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Fundsmith Emerging Equities Trust

LN: FEET

Market Cap£355m

Last Close 1350p

FEET’s investment objective is to provide shareholders with an attractive return by investing in a portfolio of listed companies that operate in or sell into developing economies, providing exposure to the growing proportion of middle-class consumers in these countries or to the broader social and/or economic development of those countries.

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Investment summary

Fundsmith Emerging Equities Trust (FEET) has evolved from an emerging markets (EM) consumer-driven growth story since launch in 2014. Its strategy remains to own high-quality companies, but a number of changes in emphasis have been made. The managers have made the portfolio more focused by number of holdings (38 at end-September 2021) and the weighting in technology and healthcare has increased. The team stresses that the fund suits investors with a long-term time horizon, as the underlying strong portfolio fundamentals lead to it owning businesses with superior operating performance, regardless of short-term market momentum. A combination of the recent robust performance of FEET’s holdings and a lengthy correction in China’s equity market (where FEET at c 15% is underweight the benchmark at c 19pp) has resulted in a strengthening of the fund’s absolute and relative performance.

Content on Fundsmith Emerging Equities Trust
Fundsmith Emerging Equities Trust – Stepping forward
Investment companies | research Review | 17 November 2021
The risks of investing in China
Investment companies | Edison TV | 7 October 2021
Fundsmith Emerging Equities Trust – Sticking to its guns
Investment companies | research Initiation | 29 January 2021
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Sector
Investment companies
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Share price graph
Price performance
%
1m
3m
12m
Actual 12.5 22.2 (7.2)
Relative* 20.0 29.1 (2.0)
52-week high/low 1470.0p/1055.0p
*% relative to local index
Key management
Martin Bralsford Chairman
David Potter non-executive director
Michael O’Brien Portfolio manager
Sandip Patodia Assistant portfolio manager

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