TIDMMTU
RNS Number : 2101D
Montanaro UK Smlr Cos Inv Tst PLC
20 June 2023
Montanaro UK Smaller Companies Investment Trust Plc
(Incorporated in England and Wales)
Company Number: 03004101
ISIN: GB00BZ1H9L86
LEI: 213800UDDXXTXIF29P85
('Montanaro UK Smaller Companies Investment Trust', or the
'Company')
20 June 2023
Montanaro Uk Smaller Companies Investment trust PLC
2023 ANNUAL RESULTS ANNOUNCEMENT
and
notice of annual general meeting
Montanaro UK Smaller Companies Investment Trust PLC announces
its annual results for the year ended 31 March 2023 and the
publication of its annual report and accounts for the same period,
which includes the notice of its 2023 annual general meeting.
HIGHLIGHTS
For the year ended 31 March 2023
Performance
Total Returns 1 year 3 year 5 year 10 year Since launch
----------------- --------- -------- -------- -------- -------------
Ordinary share
price(1) (12.4%)* 18.1%* 16.4%* 63.6%* 836.4%
----------------- --------- -------- -------- -------- -------------
Net Asset Value
("NAV") (12.2%)* 12.8%* 4.0%* 43.1%* 801.3%
----------------- --------- -------- -------- -------- -------------
Benchmark (7.9%)** 50.8%** 10.4%** 80.7%** 501.3%***
----------------- --------- -------- -------- -------- -------------
Sources:
* AIC
** NSCI
*** Composite sourced from NSCI and Bloomberg.
Montanaro Asset Management
1 Details provided in Alternative Performance Measures on page
65.
All returns are shown with dividends reinvested.
The Benchmark is a composite index with the NSCI used since 1
April 2013.
2023 2022
----------------------------- ------ ------
For the year ended 31
March
Revenue return per Ordinary
share 2.3p 1.7p
----------------------------- ------ ------
Dividend per Ordinary
share 4.5p 6.4p
----------------------------- ------ ------
Ongoing charges(1) 0.9% 0.8%
----------------------------- ------ ------
Portfolio turnover(1) 22.2% 23.3%
----------------------------- ------ ------
As at 31 March
--------------------------- ---------- ----------
Ordinary share price 105.0p 125.0p
--------------------------- ---------- ----------
NAV per Ordinary share(2) 114.5p 135.5p
--------------------------- ---------- ----------
Discount to NAV(1) 8.3% 7.8%
--------------------------- ---------- ----------
Gross assets(1) GBP211.6m GBP246.8m
--------------------------- ---------- ----------
Net assets GBP191.6m GBP226.8m
--------------------------- ---------- ----------
Market capitalisation GBP175.7m GBP209.2m
--------------------------- ---------- ----------
Net gearing employed(1) 4.8% 4.3%
--------------------------- ---------- ----------
1 Details provided in Alternative Performance Measures on page
65.
2 Details provided in the glossary on page 67.
CHAIRMAN'S STATEMENT
I am pleased to present the twenty-eighth annual report of
MUSCIT for the year ended 31 March 2023.
Results
In the year to 31 March 2023, the total return on the Net Asset
Value ("NAV") and share price of MUSCIT was minus 12%. In
comparison, the Numis Smaller Companies (excluding investment
companies) Index was minus 7.9%. Please refer to the Performance
Review section of the Manager's Report on page 6 for further
details.
Since inception in 1995, the Company has delivered a cumulative
NAV total return of 801% and a cumulative share price total return
of 836%, significantl outperforming the composite benchmark which
delivered a cumulative return of 501%.
Dividends
The Company's investment objective has always been to generate
capital growth. This remains unchanged. A new dividend policy was
introduced in July 2018. Dividends are now paid each quarter
equivalent to 1% of the Company's NAV on the last business day of
the preceding financial quarter, being the end of March, June,
September and December.
During the Financial Year, the Company declared four quarterly
dividends amounting to a total of 4.5p, equivalent to 3.8% of the
share price at the start of the year and 4.5% of the share price at
the end of the period. MUSCIT remains one of the highest yielding
UK SmallCap investment trusts. The Company holds substantial
reserves which are available for distribution in future.
