Fundsmith Emerging Equities Trust - Stepping forward
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.Fundsmith Emerging Equities Trust is an externally managed investment trust. Co. invests in a portfolio of shares issued by listed or traded companies which have their operations in, or revenue derived from, Developing Economies and which provide direct exposure to the rise of the consume classes in those countries. Co. employs Fundsmith LLP as its Investment Manager and Alternative Investment Fund Manager. As of Dec 31 2017, Co. had total investment portfolio of £306.6 million.
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