Terry Smith lets his FEET do the talking

If you were asked to name a high-profile fund manager launching a new vehicle this month via a three-week offer period, it is fair to say Terry Smith would rank a distant second to another well-known industry figure.

But Smith has ambitious aims of his own. His Fundsmith Emerging Equities trust may have a slightly unusual acronym (FEET), but the rest is pretty familiar: a true buy-and-hold, concentrated portfolio, as per the Fundsmith Global Equity fund he launched in 2010. The success of that fund may have taken some by surprise. Smith was forthright about the need for a low turnover product with a simplified fee structure in a “broken industry”, as he put it. Although he was a newcomer to the asset management world, his logic has proved sound: the global strategy has grown to £2bn in size and is...