
Fundsmith-backed investment trust Smithson has confirmed it has pushed ahead with its strategy after a record IPO last month.
More than 95 per cent of the £800m raised upon its admission to the London Stock Exchange has now been invested in line with expectations, the trust said in a note this morning.
The note confirms that Smithson’s investments will be globally focused, looking at small and medium sized companies between £500 million and £15 billion in market capitalisation, with an average of £7 billion.
The final fundraising total hit £822.5m, the firm says, passing other major investment trust launches like Woodford.
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Companies House records show Smithson has appoint Lord St John of Bletso and former Collins Stewart finance director Diane Dyer Bartlett as non-executive directors.
Shares in the trust were down marginally this morning, at £10.67p compared to a high of £10.80p but still up from the launch price of £10.