Factsheet
Price Data 26th April 2024
| Share Class | OCF* | Minimum | Price p |
|---|---|---|---|
| T Class Acc | 1.06% | £1,000 | 153.48 |
| T Class Inc | 1.06% | £1,000 | 152.69 |
| I Class Acc | 0.96% | £5M | 192.72 |
| I Class Inc | 0.96% | £5M | 188.89 |
Standing Data
| Since Inception | |
|---|---|
| Portfolio Manager | Terry Smith |
| Fund Type | UK OEIC |
| Inception Dates | I Class: 1.11.17, T Class: 2.3.20 |
| AMC (I, T Class) | 0.9% / 1.0% |
| Registrar | SS&C |
| Depository | State Street Trustees Ltd. |
| Auditor | Deloitte LLP |
| Dealing | Daily at Noon |
Key Facts
| As at 28 Mar 2024 | |
|---|---|
| Fund Size | £707.3m |
| Gross / Net Yield< | 1.22% / 0.26% |
| 2023 PTR^ | 3.3% |
| 7 Day Fund Liquidity> | 98% |
| No. Holdings | 25 |
| Average Co. Founded | 1936 |
| Median Market Cap | £99.5bn |
| Active Share as at 31.12.22" | 90% |
| 2023 Transaction Costs | 0.01% |
Fund Performance Analysis
| To 28 Mar 2024, I Class Acc | % |
|---|---|
| Annualised Rate of Return | +11.2 |
| Best Month | +8.5 (Apr '20) |
| Worst Month | -9.2 (Jan '22) |
| Average Month | +0.9 |
| % Positive Months | 70 |
Geographic Split
| As at 28 Mar 2024, by Country of Listing | % |
|---|---|
| US | 71.6 |
| Denmark | 11.3 |
| UK | 8.1 |
| France | 5.9 |
| Spain | 2.3 |
| Cash | 0.8 |
Sector Split
| As at 28 Mar 2024, GICS® Categories | % |
|---|---|
| Health Care | 33.8 |
| Consumer Staples | 20.9 |
| Consumer Discretionary | 17.8 |
| Information Technology | 9.3 |
| Financials | 7.3 |
| Industrials | 6.8 |
| Communication Services | 3.3 |
| Cash | 0.8 |
Security Identification Codes
| Share Class | SEDOL | ISIN | MEXID |
|---|---|---|---|
| T Acc | BK5MT47 | GB00BK5MT475 | FUAACM |
| T Inc | BK5MT58 | GB00BK5MT582 | FUAACL |
| I Acc | BF0V6P4 | GB00BF0V6P41 | FUOWA |
| I Inc | BF0V6Q5 | GB00BF0V6Q57 | FUOGA |
Investment Objective
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 Investment Manager adhere to in selecting securities for the Company’s investment portfolio. These criteria aim to ensure that the Company invests in high quality businesses which in the opinion of the ACD and Investment Manager are those:
- 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 to be attractive.
The Company will not invest in businesses which have substantial interests in any of the following sectors:
|
|
In addition, the ACD and the Investment Manager apply further criteria to screen investments in accordance with the ACD's sustainable investment policy. The ACD evaluates sustainability in the widest sense, taking account not only the companies handling of environmental, social and governance policies and practices but also their policies and practices on research and development, new product innovation, dividend policy and the adequacy of capital investment.
Principal Risks
- The value of companies invested in, and therefore the value of the fund, will rise and fall, and there is no guarantee that you will get your investment back. An investment in the fund should only be made by those persons who are able to sustain a loss on their investment. The Shares should be viewed as long term investments (at least 5 years).
- The fund's portfolio is a global portfolio and many of the investments are not denominated in GBP. There is no currency hedging made by the fund. The GBP price of the shares may therefore rise or fall purely on account of exchange rate movements.
- The fund's portfolio complies with the UCITS requirements on spread of investment. Having said that, application of the investment criteria described above significantly limits the number of potential investments: the fund generally invests in 20 to 30 stocks and so it is more concentrated than many other funds. This means that the performance or underperformance of a single stock has a greater effect on the price of the fund.
- If you are unsure about the suitability of the fund for you, please seek professional advice.
- Past performance is not a guide to future performance.
