WS Montanaro Europe (ex-UK) Small and Mid-Cap Fund
The Fund aims to achieve capital growth over any five-year period by investing at least 60% of its assets in the shares of small and medium sized companies in the European Union, Iceland, Norway and Switzerland that have a maximum market capitalisation of €20 billion.
The full investment objective and policy for the Fund is stated in the Fund’s prospectus.
The Fund is domiciled in the UK.
Why invest in European SmallCap?
We believe that every investment portfolio should have some exposure to SmallCap, primarily owing to:
- The ‘SmallCap Effect’ – the proven long-term outperformance of smaller companies versus their LargeCap peers*
- A wealth of choice, with more than 2,000 quoted SmallCap companies in Europe
- A lack of research, making for an inefficient market ripe with opportunity for those who invest in thorough analysis
- Portfolio diversification - helping to lower portfolio risk
*Source: see research from Dimson & Marsh
How we invest
Our investment process has remained unchanged for many years:
- We invest exclusively in “Quality Growth” companies
- We generate new ideas ourselves (no brokers)
- We do thorough research ourselves, which includes detailed analysis and company site visits
- We integrate ESG fully into company analysis
- We take a conservative approach to valuation
We are disciplined about what we buy and when we sell
How to invest
Find out more about how to invest in the Fund
Fund managers
Lead Fund Manager
George Cooke
Professional
George graduated from the University of Nottingham in 2005 with an undergraduate degree in Management Studies. He spent a further year of study there at the end of which he was awarded a Masters (with Distinction) in Corporate Strategy & Governance.
Immediately following this, he joined the graduate scheme at Aon Benfield (formerly Aon Re). Having completed this scheme, George settled as an Analyst within the ReSolutions department where he specialised in assisting with the capital and runoff issues of insurance and reinsurance companies. During his time at the company, George received a Diploma in Insurance. He is also a CFA Charterholder.
After three and a half years with Aon Benfield, George joined Montanaro in July 2010. George is Head of Fund Management and is the Fund Manager of the European Smaller Companies Fund, the European Smaller Companies Trust and the Global Select Fund.
Qualifications
- BA (Hons) in Management Studies, University of Nottingham (2005)
- MA (with Distinction) in Corporate Strategy & Governance, University of Nottingham (2006)
- Exams passed for Diploma in Insurance
- Chartered Financial Analyst (CFA)
Personal
When away from the office, George enjoys running and cycling. He completed the London marathon in 2014 and plans to try l’etape du tour…one day. A yearly trip or two to the Alps or Canada allows him to refresh his snowboarding ‘skills’, with his enthusiasm almost making up for any apres-ski induced balance issues.
Back-Up Fund Manager
Stefan Fischerfeier
Professional
Stefan holds a B.A. in Business Administration from the University of Cooperative Education in Mannheim (1995) as well as a Diplom-Kaufmann (MBA equivalent) from the University of Mainz (1998). He graduated from the London Business School with an MSc in Finance (2006).
After graduating from University of Mainz he spent more than six years at Accenture in Germany, Switzerland, France, and the UK as a management consultant for European banks and asset managers. Stefan then worked as an analyst at Nordwind Capital, a Munich based private equity company, analysing the automotive industry, and as an investment consultant for a property fund in Romania assessing real estate investment opportunities in Eastern Europe.
Stefan is bilingual in German and English.
Stefan joined Montanaro in May 2007. He is both an Analyst and Fund Manager of European Smaller Companies Fund and three of our segregated mandates.
Stefan is a CFA Charterholder.
Qualifications
- B.A. in Business Administration, University of Cooperative Education in Mannheim (1995)
- Diplom-Kaufmann (MBA equivalent), University of Mainz (1998)
- M.Sc in Finance, London Business School (2006)
- Chartered Financial Analyst (CFA)
- Bilingual in German and English
Personal
After leaving Munich, Stefan studied in Mannheim and Mainz and worked for three years in the German financial centre Frankfurt. He then took a break and enjoyed the sun at Cote d’Azur, living in Antibes and working in Sophia Antipolis Technology Park.
Stefan moved to London in 2003. He admits that it’s a completely different experience and that he enjoys each and every moment of it.
Travelling is one of Stefan’s favourite pastimes. He has kept in touch with many of his colleagues from around the world and has visited them in Australia, USA and Mexico.
