Title: 242384230.pdf URL Source: https://documentscdn.financialexpress.net/Literature/361680B8BB3649B56BA1F781E51B2B43/242384230.pdf Number of Pages: 6 Markdown Content: # Company overview Objective The Company seeks capital growth by investing in smaller and medium sized companies which are quoted, domiciled, listed or have operations in Europe (excluding the UK). Highlights Providing unique access to Europe’s growing small - and medium -sized companies with the sole aim of increasing shareholder capital. # Company information NAV (cum income) 244.7p NAV (ex income) 248.8p Share price 225.5p Discount( -)/premium(+) -7.8% Yield 4.0% Net gearing 11% Net cash - Total assets Net assets £928m £843m Market capitalisation £777m Total voting rights 344,659,682 Total number of holdings 125 Ongoing charges (year end 30 Jun 2025) 0.68% Benchmark MSCI Europe ex UK Small Cap Index Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used. Please note that the total voting rights in the Company do not include shares held in Treasury. # TH E EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2026 Marketing Communication Performance over (%) 1m 3m 6m 1y 3y 5y 10y Share price (Total return) 13.9 1.5 8.5 26.7 57 .3 43 .0 267.4 NAV (Total return) 11.5 2.5 7.2 27.3 43 .1 36.9 236.0 Benchmark (Total return) 6.4 2.3 6.3 21.5 36.1 29.5 163.6 Relative NAV (Total return) 5.1 0. 2 0. 9 5.8 7.0 7.4 72.4 Find out more Go to www.europeansmallercompaniestrust.com How to invest Go to www.janushenderson.com/howtoinvest Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return. Please note that this chart could include dividends that have been declared but not yet paid. 0.0 1.0 2.0 3.0 4.0 5.0 From July 2022, the benchmark changed from the EMIX Smaller European Companies ex UK Index to the MSCI Europe ex UK Small Cap Index. # Dividend history # (pence/share) 6.0 05 07 09 11 13 15 17 19 21 23 25 Income Income Special Discrete year performance (%) Share price (total return) NAV (total return) 31/3/2025 to 31/3/2026 14.8 18.3 31/3/2024 to 31/3/2025 10.0 2.8 31/3/2023 to 31/3/2024 9.1 5.1 31/3/2022 to 31/3/2023 5.0 5.2 31/3/2021 to 31/3/2022 -5.4 -3.0 Source: at 31/03/26. © 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns. All performance, cumulative growth and annual growth data is sourced from Morningstar. # Share price performance # (total return) 50 70 90 110 130 150 Apr 21 Apr 22 Apr 23 Apr 24 Apr 25 Apr 26 Price (rebased) Benchmark NAV (cum income) Key information Stock code ESCT AIC sector AIC European Smaller Companies Benchmark MSCI Europe ex UK Small Cap Index Company type Conventional (Ords) Launch date 1990 Financial year 30 -Jun Dividend payment April, November Management fee 0.55% pa on first £800m of net assets and 0.45% pa in excess thereof. Performance fee Yes (See Annual Report & Key Information Document for more information) Regional focus Europe Fund manager appointment Ollie Beckett 2011 Rory Stokes 2014 Julia Scheufler 2024 Ollie Beckett Fund Manager Rory Stokes, CFA Fund Manager Julia Scheufler, CFA Fund Manager For the award/achievement source, refer to page 6 Customer services 0800 832 832 How to invest Go to www.janushenderson.com/howtoinvest # THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2026 Marketing Communication # Top 10 holdings (%) TKH Group 2.3 IG Group 2.2 Elmos Semiconductor 2.1 SU ESS MicroTec 2.1 Van Lanschot Kempen 1.9 Modern Times Group MTG 1.9 Stroeer 1.8 Smartoptics Group 1.6 Gaztransport Et Technigaz 1.5 JCDecaux 1.5 References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned. # Sector breakdown (%) ##  Industrials 28.5% ##  Information Technology 20.4% ##  Consumer Discretionary 10.8% ##  Financials 10.5% ##  Communication Services 8.7% ##  Health Care 8.2% ##  Materials 7.2% ##  Energy 2.6% ##  Real Estate 2.3% ##  Consumer Staples 0.8% The above sector breakdown may not add up to 100% due to rounding. # 10 year total return of £1,000 All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid -market share price with dividends reinvested. 0500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Apr 16 Apr 18 Apr 20 Apr 22 Apr 24 Apr 26 Share price total return Benchmark # Geographical focus (%) #  Germany 24.5% #  Sweden 20.1% #  France 11.8% #  Switzerland 8.9% #  Netherlands 7.7% #  Spain 6.9% #  Norway 3.3% #  Austria 3.0% #  United Kingdom 2.6% #  Belgium 2.6% The above geographical breakdown may not add up to 100% as this only shows the top 10. # Premium/(discount) of share price # to NAV at fair value (%) -20 -15 -10 -5 0 5 10 15 20 Apr 23 Apr 24 Apr 25 Apr 26 Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return. THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2026 Marketing Communication # Fund Manager commentary Investment environment European small-cap stocks rebounded in April. Investors were hopeful that the ceasefire in the Middle East would bring about an end to the fighting and limit the harm caused to the global economy despite concerns about elevated energy prices. Some encouraging corporate results and favourable structural drivers around the artificial intelligence (AI) theme, such as data-centre build-outs and energy infrastructure, also contributed to