Discount
Over the last financial year, the discount of MUSCIT's share
price to NAV, as shown in the graph on page 3, widened slightly,
from 7.8% to 8.3%. The Board and the Manager have worked hard to
make MUSCIT attractive to private clients, including implementing a
five-for-one share split in 2018; the new dividend policy; reducing
costs and an increased focus on marketing. These initiatives
continue to bear fruit as more and more retail investors appear on
the share register. Hopefully this will help to reduce discount
volatility in the shares of MUSCIT.
Share Buy Backs
The Board is responsible for the implementation of share
buy-backs which are undertaken at arms' length from the Manager. No
shares were bought back during the Financial Year.
Board
The Board consists exclusively of independent Non-Executive
Directors with a good balance of skills, experience, diversity and
knowledge of the Company and its business.
There were no changes to the Board during the Financial Year.
James Robinson, a Director for nine years, has indicated that he
intends to retire at the Company's forthcoming AGM. James will hand
over the chair of the Audit Committee to Barbara Powley and the
Board will look to appoint a new director later this year. On
behalf of the Board, I would like to thank James for his
significant contribution to the Company during his tenure. He will
be missed.
Administrator and Company Secretary
The Company has appointed, with effect from 1 July 2023, Juniper
Partners Limited as Company Secretary and Administrator, in place
of Link Company Matters Limited and Link Alternative Fund
Administrators Limited respectively. On behalf of the Board and the
Manager, I would like to thank the entire team at Link for their
service and commitment to our Trust over almost three decades.
ESG
The Board and Montanaro believe there is a strong correlation
between how well a business fares on Environmental, Social and
Corporate Governance grounds and the value it creates for its
shareholders. This is why ESG considerations form an integral part
of the Manager's assessment of a company's "Quality" and have been
fully integrated into the investment process for many years.
The depth of Montanaro's commitment is perhaps best exemplified
by the fact that they are one of the few UK asset managers to be a
certified B Corporation - a certification Montanaro has held since
2019. Certified B Corporations are businesses that meet the highest
standards of verified social and environmental performance, public
transparency and legal accountability to balance profit and
purpose.
An expanded report on ESG is provided in the Manager's Report on
pages 5 to 6.
AGM
The Annual General Meeting will be held on 27 July 2023 at 12
noon at the office of Montanaro Asset Management, 53 Threadneedle
Street, London EC2R 8AR. Shareholders are warmly invited to attend
the Meeting where there will be an opportunity to meet and ask
questions of the Board and the Manager.
Continuation Vote
At the AGM held on 12 August 2021, over 99% of shareholders
voted in favour of the continuation of MUSCIT for a further five
years. Unless brought forward, the next Continuation Vote will be
held in 2027.
Outlook
As we move forward into the post-COVID era, there are two major
factors that continue to influence and shape financial markets: the
aftershocks of the pandemic and rising interest rates. Both these
factors have significant implications for investors.
In addition to a global economic recession and unprecedented
government interventions, the pandemic also brought about profound
shifts in consumer behaviour, some permanent. These include, for
example, the democratisation of remote working; a substantial
increase in e-commerce and contactless payments; the growing demand
for digital entertainment and streaming services; a renewed focus
on wellness, health and leisure; and a desire by companies to make
their supply chains more resilient. In turn, these trends are
resulting in new demand for an array of products and services
ranging from cyber-security and digital payments to healthcare
products.
The second factor that investors are having to wrestle with is
rising interest rates. Fearing that inflation could get out of
hand, the Bank of England has raised interest rates by more than 4%
since December 2021 in its fastest rate-hiking cycle in three
decades. This is already having an impact on consumer spending and
residential property markets across the UK. Companies with fragile
balance sheets and high amounts of debt may struggle to renew their
loans on reasonable terms. Some will simply not survive this new
reality.
Stock pickers such as Montanaro are well placed to capitalise on
this new reality. Their large team of analysts can help to navigate
the risks and opportunities arising from new consumer behaviours.
Meanwhile, their focus on quality businesses with sound balance
sheets is reassuring. The past three years have been dominated by a
significant outperformance of Value stocks, but a renewed focus on
corporate balance sheets could put an end to this. The Board
believes that the Manager is well placed to make the most of this
new environment and looks to the future with confidence.
