Fund Factsheet
Price Data 15th October 2021
| Share Class | OCF* | Minimum | Price p |
|---|---|---|---|
| T Class Acc | 1.05% | £1,000 | 625.20 |
| T Class Inc | 1.05% | £1,000 | 570.80 |
| R Class Acc | 1.55% | £1,000 | 591.86 |
| R Class Inc | 1.55% | £1,000 | 564.68 |
| I Class Acc | 0.95% | £5M | 632.06 |
| I Class Inc | 0.95% | £5M | 571.10 |
Standing Data
| Since Inception | |
|---|---|
| Portfolio Manager | Terry Smith |
| Fund Type | UK OEIC |
| Launch Date | 1st November 2010 |
| Accumulation Shares | Dividends Retained |
| Income Shares | Dividends Paid Out |
| Initial Charge | None |
| Registrar | SS&C |
| Depository | State Street Trustees Ltd. |
| Auditor | Deloitte LLP |
| Dealing | Daily at Noon |
| Investment Association Sector | Global |
| Dividend Dates | On or about 28/2 & 31/8 |
Key Facts
| As at 30 Sep 2021 | |
|---|---|
| Fund Size | £26.9bn |
| Gross / Net Yield< | 1.25% / 0.2% |
| 2020 PTR^ | 4.1% |
| 7 Day Fund Liquidity> | 65% |
| No. Holdings | 29 |
| Average Co. Founded | 1924 |
| Median Market Cap | £96.6bn |
| Active Share as at 30.06.21” | 90% |
| 2020 Transaction Costs | 0.03% |
Fund Performance Analysis
| To 30 Sep 2021, T Class Acc | % |
|---|---|
| Annualised Rate of Return | +18.4 |
| Best Month | +9.4 (Jan '13) |
| Worst Month | -6.9 (Dec '18, Feb '20) |
| Average Month | +1.5 |
| % Positive Months | 70 |
Geographic Split
| As at 30 Sep 2021, by Country of Listing | % |
|---|---|
| US | 72.4 |
| France | 8.2 |
| Denmark | 6.9 |
| UK | 4.9 |
| Spain | 2.3 |
| Finland | 2.1 |
| Cash | 3.1 |
Sector Split
| As at 30 Sep 2021, GISC® Categories | % |
|---|---|
| Technology | 28.5 |
| Consumer Staples | 28.4 |
| Healthcare | 22.3 |
| Consumer Discretionary | 10.6 |
| Communication Services | 4.9 |
| Industrials | 2.1 |
| Cash | 3.1 |
Security Identification Codes
| Share Class | SEDOL | ISIN | MEXID | CITI |
|---|---|---|---|---|
| T Acc | B4Q5X52 | GB00B4Q5X527 | FUEQUI | LSX3 |
| T Inc | B4M93C5 | GB00B4M93C53 | FUSMIT | LSX4 |
| R Acc | B4LPDJ1 | GB00B4LPDJ14 | FUNDSM | LSX2 |
| R Inc | B4QBRK3 | GB00B4QBRK32 | FUDSMI | LSX1 |
| I Acc | B41YBW7 | GB00B41YBW71 | FUQUIT | LSX6 |
| I Inc | B4MR8G8 | GB00B4MR8G82 | FUUNDS | LSX5 |
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 and Fundsmith Investment Services Limited 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.
Performance, % Total Return
| Sep 2021 | 2021 to 30.09.21 | 2020 | 2019 | 2018 | 2017 | 2016 | Inception to 30.09.21 | Annualised to 30.09.21 | |
|---|---|---|---|---|---|---|---|---|---|
| Fundsmith1 | -3.6 | +14.9 | +18.3 | +25.6 | +2.2 | +22.0 | +28.2 | +531.0 | +18.4 |
| Equities2 | -2.2 | +14.6 | +12.3 | +22.7 | -3.0 | +11.8 | +28.2 | +260.8 | +12.5 |
| UK Bonds3 | -2.0 | -4.6 | +4.6 | +3.8 | +1.2 | +1.4 | +6.5 | +40.6 | +3.2 |
| Cash4 | +0.0 | +0.0 | +0.3 | +0.8 | +0.7 | +0.4 | +0.5 | +6.3 | +0.6 |
The Fund is not managed with reference to any benchmark, the above comparators are provided for information purposes only. 1T class accumulation shares, net of fees priced at midday UK time, source: Bloomberg. 2MSCI World Index (£ Net) priced at close of business US time, source: www.msci.com. The MSCI World Index is a developed world index of global equities across all sectors and, as such, is a fair comparison given the Company's investment objective and policy. 3Bloomberg/Barclays Bond Indices UK Govt 5-10 yr., source: Bloomberg. 4 £ Interest Rate, source: Bloomberg.
