Fundsmith Emerging Equit... Share Discussion Threads

[thelongandtheshortandthetall] 09/12/2020 13:54

Good article^^ apols if posted at the time of publication.
Just bought in. good luck all.

[donald pond] 09/12/2020 06:43

I think the strategy here has changed and the performance seems to be picking up. Mercado Libre has been an extraordinary performer and again, is not what you think of as a TS stock. I'm happier than I have been for years here.

[spangle93] 08/12/2020 22:09

They advertise quite often in the Telegraph, but the record they show isn't exactly compelling

[dr know] 08/12/2020 19:10

Last Friday's Chronic Investor had a full page advert for FEET so it looks like the company has decided to do something about the share price and drum up more interest. It's by far the worst performer of the Fundsmith stable. It must be an embarrassment to them.

[mad foetus] 07/12/2020 09:19

Added Taiwan semiconductor as well, so clear change of strategy away from ketchup

[chinahere] 02/12/2020 17:50

The NAV performance is improving by the look of it and along with the Terry Smith connection I can imagine a premium too.

[spangle93] 02/12/2020 17:38

Well, yes, it may

But why do you think it would? It hasn't traded on a premium since summer 2018, so you can't blame that on CoVid

[essentialinvestor] 02/12/2020 17:08

Buying back again, may be trading at a NAV premium in 2021 imv.

[essentialinvestor] 02/12/2020 12:35

Added a few.

[essentialinvestor] 01/12/2020 15:56

Due a run over £13-13.20 type area.

[m_kerr] 19/11/2020 21:46

'i invested at £11.65, so down a bit (15%) on that price, and in NAV terms down a couple of percent. i intend to keep the shares as i think they will grow on a 3 year view.' wow - what a difference 7 months makes! this has been a very stable investment in NAV terms despite all the ups and downs this year, though although the discount has narrowed, it's still there, and as investors we can only ever realise the share price, not NAV. for this reason i dont want to see any new investments made until that discount goes. i welcome buybacks, but why they didn't do so at sub £10 a while back, i dont know. the shares have not yet been cancelled, they are held in treasury.

[maiken] 18/11/2020 13:02

I agree very interesting but I differ on the reasoning.

Terry Smith has stated clearly on numerous occasions [ it's also repeated in his new book] that buying back shares sensibly requires 2 criteria...

1] the shares can be bought back below intrinsic value

2] there exists no better opportunity to invest that money being used elsewhere.

bullish that the shares are below intrinsic value but bearish perhaps if there are few investment opportunities in their universe currently.

Assuming,as I think we must,that the appointed manager shares the same philosophies as Terry and keeps him abreast of what he's doing.

[essentialinvestor] 18/11/2020 12:29

Buying back shares, now that is interesting and also a first for FEET.

There is only one reason they are now buying back and that is confidence

those shares can be issued Above NAV in 2021 imv.

[sirrux] 02/11/2020 12:02

Much nicer mix in the portfolio now, NAV per share hitting all time highs - will the share price follow?

[essentialinvestor] 29/7/2020 17:43

Their tobacco holdings have also been a hindrance over the last year or two.

[essentialinvestor] 29/7/2020 13:32

GBP appreciating against Indian Rupee and USD may drag on NAV.

[papy02] 13/7/2020 22:17

Wells Fargo bank taken 5.28%.

[m_kerr] 10/4/2020 11:56

i invested at £11.65, so down a bit (15%) on that price, and in NAV terms down a couple of percent. i intend to keep the shares as i think they will grow on a 3 year view.

[essentialinvestor] 09/4/2020 07:54

Looks due a move up?.


Fat NAV discount atm.

[essentialinvestor] 09/4/2020 07:54

Looks due a move up?.

Fat NAV discount atm.

[essentialinvestor] 07/4/2020 09:55

Some relative outperformance at last!.


As per the latest update ..."the vast majority of companies which the fund owns have no debt..."


No debt in the current climate will hopefully provide a powerful medium/longer term opportunity to take market share and grow imv.

[vnvd] 05/4/2020 19:32

this guy is has mostly relied on multiple expansion
the day of reckoning is coming
terry smith is a giant bubble

I am just glad I listen to pit chief

[vnvd] 05/4/2020 19:31

goyath, not sure where you are getting those numbers from.
in the 2019 letter, terry says:
"The weighted average free cash flow (‘FCF’) yield (the free cash flow generated by the companies divided by their market value) of the portfolio at the outset of the year was 4.0% and ended it at 3.4%, so they became more highly rated."

hxxp://www.fundsmith.co.uk/docs/default-source/analysis---annual-letters/annual-letter-to-shareholders-2019.pdf?sfvrsn=8

[essentialinvestor] 13/2/2020 11:33

Buying FEET Under the £10.90 area usually works well.

Under £10.80 even more so.