the rebound. Economic news was mostly downbeat. Eurozone first-quarter GDP growth cooled to a lower-than-predicted 0.1% from the previous quarter’s 0.2%expansion, as energy costs rose sharply. The composite eurozone purchasing managers' index (PMI) unexpectedly dropped into contractionary territory in April according to a preliminary estimate. The European Central Bank (ECB) maintained its key deposit rate at 2.0%, although it said it could consider an interest-rate hike in June. Given the rise in oil and gas prices, eurozone annual inflation rose to 3.0% in April, from 2.6% in March. This marked a two-and-a-half-year high. Portfolio review The overweight position in the technology sector was beneficial for performance. The sector was supported by strong first-quarter earnings announcements and ongoing enthusiasm for AI, particularly for hardware companies and companies enabling AI, which drove the sector higher. Stock selection in the industrials sector was also positive, as some of our holdings benefited from the AI-related data centre build-out and rising demand for energy infrastructure. At the stock level, S UESS MicroTec and Elmos Semiconductor were among the leading contributors in the technology sector. Elmos Semiconductor makes mixed-signal semiconductors used in automobile sensors, and its shares benefited from recent speculation about a potential sale of the business and a continued recovery in the sector after a period of destocking. SUESS MicroTec manufactures bonding machines and other equipment for semiconductor production. The company announced an inflection in orders in its 2025 full-year results. Shares in Modern Times Group (MGT) also rallied following news that its Indian mobile game developer subsidiary PlaySimple had filed for an initial public offering (IPO) worth $350 million. MGT, which is an e-sports and gaming investment company, also posted strong first-quarter results at the end of the month, highlighted by strong revenue growth. Conversely, the holding in Alzchem detracted, partly due to some profit taking after strong performance. The speciality chemicals company’s first-quarter results also saw sales figures miss expectations, although earnings exceeded forecasts. Despite this weakness, we continue to favour Alzchem for the growth outlook of its speciality products, creatine and nitroguinadine, as well as what we considered an attractive valuation at the time of writing. Karnov's shares also underperformed as concerns about disruption from AI continued to weigh on the information and workflow solutions provider for the legal and auditing professions. Despite this, we believe Karnov’s proprietary data and content give the firm an advantage that it may be able to maintain, even as new technologies enter the market. Having no holding in SOITEC also hurt relative performance. The French firm makes substrates used in semiconductor manufacturing, and optimism about the AI data centre build-out drove the share price higher. In terms of activity, we initiated a position in CrediaBank by participating in a capital increase. The Greek bank, which is partially state-owned, issued shares to raise funds for the purchase of HSBC’s assets in Malta. We also purchased Deutz, a German off-highway engine manufacturer that is diversifying into the energy and defence sectors, which we believe may offer higher growth potential. We also initiated positions in Atalaya Mining, which is focused on copper mining assets in Spain, and Vitrolife, a Sweden-based IVF-focused company. Vitrolife had faced headwinds in 2025, which created what we consider an attractive entry point, as we believe the company may benefit from structural growth in this area. On the sales side, we sold out of Arnoldo Mondadori Editore. The Italian publishing company, which specialises in education materials, faces uncertainty about how it may be impacted by AI. We also exited Dermapharm after the German pharmaceutical company THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2026 Marketing Communication conducted a share repurchase exercise. We exited a small position in Devyser, a Swedish medical diagnostics company, as we thought the potential growth catalysts appear to have moved further away. Manager outlook The conflict in the Middle East has complicated the outlook, as it has created a more binary path for equity markets. A protracted conflict could deepen the energy supply shock, resulting in accelerating inflation, more restrictive monetary policies and a potential recession. Small-cap stocks could remain volatile due to their close ties to economic growth. However, the asset class also remains attractively valued to us on a relative and absolute basis, which could help lessen the impact relative to other segments of the market. A more upbeat scenario would be an end to hostilities, a reopening of the Strait of Hormuz and a normalisation in oil supplies. Should this transpire, we think European small-cap stocks could be well positioned, supported by strong fundamentals. Any uptick in demand could translate into increased revenues and profitability for most firms, which could support equity performance. We believe that favourable