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15,027,755","page_number":25,"box":{"x":120,"y":552,"width":559,"height":11}},{"id":"ae701d08-489f-4e45-875f-70014583beaa","block_type":"box","text":"15,025,411","page_number":25,"box":{"x":717,"y":552,"width":65,"height":11}},{"id":"8928949f-61f2-47ae-8f21-1b2cdd0c311b","block_type":"box","text":"12,086,918","page_number":25,"box":{"x":805,"y":552,"width":67,"height":11}},{"id":"49a5f67e-e16a-45fa-9c99-060362830e2f","block_type":"box","text":"Montanaro Growth & Income Fund Limited Partnership No. 3 9,763,984","page_number":25,"box":{"x":120,"y":569,"width":560,"height":11}},{"id":"efafe122-3390-41fb-ac16-3c11d61cff7c","block_type":"box","text":"9,757,828","page_number":25,"box":{"x":723,"y":570,"width":60,"height":10}},{"id":"c2654af0-1cdb-4bd4-982a-f1b02fec17b0","block_type":"box","text":"10,422,668","page_number":25,"box":{"x":805,"y":570,"width":67,"height":10}},{"id":"dc5cd7d4-943d-4af7-be47-4e0745fffa86","block_type":"box","text":"The Investment Manager has the discretion to waive some or all of its “Investment Management Fee” on certain Share","page_number":25,"box":{"x":120,"y":600,"width":752,"height":11}},{"id":"5d991dfb-257a-40c2-82aa-6d5b5ccbbaa8","block_type":"box","text":"Classes and information concerning the various waivers in place for the reporting period are disclosed in Note 2. As at 30","page_number":25,"box":{"x":120,"y":614,"width":751,"height":11}},{"id":"cff8913c-eab5-46d0-baf6-7a5be768e6ac","block_type":"box","text":"June 2026 and 31 December 2025 there were 7 Subscriber Shares of €1 each in issue (being the minimum share capital of","page_number":25,"box":{"x":120,"y":627,"width":754,"height":11}},{"id":"f30506a7-174c-435a-beb9-7d9afeffeac2","block_type":"box","text":"the Company) held by the Investment Manager.","page_number":25,"box":{"x":119,"y":641,"width":294,"height":11}},{"id":"3729e4d4-ddf5-43ce-968e-ae1ad6793816","block_type":"box","text":"6. Measurement Of Investments At Fair Value Through Profit And Loss","page_number":25,"box":{"x":120,"y":667,"width":489,"height":10}},{"id":"2dc16deb-56e4-48df-811e-836449548315","block_type":"box","text":"Fair Value Estimation","page_number":25,"box":{"x":119,"y":692,"width":142,"height":9}},{"id":"1b4a553a-3a53-4b37-a59d-c7fcf76de67f","block_type":"box","text":"Under FRS 102, the Company is required to classify fair value measurements using a fair value hierarchy that reflects the","page_number":25,"box":{"x":119,"y":706,"width":753,"height":11}},{"id":"7ad04104-dc5c-470b-a218-0a5478e01314","block_type":"box","text":"significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:","page_number":25,"box":{"x":120,"y":720,"width":676,"height":10}},{"id":"04c51e8e-7dbc-4880-a74b-e1cd265ae8c1","block_type":"box","text":"","page_number":25,"box":{"x":148,"y":749,"width":5,"height":4}},{"id":"22506bff-ea5a-493f-b432-bdc2e9a0d6f9","block_type":"box","text":"Level 1 The unadjusted traded price in an active market for identical assets or liabilities that the entity can","page_number":25,"box":{"x":175,"y":746,"width":697,"height":11}},{"id":"d567fc54-e9fb-4e67-99af-e8e911d80e0c","block_type":"box","text":"access at the measurement date.","page_number":25,"box":{"x":175,"y":760,"width":194,"height":9}},{"id":"88e1d56d-d8a4-42e2-b25d-1f93d62d6fa2","block_type":"box","text":"","page_number":25,"box":{"x":148,"y":777,"width":5,"height":5}},{"id":"8bd9e476-abef-4de2-9e21-736b3d7a306e","block_type":"box","text":"Level 2 Inputs other than traded prices included within Level 1 that are observable (i.e. developed using market","page_number":25,"box":{"x":175,"y":775,"width":697,"height":11}},{"id":"7637013a-d8fe-4387-b48f-a3cceeb180c3","block_type":"box","text":"data) for the asset or liability, either directly or