Fundsmith Equity Fund - Sicav
€50.42 T Class Acc, 29 Nov 22

Price Data 29th November 2022

Share Class OCF* Minimum Price
T Class Acc 1.09% EUR 2,000 € 50.42
T Class Inc 1.09% EUR 2,000 € 47.54
R Class Acc 1.61% EUR 2,000 € 47.86
R Class Inc 1.61% EUR 2,000 € 46.96
I Class Acc 0.94% EUR 5M € 51.11
I Class Inc 0.94% EUR 5M € 47.75
USD T Class Acc 1.12% USD 2,000 $ 8.49
USD T Class Inc 1.12% USD 2,000 $ 8.49
USD R Class Acc 1.68% USD 2,000 $ 8.46
USD R Class Inc 1.64% USD 2,000 $ 8.46
USD I Class Acc 0.95% USD 6M $ 29.54
USD I Class Inc 0.94% USD 6M $ 27.84
CHF I Class Acc 0.95% CHF 6M CHF 35.75
CHF I Class Inc 0.94% CHF 6M CHF 33.33
GBP I Class Acc 0.94% GBP 5M £ 34.59
GBP I Class Inc 0.94% GBP 5M £ 32.96

Historical Prices

Standing Data

As at 31 Oct 2022
Portfolio Manager Terry Smith
Inception Dates Euro: 2.11.11 CHF: 5.4.12
Inception Dates USD (I): 13.3.13 GBP: 15.4.14
Inception 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 31 Oct 2022
Fund Size €8.2bn
Gross / Net Yield< 1.09% / 0%
2021 PTR# -0.5%
7 Day Fund Liquidity> 97%
No. Holdings 29
Average Co. Founded 1927
Median Market Cap €116.9bn
Active Share as at 31.12.21” 86%
2021 Transaction Costs 0.03%

Fund Performance Analysis

To 31 Oct 2022, T Class Acc %
Annualised Rate of Return +15.8
Best Month +10.9 (Oct '15)
Worst Month -8.1 (Jan '22)
Average Month +1.3
% Positive Months 70

Geographic Split

As at 31 Oct 2022, by Country of Listing %
US 74.2
France 8.8
Denmark 7.9
UK 5.9
Spain 1.5
Cash 1.8

Sector Split

As at 31 Oct 2022, GICS® Categories %
Consumer Staples 34.6
Technology 26.7
Healthcare 23.2
Consumer Discretionary 8.5
Communication Services 3.9
Industrials 1.4
Cash 1.8

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

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.

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

  • The value of companies invested in, and therefore the value of the fund will rise and fall, and there is no guarantee that you will get your investment back. An investment in the fund 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).
  • The fund's portfolio is a global portfolio and many of the investments will not be denominated in the currency in which you invest. There is no currency hedging made by the fund. The value to you of the shares may therefore rise or fall purely on account of exchange rate movements.
  • 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 or underperformance of a single stock has a greater effect on the price of the fund.
  • If you are unsure about the suitability of the fund for you, please seek professional advice.
  • Past performance is not a guide to future performance.

Performance, % Total Return

  Oct
2022
2022 to
31.10.22
2021 2020 2019 2018 2017 Inception to
31.10.22
Annualised to
31.10.22
Fundsmith1 +2.5 -17.1 +28.9 +10.7 +32.5 +0.9 +17.7 +399.7 +15.8
Equities2 +6.2 -8.0 +31.1 +6.3 +30.0 -4.1 +7.5 +271.0 +12.7
EU Bonds3 +0.0 -29.5 -7.0 +11.2 +15.4 +2.4 -0.3 +48.2 +3.6
Cash4 +0.1 -0.3 -0.6 -0.4 -0.4 -0.4 -0.4 -1.6 -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.

Portfolio Comment for October 2022

We purchased a stake in Otis to replace our stake in Kone and began a currently small holding in Apple. The top 5 contributors in the month were Visa, Mettler-Toledo, Stryker, Novo Nordisk and Adobe. The top 5 detractors were Meta Platforms, Estée Lauder, Amazon, Microsoft and L'Oréal.

Top 10 holdings

  • Microsoft
  • Novo Nordisk
  • L'Oréal
  • Philip Morris
  • Pepsico
  • Stryker
  • IDEXX
  • Automatic Data Processing
  • Estée Lauder
  • 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 Rate) is a measure of the fund's trading activity, and has been calculated by taking the total share purchases and sales less total creations and liquidations divided by 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 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 -5.4 -3.7 +9.5 -2.8 -6.8 +2.5     -17.1

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
Interim 1st Jan 2022 to 30th June 2022 Income 0.0000 0.0000 0.0100 0.0060 0.0064 0.0084
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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