Stefan started skiing aged seven and his favourite spot is Val Thorens as it's the biggest ski resort with the best snow in the Alps. He also played football for a Munich football club for thirteen years but nowadays he just doesn’t have the time - he takes the easy option and watches games in the pub instead!
Prospectus
Application Form
Additional Investor Information Document
Coverall Renunciation and Transfer of Title
Historical Fund Changes
Contact our sales team
Professional
Harry joined Montanaro in 2018 after graduating from the University of Exeter with a degree in Geography in 2018.
He spent three months in Myanmar working for Aequitas Holdings as a Management Intern which consisted of on the ground research into new business ventures for Aequitas. Harry also interned at Velocity Trade where he gained experience of Sell side sales and trading.
Harry is part of the Business Development team at Montanaro covering Wealth Managers across the UK.
Qualifications
- BA (Hons) in Geography - University of Exeter (2018)
Personal
In his spare time Harry is an avid sportsman. He can be found regularly on the golf course, playing cricket for his local team in Kent, or watching Harlequins RFC at the stoop in Twickenham.
Professional
Dan graduated with a History degree from the University of Manchester in 2013. He soon moved to London and started his career in the investment industry working for Henderson Global Investors. After this, he joined Jupiter Asset Management to work in the sales team, covering IFA’s in the Midlands, South West and East Anglia.
Dan joined Montanaro in 2022 as an Investment Sales Manager and is responsible for clients within the Midlands and South West.
Qualifications
- BA (Hons) in History - University of Manchester (2013)
Personal
Dan grew up in Wolverhampton, so no surprise his childhood dream was to play in the old gold of Wolverhampton Wanderers. Instead, you will now find him watching the game or playing 5 a side football with friends when he can.
Dan enjoys spending time outdoors and occasionally signs up for fitness challenges, most of which were great excuses to travel. He has completed the Rome marathon, a standard distance triathlon in London and half-Ironman triathlon in The New Forest, and a long-distance trail race around Lake Como. With the full Ironman too much of an ask, these days he prefers the calmness of a golf course, although has a lot of work to do to bring his handicap down.
Professional
Christian graduated from the University of Grenoble in 1981, where he studied Politics & Law. His research on Scottish politics took him to Scotland where, in 1986, he joined Martin Currie Investment Management as an Investment Manager covering Europe and Asia. In 1988 he joined British Linen Bank, part of the Bank of Scotland Group, where he was in charge of European investments.
In 1990, Christian joined Edinburgh Fund Managers ("EFM") where he was responsible for managing the European Unit Trust and marketing in Canada and the US. After eight years at EFM, in 1998 Christian joined Kempen Capital Management (UK) where he was involved in the marketing and management of their SRI funds and also with marketing in Europe and Canada.
Christian is trilingual in French, English and Spanish.
Christian joined Montanaro in July 2006 and became Head of Client Relationship Management in 2011.
Christian has responsibility for Scotland, Belgium, France, Luxembourg, the Netherlands, Spain and Switzerland.
Qualifications
- Politics & Law degree, University of Grenoble (1981)
- Fluent in French, English and Spanish
Personal
As a fund manager, Christian sometimes took contrarian views. This may be why he left the South of France to move to cold and wet Scotland. Christian speaks French and Spanish and on moving to Scotland, even took (and passed!) an O-Grade in Gaelic.
He likes French and Italian wines and is currently learning Italian so he can visit the various producers during his holidays. For some years now, Christian has imported his favourite wines and champagne into the UK and he is often asked to present them at tasting sessions. His other great interests are Scottish history, literature, cinema and running (when the Scottish weather is not too bad). He also spends some time serving the French community in Scotland as an elected councillor.
He plans to go to the Gaelic college in Skye to improve his Gaelic. He loves the West coast of Scotland, one of the most beautiful parts of the world, when it does not rain and there are no midges!
Professional
Chris graduated from Sheffield Hallam University with a degree in Banking & Financial Management in 2013. Born and bred in Manchester, Chris quickly made the move to London to embark on a career in Asset Management, joining Neuberger Berman as Performance & Risk Analyst.
It didn’t take long for Chris to decide he wanted to work in distribution and in 2014 joined Goldman Sachs Asset Management to support both their wholesale and institutional sales teams within EMEA.
Keen to progress into a client facing role, Chris joined Columbia Threadneedle in 2015 as Business Development Manager, tasked with developing, growing and maintaining relationships with a panel of financial advisers, life co’s and key strategic partners across the U.K.
