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Fundsmith Emerging Equities Trust

LN: FEET

£367.1m market cap

1380p last close

Investment summary

Fundsmith Emerging Equities Trust (FEET), an emerging markets (EM) consumer theme focused investment trust launched in 2014, has recently undergone a gradual, but notable transition. In May 2019 Michael O’Brien and Sandip Patodia took over day-to-day management from Terry Smith, to focus full-time on FEET. The trust, which has evolved with the emerging consumer story since launch, has retained the same strategy: to own high-quality, consumer-focused companies. A number of changes of emphasis have been made. The managers have made the portfolio more focused by number of holdings (38 at end-December 2020) yet have diversified it by theme and sector. The managers stress that the fund suits patient investors with a long-term time horizon, as the underlying strong portfolio fundamentals should eventually come through in superior performance, regardless of market momentum.

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Share price graph
Price performance
%
1m
3m
12m
Actual (8.3) 8.7 26.3
Relative* (9.2) 3.5 30.8
52-week high/low 1510.0p/882.0p
*% relative to local index
Key management
Martin Bralsford Chairman
David Potter non-executive director
Michael O’Brien Portfolio manager
Sandip Patodia Assistant portfolio manager