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 UK) Index, which rose by 33.4%.
Marked narrowing of discount during the period
In addition to these stellar returns, the trust’s chairman, Richard M Curling, also points out that shareholders benefited from a narrowing of the discount from 8% to 2% during the period. As a result, MTE’s share price rose by 59.4%, providing a total return of 60.2%, which the chairman describes as “Another period of strong absolute and relative performance”. He also comments that this builds upon MTE’s medium- and longer-term performance records, with it being the best performing European Investment Trust over the 3 and 5 year time periods.
Recent research from QuotedData on MTE
The announcement doesn’t include an investment manager’s review, so we cannot comment on that here. However, QuotedData has recently published a note on MTE, which readers may find useful if they are interested in further information on the trust. Click here to read “Impressive return in a difficult market””, which was published on 14 October 2020.