Interim Management Statement

RNS Number : 6124K
Montanaro European Smaller C.TstPLC
31 July 2013
 



Montanaro European Smaller Companies Trust plc

 

Interim Management Statement

 

For the Period from 1 April 2013 to 31 July 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

30 June 2013

As at

 31 March 2013

 

Movement





Net asset value (000's) #

£89,120

£93,009

-4.2%

Net asset value per share #

535.8p

559.2p

-4.2%

Benchmark*

176.7

176.4

+0.2%

Share price

473.5p

519.3p

-8.8%

Discount

-11.6%

-7.1%


Net gearing

1.5%

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 4.2% during the three month period ended 30 June 2013. This compares to an increase of 0.2% in the benchmark index.

 

In June, the twelve month equity market rally came to an end following comments by the US Federal Reserve about the prospect of quantitative easing being tapered off as soon as next year. Despite markets falling in June, the quarter as a whole recorded a small gain and European SmallCap has outperformed LargeCap by around 5% so far this year. The Company underperformed its benchmark for the quarter as investors continued to be attracted to riskier, lower quality companies. The Manager's quality growth investment style was out of favour during the period.

 

 



 

Top Ten Holdings as at 30 June 2013

 

 

 

Company

 

 

Country

Percentage of total assets




Rational

Germany

3.5

Vacon

Finland

3.3

LEM Holding

Switzerland

3.2

Virbac

France

3.0

Christian Hansen

Denmark

3.0

GfK

Germany

2.9

Belimo  Holdings

Switzerland

2.9

AF Group

Sweden

2.6

Sartorius AG

Germany

2.5

Fuchs Petrolub

Germany

2.5




Total


29.4

 

 

Geographical Analysis as at 30 June 2013

 

 

 

Country

Percentage of total assets



Germany

24.1

Sweden

16.9

Switzerland

10.5

Finland

9.9

France

6.3

Austria

5.4

Spain

3.6

Denmark

3.0

Norway

2.5

Netherlands

1.7

Ireland

1.5

Greece

1.3

Belgium

1.2            

Italy

0.8



Liquidity

11.3



Total

100.0

 



Sector Distribution as at 30 June 2013

 

 

 

Sector

Percentage of total assets



Industrials

26.0

Healthcare

13.1

Financials

11.8

Consumer Discretionary

11.2

Energy

8.5

Information Technology

7.7

Materials

5.5

Consumer Staples

4.9

 

 

Liquidity

11.3

 

 

Total

100.0

 

 

Dividend

As previously announced, a final dividend in respect of the year ended 31 March 2013 of 5.00p per share will be paid on 26 July 2013.

 

 

Subsequent Events

The Board is not aware of any significant events or transactions which have occurred since 30 June 2013 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: +44 020 7448 8600

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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