Where has Fundsmith Emerging Markets invested?


#1

Does anyone know what Terry Smith’s new trust has been buying in his new emerging markets fund?

I’ve searched the website but I cant seem to find anything.


#2

I found the following on FE Investergate:
As at 30 June 2015 the Company had invested 85% of the net assets in 50 companies.


#3

Thanks @harjinder

The FEET annual report says the average stock it holds is growing at 20% per annum, is on a P/E of 30.

That doesn’t seem like good value to me at all. That looks like expensive. Why would I invest in this when not only is it on a 4% premium but the underlying stocks it owns are fantastically dear.

Can anyone enlighten me?


#4

If they’re growing at 20% pa then they would justify a much higher rating. Is that the forward P/E or trailing?


#5

29% invested in Europe. What the bloody hell is that all about? I thought this was an EM fund.


#6

The 29% is in Europe, Middle East and Africa not Europe alone.

Although it’s still on a premium it is now only 2%. I am tempted by it at this level.


#7

The annual report released in March does have a list of holdings, but that is as at the corporate year end, which was December. So even that is six months out of date. A difference which can be seen between that and the latest factsheet is the reduction in cash holdings. I suppose that we’ll have to wait until the interim report is released to see a more up-to-date list - assuming that they’ll put a full list into the interim report.

I can understand why T.Smith’s OEIC might not want to issue a full list of current holdings, but an investment trust investing in emerging markets? Please! Unlike the OEIC, it isn’t as if these holdings could

Value versus Growth styles, so the IT is the latter?

be easy to replicate.

@stromer, in addition to @sandradore’s comment, several eastern Europe contries are considered to be emerging markets. And there is the case of Turkey, which might sometimes be considered due to a small wodge being on the continent.