Fundsmith unveils Ucits IV Sicav feeder fund
Terry Smith’s Fundsmith is using Ucits IV legislation to launch a regulated Sicav feeder fund version of its existing Equity Fund Oeic.
Investing in the Sicav feeder will incur an identical 1% AMC as investing directly in the UK Oeic. The advantage of the new vehicle, says Smith, is that it providers an efficient solution for private client managers and offshore investors to invest in their preferred vehicle whilst maintaining a single pool of assets.
The Fundsmith Equity Fund was launched in November 2010, and has since delivered 12.1% versus the MSCI World’s 1.7%. Managed by Smith, it takes a long-term buy and hold strategy, investing across a concentrated portfolio of 20 to 30 resilient global growth companies with no benchmark or sector constraints.
Fundsmith was set up in 2010 by ex-Collins Stewart chief executive Smith, alongside Keith Hamill, and has offices in London and Connecticut.