BMO Global Smaller Companies (BGSC) invests in a wide range of smaller companies across the globe, looking to take advantage of inefficiencies in pricing due to the lack of research coverage. The portfolio is run by Peter Ewins, who focuses on identifying high-quality companies at attractive prices. Fundamental analysis is at the core of this process, with Peter placing a high level of importance on the company’s financial strength and management. The overall portfolio is made up of 178 companies (Source: Morningstar), and has a particular bias towards the smaller end of the spectrum. Over the long term BGSC has achieved its objective of outperforming the benchmark MSCI ACWI by doing so in seven of the past ten years – often by considerable margins. 2019 saw the trust outperform the benchmark and peer group alike, delivering NAV total returns of 22.9%. In comparison, the iShares MSCI ACWI ETF delivered 21.8%, while the AIC Global Smaller Companies peer group delivered close to half the trust’s returns at 13.3%. Alongside capital appreciation the trust also offers investors a small dividend. The trust has one of the strongest track records in the investment trust universe for dividend increases (48 years); however, it does yield just 1.1%. Over the past five years, the trust has spent much of its time trading at a premium. However, despite the strong long-term performance and the strong performance in 2019, the trust has seen its premium slip and currently trades at a discount of 3.2%.