MTU : Dispappointing period for Montanaro UK Smallers
Montanaro UK Smaller Companies results for the six months ended 30 September 2014 show the fund’s net asset lagging its benchmark, the Numis Smaller Companies Index ex Investment Companies, by 3% in capital terms over the period. the net asset value fell by 11.2% vs. -8.2% for the Index. The share price fell by 12.0%.
The report notes a switch in favour towards large cap. companies during the period. No mention is made of the impact of individual stock positions on performance.