Smith invests just 15% of Fundsmith EM trust in first five weeks

Terry Smith's Fundsmith Emerging Equities trust invested just 15% of its portfolio in the five weeks since listing, as the manager takes a cautious approach to his first foray into emerging market investment.

As of 31 July, Smith (pictured) had bought 35 stocks, in keeping with the trust’s planned portfolio of 35-55 holdings, but 85% of the NAV remained in cash following its 25 June launch. The manager is...

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