Update note from QuotedData

Montanaro European Smaller Companies - Update note from QuotedData

28 July 2026

Ready for a growth revival

Montanaro European Smaller Companies (MTE) is a growth-focused European smaller companies fund. It has faced strong headwinds in recent years as value investing has been more popular in Europe and elsewhere. Earlier this year, performance was hurt by a sell-off in software shares as investors weighed the potential impact of agentic artificial intelligence. More recently, MTE's performance has recovered, for reasons set out in this note, and the manager remains optimistic.

Steps announced by the board last year have had early success in supporting shareholder value. The second 5% tender offer has just completed, and the trust's share price discount to net asset value (NAV) has traded in single figures for over a year, in line with MTE's discount policy.

Full Research:

https://quoteddata.com/research/montanaro-european-smaller-companies-ready-for-a-growth-revival-qd/

This research is also available free on our website www.quoteddata.com where you will also find news, performance data and factsheets on every London listed Investment Company. QuotedData writes and distributes research on a number of quoted companies, facilitates meetings between those companies and existing and potential investors and assists in raising additional capital where required.

NB: Marten & Co was paid to produce this note Montanaro European Smaller Companies Investment Trust Plc, and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the Financial Conduct Authority. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under the rules of the Financial Conduct Authority.

QUOTEDDATA50 Gresham Street | London EC2V 7AYTel: +44 (0) 20 3691 9430

www.quoteddata.com | [email protected] | www.martenandco.com