26th Nov 2015 16:20
LONDON (Alliance News) - Montanaro European Smaller Companies Trust on Thursday said it had outperformed its benchmark in the half year to end-September, seeing a negative total return on net asset value of 0.4%.
The company's benchmark index, the MSCI Europe Small Cap ex UK index saw a negative total return of 4.7%.
The trust said it had expected the improving signs of improvement in most European economies would show through in the performance of smaller companies. However, this didn't happen, as a result of concerns over the expected rise of US interest rates and the slowdown in emerging markets.
However, the trust noted that smaller companies did outperform larger companies in Europe.
Montanaro proposed an unchanged interim dividend of 1.75 pence per share.
Shares in Montanaro European Smaller Companies were down 0.3% at 523.48 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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