Fundsmith launches Luxembourg Sicav

UK-based asset management company Fundsmith has launched an equity focused Luxembourg-regulated Sicav feeder fund in accordance with the recent Ucits IV legislation.

The aim of the Fundsmith Equity Fund Feeder is to provide investors who prefer investing through a Sicav with access to the Fundsmith Equity Fund.

The Fundsmith Equity Fund was originally launched in November 2010 by Terry Smith. Since launch one year ago, the fund has delivered returns of 12.1%, outperforming the MSCI World’s 1.7% return.

It is the main vehicle for Smith’s own investments but investors can invest alongside him in a concentrated portfolio of 20-30 global companies which are held for the long term.

The portfolio has no benchmark or sector constraints.

Smith, portfolio manager of the fund and chief executive of Fundsmith, said “the Ucits IV directive allowing a master-feeder structure is excellent news for private client managers and offshore investors.”

“It provided us with an efficient solution to allow investors their preferred vehicle whilst maintaining a single pool of assets and low annual management charge,” he concluded.

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