Montanaro European Smaller Companies Trust PLC - Edinburgh-headquartered investment trust - Reports half-year results. Says net asset value per share was 138.5 pence as at September 30, up 12% from 124.1p the year before, but down 13% from 158.4p at the end of March. The dividend totalled 0.225p compared to 0.2p the year prior. Explains the fund underperformed the benchmark MSCI Europe ex-UK smallcap index, which fell by 7.5%. ‘This is a disappointing performance but one which is not unexpected given the environment: ’growth‘ companies have underperformed ’value‘ and high quality companies have underperformed low quality. Montanaro seeks to invest exclusively in high quality, growing companies and so these style shifts acted as a significant headwind during the period,’ company says.
Current stock price: 127.00 pence
12-month change: down 7.7%
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