valuations make small-cap stocks an attractive way to gain access to the domestically driven European growth potential. Most European governments are in fiscal expansion mode, which could result in a broadening of the European economy in 2026. Irrespective of geopolitical headwinds, investors have continued to focus on disruption from AI. We think the reaction towards stocks viewed as AI “winners” and “losers” has been too simplistic so far. Instead of speculating from a top-down industry-level perspective, we think it is prudent to identify companies and management teams across sectors that are at the forefront of adapting to the AI world. Energy security has again become a focus, in Europe in particular. We maintain our valuation discipline to identify opportunities in these structural growth areas. > References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned. # THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2026 Marketing Communication # Glossary Discount/Premium The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share. Gearing The effect of borrowing money for investment purposes (financial gearing). The amount a company can “gear” is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through d erivatives and foreign exchange hedging and/or other non -fully funded instruments or techniques. Leverage The Company’s leverage is the sum of financial gearing and synthetic gearing. Details of the Company’s leverage limits can be found in both the Key I nformation Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage. Market capitalisation Share price multiplied by the number of share s in issue, excluding treasury shares, at month end. Shares typically priced mid -market at month -end closing. Net Asset Value (NAV) The total value of a Company's assets less its liabilities. NAV (Cum Income) The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value). NAV (Ex Income) The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, de benture stock and preference shares at fair value). NAV total return The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex -dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums. Net assets Total assets minus any liabilities such as bank loans or creditors. Net cash A company’s net exposure to cash/cash equivalents expressed as a percentage of shareholders’ funds, after any offset against its gearing. This is only shown for companies that have gearing in place. Net gearing A company’s total assets (less cash /cash equivalents) divided by shareholders’ funds expressed as a percentage. Ongoing charges The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100. Share price Closing mid -market share price at month end. Share price total return The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex -dividend. Transaction costs are not ta ken into account. Total assets Cum Income NAV multiplied by the number of shares, plus prior charges at fair value. Yield Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure. For a full list of terms please visit: https://www.janushenderson.com/en - gb/investor/glossary/ THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2026 Marketing Communication Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5. The European Smaller Companies Trust has been awarded the Kepler Growth Rating for 2025. For more information including its m eth odology, visit https://www.trustintelligence.co.uk/articles/2025 -our -ratings. Source: Morningstar, Kepler calculations, 01/01/2024 – 31/12/2024. Company specific risks - Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result. - Active management techniques that have worked well in normal market conditions could prove ineffective or negative for perfor mance at other times. - Most of the inves tments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell, and their share prices may fluctuate more than those of larger companies. - Using derivatives exposes the Company to risks different from - and potentia lly greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be signif icantly greater than the cost of the derivative. - This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio inve sted in this Company. - The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet it s obligations to the Company. - The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets. - If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversifie d across more countries. - Where the Company invests in assets that are denominated in currencies other than the base currency, the currency exchange ra te movements may cause the value of investments to fall as well as rise. - If the Company seeks to min imise risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or negative for performance. - The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gear ing. Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketi ng communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment dec isions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular c ircumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any c ontract for the sale or purchase of any investment. 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