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News of Terry Smith’s intention to launch the Fundsmith Emerging Equities IT this year has been met with a mixed reception from industry experts, though there is agreement that the new trust will give Templeton much needed competition in the IT Global Emerging Markets sector.
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Terry Smith, founder of Fundsmith LLP and manager of the £1.6 billion Fundsmith Equity fund, has today confirmed that the group plans to launch an investment trust focusing on emerging market equities.
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Terry Smith, who manages the successful Fundsmith Equity fund, is to launch an emerging markets investment trust. The new fund, to be launched later this year, will employ Mr Smith's existing strategy of choosing resilient, proven companies but apply it to firms based in developing economies.
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Three years after Terry Smith's Bronze rated long-term equity fund Fundsmith was born, the controversial manager is launching an emerging markets equivalent.
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Fundsmith, the fund management group founded by Terry Smith, chief executive of broker Tullett Prebon, is to launch an emerging markets investment trust later this year.