indirectly.","page_number":25,"box":{"x":175,"y":788,"width":352,"height":11}},{"id":"c3ce46c5-1003-4387-a31c-9dc2f620dd31","block_type":"box","text":"","page_number":25,"box":{"x":148,"y":805,"width":5,"height":5}},{"id":"c7669bfd-a12c-4fc2-b3e5-51c62f1b0d1a","block_type":"box","text":"Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.","page_number":25,"box":{"x":175,"y":803,"width":612,"height":11}},{"id":"c3aa6a0a-57c4-4da1-8fd9-9f9e2ac09bbc","block_type":"box","text":"The best evidence of fair value is a traded price for an identical asset or liability in an active market and is therefore","page_number":25,"box":{"x":120,"y":830,"width":751,"height":11}},{"id":"f8f762ba-818e-467b-b3fb-f9cbd5a24103","block_type":"box","text":"classified within Level 1. These include actively traded equities, exchange traded derivatives and other traded securities.","page_number":25,"box":{"x":120,"y":844,"width":751,"height":11}},{"id":"7b317900-69e7-4794-a1ec-8f1ac4a667cf","block_type":"box","text":"Traded in an active market in this context means traded prices are readily and regularly available and those prices","page_number":25,"box":{"x":120,"y":858,"width":751,"height":10}},{"id":"065cd8d0-2bbb-45b4-af38-be1e3591a710","block_type":"box","text":"represent actual and regularly occurring market transactions on an arm’s length basis.","page_number":25,"box":{"x":119,"y":871,"width":525,"height":11}},{"id":"d53c7d23-91a2-4da4-954e-d1d8e662a0be","block_type":"box","text":"MONTANARO SMALLER COMPANIES PLC","page_number":26,"box":{"x":120,"y":29,"width":315,"height":9}},{"id":"4b1eaf76-6332-4a8a-9446-2308b6a4b7ed","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":26,"box":{"x":120,"y":57,"width":392,"height":11}},{"id":"4d6dc7b9-b752-45f4-908a-4298d9a5e351","block_type":"box","text":"For the Financial Period ended 30 June 2026 (continued)","page_number":26,"box":{"x":119,"y":85,"width":367,"height":10}},{"id":"f5b9ccbd-80fb-4a31-85f2-890f59c52ef7","block_type":"box","text":"24","page_number":26,"box":{"x":488,"y":933,"width":15,"height":8}},{"id":"3c2cfc32-3f07-4b4c-882c-b6126ea88630","block_type":"box","text":"6. Measurement Of Investments At Fair Value Through Profit And Loss (continued)","page_number":26,"box":{"x":120,"y":112,"width":567,"height":11}},{"id":"756d11c1-d110-424d-81e5-c3960b37b391","block_type":"box","text":"Fair Value Estimation (continued)","page_number":26,"box":{"x":119,"y":137,"width":219,"height":11}},{"id":"b19d4f03-7600-44a7-84ca-b6847ae7d0fa","block_type":"box","text":"When traded prices are unavailable, the price of a recent transaction for an identical asset or liability provides evidence of","page_number":26,"box":{"x":120,"y":151,"width":753,"height":11}},{"id":"79d92158-d81b-4e80-b522-f675df7f0930","block_type":"box","text":"fair value and is classified within Level 2, as long as there has not been a significant change in economic circumstances or","page_number":26,"box":{"x":120,"y":165,"width":752,"height":10}},{"id":"ad194b57-3194-4374-9fed-16ba72dc8330","block_type":"box","text":"a significant lapse of time since the transaction took place. These include money market instruments, certain traded","page_number":26,"box":{"x":120,"y":178,"width":752,"height":11}},{"id":"59fb6d4d-582e-4eac-9de6-ad9d50e585d3","block_type":"box","text":"equities and open-ended collective investment schemes. If the Company can demonstrate that the last transaction price is","page_number":26,"box":{"x":120,"y":192,"width":751,"height":11}},{"id":"8487feb4-ba28-449f-8abe-64d647e309bc","block_type":"box","text":"not a good estimate of fair value (e.g. because it reflects the amount that an entity would receive or pay in a forced","page_number":26,"box":{"x":119,"y":206,"width":753,"height":10}},{"id":"c8a87283-ac30-4b22-a438-241100a97b9c","block_type":"box","text":"transaction, involuntary liquidation