Terry Smith's FEET trust seeks approval to raise single country limit to boost India exposure

Hoping to expand past 40% limit

The board of Terry Smith's Fundsmith Emerging Equities Trust (FEET) is considering amending the rules to allow the manager to invest over 40% in a single country, in order to benefit from opportunities in India.

The manager (pictured) currently has 38% of the portfolio invested in India, more than half of his 66% allocation to Asia. Under current rules, the trust cannot hold more than 40% in companies domiciled in one country, but Smith is hoping to amend this limit to allow him to take further advantage of opportunities in the region. Two of the trust's five best performance contributors in the first half of the year were Indian companies; Britannia Industries and Godrej Consumer Products, which are the two largest weightings in the trust. Currently, half of the manager's top ten holdings ar...