European Smaller Companies (ticker: ESCT) was launched in 1990 and, until a few years ago, was known as TR European Growth. This trust was managed by Stephen Peak for its first two decades, with Ollie Beckett taking over in 2011, so it has only had two lead managers in 36 years. ESCT has returned about 12.5% per annum since inception, but performance under Peak was considerably more volatile, with bumper returns in the 1990s followed by a torrid decade in the 2000s. Over the last decade, its returns have been somewhat more consistent, and it has beaten its benchmark by about 1.5 percentage poi...