Fund Factsheet

Price Data

Share Class OCF* Minimum Price

Standing Data

Since Inception
Portfolio Manager Terry Smith
Launch Dates Euro: 2.11.11 CHF: 5.4.12
Launch Dates USD: 13.3.13 GBP: 15.4.14
AMC (T,R,I Class) 1.0%, 1.5%, 0.9%
Administrator State Street Luxembourg S.A.
Auditor Deloitte S.A.
Dealing Daily at 10:30 C.E.T.
Dividend Dates On or about 28/2 & 31/8

Key Facts Of Underlying Master Fund

As at 30 June 2017
Fund Size £11.4bn (€1.3bn in SICAV)
Gross Yield / Net Yield< 1.7% / 0.7%
PTR# Negative, since inception
7 Day Fund Liquidity> 73%
No. Holdings 30
Average Co. Founded 1914
Average Market Cap £75.1bn
Active Share as at 30.12.16" 93%

Geographic Split of the Master fund

As at 30 June 2017, By Country of Listing %
US 61.6
UK 18.8
Spain 5.4
Denmark 3.9
Finland 2.9
Switzerland 2.1
France 2.0
Cash 3.3

Sector Split of the Master Fund

As at 30 June 2017, GICS Categories %
Consumer Staples 29.7
Healthcare 29.3
Technology 25.2
Industrials 8.0
Consumer Discretionary 4.5
Cash 3.3

Security Identification Codes

SHARE CLASS SEDOL ISIN MEXID
T ACC € B4K9WN1 LU0690375182 4FFEED
T INC € B6WVNC5 LU0690375422 4FEEDR
R ACC € B58W369 LU0690374615 4FEDER
R INC € B6SVBD6 LU0690374961 4FEDERE
I ACC € B6TWPG9 LU0690374029 4FEQUI
I INC € B4W03Z1 LU0690374532 4FQUIT
CHF I ACC B96SVB8 LU0765121677 4FUNDS
CHF I INC B96SVH4 LU0765126635 4FUNDM
USD I ACC B9QN5S8 LU0893933373 4FUNDI
USD I INC B96SVJ6 LU0893933456 4FUNDT
GBP I ACC BMH4M80 LU1053186349 4FAAAE
GBP I INC BMH4MD5 LU1053186000 4FAAAD

Investment Objective of the Master Fund

The fund intends to realise its objective by investing substantially all of its assets into Fundsmith Equity Fund, a UK fund regulated by the Financial Conduct Authority and qualifying as a master UCITS under the UCITS Directive (the "Master Fund"). As the fund will be almost fully invested in the Master Fund, the underlying performances will be similar except for charges incurred by the fund and for the fact that share prices for the Master Fund are quoted in Sterling whereas share prices for the fund are quoted in differing currencies with differing launch dates. The data in this fact sheet is taken from the Master Fund where appropriate to give a better understanding of the underlying investments of the SICAV.

The investment objective of the Master Fund is to achieve long term growth in value. The Master Fund will invest in equities on a global basis. The Master fund's approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. The Master Fund has stringent investment criteria which the Management Company, as investment manager of the Master Fund, adheres to in selecting securities for the Master Fund's investment portfolio. These criteria aim to ensure that the Master Fund 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 Master Fund to be attractive.

Investors should be aware that the application of these investment criteria significantly limits the number of potential investments for the Master Fund's portfolio. It is envisaged that the investment portfolio of the Master Fund will be concentrated, generally comprising between 20 and 30 stocks.

The Master Fund 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

June 2017 2017 to 30.6.17 2016 2015 2014 2013 2012 Inception to 30.6.17 Annualised to 30.6.17
Fundsmith1 -1.7 +10.6 +9.4 +22.3 +31.6 +22.2 +14.2 +196.8 +21.2
Equities2 -1.0 +2.3 +10.7 +10.4 +19.5 +21.2 +14.1 +116.5 +14.6
EU Bonds3 -0.8 -2.4 +6.6 +2.7 +28.6 +1.9 +18.8 +69.7 +9.8
Cash4 +0.0 -0.2 -0.3 -0.1 +0.2 +0.2 +0.9 +0.7 +0.1

1Net of Fees priced at midday UK time   2MSCI World Index (€ Net) priced at close of business US time   3Bloomberg/Barclays Bond Indices Euro Govt 10 yr   43 Month € LIBOR Interest Rate


Portfolio Comment of the Master Fund for June 2017

There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Amadeus, Paypal, Johnson & Johnson, Waters and Becton Dickinson. The top 5 detractors were IDEXX, JM Smucker, Microsoft, Pepsico and Stryker.


Top 10 Holdings

  • Amadeus
  • CR Bard
  • Paypal
  • Microsoft
  • Stryker
  • IDEXX
  • Waters 
  • Intercontinental Hotels 
  • Pepsico
  • 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 2016.

# 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 master 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 T Class Shares as reference. Please not that rates would very for I Class and R Class shares. Additional Feeder Fund expenses will further reduce the yield received.

NB Where a position is being built for the fund the company name is not disclosed in factsheet data.


Fundsmith Equity Fund Feeder is an investment company organised under the laws of the Grand Duchy of Luxembourg as a societé d’investissement à capital variable, is governed by Part I of the UCI Law and qualifies as a UCITS. An English language prospectus for the Fundsmith Equity Fund Feeder, Key Investor Information Document (KIID) and annual and interim reports are available on request and via the Fundsmith website 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.

Monthly Performance Table, % Total Return, T Class, Accumulation Shares

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 +2.5 +6.6
2012 +1.2 +2.2 +2.4 +2.1 +1.2 +1.0 +6.5 -1.6 -0.2 -1.6 +2.4 -2.1
2013 +3.8 +3.8 +5.7 +1.2 +2.3 -2.3 +0.7 -2.1 +1.9 +2.7 +2.4 +0.2
2014 -2.3 +3.2 +0.9 +0.7 +5.1 +0.4 +1.8 +2.6 +3.7 +3.7 +5.5 +2.7
2015 +7.8 +4.0 +1.2 -0.9 +3.7 -5.4 +6.7 -7.3 -1.2 +10.9 +4.2 -1.8
2016 -4.6 +2.6 +1.5 +0.1 +4.1 -0.1 +3.8 +0.6 -0.8 -1.9 +1.8 +2.4
2017 +0.1 +6.6 +1.5 +2.0 +1.8 -1.7

Platform Partners

  • Seven Investments
  • Raymond_James
  • alliance trust
  • ascentric
  • attrax
  • aviva
  • axa
  • best-invest
  • co-funds
  • funds network
  • hargreaves
  • mfexd
  • Moventum
  • novia
  • nucleus
  • old mutual
  • pershing
  • standard life
  • transact
  • true-potential
  • willis-owen

© 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.