The £111 million Montanaro European Smaller Companies trust has brought its management fee down from 1% to 0.9%, and also dropped its performance fee.
Over the past five years the trust has returned 144.8%, compared with 149.6% from its benchmark MSCI Europe excluding the UK Small Cap index.
Separately, Montanaro also recently switched the focus of its Equity Income fund from pan-European small-caps to emphasise the UK so that it can enter the UK Equity Income sector.
The fund has returned 213.1% over the past five years, beating both the 211.8% from its MSCI Europe Small Cap benchmark and the average of 125.4% from the IMA sector for the period.
Managed by Charles Montanaro (pictured), the fund currently imposes no annual management charge and will not do so until its assets pass £100 million. They currently stand at £74 million.
Last year the £212 million Montanaro UK Smaller Companies trust too announced that it would axe its performance fee and lower its management fee from 1% to 0.85%.