Montanaro Asset Management
How to invest
Investment vehicles

Our Funds and Trusts

Nine open-ended UCITS strategies across Irish and UK structures, plus two independent investment companies listed on the London Stock Exchange — all managed to the same Quality Growth philosophy.

Open-ended funds Investment trusts
Open-ended funds

The fund range at a glance

Our open-ended vehicles come in two structures: Irish-domiciled sub-funds of Montanaro Smaller Companies plc, and UK-domiciled OEIC sub-funds under the WS Montanaro banner, for which Waystone Management (UK) Limited is the Authorised Corporate Director.

Montanaro open-ended fund range, by strategy class, domicile and objective.
Strategy class Fund name Domicile / umbrella Investment objective
Global / Quality Montanaro Global Select Fund Ireland — Montanaro Smaller Companies plc Long-term capital growth in high-quality global SMID cap companies.
Global / Quality WS Montanaro Global Select Fund UK OEIC — Waystone / WS Montanaro Outperform the MSCI World SMID Cap Index over rolling five-year periods.
Impact / Better World Montanaro Better World Fund Ireland — Montanaro Smaller Companies plc Capital growth investing in SMID companies solving global environmental and social challenges.
Impact / Better World WS Montanaro Better World Fund UK OEIC — Waystone / WS Montanaro UK-domiciled global impact equity strategy aligned to the UN Sustainable Development Goals.
European Growth Montanaro European Smaller Companies Fund Ireland — Montanaro Smaller Companies plc Outperform the MSCI Europe SmallCap Index via high-quality European growth equities.
European SMID Growth WS Montanaro Europe (ex-UK) Small & Mid-Cap Fund UK OEIC — Waystone / WS Montanaro Capital growth in Continental European small and mid-sized market leaders.
European Income Montanaro European Income Fund Ireland — Montanaro Smaller Companies plc Attractive dividend income and capital growth from Continental European SMID caps.
UK Income Montanaro UK Income Fund Ireland — Montanaro Smaller Companies plc High income yield and capital appreciation from high-quality UK SMID caps.
UK Income WS Montanaro UK Income Fund UK OEIC — Waystone / WS Montanaro Income and capital growth investing in UK companies under £10bn market capitalisation.
Fund profiles

Each strategy in detail

Objectives, managers, ratings and literature for every fund in the range.

Montanaro Better World Fund — Ireland

Objective: Long-term capital growth by investing globally in high-quality Small & MidCap companies whose core products and services deliver positive social and environmental impact, mapped to the UN Sustainable Development Goals.

Domicile: Ireland, a sub-fund of Montanaro Smaller Companies plc.

Fund managers: Lead — Adam Montanaro. Backup — Andrea Shen.

Key themes: Environmental Protection, Green Economy, Healthcare & Wellbeing, Future of Education, Social Cohesion.

Recognition: Pensions for Purpose, Best Impact Report 2025.

Literature: Annual Impact Reports 2022–2024, ESG Handbook, SFDR Article 9 disclosures, monthly factsheet, quarterly commentary.

WS Montanaro Better World Fund — UK OEIC

Objective: Capital growth in excess of the MSCI World SMID Cap Index over rolling five-year periods, investing at least 60% of assets in global SMID companies solving major global challenges.

Domicile: UK OEIC. Authorised Corporate Director: Waystone Management (UK) Limited.

Fund managers: Lead — Adam Montanaro. Backup — Andrea Shen.

Ratings: RSMR Rated, 3D Impact Certified, ‘A’ Rating.

Available platforms: AJ Bell, Ascentric, Aviva, Bestinvest, Elevate, Fidelity FundsNetwork, FNZ, Hargreaves Lansdown, Novia, Nucleus, Pershing, Quilter, Transact, Zurich, 7IM.

Montanaro European Smaller Companies Fund — Ireland

Objective: Capital appreciation in excess of the MSCI Europe SmallCap Index by investing in quoted European smaller companies, excluding the UK.

Domicile: Ireland, a sub-fund of Montanaro Smaller Companies plc.

Fund managers: Alex Magni and Stefan Fischerfeier.

The investment case: European SmallCap offers a universe of over 2,000 listed companies, significant sell-side analytical inefficiencies, higher long-term historical alpha and genuine diversification.

WS Montanaro Europe (ex-UK) Small and Mid-Cap Fund — UK OEIC

Objective: Outperform the MSCI Europe ex-UK SMID Index over five-year periods, with at least 60% invested in Continental European small and mid-sized enterprises.

Domicile: UK OEIC.

Fund managers: Lead — George Cooke. Backup — Hal Miller.

Platform availability: Broad UK platform coverage including AJ Bell, Hargreaves Lansdown, Transact, Aviva, Bestinvest, Novia, Quilter and 7IM.

Montanaro Global Select Fund — Ireland

Objective: A high-conviction global SMID portfolio investing in top-tier companies across the US, Europe and Developed Asia.

Domicile: Ireland, a sub-fund of Montanaro Smaller Companies plc.

Fund managers: Lead — George Cooke. Backup — Charles Montanaro.

WS Montanaro Global Select Fund — UK OEIC

Objective: Capital growth exceeding the MSCI World SMID Cap Index over five years, investing from a global SMID universe of roughly 11,000 companies.

Domicile: UK OEIC.

Fund managers: Lead — George Cooke. Backup — Charles Montanaro.

