# Montanaro UK Smaller Companies Investment Trust PLC (MTU)

**Page:** https://fundology.uk/fund/mtu · ISIN GB00BZ1H9L86

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, MTU (Montanaro UK Smaller Companies Investment Trust PLC, ISIN GB00BZ1H9L86) closed at £1.11 on the London Stock Exchange. Over the five years to 13/11/2026 its price changed by −35.0% (income paid out is not included), or −49.3% after UK CPIH inflation.

## Summary

Montanaro UK Smaller Companies Investment Trust PLC is an investment trust. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.

Latest close: **£1.11** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | MTU |
| ISIN | GB00BZ1H9L86 |
| Category | Investment trusts |
| Type | Investment trust |
| Domicile | United Kingdom |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +11.39% | +7.45% | price only |
| 3 years | +24.44% | +12.43% | price only |
| 5 years | -35.00% | -49.26% | price only |

Returns: worked out from recorded daily closes. Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Montanaro UK Smaller Companies Investment Trust PLC in pounds (price only, income paid out not included): 2022 −27.1%, 2023 −15.1%, 2024 +1.9%, 2025 −5.4%; 2026 to 13/11/2026 +10.2%. Returns of Montanaro UK Smaller Companies Investment Trust PLC in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +11.4%; to 30/09/2025: −5.6%; to 30/09/2024: +7.0%; to 30/09/2023: +6.4%; to 30/09/2022: −42.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -27.1% | -33.3% | Price |
| 2023 | -15.1% | -18.5% | Price |
| 2024 | +1.9% | -1.5% | Price |
| 2025 | -5.4% | -8.7% | Price |
| 2026 to 13/11/2026 | +10.2% | +6.7% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 14.64% | -11.81% |
| 3 years | 15.96% | -18.39% |
| 5 years | 19.56% | -50.24% |

## Largest fall

Volatility of Montanaro UK Smaller Companies Investment Trust PLC in pounds, annualised from weekly returns to 13/11/2026: 14.6% over 1 year, 16.0% over 3 years, 19.6% over 5 years. Largest fall in the price of Montanaro UK Smaller Companies Investment Trust PLC since November 2021, in pounds: −49.6% from 31/12/2021 to 27/10/2023. The lowest 12-month return of Montanaro UK Smaller Companies Investment Trust PLC in pounds (price only, income paid out not included) since January 2021 was −42.3% (12 months to 16/09/2022); the highest was +24.4% (12 months to 25/10/2024). On 13/11/2026 the price of Montanaro UK Smaller Companies Investment Trust PLC was 34.2% below its highest weekly close since November 2021 (31/12/2021), in pounds.

## Charges & eligibility

- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## Questions people ask

**What is the ISIN of MTU?**

The ISIN of MTU is GB00BZ1H9L86. An ISIN identifies one exact share class of a fund; MTU is its ticker on the London Stock Exchange.

**What were MTU’s returns in each of the last five years?**

Calendar-year returns of MTU in pounds (price only, income paid out not included): 2022 −27.1%, 2023 −15.1%, 2024 +1.9%, 2025 −5.4%; 2026 to 13/11/2026 +10.2%. Past performance is not a guide to future returns.

**How has MTU done after inflation?**

Over the five years to 13/11/2026 MTU’s price changed by −35.0% (income paid out is not included), or −49.3% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.