Nearly six months after its launch, Terry Smith’s Fundsmith Emerging Equities Trust has invested under half the £193 million it raised.

Fundsmith confirmed the investment trust's 51% cash weighting in its latest newsletter, published early this month. The net asset value per share of his investment trust has fallen 2.2% to 978p between the end of June and this week. This fall is marginally more than a 0.28% fall in its benchmark, the MSCI Emerging & Frontiers Market sterling index, over the same period.