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.
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.