Fundsmith Emerging Equities Trust plc, is the United Kingdom based investment trust. Fundsmith LLP is authorized and regulated by the Financial Conduct Authority and only acts for the funds to which it provides regulated investment management and transaction arrangement services. The Company's investment policy is to invest in companies which, in the opinion of the Company, have the majority of their operations in, or revenue derived from, Developing Economies and which provide direct exposure to the rise of the consumer classes in those countries. The Investment Manager finds companies which make their money by a large number of everyday, repeat, relatively predictable transactions. It avoids the financial sector and heavily cyclical sectors such as construction and manufacturing, utilities, resources and transport, and focuses on consumer stocks and in any event only on stocks in companies which will benefit from the rise of the consuming class in the Developing Economies.