Montanaro European Income Fund — Ireland

Objective: Sustained dividend income alongside long-term capital growth from European SMID caps with strong dividend cover and pricing power.

Domicile: Ireland, a sub-fund of Montanaro Smaller Companies plc.

Fund managers: Alex Magni and George Cooke.

Ratings: Rated by RSMR.

Montanaro UK Income Fund — Ireland

Objective: Dividends and capital appreciation from well-financed, dividend-growing UK smaller and mid-sized businesses.

Domicile: Ireland, a sub-fund of Montanaro Smaller Companies plc.

Fund managers: Lead — Guido Dacie-Lombardo. Backup — Charles Montanaro.

WS Montanaro UK Income Fund — UK OEIC

Objective: Growth in income and capital over five years, investing in UK companies with market capitalisations under £10 billion.

Domicile: UK OEIC.

Fund managers: Lead — Guido Dacie-Lombardo. Backup — Charles Montanaro.

Ratings: Rated by RSMR.

Closed-ended

Our Trusts

Two independent London Stock Exchange-listed closed-ended investment companies, each with its own independent board of directors, managed by Montanaro.

Promotional artwork for the Montanaro UK Smaller Companies Investment Trust.

MTU LN London Stock Exchange

Montanaro UK Smaller Companies Investment Trust (MUSCIT)

Objective: Capital growth by investing in high-quality smaller quoted companies listed on the London Stock Exchange or traded on AIM, combined with an attractive quarterly dividend.

Benchmark: Deutsche Numis Smaller Companies Index, excluding investment companies.

Dividend policy: 1.5% of NAV distributed each quarter, equating to a targeted 6% annual dividend yield, paid from capital and revenue reserves.

Portfolio managers: Lead — Charles Montanaro. Co-manager — Adam Montanaro.

Promotional artwork for the Montanaro European Smaller Companies Trust.

MTE LN London Stock Exchange

Montanaro European Smaller Companies Trust (MESCT)

Objective: Capital growth by investing in small, quoted Continental European companies.

Benchmark: MSCI Europe SmallCap (ex-UK) Index.

Milestone: Celebrated 20 years of active management in September 2026.

Portfolio managers: Lead — George Cooke. Co-manager — Stefan Fischerfeier.

MUSCIT — independent board of directors

  • Arthur Copple — Chairman of the Board
  • Catriona Hoare — Director
  • Barbara Powley — Chair of the Audit and Management Engagement Committee
  • Yuuichiro Nakajima — Chair of the Nomination and Remuneration Committee

Recent trust events

  • Annual Report 2026 published, July 2026
  • Year-End Investor Webinar hosted by Charles and Adam Montanaro, 29 June 2026
  • Comprehensive SDR and TCFD Product Report published

MESCT — independent board of directors

  • Gordon Neilly — Chairman of the Board
  • Caroline Roxburgh — Senior Independent Director and Chair of the Audit Committee
  • Hillary Williams — Chair of the Remuneration Committee

Corporate actions & governance

  • Circular for the Second Tender Offer published, June 2026
  • Annual Report 2026 published, August 2026
  • Marten & Co independent research report and AIC Voting Guide available
Cover of the Montanaro UK Smaller Companies Investment Trust annual report.
Still from the Montanaro European Smaller Companies Trust investor video.
How to invest

Three ways to access our strategies

Whether you invest through a platform, a stockbroker or a bespoke mandate, you are buying the same research and the same team.

Intermediated platforms — funds

Our open-ended funds are available through the major UK platforms:

  • Aegon
  • AJ Bell
  • Amber
  • Aviva
  • Bestinvest
  • Elevate
  • Fidelity FundsNetwork
  • FNZ
  • Hargreaves Lansdown
  • James Hay
  • Novia
  • Nucleus
  • Pershing Nexus
  • Quilter
  • Raymond James
  • Standard Life
  • Transact
  • True Potential
  • Trustnet Direct
  • 7IM

Brokers & execution platforms — trusts

Shares in MUSCIT (MTU LN) and MESCT (MTE LN) can be bought and sold through any stockbroker, including:

  • Aegon
  • AJ Bell
  • Barclays Stockbrokers
  • Bestinvest
  • Charles Stanley Direct
  • Hargreaves Lansdown
  • Interactive Investor
  • James Hay
  • TD Direct Investing

Segregated institutional mandates

Bespoke segregated portfolios are available for institutions that require their own guidelines, reporting or exclusions:

  • Pension schemes
  • Local authorities
  • Charities and endowments
  • Sovereign wealth institutions

Speak to our distribution team

Before you invest

The value of investments and the income from them can fall as well as rise, and you may get back less than you invested. Past performance is no guarantee of future returns. Smaller company shares can be more volatile and less liquid than those of larger companies. This website is directed at Professional and Institutional Investors and is not intended for Retail clients.

Fund literature

Everything we publish, published on time

Monthly factsheets, quarterly commentaries, annual reports, impact reports and full regulatory disclosures are available for every strategy.

  • Monthly factsheets and quarterly manager commentary
  • Annual and interim reports for funds and trusts
  • Better World Fund Annual Impact Reports, 2022–2024 and 2025
  • SFDR Article 9 disclosures, SDR and TCFD product reports
  • Montanaro ESG Handbook 2026 and voting rationales
Request fund literature
Cover artwork inviting investors to sign up for the annual impact report.