Title: 241274486.pdf URL Source: https://documentscdn.financialexpress.net/Literature/CED214A53C43BC5F29F0E18991D010A8/241274486.pdf Number of Pages: 3 Markdown Content: Fund Objective Key Information Legal Status UK Investment Trust Listing London Stock Exchange Dividend Dates Price 149.5p NAV † 163.73p Performance Discount Cumulative Returns (£) Fund Facts Annual Returns (£) [Financial Year End - 31 March] ESG Cumulative Performance Since Inception Risk & Reward Profile Important Information YTD 1M 3M 6M 12M 3Y 5Y 10Y Fund Manager George Cooke -9% For Professional and Institutional investors only # Montanaro European Smaller Companies Trust This is a Marketing Communication 31 March 2026 To achieve capital growth by investing principally in Continental European quoted smaller companies. The Company’s benchmark index is the MSCI Europe SmallCap (ex UK) Index (in sterling terms). Fund Launch 04/09/2006‡ This is a marketing communication. This is not a contractually binding document. Please refer to the Annual Report and the KID for the Investment Trust and do not base any final investment decision on this communication alone. In or around January and August Backup Fund Manager Stefan Fischerfeier 368.3% Launch Trust (Price) -10.2% -10.5% -10.2% -11.3% 0.7% 8.6% -7.1% 176.9% Benchmark MSCI Europe SmallCap xUK Trust (NAV) † -9.5% -10.1% -9.5% -10.6% 1.1% Net Assets £209 million 379.0% Benchmark * -2.0% -7.9% -2.0% 1.3% 14.7% 3.4% 3.0% 157.2% 10.7% Gearing 5.4% No.of Holdings 47 Median Mkt Cap £1,689 million FYTD 24/25 23/24 22/23 21/22 17.4% 13.4% 93.8% 226.3% Gross Assets £220 million 83.0% -1.1% 11.3% 15.1% Trust (Price) 0.7% 4.2% 3.6% -18.1% 4.3% 20/21 19/20 18/19 17/18 SDR No Sustainability Label (see Glossary) Trust (NAV) † 1.1% -1.7% 4.0% -7.6% 7.9% 55.6% -15.1% -6.3% 66.1% -5.3% 12.2% 9.9% Benchmark * 14.7% -1.1% 3.4% -5.5% 2.2% MSCI Biodiversity and Land Use Score* 1.9 Source: Montanaro. NAV to NAV, fully diluted. * Effective June 1st 2009 the index used in this factsheet for comparison purposes is the MSCI European Smaller Companies Index ex-UK (Capital Return). The performance history prior to June 1st 2009 was the MSCI European Smaller Companies Index (Capital Return). † NAV excludes income. ‡The date Montanaro took over the Trust. Montanaro Asset Management Limited, 53 Threadneedle Street, London, EC2R 8AR Tel: 020 7448 8600 Fax: 020 7448 8601 www.montanaro.co.uk enquiries@montanaro.co.uk Carbon Intensity 1&2 t/US$ million sales* 24.6 % of Women on Board 40% *See glossary for definitions. Updated quarterly -50% 50% 150% 250% 350% 450% 550% 650% Aug '06 Aug '08 Aug '10 Aug '12 Aug '14 Aug '16 Aug '18 Aug '20 Aug '22 Aug '24 Montanaro NAV (£)† MSCI Europe Small Cap Composite (£)* These numbers rate how the Fund may perform and the risk of losing some or all of your investment . In general the potential for higher returns also implies a higher level of risk . However, the lowest category (1) does not mean a risk free investment . This risk rating is based on historical data which may not be a reliable indication of the future risks and rewards of the fund . The risk rating of the fund may change over time . Past performance is not a reliable indicator of future results . All investments are subject to risk and the value of shares and the income from them can fall as well as rise due to stock market and currency movements . You may not get back as much as you originally invested . For further information please see the Risk and Reward section of the Key Investor Information Document (KID) . All investments are subject to risk and the value of shares and the income from them can fall as well as rise due to stock market and currency movements . You may not get back as much as you originally invested .3 4 5 6 7 > Lower risk Higher risk > Potentially lower reward Potentially higher reward 1 2 In 2019, Montanaro Asset Management Limited became a certified B Corporation Montanaro European Smaller Companies Trust Top 10 Holdings Risk Analysis Portfolio Analysis Note: risk statistics over three years Source: Factset consensus estimates Sector Allocation Country Allocation (Top 10) Share Information *The costs of buying and selling investments are excluded, as are interest costs, taxation, non-recurring costs and the costs of buying back or issuing Ordinary shares. ‡The date Montanaro took over the Trust. Important Information Kitron 4.5% Fund Index Price / Earnings 26F 21.3 Technoprobe 4.0% Beta 1.17 1.00 Dividend Yield 26F 2.3% NCAB 4.5% Jensen's Alpha (annual) -4.8% EPS Growth 26F Atoss Software 3.1% Sharpe Ratio -0.12 0.21 Return on Equity 26F 14.3% Belimo 3.1% Standard Deviation 16.7% 12.3% Dividend Growth 26F 6.9% Plejd 3.1% Information Ratio -0.56 EBIT Margin 26F 23.1% MTU Aero Engines 3.1% Tracking Error 8.8% EV/EBITDA 26F 16.1 VZ 2.9% 34.4% 2.2% Carel Industries 2.9% Merlin Properties 3.0% Active Share 94.0% Net Debt/Equity 26F Sterling MTE LN BM8H3X0 Ticker SEDOL ISIN GB00BM8H3X05 Currency 04/09/2006‡ 163.73p 1.05%* 0.825% NAV Ongoing Charge Annual AMC Launch Price 149.5p Discount -9% Click here or scan QR code for Annual Report N/A N/A 5 SRI Perf Fee High Water Mark 26.0% 31 March 2026 5% 0% 3% 28% 6% 16% 2% 7% 30% 2% 0% 0% 10% 20% 30% Real Estate Utilities Communications Information Tech Financials Health Care Cons Staples Cons Discretionary Industrials Materials Energy This material is issued