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.
You can access the manager’s website here
Fundamentals
Price
Research History
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23 Aug 2024 22 min read
Montanaro European Smaller Companies – Primed for ignition
Primed for ignition With its dedication to high-quality, high-growth companies, Montanaro European Smaller Companies (MTE) has fallen awry of recent market trends. MTE’s manager, George Cooke, notes that the market is currently favouring low-quality, low-value companies. This may be due either to improving sentiment around Europe’s economy (having seemingly dodged a recession) or the initial […]
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23 min read
Montanaro European Smaller Companies – Primed for ignition
Primed for ignition With its dedication to high-quality, high-growth companies, Montanaro European Smaller Companies (MTE) has fallen awry of recent market trends. MTE’s manager, George Cooke, notes that the market is currently favouring low-quality, low-value companies (such as smaller southern-European banks). This may be due either to improving sentiment around Europe’s economy (having seemingly dodged […]
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22 min read
Montanaro European Smaller Companies – Primed for ignition?
Primed for ignition? Given that its investment approach targets what its manager, George Cooke, believes are high-quality, high-growth companies, Montanaro European Smaller Companies (MTE) may have fallen awry of recent market trends. George believes that the market is currently favouring low-quality, low-value companies. This may be due either to improving sentiment around Europe’s economy (having […]
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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13 Oct 2023 10 min read
QuotedData’s Investment Companies Roundup – October 2023
October 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in September 2023 September was defined by the ongoing US bond selloff, with global markets trending down in sympathy. Investment trust returns were negative on average for the month, although several sectors still achieved positive returns. The Royalties sector was the […]
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01 Aug 2023 21 min read
Montanaro European Smaller Companies – No Continental Drift
Montanaro European Smaller Companies Investment companies | Annual overview | 01 August 2023 No Continental Drift Despite the headwinds it has faced – chief among them higher interest rates – Montanaro European Smaller Companies (MTE) remains committed to investing in high-quality, high-growth companies. MTE’s manager, George Cooke, has been unflinching in his approach, making little […]
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20 min read
Montanaro European Smaller Companies – No Continental Drift
Montanaro European Smaller Companies Investment companies | Annual overview | 01 August 2023 No Continental Drift Despite the headwinds it has faced – among them higher interest rates – Montanaro European Smaller Companies (MTE) remains committed to investing in what its manager believes are high-quality, high-growth companies. MTE’s manager, George Cooke, has not changed his […]
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21 min read
Montanaro European Smaller Companies – No Continental Drift
Montanaro European Smaller Companies Investment companies | Annual overview | 01 August 2023 No Continental Drift Despite the headwinds it has faced – chief among them higher interest rates – Montanaro European Smaller Companies (MTE) remains committed to investing in high-quality, high-growth companies. MTE’s manager, George Cooke, has been unflinching in his approach, making little […]
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07 Dec 2022 64 min read
QuotedData’s Economic and Political Monthly Roundup December 2022
Economic and Political Monthly Roundup Investment companies | Monthly | December 2022 A collation of recent insights on markets and economies taken from the comments made by chairs 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 […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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24 Mar 2022 15 min read
Montanaro European Smaller Companies – Unfazed by market turmoil
Unfazed by market turmoil Montanaro European Smaller Companies (MTE) has built up a good long-term track record while following its approach of backing companies selected by the manager for their quality and their growth potential for the long-term. In recent months, fears of rate increases (in response to rising inflation) appear to have triggered a […]
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16 min read
Montanaro European Smaller Companies – Unfazed by market turmoil
Unfazed by market turmoil Montanaro European Smaller Companies (MTE) has built up an enviable track record by backing high-quality growing companies for the long-term. In recent months, fears of interest rate increases (in response to rising inflation) have triggered a sharp reversal of sentiment towards ‘growth’ stocks. The war in Ukraine has made investors more […]
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16 min read
Montanaro European Smaller Companies – Unfazed by market turmoil
Unfazed by market turmoil Montanaro European Smaller Companies (MTE) has built up an enviable track record by backing high-quality growing companies for the long-term. In recent months, fears of rate increases (in response to rising inflation) have triggered a sharp reversal of sentiment towards growth stocks. The Ukrainian war has made investors more risk averse, […]
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04 Feb 2021 4 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 17 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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17 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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17 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 7 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 20 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 5 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 7 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 9 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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8 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 6 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 6 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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3 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 6 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 1 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 1 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 2 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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03 Jan 2025 8 min read
QuotedData’s analysts’ picks for 2025
As we begin another year, here at QuotedData, we thought we’d have some fun and challenge our analysts, once again, to come up with some ideas for investment companies that they like and think could do well over the course of the coming year but first, we’re also going to take a look back and […]
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12 Dec 2024 2 min read
QuotedData’s morning briefing 12 December 2024, DGI9, BGFD, MTE, GSF, AIE, SMIF, NRR, RGL
In QuotedData’s morning briefing – 12 December 2024: Digital 9 Infrastructure (DGI9) says InfraRed Capital Partners’ appointment as AIFM has become effective today. Triple Point’s role as AIFM also terminated effective today. Baillie Gifford Japan (BGFD) passed its continuation vote at yesterday’s AGM, the voting was 85.4%:14.6% in favour of continuation, and about 55% of […]
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11 Oct 2024 3 min read
What’s growth got to do with it?