ARTHUR COPPLE
Chairman
19 June 2023
Manager's Report
The Attractions of Quoted UK Smaller Companies ('SmallCap')
The key attraction of investing in quoted smaller companies is
their long-term record of delivering higher returns to investors
than large companies. In the UK, over the last 68 years, this has
amounted to an average of 3.1% per annum (the "SmallCap Effect").
GBP1 invested in UK large companies in 1955 would now be worth
GBP1,255 whereas the same GBP1 invested in UK smaller companies
would now be worth GBP8,326 - almost seven times more (see chart
below).
The market for UK smaller companies is inefficient. While some
large companies are analysed by more than 50 brokers, many smaller
companies have little or no such coverage. Some have none at all.
We believe that this makes it easier for those with a high level of
internal resources to identify attractive, undervalued and
overlooked investment opportunities. This in turn makes it possible
to deliver long-term performance over and above that of the
benchmark.
Montanaro
Montanaro was established in 1991 and we celebrated our 30th
Anniversary last year. We have one of the largest and most
experienced specialist teams in the UK dedicated exclusively to
researching and investing in quoted smaller companies. Our team of
thirty-eight includes ten nationalities, which gives us the breadth
of resources and scope to conduct thorough in-house research.
At 31 March 2023, we were looking after around GBP4 billion of
assets.
Investment Philosophy and Approach
We specialise in researching and investing in quoted smaller
companies.
We have a disciplined, two-stage investment process. Firstly, we
identify "good businesses" within our investable universe. In the
second stage, we determine the intrinsic value of each company to
ensure they will make a "good investment" (the two are not always
the same).
When we consider that we have identified a good company, it must
pass our stringent Quality and ESG Checklists and be approved by
our Investment Committee before it can be added to our "Approved
List". ESG has been integrated in our disciplined investment
process for almost two decades. Only the most attractive companies
make it on to the Approved List and it is from these that we
construct your Portfolio.
We have an in-house team of fourteen Analysts who are sector
specialists. This is one of the largest such specialist teams in
the country. Utilising their industry knowledge and a range of
proprietary screens, they are continually searching for new ideas.
With around 1,800 companies quoted in the UK to choose from, we are
spoiled for choice.
We look for high quality companies in markets that are growing.
They must profitable; have good and experienced management; deliver
sustainably high returns on capital employed; enjoy high and
ideally growing profit margins reflecting pricing power and a
strong market position; and provide goods services that are in
demand and likely remain so. We prefer focused companies that can
deliver self-funded organic growth and remain focused on their
areas of expertise, rather than businesses that spend a lot of time
on acquisitions.
Conversely, we avoid those with stretched balance sheets; poor
free cash flow generation; incomprehensible or heavily adjusted
accounts; unproven or unreliable management; or that face
structurally challenged business models with stiff competition.
We believe that a deep understanding of a company's business
model and the way it is managed are essential. In normal
circumstances, we visit our investee companies on a regular basis,
although this was not possible during pandemic. Thankfully, these
visits have now resumed and the team is busy.
Management's past track record is examined in detail as we seek
to understand their goals and aspirations. In smaller companies,
the decisions of the entrepreneurial management can make or break a
company (which is why meeting them is so important). We look
closely at the board structure; the level of insider ownership; and
carefully examine remuneration and corporate governance
policies.
Once a company has been added to the Portfolio, our Analysts
conduct ongoing reviews. We will sell a holding if we believe that
the company's underlying quality is deteriorating or if there has
been a fundamental change to the investment case or management. We
will get some things wrong and make mistakes, but we try to learn
from them.
In summary, we invest in well managed, focused, high quality,
growing companies bought at sensible valuations. We are happy to
pay more for a higher quality, more predictable company that can be
valued with greater certainty. Finally, we align ourselves with our
investors by investing meaningful amounts of our own money
alongside yours. We are significant shareholders in MUSCIT.
Environmental, Social and Governance ("ESG")
Montanaro became a certified B Corporation in 2019, placing
sustainability at its core. This was achieved by meeting verified
standards of social and environmental performance, transparency and
accountability. It is regarded as one of the toughest
sustainability standards to achieve globally. Montanaro recertified
for "B Corp" status in 2022 and achieved a score of 105.5, well
above the 81.8 originally achieved in 2019 and an achievement of
which we are proud.
