Fund Factsheet

Price Data

Share Class OCF* Minimum Price p
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
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
Fund Size
£3.5bn as at 30.6.15
Gross/Net Yield<
2.11% /1.02% as at 30.6.15
PTR^
Negative, since inception
Active Share"
94% as at 31.3.15
7 Day Fund Liquidity
82% as at 30.6.15
No. Holdings
27
Average Co. Founded
1907
Average Co. Mkt. Cap.
£55.3bn as at 30.6.15
Dividend Dates
On or about 28/2 & 31/8

Geographic Split by Listing

As at 30 June 2015 %
US 57
UK 30
Spain 4
Finland 4
Switzerland 3
France 2

Portfolio Sector Exposure

As at 30 June 2015 %
Consumer Staples 38
Technology 25
Healthcare 18
Industrials 9
Consumer Discretionary 7
Cash 3
Total 100

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.

Portfolio Comment for June 2015

During the month we disposed of our residual holding in Choice Hotels, the US hotel franchise and management business. The top 5 contributors in the month were Diageo, Domino's Pizza, Colgate Palmolive, Procter & Gamble and CR Bard. The top 5 detractors were Amadeus, Microsoft, Imperial Tobacco, Sage and Dr Pepper Snapple.


Top 10 Holdings

  • Microsoft
  • Imperial Tobacco
  • Dr Pepper Snapple
  • Unilever
  • Stryker
  • Becton Dickinson
  • Sage
  • Philip Morris
  • Ebay
  • Reckitt Benckiser

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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