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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Montanaro Uk Smaller Companies Investment Trust Plc | MTU | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 105.00 | 16:35:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 105.50 | 105.50 | 105.50 | 105.00 | 105.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 24/11/2023 11:02 by sphere25 Some interesting commentary in here:"It is difficult to overemphasise how challenging the past few years have been for our asset class. The Numis Smaller Companies (excluding investment companies) Index has lagged the broad UK market over the past 1, 3, 5 and 10 years. In other words, the "SmallCap Effect", which has been a major tailwind to investors' returns for the past 70 years, has been working in reverse for the past decade. This is a rare event: the last time this happened was in the late 1990s. More recently, this underperformance has coincided with outflows from the asset class reaching parity with that witnessed after the Global Financial Crisis. According to the Investment Association, cumulative outflows from UK SmallCap Funds amounted to GBP2.1 billion since January 2022, almost in line with the GBP2.3 billion experienced in 2007-09. Several open-ended UK SmallCap Funds decided to wind up this year while some industry veterans have retired. In the investment trust space, wider discounts have prompted some consolidation. Valuations for the asset class have returned to levels last seen during the Global Financial Crisis, which marked the start of the recent Great Bull Market. At 13.9x, the 8-year Shiller P/E for UK SmallCap is rapidly heading towards the all-time lows of August 1992 (10.9x), March 2003 (11.6x), February 2009 (11.8x) - which would suggest 15% to 20% maximum downside from current levels. While the past is of course not guaranteed to repeat, history tells us that when valuations have previously reached current levels, returns over the subsequent 5 years for SmallCap were between 100% and 150%. Investors should perhaps take note. Ironically, amidst all the doom and gloom, Smaller Companies - quality ones in particular - have resurfaced on the radar of trade buyers and private equity fund managers. M&A activity is quietly making a comeback. MUSCIT lost Dechra Pharmaceuticals (at a premium of 47%) to a bid by a consortium of investors before the Summer and Ergomed received a bid (at a 30% premium) in September 2023. Although we never invest in a business in the hope that it will be taken over, we would not be surprised to see more bids in the portfolio over the coming months." So we have cheap valuations on one hand, but continued under performance of the smaller caps on the other. Ripe takeover activity on another hand, but profit warning's (this week alone: AHT, AXS, EMR, TRI, SFR, KGF, SDY. TTG, TRMR, PEBB, PHC, VCP, TM17) a regular occurrence on the other. A more optimisic feel of late with some nice oversold/relief type bounces on a further hand, but huge overhang sellers continuing to restrict bounces and any major moves on another. The macro factors stablising (not great of course) now likely allowing the market to focus more on each individual company on a further hand, but flows and sentiment and talk of the death of the UK small cap market on another. Basically, we need alot of hands to deal with this market. Roll on the big buyers - sat waiting! All imo DYOR |
Posted at 01/2/2019 13:40 by mellotrustsandfunds Montanaro are excited to announce they will be exhibiting and presenting at the Mello Investment Trusts and Funds Event on Wednesday 15th May 2019 at the Clayton, Chiswick.George Cooke(Manager of the European Smaller Companies Trust) is a keynote speaker. Other Montanaro team members will be available to discuss investment management. The Mello Event will be jam packed full of investment trusts and funds presenting and exhibiting. Delegates will have the opportunity to intimately research the holdings and strategies used by fund managers. And find out about future opportunities in varying sectors and geographies around the world. There will be lots of top quality speakers and panel sessions to entertain and inform our Mello investor community. www.mellotrustsandfu See you there. |
Posted at 20/7/2018 10:04 by biggest bill The company is taking no steps whatsoever to address the huge discount (over 21% today) at which mtu trades. This is the biggest discount in the smaller companies sector. The discounts of other smaller companies have fallen significantly over the last 18 months but mtu's discount has stayed stubbornly high.The company has a number of options to reduce the discount: 1. Convert to a unit trust or oeic. 2. A tender offer to buy back some shares at say a 5% discount to nav. This will increase the nav for the remaining shares and allow investors to get out at a decent price. 3. Announce that they will set a maxiumum target for the discount of say 10% by buying shares in the market and cancelling them. This will also increase the nav for the remaining shares. If you think the company will take any of these steps, the shares are a raging buy. The shares are probably a buy anyway if the discount shrinks close to the average for smaller company investment trusts. This might actually happen anyway because of reversion to the mean. |
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