In 2021, Montanaro was the only UK investment boutique to be
invited to join the Glasgow Financial Alliance for Net Zero
("GFANZ") taskforce, chaired by former Bank of England Governor,
Mark Carney. In March 2022, Montanaro won the Best Small &
Mid-Cap Sustainable Investment Boutique award from Ethical Finance.
This recognised Montanaro's continuing commitment to sustainable
investing within its own business, across the investment industry
and in our investment process.
Montanaro continued to achieve industry leading standards over
the last year. In particular, we recently announced our commitment
to becoming carbon negative and removing 100% of our historical
emissions by 2030. In March 2023, we entered into a partnership
with Klimate, a Danish carbon removal specialist. Together, we are
building an innovative portfolio of carbon removal projects to
achieve our targets. This will include projects such as direct air
capture; deep storage bio-oil; ocean kelp; and restorative
tree-planting. All will be verified independently to ensure their
integrity. We believe that we are the first asset manager in the
world to have publicly stated such ambitious goals.
These industry standards and our participation in collaborative
initiatives allow us to stay abreast of an area of the investment
world that is rapidly changing and ensure that our investment
process evolves accordingly. We aim to be pioneers and to lead by
example.
Montanaro has a long track record of sustainable investing,
which has always been represented in the way the Portfolio has been
managed. Ethical restrictions mean that we do not invest in
companies that generate a significant proportion of sales from
products with negative societal impact such as tobacco, gambling,
armaments, alcohol, highinterest- rate lending and fossil fuels.
Similarly, we do not invest in companies that conduct animal
testing, unless it is required by law for healthcare or regulatory
purposes.
The analysis of ESG factors has long formed part of our
definition of a company's "Quality". The analysis of such
information allows us to better understand the risks - and
opportunities - that our companies may be exposed to.
An important research and engagement project conducted during
the year focussed on biodiversity. The purpose of this Deep Dive
Report was to gain a greater understanding of how companies are
coping with the biodiversity crisis. One of the companies we were
able to talk to about their ecological footprint and how they
measure their impact on nature was M.P. Evans, a company that owns,
manages and develops sustainable palm oil estates in Indonesia . We
spoke to the CEO about the company's approach to sustainability and
nature preservation to find out more about the importance of
biodiversity to the business and how they plan to protect it whilst
managing their plantations in Indonesia.
We have engaged with several companies to discuss good
governance practices. The Chairman of the Diploma Remuneration
committee contacted us regarding proposals for their new
Remuneration Policy. The company wished to increase executive
salaries and the limits on variable pay. We discussed how pay had
been considered in the context of the wider workforce. We were
pleased with the increased focus on Earnings Per Share ("EPS") over
Total Shareholder Returns ("TSR") as an indicator and expressed our
preference for simple pay structures. We also heard about some of
the ESG work being undertaken as part of the company's 'Delivering
Value Responsibly' campaign. As a result, we opted to support
management at the AGM and voted in favour of their proposals.
We continue to participate in collaborative engagements. We
joined the Farm Animal Investment Risk and Return ("FAIRR")
initiative engagement with Cranswick to discuss labour rights.
Through discussion with the CFO, we established that the majority
of its workforce is directly employed and labour metrics are
reported to the Board on a monthly basis, with followup reports on
actions taken to mitigate problems. We will continue to monitor
labour practices at the company but are satisfied with the
policies, approach and transparency.
We also joined FAIRR as part of an $18 trillion investor
coalition urging The Food and A gricultural Organization of the
United Nations (the "FAO") to set a roadmap to 1.5degC for the
global food sector. A letter was presented to the FAO ahead of a
council meeting in June 2022. In response, in November 2022 at
COP27, FAO Deputy Director, Zitouni Ould-Dada, confirmed work is
underway to produce a roadmap for the Agriculture, Forestry and
Other Land Use (AFOLU) sector to align with 1.5degC by 2050 and
they are aiming for publication by COP28.
We are pleased that MUSCIT was awarded a 'AA' rating - the
second best rating out of a possible seven - for its ESG
credentials by MSCI.
