Montanaro UK Smaller Companies’ results for the year ended 31 March 2014 show the fund lagging the Numis Smaller Companies Index by some margin – generating a return on net assets of 11% vs. 23% for the benchmark. The discount did narrow however (from 16% to 13%) and so the return to shareholders was 16%. They upped the dividend from 6.76p to 7.5p.
The Chairman, Kathryn Matthews (pictured), says Montanaro UK Smaller Companies’ Investment Manager’s “distinct quality growth style” was “eclipsed by a market favouring value and recovery stocks”.