You could be right about FEET. I’ve stopped short of delving into their individual investments but at a sector and country level it seems like an odd mix.

And RIII’s management certainly will never be accused of being verbose. But given its portfolio changes so little, perhaps they feel they have little new to add these days!!!

1: OK, they bought good companies
2: But they overpaid.
3: And then they didn’t ‘do nothing’.

It’s more interesting now that there’s a discount, and a more concentrated portfolio, but I still have a slight worry that it is a type of EM ‘Nifty 50’ portfolio – and that even wonderful companies can underperform for a while if they’re too pricey.

I also was never sure about how in-depth the analysis was – the initial portfolio made it look like they’d just lifted it from Arisaig, who have so much experience and knowledge of their companies. It’s unclear if the FEET managers know the companies well enough to spot if things start going wrong.

Separately, the RIII performance is confusing to me. I think it’s a great trust, though it’s a shame you can only really find out what he thinks once a year at the AGM.