This week, we were reminded of the challenges that Europe faces, with Germany making the headlines for cutting its growth forecast for 2024 from an already meagre expansion of 0.3% to a contraction of 0.2%. If this comes to pass, it will be the second year in a row that Europe’s ‘motor for growth’ has […]
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20 Sep 2024 4 min read
Much more to Europe than dynamic duo
A lot has been made of the concentration in the US market, but the concentration of European markets has been less widely discussed. Just as the S&P 500 has been focused on a handful of large cap companies linked to a narrow theme, the MSCI Europe also has a significant weighting to Novo Nordisk and […]
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05 Jul 2024 8 min read
An update on our analysts’ top picks for 2024
At the outset of 2024, we challenged our analysts to come up with some ideas for investment companies that they liked, and thought could do well over the course of this year (click here to read the original article which set out our analysts’ thinking and why they liked the stocks). We also promised to […]
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21 Jun 2024 2 min read
Growth company headwinds weighed on Montanaro European Smaller Companies
The Montanaro European Smaller Companies Trust (MTE) reported its annual results for the 12 months ending 31 March 2024. MTE reported a NAV total return of 4.9%, slightly underperforming its benchmark, the MSCI Europe (ex-UK) Small Cap Index, which returned 5.9%. MTE’s share price total return was 4.3%. The board highlights the longer-term track record […]
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05 Jan 2024 4 min read
QD view – Our analysts’ top picks for 2024
As we begin another year here at QuotedData, we thought we’d have some fun and challenge our analysts to come up with some ideas for investment companies that they like and think could do well over the course of 2024. To keep things interesting, each analyst has been asked to select two ideas – one […]
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12 Dec 2023 2 min read
Quality and small cap bias hurts MTE
Montanaro European Smaller Companies Trust (MTE) has announced its interim results for the six months to September 30 2023. The company’s share price total return was down 13.2%, while NAV per share fell 12.5%, underperforming the company’s benchmark, MSCI Europe ex-UK SmallCap index, which was down 7.5%. The discount widened to 13.8%. Commenting on the […]
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04 Aug 2023 4 min read
QD view – the future of growth investing
In the second of our QD views trailing our upcoming investment companies forum, James Carthew sets the scene for our ‘future of growth investing‘ panel. At the end of 2021, most growth-focused funds were sitting at or close to all-time highs, but the start of 2022 saw a savage rotation away from growth towards value. […]
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23 Jun 2023 3 min read
Montanaro European Smaller Companies has much better second half
Montanaro European Smaller Companies (MTE) has released its annual results for the year ended 31 March 2023. During the period, the MSCI Europe (ex-UK) Small Cap Index (in sterling terms) fell by -5.5% while, in comparison, MTE’s NAV fell by 7.6% to 158.4p per share. Share price performance was slightly worse as the discount widened […]
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28 Apr 2023 4 min read
QD view – Finding courage in uncertain times
Fortune favours the brave, or so they say, and, as it turns out, so do the markets. One of the most important factors in investing is simply being first to bat, as by the time your turn comes, the game could be already over. Putting aside the metaphors, there is a distinct possibility that we […]
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19 Dec 2022 1 min read
Fund Brief: Montanaro European Smaller Companies Trust PLC (MTE)
About Montanaro European Smaller Companies Trust The trust aims to achieve capital growth by investing in small European quoted companies. It seeks to achieve capital growth in excess of its benchmark, the MSCI Europe SmallCap (ex-UK) Index. To watch the Fund Manager Brief: Montanaro AM, click here. To read our latest research on Montanaro European […]
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2 min read
Fund Manager Brief: Charles Montanaro, Cedric Durant des Aulnois & Mark Rogers, Montanaro AM
Charles Montanaro – Chairman/Fund Manager Charles graduated with an honours degree in Anthropology from Durham University in 1976. He spent four years in industry before joining Merrill Lynch in 1980 as a private client broker in London. He joined Dean Witter Reynolds in 1984 and Drexel Burnham Lambert in 1987 as a Senior Vice President […]
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19 Aug 2022 3 min read
QD view – small is beautiful
It has been a tough first half for smaller companies, with the FTSE SmallCap trailing the FTSE 100 by around 13% for the year to date. While small companies are said to have sustained their operational performance, sentiment has run against them. Nevertheless, it is not the moment to give up on the sector: the […]
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24 Jun 2022 3 min read
Montanaro European Smaller Companies “unremarkable results disguise significant volatility”
