Fundsmith Emerging Equities Tst PLC Edison initiates on Fundsmith Emerging Equities
February 01 2021 - 04:00AM
RNS Non-Regulatory
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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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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