Fundsmith Equity Fund - Sicav
€49.74 T Class Acc, 27 May 22

Price Data 27th May 2022

Share Class OCF* Minimum Price
T Class Acc 1.09% EUR 2,000 € 49.74
T Class Inc 1.09% EUR 2,000 € 46.90
R Class Acc 1.59% EUR 2,000 € 47.34
R Class Inc 1.59% EUR 2,000 € 46.45
I Class Acc 0.95% EUR 5M € 50.39
I Class Inc 0.95% EUR 5M € 47.08
USD T Class Acc 1.09% USD 2,000 $ 8.63
USD T Class Inc 1.09% USD 2,000 $ 8.63
USD R Class Acc 1.59% USD 2,000 $ 8.62
USD R Class Inc 1.59% USD 2,000 $ 8.62
USD I Class Acc 0.95% USD 6M $ 30.01
USD I Class Inc 0.95% USD 6M $ 28.30
CHF I Class Acc 0.95% CHF 6M CHF 36.71
CHF I Class Inc 0.95% CHF 6M CHF 34.23
GBP I Class Acc 0.95% GBP 5M £ 33.56
GBP I Class Inc 0.95% GBP 5M £ 31.99

Historical Prices

Standing Data

As at 29 Apr 2022
Portfolio Manager Terry Smith
Launch Dates Euro: 2.11.11 CHF: 5.4.12
Launch Dates USD (I): 13.3.13 GBP: 15.4.14
Launch Dates USD (T, R): 4.2.22
Administrator Northern Trust
Auditor Deloitte S.A.
Dealing Daily at 13:00 C.E.T
Dividend Dates On or about 28/2 & 31/8

Key Facts

As at 29 Apr 2022
Fund Size €8.9bn
Gross / Net Yield< 1.22% / 0.13%
2021 PTR# -0.5%
7 Day Fund Liquidity> 96%
No. Holdings 29
Average Co. Founded 1929
Median Market Cap €110.2bn
Active Share as at 31.12.21” 86%

Geographic Split

As at 29 Apr 2022, by Country of Listing %
US 71.6
France 8.0
Denmark 7.3
UK 5.7
Spain 1.6
Finland 1.5
Cash 4.3

Sector Split

As at 29 Apr 2022, GICS® Categories %
Consumer Staples 32.6
Technology 24.2
Healthcare 21.3
Consumer Discretionary 10.8
Communication Services 5.3
Industrials 1.5
Cash 4.3

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
USD T ACC BNVW1M4 LU2404859402 FUAADG
USD T INC BNVW1N5 LU2404859584 FUAADF
USD R ACC BNVW1P7 LU2404859667 FUAADE
USD R INC BNVW1Q8 LU2404859741 FUAADD
USD I ACC B9QN5S8 LU0893933373 4FUNDI
USD I INC B96SVJ6 LU0893933456 4FUNDT
CHF I ACC B96SVB8 LU0765121677 4FUNDS
CHF I INC B96SVH4 LU0765126635 4FUNDM
GBP I ACC BMH4M80 LU1053186349 4FAAAE
GBP I INC BMH4MD5 LU1053186000 4FAAAD

Investment objective of the SICAV

The Fund is actively managed, which means that the investments are selected at the discretion of the investment manager. The investment objective of the Sub-fund is to achieve long-term growth in value. The Sub-fund will invest in equities on a global basis. The Sub-fund’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. The Sub-fund has stringent investment criteria which the Investment Manager adheres to in selecting securities for the Sub-fund’s investment portfolio. These criteria aim to ensure that the Sub-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; and/or
  • businesses whose valuation is considered by the Investment Manager to be attractive.

It is envisaged that the investment portfolio of the Sub-fund will be concentrated, generally comprising between 20 and 30 stocks.

The Sub-fund takes sustainability risk and ESG characteristics into account as part of its selection process. In that respect, the Sub-fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. For the assessment, areas like corporate strategy, corporate governance, transparency and the product and service range of a company are taken into account. More information can be found in the Prospectus.

Principal Risks

  • Currency Risk: The fund’s portfolio is a global portfolio and many of the investments are not denominated in Euros. There is no currency hedging made by the fund. The Euro price of the shares may therefore rise or fall purely on account of exchange rate movements.
  • Concentration Risk: 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 of a single stock has a greater effect on the price of the fund.
  • Operational Risk: Failures or delays in operational processes may negatively affect the fund.
  • Sustainability risk: The Fund is subject to the risk that environmental, social or governance conditions or events may occur that may have a material negative impact on the value of its investments.
  • Risks inherent in the holding of shares: There is no assurance that any appreciation in the value of investments in Shares will occur. The Net Asset Value per Share is expected to fluctuate over time with the performance of the Sub-fund’s investments. A Shareholder may not fully recover his initial investment when he chooses to redeem his Shares or upon compulsory redemption, if the Net Asset Value per Share at the time of such redemption is less than the Subscription Price paid by such Shareholder or if there remain any unamortised costs and expenses of establishing the Sub-fund. An investment in Shares 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).