With almost every asset manager dedicating more time and
resource to ESG and sustainability, we believe that we remain ahead
of the curve. This is due to our experience; the high level of
in-house resources that we have at our disposal; and our belief
that embedding ESG factors into an investment process leads to
better investment outcomes. We look forward to sharing further
developments with you in the coming years.
How to invest
We have dedicated a great deal of time to make MUSCIT readily
available to all investors. We have continued to grow our presence
across the UK's investment platforms and are delighted to see a
steady increase, year after year, in MUSCIT's retail following.
Together with the Board, we have appointed Marten & Co to
provide sponsored research. The latest report published in July
2022 is available here:
https://montanaro.co.uk/montanaro-uk-smaller-companies-selloff-provides-opportunities/
.
For further details about how to invest, please refer to the
website:
https://montanaro.co.uk/trust/montanaro-uk-smaller-companies-investment-trust/
The Portfolio
At 31 March 2023, the Portfolio consisted of 40, high conviction
investments of which the top ten holdings represented 42%. MUSCIT
held 14 companies traded on AIM, representing 30% of the Portfolio
by value.
Sector distribution within the Portfolio is driven by stock
selection. Although weightings relative to the market are
monitored, overweight and underweight positions are held based on
where the greatest value and upside are perceived to be.
Gearing
The Alternative Investment Fund Manager ("AIFM"), in
consultation with the Board, is responsible for determining the net
gearing level of the Company. At 31 March 2023, gearing stood at
4.8%.
Performance Review
The total return on NAV was minus 12% over the period, the
benchmark total return was minus 7.9%. As the discount only
slightly widened compared to a year ago, the share price also
declined by 12%. The negative performance of UK SmallCap as an
asset class can be attributed to the combined effect of rising
interest rates coupled with investor concerns over a possible
recession in the UK. According to the Investment Association,
investors redeemed a record GBP1.3 billion from open-ended UK
SmallCap funds in the 12 months to 31 March 2023. In addition to
this, MUSCIT suffered from its exclusive focus on Quality and
Growth companies, which as a whole underperformed, as detailed in
the Review & Outlook section. In other words, the
underperformance cannot be explained by a small number of large
detractors. Pleasingly, MUSCIT posted the second strongest NAV and
share price return of the peer group of eight investment
trusts.
Since its launch in March 1995, MUSCIT has delivered an
annualised NAV total return of 8.2%, which represents an
outperformance of 1.6% p.a. compared to the benchmark.
Performance Attribution
The largest positive contributors over the period were:
4imprint , the supplier of promotional merchandise, saw its
share price rise by more than 70% during the year as it benefited
from a reopening of the US economy after the pandemic.
AIM-traded Ideagen, which develops compliance and risk software,
received a bid from private equity firm Hg Pooled Management at
350p, valuing the business at GBP1.1 billion. The shares climbed by
46% on the day of the announcement. We were sorry to say farewell
to a management team we like and admire.
Games Workshop , the designer of the hobby miniature creature
behind Warhammer, reported strong earnings and announced a possible
collaboration with Amazon to produce a movie.
There will always be some investments that do not go as
expected. The largest negative contributors over the period
were:
Marshalls , the UK's leading hard landscaping manufacturer, fell
on concerns about the outlook for the residential property market
following a rapid increase in mortgage rates. T he company has
reduced its profit guidance three times since August 2022.
Nonetheless, we regard the management team highly.
Treatt , the specialist in citrus oils and flavourings, declined
as it suffered from the impact of lower US consumer demand on its
range of tea products (and iced tea in particular).
NCC Group , a leading cyber security consultant, issued a profit
warning, largely as a result of its tech-heavy US customer base
reducing its business activity in a weak macroeconomic
environment.
Review & Outlook
The IMF is forecasting that interest rates will return to "rock
bottom" due to chronic low growth in the developed world, linked to
low productivity and ageing populations. Such forecasts are
interesting insofar as they highlight just how unusual 2022 was.
Interest rates soared as a result of the economic dislocation of
COVID and the war in Ukraine, rather than underlying structural
trends.
