Fundsmith Emerging Equities Trust : FEET 2022 AGM Presentation

Fundsmith Emerging Equities Trust

May 2022 AGM

www.feetplc.co.uk

Private & Confidential

Important notice

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. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW.

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Performance & attribution

Private & Confidential

Performance

% return

	2022									Since
	YTD	2021	2020	2019	2018	2017	2016	2015	2014*	Annualised
	inception
	to Apr
FEET NAV1	-8.9	+3.8	+20.7	-0.5	-3.0	+21.2	+12.0	-7.0	+0.1	+39.3	+4.3
FEET share price 2	-13.6	-3.4	+29.1	-7.4	-9.4	+24.5	+10.5	-10.9	+7.2	+18.7	+2.2
Emerging markets 3	-5.2	-1.4	+14.4	+13.9	-9.3	+25.3	+32.4	-10.0	+0.5	+65.7	+6.6
UK bonds 4	-5.6	-4.5	+4.6	+3.8	+1.2	+1.4	+6.5	+1.0	+7.4	+16.0	+1.9
UK cash 5	+0.1	+0.1	+0.3	+0.8	+0.7	+0.4	+0.5	+0.6	+0.3	+3.8	+0.5

1. Net of fees, priced at UK market close (Source: Fundsmith).
2. At LSE close (Source: Fundsmith).
3. MSCI Emerging & Frontier Markets Index (£ Net) priced at close of business US EST (Source: www.msci.com).
4. Bloomberg/EFFAS Bond Indices UK Govt 5-10yr (Source: Bloomberg).
5. £ Interest Rate (Source: Bloomberg).

From 25.6.14.	3
Disclaimer: Past performance is a not a reliable indicator of future results.

2021 attribution

Largest contributors	2021
Avenue Supermarts	2.2%
Metropolis Healthcare	2.0%
Havells	1.8%
Dr Lal Pathlabs	1.6%
Asian Paints	1.1%

Largest detractors	2021
Foshan Haitian	-2.3%
Vitasoy	-2.1%
Yihai	-1.4%
Mercadolibre	-1.2%
Tencent	-0.8%

Source: Fundsmith.

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