or distress sale), then that price is adjusted.","page_number":26,"box":{"x":119,"y":219,"width":484,"height":11}},{"id":"6cec23f8-04b1-4484-926f-6ac72d549627","block_type":"box","text":"If the market for the asset or liability is not active and recent transactions of an identical asset or liability on their own are","page_number":26,"box":{"x":120,"y":245,"width":752,"height":11}},{"id":"5f34d4ad-0060-4b21-b775-2a32b0e24c83","block_type":"box","text":"not a good estimate of fair value, the Company estimates the fair value by using a valuation technique and classifies the","page_number":26,"box":{"x":119,"y":259,"width":753,"height":10}},{"id":"a51b3d72-8174-4e2a-b6a1-811193fa2dc3","block_type":"box","text":"asset or liability within Level 3. These include investment-grade government and corporate bonds, over-the-counter","page_number":26,"box":{"x":120,"y":272,"width":752,"height":11}},{"id":"439002b7-dd18-46b8-9b28-fa645f702288","block_type":"box","text":"derivatives, private equity and corporate debt securities. The objective of using a valuation technique is to estimate what","page_number":26,"box":{"x":120,"y":286,"width":752,"height":11}},{"id":"d2298692-dad8-4c07-9002-f860cfa27c4c","block_type":"box","text":"the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal","page_number":26,"box":{"x":119,"y":300,"width":753,"height":10}},{"id":"8da4b10d-00f6-4671-b39c-7ae27676deac","block_type":"box","text":"business considerations. Valuation techniques include using recent arm’s length market transactions for an identical asset","page_number":26,"box":{"x":119,"y":313,"width":753,"height":11}},{"id":"0e38a089-a3e3-4be7-a71b-ff5460c155d0","block_type":"box","text":"or liability between knowledgeable, willing parties, if available, reference to the current fair value of another asset or","page_number":26,"box":{"x":120,"y":327,"width":752,"height":11}},{"id":"39bccc10-6b79-49f3-b557-40d57c91b397","block_type":"box","text":"liability that is substantially the same as the asset or liability being measured, discounted cash flow analysis and option","page_number":26,"box":{"x":120,"y":340,"width":752,"height":11}},{"id":"3aa963ff-3df7-4fcc-838d-be5aa278762c","block_type":"box","text":"pricing model. If there is a valuation technique commonly used by market participants to price the asset or liability and","page_number":26,"box":{"x":119,"y":354,"width":753,"height":11}},{"id":"897d6953-b485-4a13-a2f4-8167a64fb541","block_type":"box","text":"that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the","page_number":26,"box":{"x":119,"y":368,"width":752,"height":11}},{"id":"2d0d140c-3e38-4ef8-b89c-fd164b51d698","block_type":"box","text":"Company uses that technique.","page_number":26,"box":{"x":120,"y":381,"width":183,"height":11}},{"id":"020d62f8-4b6a-4f14-a013-583a458d082f","block_type":"box","text":"The Company’s investments values are based on traded market prices in active markets and therefore all of the","page_number":26,"box":{"x":120,"y":407,"width":752,"height":11}},{"id":"e76a1d09-758b-46cf-8abe-f2f321edfa5c","block_type":"box","text":"Company’s investments were classified as Level 1 at 30 June 2026 and 31 December 2025. There were no transfers","page_number":26,"box":{"x":120,"y":421,"width":751,"height":11}},{"id":"501fde48-23db-40a6-9194-3bd22369b431","block_type":"box","text":"between levels during the financial period (31 December 2025: Nil). The Company does not hold any investments","page_number":26,"box":{"x":119,"y":435,"width":752,"height":10}},{"id":"dd57e443-1d83-471e-98fd-9fd9b5ee68b9","block_type":"box","text":"classified within Level 2 or Level 3. The fair value levels of the securities held by the Funds are monitored on a monthly","page_number":26,"box":{"x":120,"y":448,"width":751,"height":11}},{"id":"3f46fe03-f37b-43d4-a939-0700e15f0b42","block_type":"box","text":"basis