Montanaro European Income GBP

Small and mid-cap European equity fund with an attractive yield.

  • 212.30p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 118.40p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.82%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 1.60%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 26 February 2021

The fund targets both capital growth and income. The fund will invest primarily in small and mid-cap companies quoted in the EU (excluding the UK), Iceland, Norway and Switzerland that offer an attractive dividend yield or the potential for dividend growth.

Fund summary

Sector Europe Excluding UK
Structure OFFSHORE FUND
Launched March, 2012
Size £410m
Yield 1.60%
Charging basis
Dividends paid Mar, Apr, Jul, Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.82%

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Investment process

Manager research

Average monthly relative returns

  • 16/17 0.35%
  • 17/18 -0.31%
  • 18/19 1.65%
  • 19/20 0.45%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.25%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 93.70%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

George Cooke

Cooke joined Montanaro in July 2010. Prior to that, he has been working at Aon Benfield (Aon Re) for three and a half years, having completed the graduate scheme with the company. During his tenor as an analyst within the Resolutions department at Aon, he specialised in assisting with the capital and runoff issues of insurance and reinsurance companies. 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. Cooke holds a Diploma in Insurance and is a CFA Charter holder.

Track record

George Cooke has 8.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.25%. During the worst period of relative performance (from May 2012 - June 2015) there was a decline of 26% relative to the index. The worst absolute loss has been 28%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 94%.

Periods of worst performance

Absolute -28.00% (June 2018 - December 2018)
Relative -26.00% (May 2012 - June 2015)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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Key Investor Information - Income

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Key Investor Information - Accumulation

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