Title: URL Source: https://is.gd/ERFDE4 Published Time: Tue, 13 May 2025 12:30:40 GMT Markdown Content: Fund Objective Key Information Legal Status UK Investment Trust Listing London Stock Exchange Dividend Dates January and July/August Price 148.5p NAV † 162.01p Performance Discount Cumulative Returns (£) Fund Facts Annual Returns (£) [Financial Year End - 31 March] ESG Cumulative Performance Since Inception Risk & Reward Profile Important Information ## For Professional and Institutional investors only # Montanaro European Smaller Companies Trust This is a Marketing Communication ## 31 March 2025 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. YTD 1M 3M 6M 12M 3Y 5Y 10Y Fund Manager George Cooke -8% Backup Fund Manager Stefan Fischerfeier 365.2% Launch Trust (Price) 5.7% -2.0% 5.7% 2.4% 4.2% -11.6% 68.8% 188.3% Benchmark MSCI Europe SmallCap xUK Trust (NAV) † 1.9% -1.8% 1.9% -2.0% -1.7% Net Assets £292 million 373.9% Benchmark * 5.0% -1.4% 5.0% -0.2% -1.1% -5.5% 69.3% 183.5% Gearing 1.9% No.of Holdings 49 Median Mkt Cap £1,712 million FYTD 23/24 22/23 21/22 20/21 -3.3% 53.8% 82.0% 184.4% Gross Assets £297 million Carbon Intensity 26.7 -1.1% 11.3% 15.1% 28.7% Trust (Price) 4.2% 3.6% -18.1% 4.3% 83.0% 19/20 18/19 17/18 16/17 -5.3% 12.2% 10.7% 27.7% Water Intensity 1,660.7 Waste Intensity 54.1 Trust (NAV) † -1.7% 4.0% -7.6% 7.9% 66.1% -15.1% -6.3% 9.9% 25.5% Fund ESG Score* 6.3 *The Fund ESG Score is the weighted average of Montanaro's proprietary company ESG Checklist scores (0-10; 10 is best). Benchmark * -1.1% 3.4% -5.5% 2.2% 55.6% Source: Montanaro, Bloomberg. 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 -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 ## 31 March 2025 VZ 4.5% Fund Index Price / Earnings 25F 25.0 10.1% Atoss Software 4.2% Beta 1.2 1.00 Dividend Yield 25F 1.9% Kitron 4.4% Jensen's Alpha (annual) 0.0% EPS Growth 25F CTS Eventim 3.9% Sharpe Ratio -0.23 -0.25 Return on Equity 25F 14.0% MTU Aero Engines 4.1% Standard Deviation 21.4% 15.9% Dividend Growth 25F 6.1% Fortnox 3.4% Information Ratio -0.07 EBIT Margin 25F 23.5% Reply 3.4% Tracking Error 10.3% EV/EBITDA 25F 18.7 Brunello Cucinelli 3.1% 37.5% -5.8% Plejd 3.2% NCAB 3.3% Active Share 92.6% Net Debt/Equity 25F Sterling MTE LN BM8H3X0 Ticker SEDOL ISIN GB00BM8H3X05 Currency Click here or scan QR code for Annual Report N/A N/A 5 SRRI Perf Fee High Water Mark 04/09/2006‡ 162.01p 1.03%* 0.825% NAV Ongoing Charge Annual AMC Launch Price 148.5p Discount -8% 4% 0% 4% 29% 8% 15% 5% 8% 26% 1% 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% 3% 3% 4% 4% 9% 12% 14% 19% 30% 0% 10% 20% 30% 40% Belgium France Denmark Netherlands Spain Norway Switzerland Italy Germany Sweden