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, ...
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Rather as I suspected the equity markets have taken something of a breather in the last few days, unwinding a little of the froth that was appearing before then. Rising commodity prices and early evidence of higher inflation ahead are continuing to push up bond yields, the most notable trend of the moment. The flood of IPOs and SPACs (special purpose investment vehicles) now appearing or in the pipeline are another sign that the bull market may be running ahead of itself.
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