Share Name Share Symbol Market Type Share ISIN Share Description
Fundsmith Emerging Equities Trust LSE:FEET London Ordinary Share GB00BLSNND18 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -7.00p -0.62% 1,130.00p 1,128.00p 1,130.00p 1,134.00p 1,130.00p 1,134.00p 24,113 15:14:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 4.1 0.4 0.1 12,555.6 305.43

Fundsmith Emerging Share Discussion Threads

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Just noticed Terry Smith purchased 30000 shares at 1156 the other day. Now holds 530000.
Shares in Fundsmith Emerging Equities (FEET) are trading at their biggest-ever discount, as their remarkable rating since the fund's launch three years ago wobbles. Shares in the trust were yesterday trading hands at £11.47, 2.9% below net asset value (NAV). Not so unusual, you might think, and particularly not for an emerging markets trust, where double-digit discounts tend to be the norm. But any discount on shares in the trust, run by star fund manager Terry Smith, is a rare occurrence. Since its launch in June 2014, when it soared to a double-digit premium, they have only previously traded below NAV for three short periods: on 2015's China-fuelled 'Black Monday', when China fears re-emerged at the beginning of 2016, and in the aftermath of the Brexit vote. Yesterday's 2.9% discount contrasts with a 12-month average premium of 1.4%, which has reached a high of 5% over the past year. That gives the shares a Z-score of -3.7, placing them right at the top of the 'cheap' list of investment trusts compiled by Numis Securities. Http://
Thanks for the link. Whats going on with the 1% discount at the moment? Share price should be at about 1190 based on recent premiums to NAV
FEET wants to make a bigger footprint in India: Http://
Since IPO, we've given up relative performance and income. The only serious reason fore holding is the argument that the fund will be resilient in a market fall. Terry Smith has given good arguments that it will be and I'm willing to hold for the present on that basis. But thank goodness I hold UEM as well.
Interim results !
You could always buy some EMIM
arf dysg
Just got around to watching this and agree with those observations. Rarely has the first part of the maxim of the stock market being a voting machine in the short term and a weighing machine in the long term been more clearly demonstrated. Just need the second part to now be proved.Considering topping up on any weakness, this looks like one of the few areas of the market with value.
mad foetus
hector - very interesting, thanks. At around 25 min is an explanation of relative underperformance vs. index, which I find very convincing.
ASM Video released Most of it we have heard before but there is a good Q&A section from about 35:50 with some quite probing questions from savvy investors. Still confident, despite under-performance (Slides are available from the FEET website)
He must have said something the market likes. I asked the company when video will be available - answer at least a few weeks time, as needs to be edited :-(
Did anyone attend yesterdays AGM, due to work commitments I was unable to attend and I wondered how Terry described the year, valutions and foward returns?
hectorscrackhouse, Thanks for the link. Many interesting points there. Here's a comment I posted elsewhere: One point touches on FEET (Fundsmith’s emerging markets trust whose separate AGM is this month) and index-tracking ETFs, which have attracted more than 100% of new funds going into emerging markets over the last 3 years i.e. investors have withdrawn money from managed funds to invest in ETFs. This lead to a doubling in price of Samsung (the largest company in the Morgan Stanley Emerging Markets Index) during 2016 despite if having a dreadful year (exploding S7 batteries, product recall and production stoppage, US networks refusing to offer the S7, the Federal Aviation Authority forbidding S7s on flights, even when switched off, Samsung head offices raided and corruption charges against senior board members). Active fund managers bemoan the rise of ETFs but Terry Smith sees it as an opportunity, as long as investors are patient, and he points out that the average ROCE (Fundsmith’s key metric) on the MSEMI is 12% against 41% for FEET. If you’re interested, that discussion starts at 1.24.
Been invested in fundsmith equity for a few years now adding along the way. Not touched FEET yet. I hope he doesn't do a Woodford and open several different funds each with a different focus. Strikes me Woodford has taken his eye off the ball with numerous different funds now.Terry Smith really is what the UK fund industry was crying out for. The more I read up on him and watch him being interviewed the more I learn.....and it's all adding greatly to the end game for me in recent years.
