Fundsmith Equity Income

Consumer confidence back to pre-Brexit levels

Criticises lack of manager ownership transparency

Key announcements over the break

Fundsmith retains top spot

China and Brexit spook investors

Benefiting from government opposition and intervention

Fidelity International biggest winners

For failing to transfer cash in timely manner

Profits up 19% in year to March 2015

Low liquidity, US monetary policy risk and steep valuations in India are the reasons why over 20% of the Fundsmith Emerging Equities trust remains uninvested almost a year after launch, according to manager Terry Smith.