Unusually, the Quality and Growth styles significantly lagged
the market last year. As Quality Growth, SmallCap investors, it
will always be challenging when Quality, Growth and SmallCap all
underperform - especially at such extreme levels. UK SmallCap
posted its worst performance relative to LargeCap (21%) in 2022. It
was MUSCIT's third worst year ever in terms of NAV performance, in
a calendar year (see chart below):
However, it is unwise to become too down-hearted by one year. We
have long argued that UK SmallCap is an attractive asset for
long-term investors. It is important to give companies time to grow
over time and different cycles. Taking a longer perspective, since
January 1955, UK SmallCap has outperformed in 78% of the 70
ten-year rolling periods since then and in 99% of the 30-year
rolling periods (see chart below):
As time ticks by, the impact of the black swan events described
above appears to be fading. Global inflation has largely stabilised
and investors are now pricing in the first interest rate cut as
early as September 2023 in the US and March 2024 in the UK. The
headwinds of the past 18 months might soon turn into tailwinds.
However, we claim no expertise in forecasting macro-economic
developments and waste little time in trying to do so.
Instead, we talk to our companies. We continue to be reassured
by their performance. Many (not all) have posted good numbers in
the latest reporting season, giving us the confidence that in our
quest for good companies with outstanding management, we have
identified those that are not only growing, but are doing so from a
position of strength. History has shown us that it pays to invest
in and back high quality companies with good pricing power, strong
competitive positions in markets with high barriers to entry,
robust balance sheets and highly motivated, entrepreneurial
management with exemplary standards of corporate governance.
Although SmallCap remains out of favour as we write these lines,
we cannot help but feel increasingly positive about what it holds
in store for the coming years. At 31 March 2023, the Numis Smaller
Companies (ex-IC) index was trading on 9.8x 12 months-forward
earnings, 22% below its long-term average (see chart below):
To put things into perspective, since 2006 the index has only
traded on a P/E of below 10x in 23 of the 198 months, i.e. 11% of
the time. Every single time this has happened, it was followed by a
year where SmallCap outperformed significantly (averaging a
remarkable 23%).
More importantly, as someone brought up to recognise that you
cannot eat relative performance, when UK SmallCap has fallen then
the following three years have seen strong absolute returns. Last
year saw the sixth worst year of absolute returns as the chart
below shows (we will have to wait to add the figures for the next
three years).
It is hard to recall such indifference to the asset class. As
someone with more grey hair than most who has lived through seven
Bear markets, it is hard not to be excited about investment
opportunities especially for long-term investors. To borrow the
words of Andrew Jones, the highly regarded Chief Executive of
LondonMetric Property PLC: "when you invest in quality, time will
help you to create wealth".
Since UK SmallCap appears to be cheap, you would expect
take-over activity to pick up. Already there are signs that M&A
activity is indeed rearing its head again (two of our holdings -
Ideagen and Dechra - received bids in the past year).
As investors in Dechra since their float in January 2000, we
consider the Chief Executive Ian Page to be one of the very best
managers we have had the good fortune to meet. We hope that we do
not have to part company. So, Private Equity seems to share our
view that the pickings are as attractive as they have been for
several years.
I am sorry, as a fellow shareholder, that MUSCIT has just
suffered not only the worst three-year underperformance since
launch in 1995 but also a decline in value. This is unprecedented.
However, for those willing to close their ears to the noise and to
ignore the doomsters at the Bank of England, opportunities
abound.
CHARLES MONTANARO
19 June 2023
Top 20 Holdings
Twenty Largest Holdings as at 31 March 2023
1. 4imprint
a supplier of promotional merchandise.
2. Games Workshop
the largest hobby miniatures company in the world and the owner
of the Warhammer brand.
3. Greggs
the bakery chain .
4. Diploma
a supplier of specialized consumables in industrial seals,
control systems and healthcare mainly in Europe and North
America.
5. Clarkson
a leading shipping brokerage business.
6. discoverIE
a designer and manufacturer of components for electronic
applications.
7. Kainos
a software developer headquarterd in Belfast that specializes in
digital transformation.
8. Big Yellow
a real estate investment trust focused on self-storage
market.
9. Marshalls
the UK's leading provider of hard landscaping products.
10. Tracsis
a provider of software and consulting services to UK rail and
transportation markets .
