The approach of Fundsmith Emerging Market trust (FEET) is starting to pay off and its portfolio “appears well placed” for upcoming challenges and opportunities, according to a new analyst note from Edison Group.
The £371m trust, which is run by Michael O'Brien, has made a "number of changes in emphasis" which are playing to its benefit, the note said. The trust is currently trading at a 9.7% discount and has been trading at a discount since about mid 2019, according to data from the Association of Investment Companies (AIC). This year the trust increased its portfolio concentration, changing the investment policy to allow a holding of 25-40 stocks instead of 35-55 stocks. Edison highlighted the reduced number of holdings, 37 according to the latest factsheet, saying it "allows the managers...
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