by the Investment Manager. There were no financial liabilities held at 30 June 2026 and 31 December 2025.","page_number":26,"box":{"x":119,"y":462,"width":699,"height":11}},{"id":"2c54cb6c-7d41-4700-9804-853dc8fb13bf","block_type":"box","text":"7. Soft Commission Arrangements","page_number":26,"box":{"x":120,"y":489,"width":240,"height":11}},{"id":"45a2a095-09b1-456a-b187-78cb8fe38fc7","block_type":"box","text":"No soft commission arrangements were entered into during the financial period ended 30 June 2026, the financial year","page_number":26,"box":{"x":119,"y":515,"width":753,"height":11}},{"id":"606411d6-ad10-4e68-9ad0-d2e0b6d17e36","block_type":"box","text":"ended 31 December 2025 or the financial period ended 30 June 2025.","page_number":26,"box":{"x":120,"y":528,"width":426,"height":11}},{"id":"10e0e9d4-01d5-450e-8b4f-d707756d5206","block_type":"box","text":"8. Efficient Portfolio Management","page_number":26,"box":{"x":120,"y":556,"width":238,"height":11}},{"id":"09df6506-1726-4d78-83f3-cfaa1d1ff45e","block_type":"box","text":"The Company may, on behalf of a Fund, use techniques and instruments for the purposes of efficient portfolio","page_number":26,"box":{"x":120,"y":581,"width":751,"height":11}},{"id":"d1f7725e-070e-44ce-8c5b-dfa61939c1a0","block_type":"box","text":"management (including but not limited to forward foreign currency contracts, futures contracts, options, put and call","page_number":26,"box":{"x":119,"y":595,"width":752,"height":11}},{"id":"ebbf5dcf-0a76-463e-a326-ee906cd0b8d7","block_type":"box","text":"options on securities, indices and currencies, stock index contracts, swap contracts) subject to the restrictions and","page_number":26,"box":{"x":120,"y":609,"width":752,"height":11}},{"id":"07709371-21f7-4f5e-bebe-d5d1c23d8ee3","block_type":"box","text":"limitations laid down by the Central Bank. The Company may engage in such techniques and instruments for the","page_number":26,"box":{"x":120,"y":622,"width":752,"height":11}},{"id":"4cf34ad0-d42e-45eb-92d8-0fa5c0ca50c9","block_type":"box","text":"reduction of risk, cost or the generation of additional capital or income for a Fund with an appropriate level of risk, taking","page_number":26,"box":{"x":119,"y":636,"width":753,"height":11}},{"id":"f239b096-b64b-4347-9b88-91d71b3807f9","block_type":"box","text":"into account the risk profile of the Company as described in the Prospectus and the general provisions of the UCITS","page_number":26,"box":{"x":120,"y":650,"width":751,"height":11}},{"id":"59710cfc-1cc8-48de-82eb-12dbf2ee0bec","block_type":"box","text":"Regulations.","page_number":26,"box":{"x":120,"y":663,"width":75,"height":11}},{"id":"0af058cb-4feb-4c51-b7bf-8a87651ef019","block_type":"box","text":"The Company does not currently use financial derivative instruments and it is not the current intention of the Investment","page_number":26,"box":{"x":120,"y":691,"width":752,"height":10}},{"id":"42a244f7-7fec-49d7-aa17-ddd5b9af68b7","block_type":"box","text":"Manager to employ efficient portfolio management techniques. A risk management process will be submitted to the","page_number":26,"box":{"x":120,"y":704,"width":752,"height":11}},{"id":"1ddc0871-eece-428f-a46a-ded8bd23ff76","block_type":"box","text":"Central Bank in accordance with the Central Bank's requirements prior to the Company engaging in financial derivative","page_number":26,"box":{"x":120,"y":718,"width":752,"height":11}},{"id":"7e867295-8c61-41e5-b76c-0c263063e482","block_type":"box","text":"transactions on behalf of a Fund.","page_number":26,"box":{"x":119,"y":732,"width":201,"height":8}},{"id":"0253194f-9a89-4e83-a11f-b4f9abdff6aa","block_type":"box","text":"The Company did not enter into any derivative contracts during the financial period ended 30 June 2026, the