a difficult market
Impressive returns in a difficult market Montanaro European Smaller Companies (MTE) has generated impressive returns for investors over the past year and has outperformed its benchmark in four of the past five 12-month periods. The trust is ahead of both its benchmark and its peer group average by more than 80 percentage points over the […]
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24 min read
Montanaro European Smaller Companies Trust – Impressive returns in difficult market
Impressive returns in difficult market Montanaro European Smaller Companies (MTE) has generated impressive returns for investors over the past year and has outperformed its benchmark in four of the past five 12-month periods. The trust is ahead of both its benchmark and its peer group average by more than 80 percentage points over the five […]
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08 Jun 2020 10 min read
QuotedData’s Investment Companies Roundup – June 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over May: GCP Infrastructure – […]
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24 Jan 2020 28 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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06 Dec 2019 7 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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15 Oct 2019 10 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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12 Sep 2019 12 min read
Montanaro European Smaller Companies Trust – Focus on the small picture
Focus on the small picture In an environment of slowing growth in Europe, a looming ‘no deal’ Brexit, a US/China trade war spiralling into a currency war and negative bond yields/inverted yield curves (where the cost of borrowing for the short-term is more expensive than the cost of borrowing for the long-term – usually a […]
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12 min read
Montanaro European Smaller Companies Trust – Focus on the small picture
Focus on the small picture In an environment of slowing growth in Europe, a looming ‘no deal’ Brexit, a US/China trade war spiralling into a currency war and negative bond yields/inverted yield curves, it might be tempting to hide, ‘ostrich-like’, in cash. Montanaro European Smaller Companies (MTE) offers an alternative solution. Its managers see little […]
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12 Jul 2019 9 min read
Quarterly investment companies roundup – Second quarter 2019
Quarterly investment companies roundup – Second quarter 2019 QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]
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05 Jul 2019 8 min read
QuotedData’s economic roundup – July 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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4 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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15 Apr 2019 8 min read
Quarterly Investment Companies Roundup – First Quarter 2019
Quarterly Investment Companies Roundup – First Quarter 2019 QuotedData news Through the first quarter of 2019, global equities largely clawed back the losses suffered over the final weeks of 2018. How much longer this ten-year bull market can sustain itself is the subject of much debate. US interest rate rises have stalled, reflecting growing cautiousness. Elsewhere, […]
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11 Mar 2019 1 min read
Montanaro European Smaller Companies Trust – Quality businesses at sensible prices
Montanaro European Smaller Companies Trust – Quality businesses at sensible prices Montanaro European Smaller Companies Trust (MTE) is an investment trust that has a focused portfolio of growing companies selected for the quality of their business franchise, management, earnings and corporate structure. Over time, this emphasis on quality has stood it in good stead, especially […]
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1 min read
Montanaro European Smaller Companies Trust – Quality businesses at sensible prices
Montanaro European Smaller Companies Trust – Quality businesses at sensible prices Montanaro European Smaller Companies Trust (MTE) has a focused portfolio of growing companies selected for the quality of their business franchise, management, earnings and corporate structure. This emphasis on quality has stood it in good stead as investors have become increasingly nervous. The result […]
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18 Jan 2018 2 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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11 Dec 2017 2 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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12 Jul 2017 3 min read
QuotedData’s economic round up – July 2017
QuotedData’s economic round up – July 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
News
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02 Feb 2021 1 min read
QuotedData’s Round the World Webinar series – Europe day 3 February 2021
QuotedData will be hosting a Round the World webinar series each Wednesday in February. Each weekly event will include 3 – 4 managers focused on a specific region of the world who will present their companies and answer your questions. It starts tomorrow with the following line up. Week 1 – 3rd February – Europe, including managers […]
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29 Dec 2020 1 min read
QuotedData’s morning briefing 29 December 2020
In QuotedData’s morning briefing 29 December 2020 – Supermarket Income REIT (SUPR) has bought a Waitrose supermarket in Market Harborough, Leicestershire from Alpha Real Estate for £9.1m. The investment represents a net initial yield of 4.3%, with an unexpired lease term of 19 years. Schroder British Opportunities (SBO) announced an investment into Graphcore, described as a leading machine […]
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20 Nov 2020 2 min read
QuotedData’s weekly news show 20 November 2020
QuotedData’s weekly news show 20 November 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: BlackRock Throgmorton’s fundraise Montanaro European’s excellent results UK Mortgage’s plan for the future Watch it again here We’ll be […]
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1 min read
Montanaro European Smaller Companies posted a stellar recovery post COVID
Montanaro European Smaller Companies Trust (MTE) has announced its interim results for the six months ended 30 September 2020, during which it has posted a stellar recovery post the COVID-19 market rout. During the period, MTE’s NAV per share rose by 49.9% to 1,434.6p per share, thus outperforming its benchmark, the MSCI Europe SmallCap (ex […]
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18 Jun 2020 3 min read
Montanaro European is number one
Montanaro European is number one – Montanaro European Smaller Companies reports that for the year ended 31 March 2020 its NAV return was -5.3%, which compares very favourably with the -15.1% return generated by the MSCI Europe (ex UK) Small Cap Index. Shareholders benefitted from a narrowing of the discount from 12% to 8% and this translated into […]