Performance, % Total Return
| Mar 2024 | 2024 to 28.03.24 |
2023 | 2022 | 2021 | 2020 | 2019 | Inception to 28.03.24 |
Annualised to 28.03.24 |
|
|---|---|---|---|---|---|---|---|---|---|
| Fundsmith SEF1 | +1.8 | +7.9 | +7.1 | -9.7 | +23.2 | +18.0 | +23.4 | +97.1 | +11.2 |
| Equities2 | +3.3 | +9.8 | +16.8 | -7.8 | +22.9 | +12.3 | +22.7 | +97.6 | +11.2 |
| UK Bonds3 | +1.7 | -1.5 | +5.6 | -15.0 | -4.5 | +4.6 | +3.8 | -6.2 | -1.0 |
| Cash4 | +0.4 | +1.3 | +4.6 | +1.4 | +0.1 | +0.3 | +0.8 | +9.5 | +1.4 |
The Fund is not managed with reference to any benchmark, the above comparators are provided for information purposes only. 1Fundsmith Sustainable Equity Fund I Acc, total return, 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 March 2024
We 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 Novo Nordisk, Alphabet, Microsoft, Greggs and Mettler-Toledo. The top 5 detractors were Zoetis, IDEXX, Visa, McDonald's and L'Oréal.
Top 10 holdings
- Novo Nordisk
- Stryker
- Microsoft
- L'Oréal
- Waters
- Church & Dwight
- Home Depot
- Visa
- Procter & Gamble
- Automatic Data Processing
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.
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Monthly performance table, % Total Return, I Class, Accumulation Shares
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | -1.1 | +1.8 | +0.7 | ||||||||||
| 2018 | +1.3 | -2.5 | -3.6 | +3.8 | +6.1 | +1.8 | +3.4 | +2.9 | +0.0 | -5.8 | +4.3 | -6.4 | +4.5 |
| 2019 | +2.2 | +4.8 | +5.7 | +2.2 | +1.4 | +4.6 | +4.4 | +0.2 | -3.4 | -2.6 | +1.8 | +0.4 | +23.4 |
| 2020 | +2.6 | -6.6 | -3.8 | +8.5 | +6.6 | +0.5 | +0.6 | +3.1 | +0.7 | -1.8 | +5.7 | +1.5 | +18.0 |
| 2021 | -2.9 | +1.6 | +2.3 | +4.3 | -1.0 | +5.2 | +3.7 | +1.8 | -2.5 | +1.0 | +3.9 | +4.0 | +23.2 |
| 2022 | -9.2 | -2.7 | +3.5 | +0.0 | -4.1 | -2.1 | +6.5 | -1.6 | -3.8 | +2.1 | +0.3 | +1.7 | -9.7 |
| 2023 | -1.3 | +1.1 | +2.0 | +3.0 | -4.1 | +1.7 | +1.4 | +0.6 | -2.1 | -3.6 | +4.3 | +4.2 | +7.1 |
| 2024 | +2.8 | +3.1 | +1.8 | +7.9 |
Dividends per Share (p)
| Name | Direct | Direct | Institutional | Institutional | |
|---|---|---|---|---|---|
| Share class | T Class | T Class | I Class | I Class | |
| Type | Accumulation | Income | Accumulation | Income | |
| Final | 1st July 2023 to 31st Dec 2023 | 0.2057 | 0.2047 | 0.3752 | 0.3686 |
| Interim | 1st Jan 2023 to 30th June 2023 | 0.0700 | 0.0701 | 0.1439 | 0.1413 |
| Final | 1st July 2022 to 31st Dec 2022 | 0.0756 | 0.0740 | 0.2048 | 0.2008 |
| Interim | 1st Jan 2022 to 30th Jun 2022 | 0.0695 | 0.0633 | 0.1367 | 0.1327 |
| Final | 1st July 2021 to 31st Dec 2021 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Interim | 1st Jan 2021 to 30th Jun 2021 | 0.1072 | 0.0942 | 0.1789 | 0.1697 |
| Final | 1st July 2020 to 31st Dec 2020 | 0.0274 | 0.0180 | 0.0948 | 0.0945 |
| Interim | 1st Jan 2020 to 30th June 2020 | 0.1273 | 0.1127 | 0.5318 | 0.6440 |
| Final | 1st July 2019 to 31st Dec 2019 | 0.0638 | 0.0625 | ||
| Interim | 1st Jan 2019 to 30th Jun 2019 | 0.4804 | 0.4755 | ||
| Final | 1st July 2018 to 31st Dec 2018 | 0.1350 | 0.1405 | ||
| Interim | 1st Nov 2017 to 30th Jun 2018 | 0.4074 | 0.4575 |
Accumulation share prices include all dividends received.
Income shares go ex-dividend on 30th June and 31st December and the dividends are paid out on or about 28th February and 31st August.
" 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 Rate) is a measure of the fund's trading activity, and has been calculated by taking the total share purchases and sales less total creations and liquidations divided by 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 I Class Shares as reference. Please note that rates would vary for T Class shares.
N.B. When a position is being built for the fund the company name is not disclosed in factsheet data.
Disclaimer: A Key Investor Information Document and an English language prospectus for the Fundsmith Sustainable 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.
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.
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