Portfolio Comment for September 2021
We sold our position in Becton Dickinson during the month and began buying a new position for the fund, the name of which will be revealed when we have accumulated our desired weighting. The top 5 contributors in the month were Amadeus, Diageo, Church & Dwight, Intercontinental Hotels and Pepsico. The top 5 detractors were Paypal, Facebook, Estée Lauder, L'Oréal and IDEXX.
Top 10 holdings
- Microsoft
- Paypal
- IDEXX
- Intuit
- L'Oréal
- Novo Nordisk
- Estée Lauder
- Philip Morris
- Stryker
Our values
- 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.
" Active Share measures how much the portfolio holdings differ from the benchmark index (MSCI World) i.e. a portfolio that is identical to the benchmark would have 0% active share.
* 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 updated following the publication of accounts for the periods ending 30th June and 31st December.
^ 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.
> 7 Day Fund Liquidity is calculated based upon 30% of trailing 20 day average volume.
< Gross Yield reflects the historic dividend income received by the fund in the preceding 12 months before the deduction of all expenses including management fees. Net Yield is Gross Yield less the deduction of all expenses including management fees i.e. Gross Yield less the OCF. In both cases we use the T Class Shares as reference. Please note that rates would vary for I Class and R Class shares.
N.B. When a position is being built for the fund the company name is not disclosed on the factsheet.
Monthly performance table, % Total Return, T Class, Accumulation Shares
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | - | - | - | - | - | - | - | - | - | - | +2.0 | +4.1 | +6.1 |
| 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 | +8.4 |
| 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 | +12.5 |
| 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 | +25.3 |
| 2014 | -3.5 | +3.7 | +1.2 | -0.1 | +4.0 | -1.1 | +0.8 | +2.9 | +1.5 | +4.8 | +6.6 | +0.7 | +23.3 |
| 2015 | +4.1 | +0.7 | +1.0 | -0.9 | +2.7 | -6.3 | +5.8 | -3.6 | -0.5 | +7.9 | +2.3 | +2.4 | +15.7 |
| 2016 | -0.9 | +5.7 | +2.0 | -1.2 | +1.9 | +8.3 | +5.6 | +1.2 | +0.8 | +2.5 | -3.2 | +2.8 | +28.2 |
| 2017 | +0.7 | +5.3 | +2.2 | +0.5 | +5.2 | -1.1 | +1.0 | +2.1 | -3.1 | +5.8 | +0.2 | +1.5 | +22.0 |
| 2018 | +1.9 | -2.1 | -4.5 | +3.6 | +6.1 | +2.1 | +2.5 | +3.1 | 0.0 | -6.0 | +3.3 | -6.9 | +2.2 |
| 2019 | +4.3 | +4.4 | +5.5 | +2.6 | +1.3 | +3.8 | +5.5 | -0.6 | -3.2 | -2.5 | +2.2 | +0.2 | +25.6 |
| 2020 | +2.7 | -6.9 | -3.7 | +8.5 | +7.1 | +0.5 | +0.8 | +4.2 | +0.4 | -2.3 | +4.9 | +1.7 | +18.3 |
| 2021 | -2.3 | +1.1 | +2.1 | +6.2 | -1.0 | +6.6 | +3.0 | +2.3 | -3.6 | +14.9 |
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 2021 to 30th June 2021 | 0.7688 | 0.6971 | 0.0000 | 0.0000 | 1.0519 | 0.9543 |
| Final | 1st July 2020 to 31st Dec 2020 | 0.4817 | 0.4395 | 0.0000 | 0.0000 | 0.7543 | 0.6839 |
| Interim | 1st Jan 2020 to 30th June 2020 | 1.3002 | 1.1949 | 0.1317 | 0.1185 | 1.5482 | 1.4068 |
| Final | 1st July 2019 to 31st Dec 2019 | 0.6100 | 0.5598 | 0.0000 | 0.0000 | 0.8546 | 0.7771 |
| Interim | 1st Jan 2019 to 30th Jun 2019 | 2.1975 | 2.0292 | 1.1237 | 1.0748 | 2.4233 | 2.2028 |
| Final | 1st July 2018 to 31st Dec 2018 | 0.4767 | 0.4417 | 0.0000 | 0.0000 | 0.6835 | 0.6258 |
