Fund Factsheet

Price Data

Share Class OCF* Minimum Price p
Historical Prices Link 

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
AMC (T,R,I Class) 1.0%, 1.5%, 0.9%
Registrar DST
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 28 February 2018
Fund Size £13.8bn
Gross / Net Yield< 1.61% / 0.56%
PTR^ Negative, since inception
7 Day Fund Liquidity> 72%
No. Holdings 28
Average Co. Founded 1922
Average Market Cap £94.8bn
Active Share as at 30.6.17" 93%
2017 Transaction Costs 0.04%

Fund Performance Analysis

To 28 February 2018, T Class Acc %
Annualised Rate of Return +19.1
Best Month +9.4 (Jan'13)
Worst Month -6.3 (Jun '15)
Average Month +1.5
% Positive Months 70

Geographic Split

As at 28 February 2018, By Country of Listing %
US 61.8
UK 17.7
Spain 5.4
Denmark 4.6
Finland 3.3
France 2.5
Switzerland 2.3
Cash 2.2

Sector Split

As at 28 February 2018, GICS Categories %
Technology 34.6
Healthcare 25.5
Consumer Staples 24.7
Industrials 8.6
Consumer Discretionary 4.2
Cash 2.2

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 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

February 2018 2018 to 28.2.18 2017 2016 2015 2014 2013 Inception to 28.02.18 Annualised to 28.02.18
Fundsmith1 -2.1 -0.2 +22.0 +28.2 +15.7 +23.3 +25.3 +260.9 +19.1
Equities2 -1.1 -0.9 +11.8 +28.2 +4.9 +11.5 +24.3 +133.3 +12.3
UK Bonds3 -0.1 -2.0 +1.4 +6.5 +1.0 +10.0 -4.3 +31.5 +3.8
Cash4 +0.0 +0.1 +0.4 +0.5 +0.6 +0.5 +0.5 +4.5 +0.6

1T class accumulation shares, net of fees priced at midday UK time   2MSCI World Index (£ Net) priced at close of business US time   3Bloomberg/Barclays Bond Indices UK Govt 5-10 yr   43 Month £ LIBOR Interest Rate

Portfolio Comment for February 2018

During the month we sold our position in Dr Pepper Snapple following the agreed bid from Keurig Green Mountain and initiated a position in Facebook. From ongoing positions, the top 5 contributors in the month were Microsoft, Estée Lauder, Idexx, Intuit and Visa and the top 5 detractors were Reckitt Benckiser, Becton Dickinson, Novo Nordisk, Amadeus and PepsiCo.

Top 10 Holdings

  • Paypal
  • Microsoft
  • Amadeus
  • Novo Nordisk
  • Stryker
  • Philip Morris
  • Waters
  • Facebook
  • Intercontinental Hotels 
  • Idexx

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.

    NB Where 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 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 financial promotion is intended for UK residents only and is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority.

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    © 2017 Fundsmith LLP. All rights reserved. The financial promotion on this Site is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW.