Morningstar Fund Report  | 13/04/2025Print

Montanaro European Focus Fund Euro Distribution Class

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Montanaro European Focus Fund Euro Distribution Class
Fund19.0-24.30.51.1-0.3
+/-Cat5.1-12.5-10.10.7-4.5
+/-B’mrk1.4-19.7-12.7-2.9-7.6
 
Category: Europe Flex-Cap Equity
Category Benchmark: Morningstar DM Eur TME NR EUR
Key Stats
NAV
11/04/2025		 EUR 1.11
Day Change -0.15%
Morningstar Category™ Europe Flex-Cap Equity
ISIN IE00B6VJL827
Fund Size (Mil)
11/04/2025		 EUR 6.75
Share Class Size (Mil)
11/04/2025		 EUR 0.20
Max Initial Charge 4.00%
Ongoing Charge
28/03/2025		  1.68%
Investment Objective: Montanaro European Focus Fund Euro Distribution Class
The investment objective of the Fund is to outperform its Benchmark. The Fund shall invest primarily in MidCap companies quoted in the European Union, Iceland, Norway, the United Kingdom and Switzerland whose market capitalisation shall not exceed that of the largest unadjusted market capitalisation of any of the constituents of the Benchmark at the time of initial investment. No unquoted investments are permitted.
Returns
Trailing Returns (GBP)11/04/2025
YTD-3.29
3 Years Annualised-2.21
5 Years Annualised3.04
10 Years Annualised5.02
12 Month Yield 115.94
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Alex Magni
01/03/2019
Inception Date
30/03/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
STOXX Europe Mid 200 PR EURMorningstar DM Eur TME NR EUR
Portfolio Profile for  Montanaro European Focus Fund Euro Distribution Class31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock97.170.0097.17
Bond0.000.000.00
Property0.000.000.00
Cash2.830.002.83
Other0.000.000.00
Top 5 Regions%
Eurozone52.30
Europe - ex Euro22.43
United Kingdom21.61
Europe - Emerging3.66
United States0.00
Top 5 Sectors%
Industrials16.11
Technology15.09
Financial Services14.02
Consumer Cyclical12.13
Communication Services11.32
Top 5 HoldingsSector%
Recordati SpA Az nom Post raggru... HealthcareHealthcare5.66
Loomis AB Class BIndustrialsIndustrials5.55
Games Workshop Group PLCConsumer CyclicalConsumer Cyclical5.43
CTS Eventim AG & Co. KGaACommunication ServicesCommunication Services5.25
MTU Aero Engines AGIndustrialsIndustrials5.23
Increase Decrease New since last portfolio
Montanaro European Focus Fund Euro Distribution Class
Growth Of 1000 (GBP) 31/03/2025
Fund:  Montanaro European Focus Fund Euro Distribution Class
Category:  Europe Flex-Cap Equity
Category Index:  Morningstar DM Eur TME NR EUR
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-1.0922.6513.7819.03-24.270.461.09-0.26
+/- Category13.496.475.945.12-12.50-10.050.73-4.47
+/- Category Index8.173.5611.211.39-19.72-12.73-2.90-7.65
% Rank in Category121252291984583
Trailing Returns (GBP)11/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.15   -1.48-0.71
1 Week1.34   2.551.07
1 Month-4.97   2.591.42
3 Months-3.34   0.32-2.67
6 Months-4.70   0.07-2.58
YTD-3.29   -1.69-4.92
1 Year-2.64   1.15-3.61
3 Years Annualised-2.21   -3.82-8.56
5 Years Annualised3.04   -4.58-7.63
10 Years Annualised5.02   0.49-1.24
 
Category: Europe Flex-Cap Equity
Category Index: Morningstar DM Eur TME NR EUR
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-0.26---
20242.38-1.502.44-2.15
20237.29-3.48-7.204.52
2022-17.13-13.87-1.287.47
2021-1.9612.413.234.62
2020-15.0120.203.417.71
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearLowAbove Average1 star
5-YearLowAbove Average1 star
10-YearAverageAverage3 star
OverallBelow AverageAbove Average2 star
 
Category :  Europe Flex-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev15.63 %
3-Yr Mean Return-1.38 %
 
3-Yr Sharpe Ratio-0.34
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar DM Eur TME NR EUR  MSCI Switzerland Small Cap NR CHF
3-Yr Beta1.191.02
3-Yr Alpha-11.11-3.01
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 4067-
Market Capitalisation% of Equity
Giant0.00
Large10.09
Medium72.90
Small17.01
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings17.871.27
Price/Book3.121.76
Price/Sales2.082.06
Price/Cash Flow11.891.54
Dividend-Yield Factor2.660.78
 
Long-Term Projected Earnings Growth7.330.55
Historical Earnings Growth2.600.57
Sales Growth10.593.00
Cash-Flow Growth17.702.88
Book-Value Growth6.981.78
 
Category: Europe Flex-Cap Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock97.170.0097.17
Bond0.000.000.00
Property0.000.000.00
Cash2.830.002.83
Other0.000.000.00
World Regions31/03/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America0.000.00
United Kingdom21.611.34
Eurozone52.300.89
Europe - ex Euro22.431.08
Europe - Emerging3.667.64
Africa0.00-
Middle East0.000.00
Japan0.000.00
Australasia0.00-
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: Europe Flex-Cap Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials10.991.23
Consumer CyclicalConsumer Cyclical12.131.08
Financial ServicesFinancial Services14.020.97
Real EstateReal Estate4.626.16
Consumer DefensiveConsumer Defensive7.391.00
HealthcareHealthcare8.330.61
Communication ServicesCommunication Services11.322.54
IndustrialsIndustrials16.110.70
TechnologyTechnology15.091.42
 
Category: Europe Flex-Cap Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings25
Total Number of Bond Holdings0
Assets in Top 10 Holdings51.07
NameSectorCountry% of Assets
Recordati SpA Az nom Post raggruppamento206Italy5.66
Loomis AB Class B310Sweden5.55
Games Workshop Group PLC102United Kingdom5.43
CTS Eventim AG & Co. KGaA308Germany5.25
MTU Aero Engines AG310Germany5.23
Euronext NV103Italy5.10
Reply SpA311Italy4.90
Diploma PLC310United Kingdom4.87
Amundi SA103France4.58
Warehouses De Pauw SA104Belgium4.49
 
Increase Decrease New since last portfolio
Category: Europe Flex-Cap Equity
 
Management
Name of CompanyMontanaro Asset Management Limited
Phone+44 20 74488600
Websitewww.montanaro.co.uk
Address53 Threadneedle Street
 London   EC2R 8AR
 United Kingdom
DomicileIreland
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date30/03/2012
Fund Advisor(s)
Montanaro Asset Management Limited
Fund ManagerAlex Magni
Manager Start Date01/03/2019
Career Start Year2000
Education
Imperial College, Ph.D.
 
Biography
After completing his Ph. D in Engineering at Imperial College, Alex started his career at Cazenove & Co in 2000, where he joined the highly rated German Small & Midcap team as a generalist, covering a wide range of companies and industries. In 2004, Alex helped to start an independent equity research boutique called Clear Capital, which focused on UK Small & Midcaps, and which made extensive use of primary data to gain insights into companies and industries. Alex began his coverage of the Business & Commercial Services sector while at Clear Capital. In 2010, he joined the HSBC European Business & Commercial Services team, which became a consistent Top 5 Extel team, and ranked as high as No 2 in the 2014 Extel Survey. Alex joined Montanaro in October 2015.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge4.00%
Max Exit Charge*3.00%
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.68%
Purchase Details
Minimum Investments
Initial1000  Shares
Additional-
Savings0  EUR
Tax Free Savings Schemes
ISAsYes