25 years and counting: European Smaller Companies
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25 years and counting: European Smaller Companies

How small cap investing has evolved in Europe over the past two-and-a-half decades, where we see it going, and why the region remains a goldmine for good ideas

Client portfolio manager Francis Ellison talks to the European Smaller Companies founding portfolio manager, Paul Doyle, and current portfolio manager, Mine Tezgul.

24 May 2023
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25 years and counting: European Smaller Companies

Important information

Your capital is at risk. Threadneedle (Lux) is a Luxembourg domiciled investment company with variable capital (“SICAV”), managed by Threadneedle Management Luxembourg S.A.. This material should not be considered as an offer, solicitation, advice or an investment recommendation. This communication is valid at the date of publication and may be subject to change without notice. Information from external sources is considered reliable but there is no guarantee as to its accuracy or completeness. The SICAV´s current Prospectus, the Key Investor Information Document (KIID)// Key Information Document (KID) and the summary of investor rights are available in English and/ or in local languages (where applicable) from the Management Company Threadneedle Management Luxembourg S.A., International Financial Data Services (Luxembourg) S.A., your financial advisor and/or on our website www.columbiathreadneedle.com. These documents are available in Switzerland from the Swiss Representative and Paying Agent  RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich branch, Bleicherweg 7, CH 8027 Zurich. Threadneedle Management Luxembourg S.A. may decide to terminate the arrangements made for the marketing of the SICAV. Pursuant to article 1:107 of the Act of Financial Supervision, the sub-fund is included in the register that is kept by the AFM. Threadneedle (Lux) is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered with the relevant CNMV’s Register with number 177. Past performance is calculated according to the BVI method in Germany.

In the EEA and Switzerland: Issued by Threadneedle Management Luxembourg S.A. registered with the Registre de Commerce et des Sociétés (Luxembourg), Registered No. B 110242, 44 rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg.

In the UK: Issued by Threadneedle Asset Management Limited. Registered in England and Wales, No. 573204. Registered Office: 78 Cannon Street, London EC4N 6AG, United Kingdom. Authorised and regulated in the UK by the Financial Conduct Authority.

In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA).  For Distributors: This  document is intended to provide distributors’ with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it.

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414.  TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This material should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act.  TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Notice to Investors in Singapore: Threadneedle Investments Singapore (Pte.) Limited (“TIS”) holds a capital markets services licence for fund management under the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”).  Columbia Management Investment Advisers, LLC (“CMIA”), Threadneedle Asset Management Limited (“TAML”) and Columbia Threadneedle Management Limited (“CTML”) are each a related corporation of TIS. Pursuant to an arrangement between TIS and CMIA/TAML/ CTML where notifications have each been provided to the Monetary Authority of Singapore, CMIA, TAML and CTML are exempt from the requirement to hold a capital markets services licence for fund management under the SFA in respect of its provision of fund management services to clients in Singapore in accordance with the terms of the notifications. This document has not been reviewed or registered by any regulatory authority in Singapore. Accordingly, this document may not be circulated or distributed, nor may any funds be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor pursuant to Section 304 of the SFA, or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

Notice to Investors in Hong Kong: The contents of this document have not been reviewed by any regulatory authority in Hong Kong (“HK”). You are advised to exercise caution in relation to the information presented herein. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Any funds mentioned herein have not been authorised by the Securities and Futures Commission pursuant to the Securities and Futures Ordinance of Hong Kong (the “Ordinance”).  Accordingly, the funds may only be offered or sold in HK to persons who are “professional investors” as defined in the Ordinance and any rules made under the Ordinance or in circumstances which are permitted under the Companies (Winding Up and Miscellaneous Provisions) Ordinance of Hong Kong and the Ordinance. In addition, this document may not be issued or possessed for the purposes of issue, whether in HK or elsewhere, and the funds may not be disposed of to any person unless such person is outside HK, such person is a “professional investor” as defined in the Ordinance and any rules made under the Ordinance or as otherwise may be permitted by the Ordinance. This document does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient.

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

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Important information

Your capital is at risk. Threadneedle (Lux) is a Luxembourg domiciled investment company with variable capital (“SICAV”), managed by Threadneedle Management Luxembourg S.A.. This material should not be considered as an offer, solicitation, advice or an investment recommendation. This communication is valid at the date of publication and may be subject to change without notice. Information from external sources is considered reliable but there is no guarantee as to its accuracy or completeness. The SICAV´s current Prospectus, the Key Investor Information Document (KIID)// Key Information Document (KID) and the summary of investor rights are available in English and/ or in local languages (where applicable) from the Management Company Threadneedle Management Luxembourg S.A., International Financial Data Services (Luxembourg) S.A., your financial advisor and/or on our website www.columbiathreadneedle.com. These documents are available in Switzerland from the Swiss Representative and Paying Agent  RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich branch, Bleicherweg 7, CH 8027 Zurich. Threadneedle Management Luxembourg S.A. may decide to terminate the arrangements made for the marketing of the SICAV. Pursuant to article 1:107 of the Act of Financial Supervision, the sub-fund is included in the register that is kept by the AFM. Threadneedle (Lux) is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered with the relevant CNMV’s Register with number 177. Past performance is calculated according to the BVI method in Germany.

In the EEA and Switzerland: Issued by Threadneedle Management Luxembourg S.A. registered with the Registre de Commerce et des Sociétés (Luxembourg), Registered No. B 110242, 44 rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg.

In the UK: Issued by Threadneedle Asset Management Limited. Registered in England and Wales, No. 573204. Registered Office: 78 Cannon Street, London EC4N 6AG, United Kingdom. Authorised and regulated in the UK by the Financial Conduct Authority.

In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA).  For Distributors: This  document is intended to provide distributors’ with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it.

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414.  TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This material should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act.  TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Notice to Investors in Singapore: Threadneedle Investments Singapore (Pte.) Limited (“TIS”) holds a capital markets services licence for fund management under the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”).  Columbia Management Investment Advisers, LLC (“CMIA”), Threadneedle Asset Management Limited (“TAML”) and Columbia Threadneedle Management Limited (“CTML”) are each a related corporation of TIS. Pursuant to an arrangement between TIS and CMIA/TAML/ CTML where notifications have each been provided to the Monetary Authority of Singapore, CMIA, TAML and CTML are exempt from the requirement to hold a capital markets services licence for fund management under the SFA in respect of its provision of fund management services to clients in Singapore in accordance with the terms of the notifications. This document has not been reviewed or registered by any regulatory authority in Singapore. Accordingly, this document may not be circulated or distributed, nor may any funds be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor pursuant to Section 304 of the SFA, or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

Notice to Investors in Hong Kong: The contents of this document have not been reviewed by any regulatory authority in Hong Kong (“HK”). You are advised to exercise caution in relation to the information presented herein. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Any funds mentioned herein have not been authorised by the Securities and Futures Commission pursuant to the Securities and Futures Ordinance of Hong Kong (the “Ordinance”).  Accordingly, the funds may only be offered or sold in HK to persons who are “professional investors” as defined in the Ordinance and any rules made under the Ordinance or in circumstances which are permitted under the Companies (Winding Up and Miscellaneous Provisions) Ordinance of Hong Kong and the Ordinance. In addition, this document may not be issued or possessed for the purposes of issue, whether in HK or elsewhere, and the funds may not be disposed of to any person unless such person is outside HK, such person is a “professional investor” as defined in the Ordinance and any rules made under the Ordinance or as otherwise may be permitted by the Ordinance. This document does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient.

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

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