Editor's Views on the News

Morningstar UK senior editor Holly Black looks at the week's key news in a week of big announcements, including Theresa May's plans to resign and Terry Smith's decision to step back from his Emerging Equities trust

Holly Black 24 May, 2019 | 2:55PM
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All Change Please

Usually a change of manager at a fund is flagged well in advance: young managers are brought up through the ranks, trained in the strategy and wheeled out to investors over a series of months or even years to raise their profile. That means, when the switch finally happens, there is no surprise and investors don’t jump ship.

Not so at the Fundsmith Emerging Equities Trust. Terry Smith surprised this week with the announcement that he will be stepping back from the day-to-day running of his emerging markets trust (though he will still be chief investment officer). The fund manager apologised to investors as he admitted “it didn’t quite work as we thought it was going to work”. Performance of the trust has been lacklustre since launch in 2014, but Smith insists it is “still a very rescuable proposition”.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Fundsmith Emerging Equities Trust Ord1,415.00 GBX-0.70Rating

About Author

Holly Black  is Senior Editor, Morningstar.co.uk