The European Smaller Companies Trust (LSE: ESCT)

Currency in GBP

Last close As at 04/12/2023


1.50 (0.99%)

Market capitalisation


The European Smaller Companies Trust seeks capital growth by investing in smaller and medium-sized companies that are quoted, domiciled, listed or have operations in Europe (excluding the UK). The trust invests mainly in Western Europe with the portfolio typically holding more than 120 companies, with an average market cap of around £1bn and rarely above £3bn.

Latest Insights

View More

Equity Analyst

Melanie Jenner

Mel Jenner

Director, Investment Trusts

Key Management

  • Ollie Beckett

    Fund manager

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 11.0 (2.3) 1.3
Relative 7.9 (1.8) 3.0
52 week high/low 172.0p/136.0p


The European Smaller Companies Trust’s (ESCT’s) manager, Ollie Beckett at Janus Hendersons Investors (JHI), remains very positive about the outlook for European small-cap companies, which is reflected in a relatively high level of gearing of c 15%. He considers the last three years, where small-cap stocks have lagged the performance of large-cap equities, an anomaly and a result of macroeconomic events and recession fears, which have led to elevated investor risk aversion. The manager believes that the current valuation of the trust’s benchmark, the MSCI Europe ex UK Small Cap Index, provides a very attractive entry point to the asset class. ESCT’s portfolio of reasonably valued stocks with exposure across the company life cycle has a commendable performance track record, with its NAV total return ranking first out of the four funds in the AIC European Smaller Companies sector over the last one, three, five and 10 years.



Investment Companies

European equities


Investment Companies

Listed Private Equity


Investment Companies

Vietnamese equities: Due a comeback?



IPO apocalypse

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free