Montanaro European Smaller Companies (MTE) has announced its annual results for the year ended 31 March 2022, during which it provided NAV and share price total returns of 8.4% and 4.8% respectively, outperforming its benchmark, which returned 3.8%. The trust’s chairman, R M Curling, says that while these headline numbers might appear unremarkable, they disguise […]
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13 Sep 2021 3 min read
QuotedData’s morning briefing 13 September 2021
In QuotedData’s morning briefing 13 September 2021: Montanaro European Smaller Companies (MTE) is due to undertake a share split, whereby a sub-division of each ordinary share of 50 pence each will be split into 10 new ordinary shares of 5 pence each. The new ordinary shares are to be admitted to trading on the premium […]
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21 Jun 2021 1 min read
Montanaro European Smaller Companies confirms split share plans
Montanaro European Smaller Companies confirms split share plans – Montanaro European Smaller Companies (MTE) has revealed further details of its previously announced share split plans, subject to shareholder approval at its next AGM, which takes place on 9 September 2021. The share split will see the sub-division of each ordinary share of 50p each into 10 […]
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18 Jun 2021 1 min read
QuotedData’s weekly news show 18 June 2021
QuotedData’s weekly news show 18 June 2021 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: Augmentum Fintech – Proposed £40m raise Lindsell Train – Why 2021 has disappointed to date Montanaro European Smaller […]
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3 min read
Montanaro European Smaller Companies beats benchmark as markets recover
Montanaro European Smaller Companies (MTE) has announced its annual results for the year ended 31 March 2021, which have seen MTE beat its benchmark as markets have recovered following the COIVD related market crash of March 2020. During the year under review, MTE’s NAV rose by 66.1% to 1,589.0p per share, while shareholders also benefitted […]
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21 May 2021 2 min read
QD view – warm fuzzy feelings?
QD view – warm fuzzy feelings? Alphabet soup time ESG (environmental, social and governance) comes up a lot in the investment world currently. There are good reasons for that. The UK government said last year that it wants to make climate-related disclosures mandatory, in line with recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). […]
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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 1 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 2 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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07 Jan 2025 1 min read
Investment trust insider on Saba
Investment trust insider on Saba – Carthew: My objections to Saba’s plan and approach Our columnist says he is far from convinced by Saba’s activist campaign against seven trusts, many of which could see incipient recoveries frustrated. US arbitrageur Saba Capital has been investing in the UK investment companies market for a while now. It […]
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17 Dec 2024 1 min read
Large- and small-cap fund pairs for different regions
by Jennifer Hill from interactive investor, 17th December 2024: It is widely known that smaller companies are cheaper than larger ones, but given geopolitical tensions and economic uncertainty, many investors will want to hedge their bets. With the help of a range of analysts and wealth managers, we take a tour of the regions to […]
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09 Dec 2024 1 min read
Investment trust insider on discounts on European trusts
Investment trust insider on discounts on European trusts – James Carthew: Grab the value in Europe before the discount players do Political and economic uncertainty is piling up in Europe and that is creating investment opportunities, particularly among smaller company investment trusts. A year ago, I wrote an article about Saba Capital’s dealings with European […]
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28 Oct 2024 1 min read
Investment trust insider on Montanaro European
Investment trust insider on Montanaro European – James Carthew: More to come as Montanaro leads the European rally The quality growth stocks in Montanaro European Smaller Companies are reaping the rewards of interest rate cuts and uncertainty over the eurozone economy. Looking at the European small-cap sector recently, I was pleased to see Montanaro European […]
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15 Jul 2024 1 min read
Investment trust insider on small caps
Investment trust insider on small caps – James Carthew: The world can’t be mean to small-caps forever The dominance of mega-cap tech stocks has exacerbated the underperformance of smaller company funds, but history suggests this should change. Mean reversion, the tendency for asset prices to return to their long-term average, is a wonderful thing. However, […]
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18 Dec 2023 1 min read
Investment trust insider on 2023
