Following the return of Charles Montanaro as manager in 2016, Montanaro UK Smaller Companies Trust (MTU) has rebuilt its long-term record of outperformance of its benchmark over the last three and a half years. A strong uplift in net asset value (NAV) during the second half of 2019 (helped by some clarity on Brexit) has improved the trust’s standing against its competitors. Versus its peers, MTU ranked second out of 11 funds in our peer group during the second half of 2019 in terms of i