monthly by Montanaro Asset Management Limited (“MAM”), the Fund Manager. MAM is authorised and regula ted by the Financial Conduct Authority (“FCA”) FRN: 183211. Company registration number 03246931. Registered office 53 Threadneedle Street, London, EC2R 8AR. It may not be copied or distributed or otherwise made available t o a ny recipient without the express written consent of MAM. This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the "Act"). The material included in this report has been prepared by MAM and is intended for informational purposes only. It does not constitute an invitation or offer to subscribe for or purchase shares in the Fund. Such investments can only be made by completing the application forms that accompany the Fund’s Prospectus. This material is for Professional and Institutional Investors only; MAM is not authorised to market directly to retail investors. Retail investors should seek inde pen dent financial advice before making any investment decisions. Information and opinions presented in this material have been obtained or derived from sources believed by MAM to be reliable . M AM makes no representation as to their accuracy or completeness. It is the responsibility of all users of this information to be informed and observe all applicable laws and regulations of a ny relevant jurisdictions where they reside. 2% 2% 3% 3% 5% 10% 13% 16% 17% 28% 0% 5% 10% 15% 20% 25% 30% Denmark Belgium Spain France Netherlands Norway Switzerland Italy Germany Sweden Investment Terms Glossary Active Share A measure of how much a portfolio’s holdings differ from its benchmark index . A higher Active Share indicates a more actively managed portfolio, while a lower value suggests closer alignment with the benchmark . Beta This is a measure of an investment’s sensitivity to market movements . A beta greater than 1 indicates higher volatility than the market, while a beta less than 1 suggests lower volatility . Carbon Intensity 1 and 2 CO₂ emissions per unit of revenue, measuring a company’s or portfolio’s carbon efficiency . Covers Scope 1 (direct) and Scope 2 (indirect from purchased energy), excluding Scope 3 due to limited data . Dividend Yield Refers to the underlying portfolio’s annual dividend yield, calculated as the weighted average of each holding’s expected dividend income as a percentage of the share price . Discount / Premium The discount or premium indicates how the Trust’s share price compares to its net asset value (NAV), showing whether shares are trading below (at a discount) or above (at a premium) the underlying value of the portfolio . EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) A measure of a company’s operating performance, showing profit before accounting for financing and non - cash expenses . Gearing Refers to the ratio of the Company’s net debt to its equity capital . The Company may borrow money to invest in additional investments for its portfolio . If the Company’s assets grow, the shareholders’ assets grow proportionately more because the debt remains the same . If the value of the Company’s assets falls, the situation is reversed . Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets . Information Ratio A measure of risk -adjusted return, calculated by dividing the active return of a portfolio by the tracking error . It indicates how efficiently excess returns are generated relative to the risk taken versus a benchmark . Jensen’s Alpha (annual) A measure of risk -adjusted performance that shows the excess return a fund generates above its expected return . MSCI Biodiversity and Land Use Score Assesses company impacts on nature, including effects on habitats and use of natural resources . Net Asset Value (“NAV”) per Ordinary share This is calculated as the net assets of an investment trust divided by the number of Ordinary shares in issue, excluding those shares held in Treasury . No Sustainability Label Sustainable investment labels help investors find products that have a specific sustainability goal . This product does not have a UK sustainable investment label, as the Investment Trust does not have a Sustainability Objective . However, the Investment Trust is in scope of the Naming and Marketing Rule given the integration of Ethical exclusions and ESG across the Investment Trust holdings . Ongoing Charge Reflecting the annual cost of managing and operating the Trust, the ongoing charge is expressed as a percentage of average net assets and includes management fees and regular expenses, excluding performance fees and transaction costs . Price / Earnings (P/E) Ratio Refers to the underlying portfolio’s Price -to -Earnings ratio, a valuation measure calculated by dividing each company’s current share price by its earnings per share (EPS) . It reflects how much investors are paying for each unit of earnings . SDR (Sustainability Disclosure Requirements) UK FCA rules on labelling, disclosure, and anti -greenwashing to ensure sustainability claims are clear and comparable . Sharpe Ratio A measure of risk -adjusted return ; the higher the Sharpe Ratio, the better the return per unit of risk taken . Standard Deviation A measure of the amount of variation or dispersion of returns from the average return, used to quantify risk . Tracking Error A measure of how closely a fund’s returns match its benchmark index . Lower tracking error indicates closer alignment .