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Terry Smith puts £25m of own money behind new investment trust

Fundsmith, the house run by star manager Terry Smith, is looking to raise £250 million to float a new investment trust on the London Stock Exchange.

The Smithson Investment Trust will be managed by Fundsmith, with the investment management team led by Simon Barnard as investment manager and Will Morgan as assistant investment manager.

Terry Smith will oversee the fund.

Barnard and Morgan will focus on investing in global small and mid cap companies with market capitalisation between £500 million and £15 billion, and an average of £7 billion.

Fundsmith says it will bear all cost connected with the IPO and will charge 0.9 per cent annual management fee based on Smithson’s market capitalisation.

Fundsmith launches sustainable equity fund for institutional investors

Smith says: “Last year we hired Simon Barnard and Will Morgan from Goldman Sachs to research the opportunity presented by applying Fundsmith’s proven investment process to companies typically smaller than the ones the Fundsmith Equity Fund would invest in, hence the name Smithson.

“I am delighted that Simon and Will will manage the fund, with my oversight as Fundsmith’s chief investment officer. I will be investing £25 million in Smithson at launch with fellow Fundsmith partners and employees investing an additional £5 million.”

Morgan says: “Over the last year, the Smithson team has identified and researched an investable universe of 83 compelling companies, from which we will select 25 to 40 portfolio companies at launch, that we believe can compound in value over many years, if not decades. I, along with other members of the team, will be investing significantly in the fund at launch.”


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