Fundsmith Emerging Equities Trust plc (FEET) 2016年年度报告「LSE」.pdf

1、Fundsmith Emerging Equities Trust plc Annual Report for the year ended 31 December 2016A member of the Association of Investment CompaniesPerivan Financial Print 242931Fundsmith Emerging Equities Trust plc33 Cavendish Square,London W1G 0PWwww.feetplc.co.ukAnnual ReportFundsmith Emerging Equities Tru

2、st plcunnAope Ralut romsdnuFfor the year ended 31 December 2016unnAqg Engiremh Et ifor the year ended 31 December 2016ope Raluc lt psurs Te i t i ufor the year ended 31 December 2016t ro 1Strategic Report 2Governance 3Financial Statements 4Further Information Fundsmith Emerging Equities Trust plc An

3、nual Report for the year ended 31 December 2016Company SummaryStrategic ReportFundsmith Emerging Equities Trust plc aims toprovide shareholders with an attractive return byinvesting in a portfolio of shares issued by listedor traded companies which have the majority oftheir operations in,or revenue

4、derived from,Developing Economies*and which provide directexposure to the rise of the consumer classes inthose countries.Company SummaryThe CompanyThe Company is an investment trust and its shares are premiumlisted on the Official List and traded on the main market of theLondon Stock Exchange.The Co

5、mpany is a member of theAssociation of Investment Companies.Total assets less current liabilities as at 31 December 2016were 238.6 million(2015:179.3 million)and the marketcapitalisation was 242.4 million(2015:184.7 million).ManagementThe Company employs Fundsmith LLP(Fundsmith)asInvestment Manager

6、and Alternative Investment Fund Manager(AIFM).Further details of the terms of these appointments areprovided on page 37.Performance is measured against the MSCI Emerging andFrontier Markets Index measured on a net sterling adjustedbasis.Capital StructureThe Companys capital structure is composed of