Montanaro UK Smaller Companies Investment Trust
The Trust aims to achieve capital growth by investing in small companies listed on the London Stock Exchange or its Alternative Investment Market (AIM). It seeks relative outperformance of its benchmark, the Numis Smaller Companies Index.

Why UK Smaller Companies?
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 hundreds of quoted SmallCap companies operating in the UK
- 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
How to invest
Find out more about how to invest in MUSCIT.
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 enquiries@montanaro.co.uk
Share price
The Board

Arthur Copple was appointed a Director on 1 March 2017. He has specialised in the investment company sector for over 30 years.
He was a partner at Kitcat & Aitken, an executive director of Smith New Court PLC and a managing director of Merrill Lynch.
He is also chairman of Temple Bar Investment Trust plc and Vice-Chair of the University of Brighton Academies Trust.

James Robinson was appointed a Director on 30 September 2013. He was chief investment officer (investment trusts) and director of hedge funds at Henderson Global Investors prior to his retirement in 2005.
A chartered accountant, he has 34 years’ investment experience and is a director of JP Morgan Elect plc. He is also chairman of Polar Capital Global Healthcare Growth and Income Trust plc and a former chairman of the investment committee of the British Heart Foundation.

Catriona Hoare was appointed a Director on 19 November 2019. She has specialised in the investment sector for 13 years, beginning her career at Newton Investment Management where she managed a number of portfolios and private family unit trusts.
She became an investment partner at Veritas in 2013 where she is responsible for managing client portfolios and researching companies for potential investment. Catriona is a CFA® Charterholder, a Member of the Chartered Institute for Securities & Investment and was named one of PAM’s Top 40 Under 40 during 2017.

Barbara Powley was appointed a Director on 18 November 2020. She is currently a non-executive director of M&G Credit Income Investment Trust plc. She is a chartered accountant with over 30 years’ experience in the investment trust industry. Prior to her retirement in March 2018, she was a director in BlackRock’s closed end funds team from 2005 with responsibility for the oversight and administration of BlackRock’s stable of investment trusts. From 1996 to 2005 she had a similar role at Fidelity.
Principal advisers
Alternative Investment Fund Manager and Investment Manager
Montanaro Asset Management Ltd.
53 Threadneedle Street
London EC2R 8AR
Tel: 020 7448 8600
Company Secretary & Registered Office
Link Company Matters Limited and Link Alternative Fund Managers
6th Floor, 65 Gresham Street
London EC2V 7NQ
Tel: +44 7725 114 181
Registrar
Link Asset Services
Shareholder Services Department
The Registry, 34 Beckenham Road
Beckenham, Kent BR3 4TU
Tel: 0871 664 0300
Administrator
Link Alternative Fund Administrators Limited
Beaufort House, 51 New North Road
Exeter EX4 4EP
Tel: 01392 477500
Depositary
BNY Mellon Trust & Depositary (UK) Limited
BNY Mellon Centre
160 Queen Victoria Street
London EC4V 4LA
Custodian
Bank of New York Mellon SA/NV
London Branch
One Canada Square
London E14 5AL
Banker
ING Bank N.V.
London Branch
60 London Wall
London EC2M 5TQ
Broker
Cenkos Securities
6-8 Tokenhouse Yard
London EC2R 7AS
News
Presentation
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