Fund Factsheet

Price Data

Share Class OCF* Minimum Price p

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
Min. Regular Saving £100 per month
Initial Charge None
AMC (T,R,I Class) 1.0%, 1.5%, 0.9%
Registrar IFDS Ltd..
Depository State Street Trustees Ltd.
Auditor Deloitte LLP
Dealing Daily at Noon
IMA Sector Global Growth
Dividend Dates On or about 28/2 & 31/8

Key Facts

As at 28 August 2015
Fund Size £3.7bn
Gross / Net Yield< 2.2% / 1.1%
PTR^ Negative, since inception
7 Day Fund Liquidity> 87%
No Holdings 29
Average Co. Founded 1913
Average Market Cap £51.8bn
Active Share as at 31.3.15" 94

Fund Performance Analysis

To 28 August 2015, T Class Acc %
Annualised Rate of Return +16.1
Best Month +9.4 (Jan'13)
Worst Month -6.3 (Jul '15)
Average Month +1.4
% Positive Months 72

Geographic Split

As at 28 August 2015, By Country of Listing %
US 57
UK 30
Spain 4
Finland 4
Switzerland 3
France 2

Sector Split

As at 28 August 2015, MSCI Categories %
Consumer Staples 37
Technology 26
Healthcare 20
Industrials 11
Consumer Discretionary 3
Cash 3

Security Identification Codes

SHARE CLASS SEDOL ISIN MEXID
EQUITY T ACC B4Q5X52 GB00B4Q5X27 FUEQUI
EQUITY T INC B4M93C5 GB00B4M93C53 FUSMIT
EQUITY R ACC B4LPDJ1 GB00B4LPDJ14 FUNDSM
EQUITY R INC B4QBRK GB00B4QBRK32 FUDSMI
EQUITY I ACC B41YBW7 GB00B41YBW71 FUQUIT
EQUITY I INC B4MR8G8 GB00B4MR8G82 FUUNDS

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.

Performance, % Total Return, T Class, Accumulation

Aug to 28.8 2015 to 28.8 2014 2013 2012 2011 2010+ Total to 28.8.15 Annualised to 28.8.15
Fundsmith1 -3.6 +2.9 +23.3 +25.3 +12.5 +8.4 +6.1 +105.8 +16.1
Equities2 -4.4 -0.2 +11.5 +24.3 +10.7 -4.8 +7.3 +56.4 +9.7
UK Bonds3 +0.4 0.3 +10.0 -4.8 +2.7 +15.6 -0.7 +23.5 +4.5
Cash4 +0.0 +0.3 +0.5 +0.5 +0.8 +0.9 +0.1 +3.3 +0.7

1Net of Fees priced at midday UK time   2MSCI World Index (£ Gross) priced at close of business US time   3Bloomberg/EFFAS Bond Indices UK Govt 5-10 yr   43 Month £ LIBOR Interest Rate +Nov and Dec only

Portfolio Comment for August 2015

There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were CR Bard, Stryker, Domino's Pizza, Automatic Data Processing and Waters. The top 5 detractors were Unilever, Imperial Tobacco, Microsoft, Reckitt Benckiser and Intercontinental Hotels.

All performance data as at close on Friday 28th August due to UK Bank Holiday on Monday 31st August.


Top 10 Holdings

  • Microsoft
  • Imperial Tobacco
  • Sage
  • Stryker
  • Dr Pepper Snapple
  • Pepsico
  • CR Bard
  • Johnson & Johnson
  • Amadeus
  • Philip Morris

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 for the year ended 31st Dec 2014.

    ^ 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 12 months ending 31st Dec 2014 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.


    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.

    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.

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