19th Mar 2015 18:31
LONDON (Alliance News) - Fundsmith Emerging Equities Trust PLC Thursday said its net asset value declined and underperformed compared to its benchmark index in the last financial year.
In its first annual report since listing on the London Stock Exchange, the trust said its net asset value per share declined by 0.3% to 997.00 pence per share between October 31, 2013 to December 31, 2014, compared to a rise of 0.5% in the MSCI Emerging and Frontier Markets Index measured on a net sterling adjusted basis, the company's benchmark.
The MSCI Emerging and Frontier Markets Index rose by 7.2% in the same period before being measured on a net sterling adjusted basis, it said.
The company's share price performed much better, rising by 7.2% to 1,072.0 pence per share. The premium to the company's net asset value per share ended the period at 7.5%. The board continues to keep this under review.
"Since the end of the period under review, net asset value per share performance has been below the benchmark, reflecting the fact that we are not yet fully invested," it said.
Fundsmith shares closed up 0.5% to 1,045.00 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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