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.

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
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Share price
The Board

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 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 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.
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
London
EC2V 7NQ
Tel: +44 7725 114 181
Solicitor and Registered Office
Dickson Minto W.S
16 Charlotte Square
Edinburgh EH2 4DF
Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA
Stockbroker
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
Bankers
ING Bank N.V., London Branch
60 London Wall
London EC2M 5TQ
Auditor
Ernst & Young LLP
25 Churchill Place
Canary Wharf
London E14 5EY
News
KID
Annual and Interim Reports
- Interim/Half-Yearly Report - 2020
- Interim/Half-Yearly Report - 2019
- Interim/Half-Yearly Report - 2018
- Interim/Half-Yearly Report - 2017
- Interim/Half-Yearly Report - 2016
- Interim/Half-Yearly Report - 2015
- Interim/Half-Yearly Report - 2014
- Interim/Half-Yearly Report - 2013
- Interim/Half-Yearly Report - 2012
- Interim/Half-Yearly Report - 2011
- Interim/Half-Yearly Report - 2010