Terry Smith is a well-known and well-followed fund manager in charge of managing Fundsmith’s Equity unit trust and the Fundsmith Emerging Equity Trust (FEET:LN).

Both funds have around 30 stocks in them, offering greater potential for gain but also loss if the allocation goes awry. This year the equity unit trust is up 28%, however most of that gain was achieved in the first half, with minimal gain in the second. In FEET, the trust has until last year always traded at a premium to net asset value (the value of its assets minus its liabilities). The premium was more than seven percent in 2015 but over the last 12 months it has fallen to negative 1.38% as the performance of the components of the fund has been negative by as much as 6% over the last five months, although over one year the fund is up 12.93%.

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