11. Ergomed
a global full-service contract research organisation (CRO) with
a core focus on the US and EU.
12. Watches of Switzerland
a British retailer of Swiss watches, with 16 stores in the
United Kingdom.
13. Porvair
a specialist in industrial filtration and environmental
technology.
14. Judges Scientific
a specialist in the acquisition and development of a portfolio
of scientific instrument businesses.
15. Boku
a mobile payments company.
16. Liontrust Asset Management
A specialist asset manager launched in 1995.
17. Dechra Pharmaceuticals
an animal health specialist.
18. Cranswick
the leading UK supplier of fresh pork meat products.
19. Cerillion
a provider of billing, charging and customer management
systems.
20. Yougov
an Internet-based market research and data analytics
company.
% of % of portfolio
portfolio 31 March
Value Market 31 March 2022
Holding Sector GBP'000 cap 2023
GBPm
4imprint Media 14,475 1,355 7.2 3.6
----------------------------------- ---------- --------- ----------- ---------------
Games Workshop Leisure Goods 9,640 3,173 4.8 1.4
----------------------------------- ---------- --------- ----------- ---------------
Personal Care, Drug and
Greggs Grocery Stores 9,016 2,833 4.5 2.1
----------------------------------- ---------- --------- ----------- ---------------
Diploma Industrial Support Services 7,728 3,766 3.9 1.4
----------------------------------- ---------- --------- ----------- ---------------
Clarkson Industrial Transportation 7,725 946 3.9 3.5
----------------------------------- ---------- --------- ----------- ---------------
Electronic and Electrical
discoverIE Equipment 7,710 743 3.8 3.3
----------------------------------- ---------- --------- ----------- ---------------
Software and Computer
Kainos Services 7,601 1,722 3.8 3.4
----------------------------------- ---------- --------- ----------- ---------------
Real Estate Investment
Big Yellow Trusts 7,306 2,154 3.6 3.6
----------------------------------- ---------- --------- ----------- ---------------
Marshalls Construction and Materials 7,047 792 3.5 3.6
----------------------------------- ---------- --------- ----------- ---------------
Software and Computer
Tracsis Services 7,040 263 3.5 3.3
----------------------------------- ---------- --------- ----------- ---------------
Ergomed Pharmaceuticals and Biotechnology 6,132 515 3.1 3.0
----------------------------------- ---------- --------- ----------- ---------------
Watches of Switzerland Personal Goods 6,116 1,954 3.0 2.9
----------------------------------- ---------- --------- ----------- ---------------
Porvair Industrial Engineering 6,000 278 3.0 2.7
----------------------------------- ---------- --------- ----------- ---------------
Electronic and Electrical
Judges Scientific Equipment 5,738 542 2.9 2.6
----------------------------------- ---------- --------- ----------- ---------------
Boku Inc. Industrial Support Services 5,695 399 2.8 1.8
----------------------------------- ---------- --------- ----------- ---------------
Liontrust Asset
Management Finance and Credit Services 5,621 664 2.8 2.4
----------------------------------- ---------- --------- ----------- ---------------
Dechra Pharmaceuticals Pharmaceuticals and Biotechnology 5,300 3,017 2.6 0.9
----------------------------------- ---------- --------- ----------- ---------------
Cranswick Food Producers 5,257 1,610 2.6 2.6
----------------------------------- ---------- --------- ----------- ---------------
Software and Computer
Cerillion Services 5,214 330 2.6 1.8
----------------------------------- ---------- --------- ----------- ---------------
Yougov Media 4,600 1,010 2.3 3.0
----------------------------------- ---------- --------- ----------- ---------------
Twenty Largest
Holdings 140,961 70.2
---------- --------- ----------- ---------------
FURTHER INFORMATION
Montanaro UK Smaller Companies Investment Trust PLC's annual
report and accounts for the year ended 31 March 2023 (which
includes the notice of meeting for the Company's AGM) will be
available today on
https://montanaro.co.uk/trust/montanaro-uk-smaller-companies-investment-trust/
It has also been submitted in full unedited text to the
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ACSSFFFMUEDSEFM
(END) Dow Jones Newswires
June 20, 2023 02:00 ET (06:00 GMT)
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