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.

Bloomberg Ticker / EPIC: MTE LN

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 MESCT

Receive updates about this trust

You can sign up to receive news about this trust via the London Stock Exchange or Investegate.

Alternatively, please contact a member of our marketing team at

Fund managers

Fund Manager

George Cooke

George Cooke

Head of Fund Management


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. He is the Fund Manager of the European Income Fund, the European Smaller Companies Fund, the European Smaller Companies Trust and the Global Select Fund. Additionally, he has Analyst responsibilities for the Healthcare and Insurance sectors.


  • 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)


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.

Backup Fund Manager

Stefan Fischerfeier

Stefan Fischerfeier

Analyst / Fund Manager


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 three of our segregated mandates.

Stefan is a CFA Charterholder.


  • 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


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!

The Board

Richard Curling

Chairman of the Board & Chairman of the Nomination Committee

Richard Curling was appointed in 2015. He has over 30 years' experience as a fund manager and is currently an investment director at Jupiter Fund Management Plc with extensive experience of investment trusts. 

Caroline Roxburgh

Senior Independent Director & Chairman of the Audit Committee

Caroline is a Chartered Accountant and was previously a partner at PricewaterhouseCoopers. She has over 30 years’ business, finance and audit experience across a number of industries and sectors bringing extensive experience to the Board.

Caroline also holds a number of other board positions including as a Non-Executive director of the Edinburgh Worldwide Investment Trust plc.

Gordon Neilly

Director & Chairman of the Remuneration Committee

Gordon Neilly is currently a non-executive director of Personal Assets Trust plc. Mr Neilly was until the end of August 2020, Chief of Staff at Standard Life Aberdeen, prior to which he was Global Head of Strategy at Aberdeen Standard Investments and was responsible for developing the group's strategy and overseeing its implementation as well as overseeing all corporate activity for the Group and its closed end fund business. Gordon joined Aberdeen in 2016 from Cantor Fitzgerald where he held the position of Joint CEO.

Annual General Meeting


Shareholders intending to attend the Annual General Meeting are asked to register their intention as soon as practicable by emailing the Company Secretary at


This year’s AGM presentation can be found above under "latest documents". Should you wish to ask the Board or the Investment Manager any questions, we request that you do so by either email to:, or by post, by writing to: The Company Secretary, Link Company Matters Limited, 6th floor, 65 Gresham St, London EC2V 7NQ. We will endeavour to answer any questions subsequently received as soon as possible.


To be valid, your form of proxy should be completed, signed and returned in accordance with the instructions printed thereon, as soon as possible, and in any event, to reach the Company’s registrars, Equiniti, no later than 48 hours before the time of the Annual General Meeting, or any adjournment of that meeting.

Principal advisors

Alternative Investment Fund Manager and Investment Manager

Montanaro Asset Management Limited

53 Threadneedle Street
London EC2R 8AR
Tel: 020 7448 8600
Fax: 020 7448 8601

Company Secretary and Administrator

Link Company Matters Limited and Link Alternative Fund Managers

6th Floor 
65 Gresham Street
Tel: +44 7725 114 181

Solicitor and Registered Office

Dickson Minto W.S

16 Charlotte Square
Edinburgh EH2 4DF


Equiniti Limited

Aspect House
Spencer Road
West Sussex BN99 6DA


Cenkos Securities Limited

6.7.8 Tokenhouse Yard
London EC2R 7AS

Depositary and Custodian

The Bank of New York Mellon (International) Limited
One Canada Square
London E14 5AL


ING Bank N.V., London Branch
60 London Wall
London EC2M 5TQ


Ernst & Young LLP

25 Churchill Place
Canary Wharf
London E14 5EY

Our trusts

Better World Fund

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Protecting the environment




megawatt hours of energy saved

A low-carbon economy




energy saving actuators fitted





patients treated for illness or disease

Innovative technology




electronic payments processed





people given access to healthier foods each day





seat belts and airbags manufactured


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