Interim Management Statement

RNS Number : 0909I

Montanaro European Smaller C.TstPLC

19 July 2012

 



Montanaro European Smaller Companies Trust plc

Interim Management Statement

For the Period from 1 April 2012 to 19 July 2012

Investment Objective

Montanaro European Smaller Companies Trust plc aims to achieve capital growth by investing principally in Continental European quoted smaller companies.

Performance Summary

Capital Return	As at 30 June 2012	As at  31 March 2012	Movement
Net asset value (000's) #	£73,112	£81,278	-10.0%
Net asset value per share #	439.55p	471.63p	-6.8%
Benchmark*	137.22	153.80	-10.8%
Share price	365.00p	405.00p	-9.9%
Discount	-17.0%	-14.1%
Net gearing	0.8%	1.5%

# calculated in accordance with International Financial Reporting Standards

* MSCI Europe SmallCap (ex UK) Index (in Sterling terms)

Review for the Period

The Company's net asset value per share decreased by 6.8% during the three month period ended 30 June 2012. This compares to a decrease of 10.8% in the benchmark index.

During the period, European stock markets gave up most of their gains from the first quarter of 2012 as the economic outlook deteriorated and speculation continued over the future of the Eurozone. However, company balance sheets are generally in good shape and the companies in the portfolio have continued to show confidence in their ability to grow. The portfolio continues to be defensively positioned with a low level of gearing.  

Top Ten Holdings as at 30 June 2012

Company	Country	Percentage of total assets
Rational	Germany	3.6
Kapsch TrafficCom	Austria	3.1
Elekta	Sweden	3.1
GFK	Germany	3.0
Fugro	Netherlands	2.9
Virbac	France	2.8
Lem Holdings	Switzerland	2.7
Fuchs Petrolub	Germany	2.6
Andritz	Austria	2.6
Schoeller Bleckmann	Austria	2.6
Total		29.0

Geographical Analysis as at 30 June 2012

Country	Percentage of total assets
Sweden	20.4
Germany	17.0
France	8.7
Austria	8.3
Finland	8.2
Switzerland	7.3
Spain	3.4
Norway	3.0
Netherlands	2.9
Denmark	2.6
Ireland	2.1
Italy	1.3
Greece	1.2
Belgium Subsidiary	0.1                0.1
Liquidity	13.4
Total	100.0

Sector Distribution as at 30 June 2012

Sector	Percentage of total assets
Industrials	26.3
Consumer Discretionary	12.3
Financials	11.4
Healthcare	11.3
Energy	10.7
Information Technology	7.2
Materials	5.3
Consumer Staples Subsidiary	2.0 0.1
Liquidity	13.4
Total	100.0

Dividend

As previously announced, a final dividend in respect of the year ended 31 March 2012 of 3.75p per share will be paid on 27 July 2012.

Transaction in Own Securities

On 3 May 2012 the Company purchased 600,000 of its own ordinary shares of 50p, to be held in treasury, at a price of 394.0p per share.

Subsequent Events

The Board is not aware of any significant events or transactions which have occurred since 30 June 2012 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Daily and Key Information

Further information regarding the Company, including monthly factsheets, can be found at the Manager's website: www.montanaro.co.uk.

For further information please contact:

Montanaro Asset Management Limited

Tel: [phone]

 

END

 

 

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