Price Data 8th December 2021
|T Class Acc||1.11%||EUR 2,000||€ 59.22|
|T Class Inc||1.11%||EUR 2,000||€ 55.83|
|R Class Acc||1.61%||EUR 2,000||€ 56.49|
|R Class Inc||1.61%||EUR 2,000||€ 55.42|
|I Class Acc||0.97%||EUR 5M||€ 59.95|
|I Class Inc||0.96%||EUR 5M||€ 56.01|
|CHF I Class Acc||0.97%||CHF 6M||CHF 44.34|
|CHF I Class Inc||0.97%||CHF 6M||CHF 41.34|
|USD I Class Acc||0.96%||USD 6M||$ 37.63|
|USD I Class Inc||0.96%||USD 6M||$ 35.48|
|GBP I Class Acc||0.97%||GBP 5M||£ 40.11|
|GBP I Class Inc||0.96%||GBP 5M||£ 38.22|
|As at 30 Nov 2021|
|Portfolio Manager||Terry Smith|
|Launch Dates||Euro: 2.11.11 CHF: 5.4.12|
|Launch Dates||USD: 13.3.13 GBP: 15.4.14|
|Dealing||Daily at 13:00 C.E.T|
|Dividend Dates||On or about 28/2 & 31/8|
|As at 30 Nov 2021|
|Gross / Net Yield<||1.29% / 0.19%|
|7 Day Fund Liquidity>||95%|
|Average Co. Founded||1926|
|Median Market Cap||€116.2bn|
|Active Share as at 30.06.21”||90%|
|As at 30 Nov 2021, by Country of Listing||%|
|Undisclosed Country - New Position||0.1|
|As at 30 Nov 2021, 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|
|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 SICAV
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.
Performance, % Total Return
|Nov 2021||2021 to
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 November 2021
There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Intuit, Church & Dwight, Microsoft, Meta Platforms and McCormick. The top 5 detractors were Paypal, Stryker, Philip Morris, Visa and Waters.
Top 10 holdings
- Novo Nordisk
- Estée Lauder
- Meta Platforms
- 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.
# 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.
Monthly performance table, % Total Return, T Class, EUR, Accumulation Shares
Payable on 28th February and 31st August
|Share class||T Class||R Class||I Class||CHF I Class||USD I Class||GBP I Class|
1st Jan 2021 to 30th June 2021
1st Jul 2020 to 31st Dec 2020
|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|
Equity Fund Facts Archive
- 2021 Factsheets
- 2020 Factsheets
- 2019 Factsheets
- 2018 Factsheets
- 2017 Factsheets
- 2016 Factsheets
- 2015 Factsheets
- 2014 Factsheets
- 2013 Factsheets
- 2012 Factsheets
- 2011 Factsheets