Montanaro European Smaller Companies GBP I

Pan European small-cap equity fund from European specialists Montanaro.

  • 757.40p
    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.

  • -
    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).

  • 0.86%
    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.

  • 0.00%
    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 09 April 2021

The fund aims to produce a capital return in excess of the benchmark HSBC European Smaller Companies. The fund is managed by Charles Montanaro, who is also the founder of the company, who seeks to identify companies with steady and resilient above average earnings. Each stock is researched in depth prior to any investment and portfolio turnover is low. Montanaro is a specialist European Smaller Companies investment boutique.

Fund summary

Sector
Structure OFFSHORE FUND
Launched March, 2012
Size £287m
Yield 0.00%
Charging basis
Dividends paid

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 0.86%

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Investment process

Manager research

Average monthly relative returns

  • 16/17 0.33%
  • 17/18 -0.67%
  • 18/19 -1.19%
  • 19/20 1.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.10%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 85.10%

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

Charles Montanaro

Montanaro graduated with a degree in Anthropology from Durham University in 1976. He spent four years in industry before joining Merrill Lynch in 1980 as a private client broker in London. He joined Dean Witter Reynolds in 1984 and Drexel Burnham Lambert in 1987 as a Senior Vice President, joining the high-yield bond department in 1989. In 1990, he joined MMG Patricof (now Apax Partners) as a Director of investment banking working with UK private and public smaller companies. In August 1991, he founded Montanaro to specialise in analysing and investing in quoted European smaller companies on behalf of leading institutions.

Track record

Charles Montanaro has 10.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.1%. During the worst period of relative performance (from September 2001 - January 2004) there was a decline of 26% relative to the index. The worst absolute loss has been 52%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 85%.

Periods of worst performance

Absolute -52.00% (August 2000 - March 2003)
Relative -26.00% (September 2001 - January 2004)

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

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