Fundsmith Emerging Equit... Share Discussion Threads

[datamatters] 13/12/2022 11:54

If anyone is in this situation -- FEET was very helpful in explaining why IG was wrong to proceed this way -- unlike for shares in individual companies, shares in unit trusts do not have to be listed for them to remain ISA elligible, i.e. 30 days post-delisting rule does not apply to them.

From :

Shares in an investment trust are qualifying investments if the investment trust satisfies the requirement for investments.

Securities in an investment trust are qualifying investments if they meet the same conditions as those detailed for securities and before 1 July 2015, the investment trust satisfied the requirement for investments.

A company is an ‘investment trust’ if it is such a trust for the purposes of section 1158 of the Corporation and Taxes Act 2010.


Feel free to send me a message if you want to discuss further / have issues with IG in this matter, I am quite deep in the process of dealing with them on this.

[datamatters] 26/11/2022 15:38

I hold some FEET shares in my ISA. My broker (IG) has transferred these without consulting me outside of the ISA account into non-ISA trading account, claiming some alleged HMRC rule that prevents delisted security to be held within ISA for more than 30 days. This will mean I am to lose my ISA allowance in FEET. I'd be grateful to hear from others who hold this through liquidation in ISA, both within IG and elsewhere, how your broker treated this. Thank you.

[glavey] 16/9/2022 07:34

Cold feet.

[donald pond] 15/9/2022 21:45

My broker suggested payout is likely at the end on November btw

[topvest] 15/9/2022 21:36

Emerging markets has been a poor place to invest over the last few years that's for sure. Maybe a turning point coming next year now that trusts are throwing in the towel? That's what normally happens!

[halfpenny] 15/9/2022 10:19

Appart, Thanks. I will reinvest into NANO...looks like aTakeover or a Trial outcome soon..

[apparition1] 15/9/2022 09:51

Yes halfpenny I sold all mine yesterday. If you hold you'll get the cash value of the proceeds in 2 or 3 month (these things tend to stretch out) or you can sell now at the quoted bid price (1325p as I write).

[halfpenny] 15/9/2022 09:27

When do shareholders get their money? Can stocks be sold in the market?

[apparition1] 14/9/2022 18:00

Sold into the market at a 0.5% loss over 18 month holding. A bit disappointing as this was my only trust specifically in Emerging Markets and I can't see any other that excite me too much. I guess it might be time for me to look at some aspect of indexation in this area.
At least I was able to re-invest half the proceeds into topping up some of my other Global trusts. The question is what to do with the rest.

[spectoacc] 14/9/2022 13:21

"Time in the market, not timing the market" - a fund industry favourite, and about as true as "It's different this time" :)

So agree, but for largely different reasons.

The 2000-2003 bear market was particularly grinding, & seems as apt as the mid-70s.

[topvest] 14/9/2022 13:08

I know its dangerous to think that we can time markets, but markets seem to be pricing in that inflation will all be done and dusted with a couple of small further interest rate increases. That's wishful thinking and highly unlikely in my view. I thought it took c6m for interest rate increases to have an impact anyway. It's all early days and interest rate reductions are some way off. Just a bit of a feeling that market participants are generally too young and too optmistic on inflation. This looks a 1974 repeat to me. Too young to remember it, but have read the similarities. This will likely grind away for a few years now that inflation is "out of the bottle" so to speak. My thought is that the FED may put in a shock 1% rate rise next week and that with the QE unwinds x2 this could cause a sticky few months to come.... as realisation dawns that there is no soft landing.

[topvest] 14/9/2022 12:25

I've sold in the market today. I'm not confident about markets in Q4 as I still think global markets have not yet bottomed. A liquidation in November is not appealing. Overall, about a 35% return in 8 years, so less than 5% per annum. Not good, but not a disaster.

[spectoacc] 14/9/2022 11:28

Interesting that FEET, JEFI, SGEM have all gone, and none have sold out at a particularly good time (not saying market won't go lower, but they're selling/sold considerably lower than recently).

Or is it a sign of the bottom of the Emerging Markets...

Or a sign of the top at Fundsmith.

[1liam] 14/9/2022 08:32

Feet up, relaxed :)

[spectoacc] 14/9/2022 08:02

Not sure whether to say "credit for recognising it and doing the right thing", or "what took you so long - we've been saying it for years", or "FEET was worth a few millions a year in fees to you, whereas £23bn Fundsmith is worth hundreds of millions, isn't this just a move to avoid the reputational damage of having such an under-performer".

[essentialinvestor] 20/6/2022 12:29

Not out of the question SSON may trade close to £10, wider markets depending.

[spectoacc] 19/6/2022 19:59

Much as I like T Smith, have to agree. He gets to rip 1.4% pa out of Fundsmith & whilst it's done fantastically for ages, does feel like we're now into the mean reversion stage.

1.4% when doing 15% pa seems OK (albeit he's having nearly 10% of your gains), but 1.4% when flat or down isn't too pleasant.

SSON/FEET are Fundsmith without the gains, & not entirely sure why (particularly in SSON's case).

[red army] 31/5/2022 11:31

Unless that USD starts a downward trend then this is not going anywhere apart from side to down.

[spectoacc] 31/5/2022 10:12

£12.92 NAV, c.15% discount. Not for me, but surely valued now nearer where it should be.

[essentialinvestor] 16/3/2022 11:20

Just sold my small trading holding at £11.40.

Have a small longer term holding, which is difficult to justify given underperformance,
but live in hope!,


Market sensing some type of breakthrough with Russia/Ukraine I'm guessing?.

[spectoacc] 16/3/2022 09:22

Good call on AAIF - China funds all dcb'ing c.10% this morning, not sure warranted!