Investment trust insider on 2023 – James Carthew: Dramatic 2023 leaves sector radically different The rationalisation of the sector continues. There has been a flurry of announcements over the past couple of weeks: Abrdn Diversified Income and Growth (ADIG) announced a managed wind down; Triple Point Energy Transition (TENT) declared it will begin an orderly […]
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12 Jun 2023 1 min read
Bargain Hunter: sizing up ‘cheap’ investment trusts on 5%-plus yields
by Kyle Caldwell from interactive investor, 8 June 2023: For investment trust fans now is one of the best opportunities over the past decade to try and pick up a bargain, as the chart below from stockbroker Numis shows. The average equity investment trust is trading on a discount a smidge over 10%, while those […]
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20 Mar 2023 1 min read
Deep Dive: Banking worries add to already sour European small-cap outlook
Eve Maddock-Jones, Investment Week, 17 March 2023: The ramifications of the biggest banking failure in 15 years, combined with the woes faced by Credit Suisse, have done nothing to help the already grey outlook for European small-caps in 2023. While the US regional banking crisis is not directly a European issue, Peter Kraus, head of […]
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27 Feb 2023 1 min read
Put your trust in dividends and you can beat those savings rates
David Brenchley, February 26 2023, The Sunday Times: With the best one-year fixed savings account now paying 4.31 per cent, riskier investments such as stocks and shares may seem less attractive than they have been for a long time. If you can get a high interest rate on your money, why take more risk in […]
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03 Nov 2022 1 min read
The European trusts on the biggest discounts relative to their recent history
By Tom Aylott, Reporter Trustnet, 2 November 2022: Many trusts have been struck by soaring inflation and tightening monetary policies this year, but those investing in European equities have been particularly battered. The war in Ukraine and lost gas imports from Russia have compounded to create a challenging market environment for European investors. As a […]
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10 Oct 2022 1 min read
‘Buying opportunities are better than ever’ for investment trusts
Eve Maddock-Jones, Investment Week, 05 October 2022: Investment trusts have been pushed to the widest discounts in years due to the abnormally high levels of market volatility and uncertainty. This includes not only closed-ended portfolios that have been running on a discount long-term, but portfolios that have historically run on significant premiums now being reduced. […]
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23 Mar 2022 1 min read
Interest rate rises trigger rotation
James Carthew for Investment Week, 17 March 2022: In the run up to the end of 2021 and into the early part of 2022, investors’ attention was focused on the growing threat of interest rate rises as a way of combating inflation. That triggered a sharp rotation out of growth stocks. In the space of […]
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23 Dec 2021 1 min read
The European trusts on the biggest discounts or premiums
By Eve Maddock-Jones, Reporter, Trustnet, 16 December 2021 Trustnet looks at which European investment trusts are trading below their five-year average discount/premium level and which ones are running well ahead of the norm… The European market has been a strong performer over the long term, with the MSCI Europe index generating returns of 147.9% over […]
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1 min read
2022: Picking winning investment trusts against a backdrop of uncertainty
James Carthew, Investment Week, 14 December 2021 Picking winners for next year is hard as, if Omicron turns out to be mild, we will be back to a faster growth, inflationary economy with possible rate rises and perhaps another leg up for value stocks. Alternatively, if we lose another winter to lockdowns, investors will be […]
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15 Nov 2021 2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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18 Oct 2021 1 min read
Now could be the perfect time to go into Europe
Merkel gone; Macron facing elections; Shares still lagging behind US By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 16 October 2021 With gaps in food shelves, an energy crisis and rising inflation, it has been hard to look away from UK news in recent weeks. But those who have also kept an eye on our Continental […]
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09 Aug 2021 1 min read
Investment trust insider on Montanaro European
Investment trust insider on Montanaro European – James Carthew: I missed Montanaro European effect One area where my portfolio is a bit light is in Europe, particularly European small companies, and this has been a mistake over the past few years. The standout winner across those two sectors for some time now has been Montanaro European […]
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25 Jan 2021 1 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 1 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 1 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 1 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 1 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 1 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 […]
