Fundsmith SICAV – Fundsmith Equity Fund
€61.89 T Class Acc, 22 Feb 24

Price Data 22nd February 2024

Share Class OCF* Minimum Price
T Class Acc 1.08% EUR 2,000 € 61.89
T Class Inc 1.08% EUR 2,000 € 58.26
R Class Acc 1.58% EUR 2,000 € 58.39
R Class Inc 1.58% EUR 2,000 € 57.29
I Class Acc 0.94% EUR 5M € 62.85
I Class Inc 0.94% EUR 5M € 58.48
USD T Class Acc 1.08% USD 2,000 $ 10.9
USD T Class Inc 1.08% USD 2,000 $ 10.88
USD R Class Acc 1.57% USD 2,000 $ 10.79
USD R Class Inc 1.58% USD 2,000 $ 10.79
USD I Class Acc 0.94% USD 6M $ 37.98
USD I Class Inc 0.94% USD 6M $ 35.66
CHF I Class Acc 0.94% CHF 6M CHF 42.5
CHF I Class Inc 0.94% CHF 6M CHF 39.47
GBP I Class Acc 0.94% GBP 5M £ 42.19
GBP I Class Inc 0.94% GBP 5M £ 40.03

Historical Prices

Standing Data

As at  31 Jan 2024
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.
Management Company
Fundrock Mgmt Co. S.A.
Global Distributor/Promoter
Fundsmith LLP
Investment Manager
Fundsmith Investment Svcs Ltd.
Dealing Daily at 13:00 C.E.T

Key Facts

As at  31 Jan 2024
Fund Size €8.6bn
Gross / Net Yield< 1.19% / 0.11%
2023 PTR# 5.4%
7 Day Fund Liquidity> 98%
No. Holdings 27
Average Co. Founded 1916
Median Market Cap €112.7bn
Active Share as at 31.12.22” 89%
2023  Transaction Costs 0.01%

Fund Performance Analysis

To  31 Jan 2024, T Class Acc %
Annualised Rate of Return +15.6
Best Month +10.9 ( Oct '15)
Worst Month -8.1 ( Jan '22)
Average Month +1.3
%  Positive Months 70

Geographic Split

As at 31 Jan 2024,  by Country of Listing %
US 71.5
France 10.8
Denmark 10.6
UK 5.1
Spain 1.7
Cash 0.1

Sector Split

As at  31 Jan 2024, GICS® Categories %
Consumer Staples 30.3
Health Care 27.3
Consumer Discretionary 11.7
Information Technology 11.2
Communication Services 9.0
Industrials 5.6
Financials 4.8
Cash 0.1

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 Fundsmith Equity Fund, a sub fund of Fundsmith SICAV (“Fund”) is actively managed, which means that the investments are selected at the discretion of the investment manager. The investment objective of the Fund is to achieve long-term growth in value. The Fund will invest in equities on a global basis. The Fund’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. The Fund has stringent investment criteria which the Investment Manager adheres to in selecting securities for the Fund’s investment portfolio. These criteria aim to ensure that the 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 Fund takes sustainability risk and ESG characteristics into account as part of its selection process. In that respect, the Fund promotes environmental and/or social characteristics and discloses sustainability-related information in accordance with the requirements of Article 8 of Regulation (EU) 2019/2088 (the Sustainable Finance Disclosure Regulation (SFDR). More information can be found in the Prospectus and in the Sustainability Related Disclosure on the website.

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

  Jan
2024
2024  to
31.01.24
2023 2022 2021 2020 2019 Inception to
31.01.2024
Annualised to
31.01.2024
Fundsmith1 +4.6 +4.6 +13.4 -17.3 +28.9 +10.7 +32.5 +490.6 +15.6
Equities 2 +2.9 +2.9 +19.6 -12.8 +31.1 +6.3 +30.0 +333.1 +12.7
EU Bonds 3 -1.3 -1.3 +10.5 -32.3 -7.0 +11.2 +15.4 +55.2 +3.7
Cash 4 +0.3 +0.3 +3.2 -0.0 -0.6 -0.4 -0.4 +2.1 +0.2

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 January 2024

There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Microsoft, Stryker, Meta Platforms, Novo Nordisk and Visa. The top 5 detractors were IDEXX, L'Oréal, Nike, Philip Morris and Apple.

Top 10 holdings

  • Microsoft
  • Novo Nordisk
  • L’Oréal
  • Meta Platforms
  • Stryker
  • Visa
  • Philip Morris
  • IDEXX
  • LVMH
  • Automatic Data Processing

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 Fund 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

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

  Jan Feb Mar Apr May Jun July Aug Sept 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 +1.0  -1.3 -17.3
2023 +1.9  +1.8  +3.4  +2.8  -1.7  +2.3  +1.0  -0.7  -2.8  -3.0  +5.1  +2.8 +13.4
2024 +4.6                       +4.6

Dividends Per Share

  Direct Institutional Institutional Direct Institutional Institutional
  EUR T Class EUR I Class CHF I Class USD T Class USD I Class GBP I Class
Final 1st Jul 2023 to 31st Dec 2023 0.0627 0.0957 0.0607 0.0113 0.0602 0.0663
Interim 1st Jan 2023 to 30th Jun 2023 0.0000 0.0402 0.0267 0.0000 0.0232 0.0269
Final 1st Jul 2022 to 31st Dec 2022 0.0183 0.0678 0.0456 0.0035 0.0406 0.0480
Interim 1st Jan 2022 to 30th Jun 2022 0.0000 0.0100 0.0060 0.0000 0.0064 0.0084
Final 1st Jul 2021 to 31st Dec 2021 0.0000 0.0000 0.0000   0.0000 0.0000
Interim 1st Jan 2021 to 30th Jun 2021 0.0196 0.0538 0.0410   0.0355 0.0364
Final 1st Jul 2020 to 31st Dec 2020 0.0104 0.0395 0.0350   0.0231 0.0304
Interim 1st Jun 2020 to 30th Jun 2020 0.0596 0.0888 0.0689   0.0512 0.0660
Final 1st Jul 2019 to 31st Dec 2019 0.0288 0.0563 0.0443   0.0437 0.0394
Interim 1st Jan 2019 to 30th Jun 2019 0.0225 0.0473 0.0354   0.0295 0.0342

Accumulation share prices include all dividends received.
Income shares go ex-dividend on 30th June and 31st December and the dividends are paid out on or about 28th February and 31st August.

Equity Fund Facts Archive