Terry Smith has bought a further £1.2m in the Fundsmith Emerging Equity Trust, his second transaction in the closed-ended fund since handing the reins over to Michael O’Brien and Sandip Patodia.
The global equities manager currently has more than £250m invested across Fundsmith products with the bulk in his flagship Equity fund.
His latest transaction in the £339.3m closed-ended fund takes his total stake in the investment trust to 2.86% with a total 762,000 shares.
In May, he bought £1m worth of shares bringing his stake up to 2.49% a week after the portfolio management changes were announced.
Smith will continue to provide advice and support to O’Brien and Patodia as the trust’s CIO. He takes on a similar role on Fundsmith’s newest trust, Smithson, which shattered the record for the highest UK-domiciled closed-ended fund launch last October.
Commenting at the time of the pairs’ promotion at Feet, Smith said: “The initial success of Fundsmith’s other investment trust has made me realise that my oversight as CIO, with dedicated fund managers doing the day to day work, has worked extremely well and I believe the changes we are announcing today will help deliver the long term outperformance that we seek.”
Feet had traditionally traded around net asset value while Smith was at the helm but currently has a discount of 6.2%, according to the Association of Investment Companies.
