Montanaro UK Smaller Companies (MTU) was launched in 1995, and for all but five years from 2011 to 2016, it has been managed by Charles Montanaro, a keen anthropologist, who recently turned 70. MTU owns a fairly concentrated portfolio of "well-managed, focused, high-quality, growing companies bought at sensible valuations." Like many quality-style small-cap trusts, performance has lagged since 2021. However, since its IPO, NAV returns have been around 7.5% a year, around one percentage point a year better than its benchmark. MTU switched to a 1.0% per quarter enhanced dividend policy in 2018, ...