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Old 09.07.2018, 17:34
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Fundsmith FEET 2018

For those interested, the new AGM video is out:

https://www.youtube.com/watch?v=UkI7DzlwTXM

Anyone invested in this fund? How did you invest? It isn't available on Schwab and I don't see any option to buy directly from Fundsmith. Maybe I need to open an IB account.
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Old 09.07.2018, 18:03
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Re: Fundsmith FEET 2018

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For those interested, the new AGM video is out:

https://www.youtube.com/watch?v=UkI7DzlwTXM

Anyone invested in this fund? How did you invest? It isn't available on Schwab and I don't see any option to buy directly from Fundsmith. Maybe I need to open an IB account.
Via Hargreaves Lansdown, however the are now not accepting non EU residents, I held a UK SIPP & ISA when resident in CH.
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Old 09.07.2018, 18:09
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Re: Fundsmith FEET 2018

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Via Hargreaves Lansdown, however the are now not accepting non EU residents, I held a UK SIPP & ISA when resident in CH.
I still use HL. I presume that if you're an existing customer with an account opened while still in the UK, they're OK with that?
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Old 09.07.2018, 18:23
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Re: Fundsmith FEET 2018

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I still use HL. I presume that if you're an existing customer with an account opened while still in the UK, they're OK with that?
I opened mine about 5 years ago whilst resident in CH. I still use them but resident in E.U.
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Old 09.07.2018, 18:25
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Re: Fundsmith FEET 2018

Can anyone confirm if you can buy via IB? If so, I will open an account there.

Kinda pissed off with my laziness. I got the HL forms some time ago and half-filled them in. I wanted to transfer my UK pension into a SIPP and invest it all into FeverTree. My laziness cost me dearly....
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Old 09.07.2018, 21:31
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Re: Fundsmith FEET 2018

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Can anyone confirm if you can buy via IB? If so, I will open an account there.
Yes, it's listed for sale https://pennies.interactivebrokers.c...131195&lang=en
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Old 09.07.2018, 22:47
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Re: Fundsmith FEET 2018

I saw from your title that you are indeed looking for the FEET fund/trust which is listed on the LSE. Anything listed on a major exchange you will be able to trade with IB.

For IB products you can search what they have using the contract search.

Link: https://pennies.interactivebrokers.c...3.10/index.php
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Old 10.07.2018, 00:21
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Re: Fundsmith FEET 2018

Be aware that Fundsmith FEET is a closed-end fund (CEF). Contrary to an ETF, current price may have you buy at a premium, at adiscount, or fairly close to NAV.

The same applies to the future of course.For instance during the financial crisis many US-listed CEF were trading at a huge discount (20-50% discount to NAV was quite common).
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Old 10.07.2018, 00:47
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Re: Fundsmith FEET 2018

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Be aware that Fundsmith FEET is a closed-end fund (CEF). Contrary to an ETF, current price may have you buy at a premium, at adiscount, or fairly close to NAV.

The same applies to the future of course.For instance during the financial crisis many US-listed CEF were trading at a huge discount (20-50% discount to NAV was quite common).
Yes, let's hope there is some panic dumping when I get round to buying then
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Old 10.07.2018, 10:25
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Re: Fundsmith FEET 2018

I checked with Degiro and they offer it as well -> https://ibb.co/khCNST

For those not very familiar with a closed-end fund here is some additional info:
https://www.investopedia.com/terms/c...investment.asp

And yes, I know I had my doubts about Degiro, but so far I've had a very good experience
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Old 10.07.2018, 18:35
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Re: Fundsmith FEET 2018

Be aware also that they charge a whopping 1.25% annual management charge.

Even more than a lot of emerging market mutual funds, even after the 'fund supermarket' charges.
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Old 11.07.2018, 05:51
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Re: Fundsmith FEET 2018

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Be aware also that they charge a whopping 1.25% annual management charge.
Not 1.91%?

He's right about one thing though, there are no other EM quality/growth funds with an even remotely similar strategy and except for a few ADRs you can't really buy this sh*t yourself

Edit: actually found one similar fund - Arisaig, but 10% performance fee and 100k EUR minimum investment- wtf?