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21 Nov 2019 1 min read
Montanaro European Smaller Companies delivers strong interim results
Montanaro European Smaller Companies delivers strong interim results – Montanaro European Smaller Companies has reported results covering the six months ended 30 September 2019. Over the period, the NAV rose by 8.2% to 1,094.1p per share, outperforming its benchmark MSCI Europe SmallCap ex UK index in the process, which rose by 4.7%. MTE’s discount narrowed from 12% to […]
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19 Jun 2019 2 min read
Superb year sees Montanaro European 18.5% ahead of index
Superb year sees Montanaro European 18.5% ahead of index – Montanaro European Smaller Companies has published its annual results covering the period to 31 March 2019. In a year where the MSCI Europe SmallCap (ex UK) Index (in sterling terms) declined by -6.3%, the net asset value rose by 12.2% to 1,010.8p per share. In total return […]
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06 Jun 2016 2 min read
Montanaro European Smaller Companies benefits from sterling weakness
Montanaro European Smaller Companies has announced its annual results for the year ended 31 March 2016. During the period the trust’s NAV grew by 11.1% thereby outperforming its benchmark, the MSCI Europe Small Cap (ex UK) Index, which increased by 7.6%. During the same, the trust’s share price increased by 4.9%, which reflects a widening […]
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29 Feb 2016 1 min read
Montanaro European secures loan facility
Montanaro European Smaller Companies Trust has announced that it has entered into a €10m term loan facility agreement with ING Bank N.V., London Branch (“ING”) for the purpose of pursuing its investment objective. The facility has been fully drawn down today and is in addition to the existing €15m term loan facility the Company already has […]
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30 May 2014 1 min read
Montanaro European Smaller Companies : MTE – results
Montanaro European Smaller Companies has published its results for the year ended 31 March 2014. These show the net asset value rising by 6.0%, materially less than the 28.2% rise posted by the company’s benchmark. The discount widened over the year and so the share price appreciated by 4.0%. The Board is led by AR Irvine (pictured), his statement […]
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02 Apr 2014 1 min read
Montanaro European Smaller Companies : MTE
Montanaro European Smaller Companies, managed by Charles Montanaro (pictured) has cut its base management fee from 1% of market capitalisation to 0.9%. At the same time it has eliminated its performance fee. the change took effect on 1 April 2014.
Upcoming Events
Videos
In The Press
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25 Jan 2021 2 min read
Montanaro European finds big returns from its small firms
MONTANARO EUROPEAN SMALLER COMPANIES TRUST: Fund finds big returns from its small firms By JEFF PRESTRIDGE, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:53, 23 January 2021 | UPDATED: 11:46, 24 January 2021 London-based investment manager Montanaro eats, sleeps and breathes ‘good’ smaller companies. Its investment view is simple: smaller companies offer the potential to deliver investors stellar long-term returns, especially […]
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04 Jan 2021 2 min read
2020’s investment trust winners: time to take profits?
2020’s investment trust winners: time to take profits? December 30, 2020 By Dave Baxter The enormous sell-off that took hold in February and March was swiftly followed by a fierce rally that has come to dominate much of the year. MSCI World index rose by nearly 40 per cent in sterling terms between the start of […]
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17 Dec 2020 2 min read
Shape the things to come
SHAPE THE THINGS TO COME Portfolio Adviser IT Guide, 16 December 2020 James Carthew, Director QuotedData Shareholders in investment companies have a significant edge over their open-ended counterparts when it comes to seeking out ESG-oriented investments The investment world has a big role to play in shaping the future of the planet for the benefit […]
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16 Nov 2020 2 min read
Engines of growth: Investment trusts for responsible investing
Engines of growth: Investment trusts for responsible investing By Mary McDougall, Investors Chronicle, 12 November 2020 Appetite for investment products with strong environmental, social and governance (ESG) credentials has boomed this year as the pandemic has put the need for a sustainable world under the spotlight. Enthusiasm has been helped by sustainable funds broadly outperforming their conventional peers […]
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29 Jul 2020 2 min read
Investment trust insider on ESG
Investment trust insider on ESG – James Carthew: ESG? Riverstone, you’re having a laugh Riverstone Energy (RSE) has just announced a deal whereby it, and other funds managed or advised by its investment manager, will refinance Enviva, a leading player in the manufacture of wood pellets. The pellets are burnt in power stations (like the UK’s […]
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18 Feb 2020 2 min read
Three trust picks for ESG portfolios
Three trust picks for ESG portfolios Which products get the green light from investors? Lauren Mason, Investment Week, 18 February 2020 ESG investing has been a major theme among open-ended fund managers for quite some time, with both asset managers and asset allocators increasingly taking steps to minimise their carbon footprint, reduce sustainability risks and […]
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28 Jan 2020 2 min read
Investment Trust sackings deliver mixed results
Investment Trust sackings deliver mixed results By Kyle Caldwell, Money Observer’s quarterly trust magazine Kyle Caldwell analyses whether investment trust sackings stretching back over the past 15 years have resulted in improved performance for shareholders James Carthew is quoted in an article looking at changes in investment trust manager (including mergers) which have been on […]
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07 Feb 2019 1 min read
Investment Trust Insider on the past decade
Investment Trust Insider on the past decade – James Carthew: the constant evolution of investment trusts A decade ago, when we were emerging from the global financial crisis, I was managing Advance UK Trust and Citywire was just 10 years old. All of this seems like a long time ago now. Recently, I found a Winterflood […]
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09 Jan 2019 1 min read
Investment Trust Insider on 2018
Investment Trust Insider on 2018 – Lindsell Train leads best and worst investment trusts of 2018 (NB the headlines are devised by Citywire!!) 2018 is attracting headlines as the worst year for markets since 2008. However, for the investment trust industry, there was much to celebrate. This was certainly the case for the new issue market […]