Fundsmith: "2019 Not a Vintage Year for the Fund"

Michael O'Brien, manager of the Fundsmith Emerging Equities Trust, looks to reduce political risk and increase sector diversity after disappointing performance

Holly Black 28 May, 2020 | 11:35AM

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The Fundsmith Emerging Equities Trust (FEET) is set for a shake-up as manager Michael O’Brien says “2019 was not a vintage year for the fund”.

The trust, launched in 2014 by veteran investor Terry Smith, saw its net asset value fall by 0.5% last year while the MSCI Emerging Markets Index, climbed 13.9%. The trust’s share price was down 7.4%. Since inception, the trust has returned 22% compared with 55% from the index.

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Holly Black  is Senior Editor, Morningstar.co.uk

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