Performance, % Total Return

  Apr
2022
2022 to
29.04.22
2021 2020 2019 2018 2017 Inception to
29.04.22
Annualised to
29.04.22
Fundsmith1 -0.8 -10.5 +28.9 +10.7 +32.5 +0.9 +17.7 +439.6 +17.4
Equities2 -3.3 -6.3 +31.1 +6.3 +30.0 -4.1 +7.5 +278.2 +13.5
EU Bonds3 -7.9 -16.2 -7.0 +11.2 +15.4 +2.4 -0.3 +76.2 +5.5
Cash4 -0.0 -0.2 -0.6 -0.4 -0.4 -0.4 -0.4 -1.5 -0.1

The Fund is not managed with reference to any benchmark, the above comparators are provided for information purposes only. 1 T class € accumulation shares, net of fees priced at midday UK time, source: Bloomberg 2 MSCI 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. 3 Bloomberg/Barclays Bond Indices Euro Govt 10 yr, source: Bloomberg 4 € Interest Rate, source: Bloomberg. 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.

Portfolio Comment for April 2022

We completed the purchase of positions in Adobe and Mettler-Toledo. The top 5 contributors in the month were Philip Morris, McCormick, Pepsico, Novo Nordisk and Church & Dwight. The top 5 detractors were IDEXX, Paypal, Alphabet, Amazon and Starbucks.

Top 10 holdings

  • Microsoft
  • Novo Nordisk
  • L'Oréal
  • IDEXX
  • Philip Morris
  • Estée Lauder
  • Stryker
  • McCormick
  • Pepsico
  • Intuit

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. Certain costs paid by the und will be charged in Euros and exchange rate fluctuations may cause these costs to increase or decrease when converted into your local currency.

# The PTR (Portfolio Turnover Ratio) has been calculated in accordance with the methodology laid down by the CSSF. 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 T Class Shares as reference. Please note that rates would vary for I Class and R Class shares. Additional fund expenses will further reduce the yield received.

N.B. When a position is being built for the fund the company name is not disclosed on the factsheet.

Our ratings

FE Fund Info
Morning star

Past performance does not predict future returns. Returns for periods over one year are annualised. The past performance shown has been calculated using Euros. If the Euro is not your local currency, the returns shown may increase or decrease when converted into your local currency. For fees, refer to the KIID.

Monthly performance table, % Total Return, T Class, EUR, Accumulation Shares

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2011                     +2.5 +6.6 9.3
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 14.2
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 22.2
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 31.6
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 22.3
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 9.4
2017 +0.1 +6.6 +1.5 +2.0 +1.8 -1.7 -0.7 -0.9 +1.1 +6.0 +0.2 +0.7 17.7
2018 +2.8 -2.4 -3.8 +3.0 +6.7 +1.0 +1.9 +2.4 +1.0 -6.0 +2.9 -7.5 0.9
2019 +6.9 +6.4 +5.7 +2.0 -1.4 +2.5 +2.9 +0.5 -1.0 +0.8 +3.0 +0.6 32.5
2020 +3.5 -7.8 -7.2 +10.1 +3.1 -1.1 +2.0 +4.9 -1.0 -1.0 +5.0 +1.3 10.7
2021 -0.7 +2.6 +4.3 +3.6 +0.5 +5.9 +3.5 +0.9 -3.5 +2.2 +2.6 +4.1 28.9
2022 -8.1 -4.4 +2.8 -0.8                 -10.5

Dividend Payments

Payable on 28th February and 31st August 

Name Direct Advised Institutional Institutional Institutional Institutional
Share class T Class R Class I Class CHF I Class USD I Class GBP I Class
Final
1st Jul 2021 to 31st Dec 2021
Income 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Interim
1st Jan 2021 to 30th June 2021
Income 0.0196 0.0000 0.0538 0.0410 0.0355 0.0364
Final
1st Jul 2020 to 31st Dec 2020
Income 0.0104 0.0000 0.0395 0.0350 0.0231 0.0304
Interim 1st Jan 2020 to 30th June 2020 Income 0.0596 0.0000 0.0888 0.0689 0.0512 0.0660
Final 1st Jul 2019 to 31st Dec 2019 Income 0.0288 0.0000 0.0563 0.0443 0.0437 0.0394
Interim 1st Jan 2019 to 30th June 2019 Income 0.0225 0.0000 0.0473 0.0354 0.0295 0.0342

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