Trustnet Magazine Issue 23 November 2016 | Page 18

IN FOCUS

/ FUND, PENSION, TRUST /

Fund

PREMIER MULTI-ASSET
GLOBAL GROWTH
The current managers have led this fund to third in the sector since taking charge, but
are warning investors not to expect a repeat performance

100%
Premier Multi-Asset Global Growth (91.51%)
IA Flexible Investment (48.77%)

80%

research team searches the world to find companies
that make their money from a large number of
everyday, repeat, predictable transactions and will
benefit from the rise of the consumer in developing
economies. You may never have heard of them,

20%

noodles last year, Magnit welcomed 11 million shoppers a
day, Brazilians bought 78 million bottles of Ambev’s beer

FEET Performance, % Total Return

For example, Indofood sold 9 billion packets of Indomie

and Dabur’s Hajmola tablets were taken 26 million times

Year ending 30th Sept

2016

2015

Since inception

a day in India.

FEET Share Price

+16.4

-11.8

+11.8

FEET NAV

+20.0

-7.8

+9.8

www.feetplc.co.uk
Available through AJ Bell Youinvest.

0%

Oct

Jul

Apr

Jan16

Oct

Jul

Apr

Jan15

Oct

Jul

Apr

Jan14

Oct

Jul

Apr

-20%

Available through your
stockbroker or platform:

trustnetdirect.com

Fundsmith LLP (“Fundsmith”) is authorised and regulated by
the Financial Conduct Authority and only acts for the funds
to whom it provides regulated investment management and
transaction arrangement services. Fundsmith does not act
for or advise potential investors in connection with acquiring
shares in Fundsmith Emerging Equities Trust plc and will not
be responsible to potential investors for providing them with
protections afforded to clients of Fundsmith.
Prospective investors are strongly advised to take their own
legal, investment and tax advice from independent and
suitably qualified advisers. The value of investments may
go up as well as down. Past performance is not a guide to
future performance.

despite their scale.

40%

Source: FE Analytics

16

The Fundsmith Emerging Equities Trust (FEET)

All can be found in the FEET portfolio.

FTSE All World (90.81%)

60%

Jan13

MANAGERS: David Hambidge, Ian
Rees, Simon Evan-Cook & David
Thornton
LAUNCH DATE: 21/12/2010
FUND SIZE: £91.6m
OCF: 1.91%

“Valuations of most asset classes
range from fair to expensive,” their
most recent update said. “Naturally
we are buying the fair and selling
the expensive, but even so, we
continue to caution investors against
expecting blockbuster returns from
financial assets going forward, as
much of the juice has been squeezed
out over the last seven years.”
The portfolio is managed with a
risk-conscious approach and with
the aim of limiting the overall level of
drawdown.
It has largely delivered on this
target and compares well against
its sector average on a number
of metrics. The fund sits in the IA
Flexible Investment sector’s top
quartile, for example, when it comes
to alpha generation, maximum
gain and risk-adjusted returns as
indicated by the Sharpe, Sortino and
Treynor ratios.

PERFORMANCE OF FUND VS SECTOR
AND INDEX UNDER CURRENT MANAGERS

Oct

FILE

The fund also has exposure to
more niche markets. For example,
it has 3.7 per cent in Polar
Capital Global Insurance, which
concentrates on the international
insurance sector, and 3.5 per cent
in Polar Capital Global Convertible,
which focuses on the oftenoverlooked convertible bond market.
Premier Multi-Asset Global Growth
has the aim of outperforming the
FTSE All World index while posting
lower volatility. FE Analytics data
shows the fund has made 91.51 per
cent since the current team took
over in July 2012, making it the IA
Flexible Investment sector’s third
best performer.
While the fund has achieved
strong returns in recent years, its
managers are keen to point out that
investors should not expect gains
from many parts of the market to be
as high in future.

Jul12

T

HE PREMIER MULTI-ASSET
GLOBAL GROWTH FUND is
the highest risk offering in
Premier’s multi-manager range,
with the team of David Hambidge,
Ian Rees, Simon Evan-Cook and
David Thornton taking a long-term
view of around 10 years when
making investments.
The £91.6m fund mainly holds
regional equity and single-sector
equity funds but has some exposure
to bonds, property and alternatives.
Premier’s multi-asset team has
a strong bias towards value and
much prefers to make contrarian
investments over paying for
expensive assets that everyone else
holds. The team will also make sell
decisions relatively quickly.
At the moment, 17.2 per cent of
the portfolio is in emerging market
equities (positions include HMG
Global Emerging Markets Equity
and Charlemagne Emerging Market
Dividend), 15.1 per cent is in Japan
(through the likes of Eastspring
Japan Smaller Companies and
Lindsell Train Japanese Equity)
and 11.5 per cent is in European
equities (holdings include Baillie
Gifford European and Polar Capital
European (ex UK) Income).

Source: Financial Express Analytics. Inception: 25th June 2014