TIDMFEET

Fundsmith Emerging Equities Tst PLC

01 February 2021

London, UK, 1 February 2021

Edison initiates on Fundsmith Emerging Equities Trust (FEET)

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.

The trust currently trades very close to premium to its cum-income NAV on a 3.9% discount, above its three-year average of 5.3% and one-year average of 11.6%. The team's consistent implementation of its strategy regardless of shorter-term market fluctuations and a gradual portfolio transition have resulted in the discount narrowing. The board monitors the share price discount and has been primarily addressing it via investor education activities rather than active share buybacks.

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www.edisongroup.com

About Edison: E dison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Victoria Chernykh +44 (0)20 3681 2522

Sarah Godfrey +44 (0)20 3681 2519

investmenttrusts@edisongroup.com

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