| Interim | 1st Jan 2018 to 30th Jun 2018 | 1.8059 | 1.6761 | 0.8796 | 0.8323 | 2.0008 | 1.8431 |
| Final | 1st July 2017 to 31st Dec 2017 | 0.2502 | 0.2275 | 0.0000 | 0.0000 | 0.4348 | 0.3975 |
| Interim | 1st Jan 2017 to 30th Jun 2017 | 1.7575 | 1.6403 | 0.9297 | 0.8889 | 1.9298 | 1.7899 |
| Final | 1st July 2016 to 31st Dec 2016 | 0.7676 | 0.7160 | 0.0595 | 0.0650 | 0.9201 | 0.8555 |
| Interim | 1st Jan 2016 to 30th Jun 2016 | 1.4428 | 1.3559 | 0.8221 | 0.7734 | 1.5759 | 1.4749 |
| Final | 1st July 2015 to 31st Dec 2015 | 0.7385 | 0.6932 | 0.1928 | 0.1844 | 0.8551 | 0.8019 |
| Interim | 1st Jan 2015 to 30th Jun 2015 | 1.6001 | 1.5223 | 1.0557 | 1.0283 | 1.7094 | 1.6209 |
| Final | 1st July 2014 to 31st Dec 2014 | 0.7421 | 0.7120 | 0.2779 | 0.2689 | 0.8380 | 0.7957 |
| Interim | 1st Jan 2014 to 30th Jun 2014 | 1.3074 | 1.2608 | 0.8837 | 0.8642 | 1.3984 | 1.3382 |
| Final | 1st July 2013 to 31st Dec 2013 | 0.5249 | 0.5068 | 0.1219 | 0.1184 | 0.6082 | 0.5823 |
| Interim | 1st Jan 2013 to 30th Jun 2013 | 1.3036 | 1.2700 | 0.9207 | 0.9003 | 1.3853 | 1.3432 |
| Final | 1st July 2012 to 31st Dec 2012 | 0.6323 | 0.6268 | 0.3112 | 0.3013 | 0.6986 | 0.6939 |
| Interim | 1st Jan 2012 to 30th Jun 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 Jan 2011 to 30th Jun 2011 | 0.9862 | 0.9862 | 0.6960 | 0.6960 | 1.0737 | 1.0737 |
Equity Fund Factsheet Archive
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Disclaimer: A Key Investor Information Document and an English language prospectus for the Fundsmith Equity Fund are available via the Fundsmith website or on request and investors should consult these documents 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 document is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority.Fundsmith Equity Fund (the “Fund”), which is the subject of this document, does not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or Recognised under section 287 of the SFA. This document has not been registered as a prospectus with the Monetary Authority of Singapore (the “MAS”). Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of units in the Fund may not be circulated or distributed, nor may units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than 1.To an institutional investor under section 304 of the SFA; or 2.To a relevant person pursuant to section 305(1) of the SFA or any person pursuant to section 305(2) of the SFA (and such distribution is in accordance with the conditions specified in section 305 of the SFA); or 3.Otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In particular, for investment fund that are not authorised or recognised by the MAS, units in such funds are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply and investors should consider carefully whether the investment is suitable for them. In particular, for investment fund that are not authorised or recognised by the MAS, units in such funds are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply and investors should consider carefully whether the investment is suitable for them.
MSCI World Index is the exclusive property of MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or final products. This report is not approved, reviewed or produced by MSCI. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s and “GICS®” is a service mark of MSCI and Standard & Poor’s.