Chris joined Montanaro in 2018.
Qualifications
- BA (Hons) Banking & Financial Management, Sheffield Hallam University.
Personal
Away from work, Chris sits on the members committee at The Lansdowne Club in Mayfair and is constantly looking at ways to improve the experience for its members. Chris is an avid Manchester United fan (yes – one of the few actually from Manchester) and goes to watch the games as often as he can. Chris enjoys the odd game of 5-a-side but feels he is more attuned to playing golf these days. He is also a big horse racing fan with his favourite meet being the Ebor Festival at York.
Chris loves to travel but rarely plans ahead, choosing instead to book last-minute flights to random destinations. He would like to become fluent in French one day and spent the odd summer during university working at Disneyland Paris. Unfortunately we are yet to find a photo of him dressed as Mickey Mouse.
Professional
Henrik completed an MSc in finance and business administration after studying at the University of Linkoping in Sweden and in St. Gallen, Switzerland.
He started his professional career in 2000 at Merrill Lynch where he worked in equity research covering software and IT services companies. In 2001 he joined Lehman Brothers, where he spent 3 years as an Analyst, working on the European banks team.
As the lead Analyst on the Nordic banks he was writing company, sector and thematic reports. After that he spent 4 years at KBW and 3 years at Morgan Stanley, where he besides being the lead Analyst on Nordic banks also covered Emerging Market banks (Turkey and Russia) and wrote European banks strategy reports.
During his time as a bank Analyst he was voted the number one ranked Nordic banks Analyst in Europe. At Morgan Stanley the team also reached the number one position in Europe.
Henrik has responsibility for the Nordic region.
Qualifications
- M.Sc in Finance and Business Administration, University of Linkoping in Sweden and in St. Gallen, Switzerland
- Bilingual in Swedish and English
Personal
After growing up on the West coast of Sweden and living in Switzerland for a year and a half his biggest interests are boating and skiing. These days that boils down to a couple of weeks skiing per year and a little bit of boating in the summer. There is still that dream of spending a season in the Alps. Besides sports Henrik likes to travel. The perfect dream holiday would be to combine these two interest and go skiing in Alaska.
Professional
Ed joined Montanaro Asset Management in 2014 and is Head of Sustainable Investment. He first joined the City in 2007 with a start-up consultancy, before moving into asset management as a Portfolio Manager at Newton Investment Management and then Standard Life.
Ed leads the ESG and impact investment approach at Montanaro and has developed sustainable investment strategies, including the award winning “Montanaro Better World Fund”. He was instrumental in Montanaro achieving B Corporation certification in 2018. He chairs Montanaro’s Sustainability Committee and sits on its Executive Committee.
Ed was elected to the Board of the UK Sustainable Investment and Finance Association (UKSIF) in September 2023. UKSIF comprises a diverse range of 300+ financial services firms with assets under management of £19 trillion, committed to building a leading sustainable finance industry in the UK. Ed also serves as an independent member of the Medical Research Foundation’s Investment Committee, a charity dedicated to advancing medical research, improving human health and changing people’s lives for the better.
He also contributes to the Glasgow Financial Alliance for Net Zero (GFANZ) policy workstream. Previously, Ed Co-Chaired the B Corp Finance & Investment Working Group, collaborating with other financial services firms to promote best practices and initiatives in the sector, attending COP26.
Ed has completed the Sustainable Finance Course at the Cambridge Institute for Sustainability Leadership (CISL) and holds the CFA Institute Certificate in ESG Investing, and The Chartered Institute for Securities & Investment Diploma. He graduated from Durham University with a 2:1 BA (Hons) degree in Theology.
Qualifications
- Durham University, Theology BA (Hons) 2:1
- CFA Institute, Certificate in ESG Investing
- The Chartered Institute for Securities & Investment Diploma
- Sustainable Finance Course - Institute for Sustainability Leadership, University of Cambridge
Personal
Away from work, Ed is kept busy looking after his young family. An avid reader, Ed likes to relax by working his way through an ever-growing reading list. He is interested in the development of new technologies, particularly “AI” and in his spare time has completed Stanford Professor Andrew Ng’s course 'AI for Everyone'. When he can, Ed likes to travel, a highlight being a trip across the Middle East to Egypt, Jordan, Syria and Israel in 2005.