financial","page_number":26,"box":{"x":120,"y":759,"width":752,"height":11}},{"id":"25e3805a-5c83-4a9d-a342-c1046a83d123","block_type":"box","text":"year ended 31 December 2025 or the financial period ended 30 June 2025 for efficient portfolio management or any other","page_number":26,"box":{"x":119,"y":773,"width":753,"height":11}},{"id":"b7d8ca8e-319e-423a-9b1d-71c27c6fee83","block_type":"box","text":"purpose.","page_number":26,"box":{"x":119,"y":789,"width":52,"height":8}},{"id":"1134ea90-52e6-4c86-aa37-45aa99187f7c","block_type":"box","text":"9. Share Capital and Redeemable Participating Shares","page_number":26,"box":{"x":120,"y":814,"width":372,"height":11}},{"id":"689d58a7-9a9a-4261-a940-cf8a706b6357","block_type":"box","text":"The authorised share capital of the Company is 1,000,000,000 redeemable participating Shares of no par value. The","page_number":26,"box":{"x":120,"y":839,"width":752,"height":11}},{"id":"2a2a2e7c-d625-46b9-a1ab-04c90b32b630","block_type":"box","text":"redeemable participating Shares issued by the Company are freely transferable and are entitled to participate equally in","page_number":26,"box":{"x":119,"y":853,"width":753,"height":11}},{"id":"2661ed6a-8394-4bcf-a7fb-888cac292e32","block_type":"box","text":"the profits and dividends of the relevant Fund and its assets upon liquidation. The redeemable participating Shares, which","page_number":26,"box":{"x":119,"y":867,"width":753,"height":10}},{"id":"b4974c89-2711-4719-bbad-cbf78bf8dd95","block_type":"box","text":"are of no par value and which must be fully paid up on issue, carry no preferential or pre-emptive rights. Holders of","page_number":26,"box":{"x":120,"y":880,"width":754,"height":11}},{"id":"4b3e8e9e-0f2c-427d-851a-368343f46754","block_type":"box","text":"redeemable participating Shares are entitled on a poll to one vote at general meetings of the Company in respect of each","page_number":26,"box":{"x":119,"y":894,"width":753,"height":11}},{"id":"cdd4bf36-be1e-40a2-8ee0-d436ddd733d1","block_type":"box","text":"redeemable participating Share held.","page_number":26,"box":{"x":119,"y":908,"width":225,"height":10}},{"id":"cc6cbbd5-54d1-4fd6-8200-5547b16bda2d","block_type":"box","text":"MONTANARO SMALLER COMPANIES PLC","page_number":27,"box":{"x":120,"y":29,"width":315,"height":9}},{"id":"26e3d1fe-d989-4124-b258-bc6098700dd1","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":27,"box":{"x":120,"y":57,"width":392,"height":11}},{"id":"1bbbf0d1-c7bd-413c-9c6f-2c72a07d25c5","block_type":"box","text":"For the Financial Period ended 30 June 2026 (continued)","page_number":27,"box":{"x":119,"y":85,"width":367,"height":10}},{"id":"4defd2a9-f329-4269-ad88-4e46d4fc5686","block_type":"box","text":"25","page_number":27,"box":{"x":488,"y":933,"width":15,"height":8}},{"id":"7c59f0b9-5ef1-479b-89ad-68eaf5a3dd23","block_type":"box","text":"9. Share Capital and Redeemable Participating Shares (continued)","page_number":27,"box":{"x":120,"y":112,"width":450,"height":11}},{"id":"a1db1bee-1719-421f-b3c5-5ebde1c8f693","block_type":"box","text":"Subscriber Shares","page_number":27,"box":{"x":120,"y":137,"width":119,"height":9}},{"id":"151d9326-3b65-4ff9-91ed-0b41d282a09e","block_type":"box","text":"The Company has authorised share capital of €38,100 (divided into 38,100 Subscriber Shares of one Euro each). As at 30","page_number":27,"box":{"x":120,"y":151,"width":751,"height":11}},{"id":"357631aa-ec7d-441d-8778-e5c3763279c7","block_type":"box","text":"June 2026 and 31 December 2025 there were 7 Subscriber Shares of €1 each in issue (being the minimum share capital of","page_number":27,"box":{"x":120,"y":165,"width":754,"height":10}},{"id":"cea1ff28-bd52-4903-973d-10d1de72eb51","block_type":"box","text":"the Company) held by the Investment Manager. 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