Interim Management Statement

RNS Number : 4009X

Montanaro European Smaller C.TstPLC

07 February 2013

 



Montanaro European Smaller Companies Trust plc

Interim Management Statement

For the Period from 1 October 2012 to 7 February 2013

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 31 December 2012	As at  30 September 2012	Movement
Net asset value (000's)	£82,330	£76,697	+7.3%
Net asset value per share	495.0p	461.1p	+7.3%
Benchmark*	157.5	145.7	+8.1%
Share price	426.3p	402.5p	+5.9%
Discount	13.9%	12.7%
Net gearing	8.5%	6.8%

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

(The net asset value per share shown above has been prepared in accordance with International Financial Reporting Standards ('IFRS').

Review for the Period

The Company's net asset value per share increased by 7.3% during the three month period ended 31 December 2012. This compares to an increase of 8.1% in the benchmark index.

European equity markets made good progress during the quarter, driven by the positive political momentum during the summer. This culminated with the ECB's bold policy decision to buy peripheral bonds and a softening of Germany's pro-austerity rhetoric. Recently released fund flow data in the UK confirmed that, after years of selling Europe, investors have started putting money at work in the region again.

Top Ten Holdings as at 31 December 2012

Company	Country	Percentage of total assets
Elekta	Sweden	3.6
Rational	Germany	3.4
Schoeller Bleckmann	Austria	3.2
Fuchs Petrolub	Germany	3.1
GFK	Germany	2.9
Virbac	France	2.9
Christian Hansen	Denmark	2.9
Lem Holding	Switzerland	2.7
Vacon	Finland	2.6
Outotec	Finland	2.6
Total		29.9

Geographical Analysis as at 31 December 2012

Country	Percentage of total assets
Germany	22.3
Sweden	21.8
Finland	8.9
Switzerland	7.8
France	7.7
Austria	7.0
Spain	3.9
Norway	3.1
Denmark	2.9
Netherlands	2.5
Ireland	2.1
Italy	2.0
Greece	1.4
Belgium	1.3
Liquidity	5.3
Total	100.0

Sector Distribution as at 31 December 2012

Sector	Percentage of total assets
Industrials	26.2
Healthcare	16.2
Financials	12.2
Consumer Discretionary	11.1
Energy	10.9
Information Technology	7.4
Materials	6.0
Consumer Staples	4.7
Liquidity	5.3
Total	100.0

Dividend

As previously announced, an interim dividend in respect of the year ended 31 March 2013 of 1.75p per share was paid on 11 January 2013.

Subsequent Events

The Board is not aware of any significant events or transactions which have occurred since 31 December 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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