Last edited by ivank; 11.07.2018 at 07:55.
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Old 11.07.2018, 10:28
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Re: Fundsmith FEET 2018

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He's right about one thing though, there are no other EM quality/growth funds with an even remotely similar strategy and except for a few ADRs you can't really buy this sh*t yourself
Yup. I'm really focussed just on US markets at the moment, but maybe will look towards the EM markets in a couple of years and FEET seems to be the only game in town.
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Old 11.07.2018, 11:12
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Re: Fundsmith FEET 2018

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Yup. I'm really focussed just on US markets at the moment, but maybe will look towards the EM markets in a couple of years and FEET seems to be the only game in town.
why not an emerging market ETF with little to no exposure to finance? Do you trust Terry to deliver in EMs as well? I mean he underperformed the reference index during the last few years.
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Old 11.07.2018, 11:50
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Re: Fundsmith FEET 2018

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why not an emerging market ETF with little to no exposure to finance? Do you trust Terry to deliver in EMs as well? I mean he underperformed the reference index during the last few years.
Thats because the majority of the investors are going into passive index funds, if everybody buys shit the price of shit will rise. As a long term investor I know which strategy will work. You need to compare over an economic cycle or 2 to really see what is going on, look at Warren Buffet's huge underperformance during the tech boom & it was said he was an old fool by many for not following the Hurd.
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Old 11.07.2018, 12:09
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Re: Fundsmith FEET 2018

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Thats because the majority of the investors are going into passive index funds, if everybody buys shit the price of shit will rise. As a long term investor I know which strategy will work. You need to compare over an economic cycle or 2 to really see what is going on, look at Warren Buffet's huge underperformance during the tech boom & it was said he was an old fool by many for not following the Hurd.
I get that, but while I fully appreciate Terry's stock picking skills in the developed market, he still has to prove the same in EM. Nevertheless I still put 10% off my DCA-ing portfolio build-up into FEET. I am just not "that" convinced as with the main fund.

Time will tell
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Old 11.07.2018, 13:07
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Re: Fundsmith FEET 2018

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I get that, but while I fully appreciate Terry's stock picking skills in the developed market, he still has to prove the same in EM. Nevertheless I still put 10% off my DCA-ing portfolio build-up into FEET. I am just not "that" convinced as with the main fund.

Time will tell
Higher growth rates of good business's will trump many fold on a 30 year view, paying a fair price for a good business is way better than paying a good price for a fair business. The third biggest stock in the index is Samsung 3.84% which is already a global business not really what this is about IMHO.

10% would seem overweight if you were looking for a balanced portfolio, I am under 1%, the market will give me the opportunity to buy at a discount to NAV during the next market crash, I know you prefer $ cost averaging.
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Old 11.07.2018, 13:23
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Re: Fundsmith FEET 2018

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look at Warren Buffet's huge underperformance during the tech boom & it was said he was an old fool by many for not following the Hurd.
I think that Buffet missed out on some tech stocks, but that he was also right to do what he did. Tech isn't his area of specialty so it was right for him to not get involved. He later expressed some regret at not going for google as he had some insights into their business through his own business dealings (but IMO this was very superficial).

There are so many opportunities in the stock market, you don't need to catch every single one.
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Old 11.07.2018, 13:27
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Re: Fundsmith FEET 2018

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10% would seem overweight if you were looking for a balanced portfolio, I am under 1%, the market will give me the opportunity to buy at a discount to NAV during the next market crash, I know you prefer $ cost averaging.
I'm 0% in EM at the moment, but expect that there will be a much better opportunity to enter EM in the next few years.
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Old 11.07.2018, 14:14
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Re: Fundsmith FEET 2018

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Not 1.91%?

He's right about one thing though, there are no other EM quality/growth funds with an even remotely similar strategy and except for a few ADRs you can't really buy this sh*t yourself

Edit: actually found one similar fund - Arisaig, but 10% performance fee and 100k EUR minimum investment- wtf?
1.91% total expense ratio...which includes management charges, plus trading charges etc. ....1.91% is huge
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