Thanks Hector I've shared the link in relation to the pet sector on PVG forum as it's a high growth pet company
The main Fundsmith Fund ASM 2017 was posted yesterday htTps:// He does touch upon some things of interest to FEET - Mauritius 0:23.30 -Some specific FEET material from about 1:20:00 -Some material on Moat issues in respect to portfolio constituents and disruptive change 0:53:55 -Pet Food and Pet Perversion in general 1:35.00 It's all worth a look, although regular viewers will know it is repetitive, year to year.
I have recently bought some FEET for my SIPP. Refreshing approach, which in the long-run should do well. Who cares about the short term. I would like to put some cash in the Equity Fund too, but waiting for a better entry.
The main fundsmith vehicle is my biggest investment and yesterday the Unit price hit 320p, exactly double my average purchase price. Given that it was supposed to be the safest part of my portfolio and has ended up being the best performing, to say I am delighted is an understatement.not sure what to make of FEET, but given his track record And the confidence he had that FEET will outperform fundsmith I feel I owe the concept a few more years yet.
mad foetus
and of course all the sports people moving to Monaco/Switzerland isn't about avoiding tax. They just like it there. I think Terry Smith has a good track record. He seems to be a "self-styled rebel" with the Accounting for Growth book. However, the broking business he was involved in after that had a lot of mixed quality companies as clients. Emblaze for example whose CEO went to jail. If he cared about the brokers' fund management clients why have companies like Emblaze? In Fundsmith he has railed a lot against other fund companies but hasn't cut Fundsmith's fees despite the increase in assets. His opinions seem to "coincide" with his own interests in the same way that Donald Trumps opinions also coincide with his interests. Having said all that the performance of the main Fundsmith fund is excellent and he has really shaken up the industry. We are lucky to have a fund like Fundsmith to invest in against the backdrop of a generally dire fund management industry. In my view, Mr Smith has made a lot of good moves such as by having no performance fees and adopting a high quality company and low turnover strategy. Not everyone liked Steve Jobs but he transformed the smartphone market.
montyhedge nails it: Terry Smith, now 63, is apparently tired of London. A Companies House filing this week revealed that the pugnacious pro-Brexit East Ender — who ran stockbroker Collins Stewart, founded asset manager Fundsmith (and is an occasional FT columnist) — has been resident in Mauritius since January. One friend tells City Insider: “He’s not getting any younger. He wanted to take life a bit easier.” Fundsmith, originally and unaccountably registered with Companies House as “Funsmith” back in 2010, now has nearly £10bn of assets under management. It has had an office on sun-kissed Mauritius for the past three years. Smith said the location is a logical one for investing in Indian and other Asian assets for the group’s small emerging equities fund. More than that, he finds it “helpful” being “away from the noise of London”. The tax regime should be pretty helpful, too. The Indian Ocean island has a 15 per cent tax rate for companies and individuals alike. Last year, the bulk of the administrative expenses of the UK-based Fundsmith group (£29.4m out of £38.8m) were paid to the Mauritian entity, which employs five of the group’s 20 staff. That cut UK profit (distributable to partners, led by Smith, and then taxable) to £2.8m, down 78 per cent. What fun, Smith.
He's 63 first step to retirement perhaps.
It is in a good time zone for London and has lots of double tax treaties, though I'm not sure that is relevant for Fundsmith. Also, there are lots of accountants and fund administrators there and it is generally regarded as a gateway for investment to both India and Southern Africa. It may be that FEET invests through a number of subs and it is simpler for working out things live whether division can be paid gross to have shares owned through Mauritian subs. That would be my guess.
mad foetus
Is physical travel relevant these days?
Interesting thing in The Times yesterday about the shift to Mauritius. Smith says it is easier to trade Asian markets from there. Probably makes some sense for FEET. However, for the main Fundsmith fund I thought the idea was to have a low turnover so the ability to trade shouldn't be important. An 12 hour flight to Mauritius from London. Not really sure I am convinced about the rationale for a move to the Island. Any thoughts?
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