Price Data Tuesday 15th April 2014

Share Class AMC Minimum Price p
T Class Acc 1.0% £1,000 162.62
T Class Inc 1.0% £1,000 156.62
R Class Acc 1.5% £1,000 159.85
R Class Inc 1.5% £1,000 156.30
I Class Acc 0.9% £5m 163.16
I Class Inc 0.9% £5m 156.66
Fund Type: UK OEIC
Portfolio Manager: Terry Smith
Launch Date: November 2010
Accumulat'n Shares: Dividends Retained
Income Shares: Dividends Paid Out
Min Regular Saving: £100 per month
Initial Charge: None
OCF* (T/R/I Class): 1.1%, 1.6%, 1.0%
Registrar: IFDS Ltd.
Depositary: State Street Trustees Ltd.
Auditor: Deloitte LLP
Dealing: Daily at noon
IMA Sector: Global Growth
Fund Size: £1.7bn as at 31.3.14
Gross Portfolio Yield: 2.6% as at 31.3.14
PTR^: +0.18% in 6 months to 31.6.13
4 Day Fund Liquidity>: 85% as at 31.3.14
No. Holdings: 25
Average Co. Founded : 1901
Average Co. Mkt. Cap.: £52.5bn as at 31.3.14
Dividend Dates: On or about 28/2 & 31/8

Geographic Split by Listing

As at 31st March 2014 %
US 62
UK 24
Continental Europe 14

Portfolio Sector Exposure

As at 31st March 2014 %
Consumer Staples 45
Healthcare 17
Technology 16
Consumer Discretionary 12
Industrials 7
Cash 3
Total 100

Security Identification Codes


Equity Fund Aim

The Company will invest in equities on a global basis. The Company's approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies.

The Company has stringent investment criteria which the ACD, as investment manager, adheres to in selecting securities for the Company's investment portfolio. These criteria aim to ensure that the Company invests in:

  • high quality businesses that can sustain a high return on operating capital employed;
  • businesses whose advantages are difficult to replicate;
  • businesses which do not require significant leverage to generate returns;
  • businesses with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;
  • businesses that are resilient to change, particularly technological innovation;
  • businesses whose valuation is considered by the Company to be attractive.

Investors should be aware that the application of these investment criteria significantly limits the number of potential investments for the Company's portfolio. It is envisaged that the investment portfolio of the Company will be concentrated, generally comprising between 20 and 30 stocks.

The Company will not invest in derivatives and will not hedge any currency exposure arising from within the operations of an investee business nor from the holding of an investment denominated in a currency other than sterling.

Fundsmith Equity Fund Performance, % Total Return, T Class, Accumulation:

Mar 2014
2014 2013 2012 2011 2010+ Since Inception to 31.3.14
Fundsmith1 +1.2 +1.3 +25.3 +12.5 +8.4 +6.1 +64.3
+0.7 0.6 +24.3 +10.7 -4.8 +7.3 +41.4
UK Bonds3 +0.1 +2.1 -4.3 +2.7 +15.6 -0.7 +14.3
Cash4 +0.0 +0.1 +0.5 +0.8 +0.9 +0.1 +2.4
1Net of Fees priced at midday UK time (source: Fundsmith). 2MSCI World Index (£ Net) priced at close of business US time (source: +Nov /Dec. 3Bloomberg/EFFAS Bond Indices UK Govt 5-10 yr (source: Bloomberg). 43 Month £ LIBOR Interest Rate (source: Bloomberg)

Portfolio Comment for March 2014

There were no outright sales or purchases made in the month.

Daily cash flows were invested into the portfolio.

The top 5 contributors in the month were Microsoft, Dr Pepper Snapple, Johnson & Johnson, Pepsico and Swedish Match.

The top 5 detractors were Visa, Choice Hotels, Domino's Pizza, Intercontinental Hotels and L'Oreal.

Top 10 Holdings
• Stryker
• Dr Pepper Snapple
• Microsoft
• Reckitt Benckiser
• Domino's Pizza
• Unilever
• Becton Dickinson
• Imperial Tobacco
• Pepsico
• Intercontinental Hotels

Fundsmith Equity Fund
• No Fees for Performance
• No Up Front Fees
• No Nonsense
• No Debt or Derivatives
• No Shorting
• No Market Timing
• No Index Hugging
• No Trading
• No Hedging

Fundsmith Knows

Just a small number of high quality, resilient, global growth companies that are good value and which we intend to hold for a long time, and in which we invest our own money.

* The OCF (Ongoing Charges Figure) is the total expenses paid by the fund (excluding bank overdraft interest), annualised, against its average net asset value. The OCF will fluctuate as the average net assets and costs change. The OCF is for the half year ended 30 June 2013.

^ The PTR (Portfolio Turnover Ratio) has been calculated in accordance with the methodology laid down by the FCA. This compares the total share purchases and sales less total creations and liquidations with the average net asset value of the fund.

> 4 Day Fund Liquidity is calculated based upon 30% of trailing 20 day average volume.

An English language prospectus for the Fundsmith Equity Fund is available on request and via the Fundsmith website and investors should consult this document before purchasing shares in the fund. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well as rise and be affected by changes in exchange rates, and you may not get back the amount of your original investment. Fundsmith LLP does not offer investment advice or make any recommendations regarding the suitability of its product. This financial promotion is intended for UK residents only and is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority.

Monthly Performance Table, % Total Return, T Class, Accumulation Shares

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 -3.5 +3.7 +1.2
2013 9.4 4.4 3.7 0.9 3.5 -1.8 2.5 -4.1 -0.2 +4.6 +0.3 +0.2
2012 1.6 3.4 1.2 -0.3 -0.4 1.9 3.6 -0.2 0.2 -0.5 2.9 -1.4
2011 -3.1 0.4 2.7 1.4 3.9 0.3 -2.1 -2.2 -0.2 4.8 -2.3 5.0

2.0 4.1

Dividend Payments, payable on 28th February and 31st August.

Name Direct Direct Advised Advised Institutional Institutional
Share Class T Class T Class R Class R Class I Class I Class
Type Accumulation Income Accumulation Income Accumulation Income
Interim 1st Jan 2013 to 30 Jun 2013 1.3036 1.2700 0.9207 0.9003 1.3853 1.3432
Final 1st July 2012 to 31 Dec 2012 0.6323 0.6268 0.3112 0.3013 0.6986 0.6939
Interim 1st Jan 2012 to 30th June 2012 1.0565 1.0460 0.7716 0.7693 1.1298 1.1236
Final 1st July 2011 to 31st Dec 2011 0.4789 0.4399 0.1677 0.1900 0.5193 0.4884
Interim 1st Nov 2010 to 30th June 2011 0.9862 0.9862 0.6960 0.6960 1.0737 1.0737

We use cookies to make your experience of our website better. To comply with the new e-Privacy Directive we need to ask for your consent to set these cookies. By closing this message you consent to the use of cookies on this device in accordance with our cookie policy.
To learn more about cookies please view our Privacy & Cookie Policy.