Price Data 31st March 2023
|T Class Acc||1.09%||EUR 2,000||€ 53.46|
|T Class Inc||1.09%||EUR 2,000||€ 50.38|
|R Class Acc||1.61%||EUR 2,000||€ 50.67|
|R Class Inc||1.61%||EUR 2,000||€ 49.71|
|I Class Acc||0.94%||EUR 5M||€ 54.22|
|I Class Inc||0.94%||EUR 5M||€ 50.58|
|USD T Class Acc||1.12%||USD 2,000||$ 9.43|
|USD T Class Inc||1.12%||USD 2,000||$ 9.42|
|USD R Class Acc||1.68%||USD 2,000||$ 9.37|
|USD R Class Inc||1.64%||USD 2,000||$ 9.37|
|USD I Class Acc||0.95%||USD 6M||$ 32.81|
|USD I Class Inc||0.94%||USD 6M||$ 30.88|
|CHF I Class Acc||0.95%||CHF 6M||CHF 38.37|
|CHF I Class Inc||0.94%||CHF 6M||CHF 35.72|
|GBP I Class Acc||0.94%||GBP 5M||£ 37.33|
|GBP I Class Inc||0.94%||GBP 5M||£ 35.52|
|As at 28 Feb 2023|
|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|
|Management Company||Fundrock Management Company S.A.|
|Investment Manager||Fundsmith Investment Services Ltd.|
|Dealing||Daily at 13:00 C.E.T|
|Dividend Dates||On or about 28/2 & 31/8|
|As at 28 Feb 2023|
|Gross / Net Yield<||1.12% / 0.04%|
|7 Day Fund Liquidity>||96%|
|Average Co. Founded||1922|
|Median Market Cap||€119.3bn|
|Active Share as at 31.12.22”||89%|
|2022 Transaction Costs||0.01%|
Fund Performance Analysis
|To 28 Feb 2023, T Class Acc||%|
|Annualised Rate of Return||+15.6|
|Best Month||+10.9 ( Oct '15)|
|Worst Month||-8.1 ( Jan '22)|
|% Positive Months||71|
|As at 28 Feb 2023, by Country of Listing||%|
|As at 28 Feb 2023, GICS® Categories||%|
Security Identification Codes
|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|
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.
- 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
|EU Bonds 3||-4.5||+0.3||-32.3||-7.0||+11.2||+15.4||+2.4||+42.7||+3.2|
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 February 2023
There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Novo Nordisk, Microsoft, Meta Platforms, Stryker and Pepsico. The top 5 detractors were Estée Lauder, Philip Morris, Nike, Alphabet and Amazon.
Top 10 holdings
- Novo Nordisk
- Philip Morris
- Estée Lauder
- Automatic Data Processing
- 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
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.
No data available
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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 KID.
Monthly performance table, % Total Return, T Class, EUR, Accumulation Shares
Payable on 28th February and 31st August
|Share Class||EUR T Class||EUR R Class||EUR I Class||CHF I Class||USD T Class||USD I Class||GBP I Class|
1st Jul 2022 to 31st Dec 2022
1st Jan 2022 to 30th Jun 2022
1st Jul 2021 to 31st Dec 2021
1st Jan 2021 to 30th Jun 2021
1st Jul 2020 to 31st Dec 2020
|Interim||1st Jun 2020 to 30th Jun 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 Jun 2019||Income||0.0225||0.0000||0.0473||0.0354||0.0295||0.0342|
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