Fund Factsheet | Fundsmith

Price data, 01 March 2021

Share Class	OCF	Minimum	Price
T Class Acc	1.11%	EUR 2000	€ 47.76
T Class Inc	1.11%	EUR 2000	€ 45.04
R Class Acc	1.61%	EUR 2000	€ 45.74
R Class Inc	1.61%	EUR 2000	€ 44.87
I Class Acc	0.97%	EUR 5M	€ 48.30
I Class Inc	0.97%	EUR 5M	€ 45.17
I Class Acc	0.97%	CHF 6M	CHF 37.67
I Class Inc	0.97%	CHF 6M	CHF 35.16
I Class Acc	0.97%	USD 6M	$ 32.38
I Class Inc	0.97%	USD 6M	$ 30.56
I Class Acc	0.97%	GBP 5M	£ 32.71
I Class Inc	0.97%	GBP 5M	£ 31.20

Historical Prices

Standing Data

As at 26th Feb 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
Administrator	State Street Luxembourg S.A.
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 26 Feb 2021
Fund Size	€5.7bn
Gross / Net Yield<	1.44% / 0.33%
2020 PTR^	-29%
7 Day Fund Liquidity>	98%
No. Holdings	29
Average Co. Founded	1924
Average Market Cap	€170.0bn
Active Share as at 31.03.20”	90%

Geographic Split

As at 26 Feb 2021, by Country of listing	%
US	68.5
UK	8.5
France	7.9
Denmark	5.7
Finland	3.5
Spain	2.4
Cash	3.4

Sector Split

As at 26 Feb 2021, GICS® Categories	%
Consumer Staples	28.0
Technology	25.7
Healthcare	23.1
Consumer Discretionary	12.7
Communication Services	3.5
Industrials	3.5
Cash	3.4

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
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 SICAV is to achieve long term growth in value. The SICAV will invest in equities on a global basis. The SICAV’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. The SICAV has stringent investment criteria which the Investment Manager adheres to in selecting securities for the SICAV’s investment portfolio. These criteria aim to ensure that the SICAV 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;
Businesses whose valuation is considered to be attractive.

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

Performance, % Total Return

	Feb 2021	2021 to 26.02.21	2020	2019	2018	2017	2016	Inception to 26.02.21	Annualised to 26.02.21
Fundsmith¹	+2.6	+1.9	+10.7	+32.5	+0.9	+17.7	+9.4	+376.4	+18.2
Equities²	+2.7	+2.4	+6.3	+30.0	-4.1	+7.5	+10.7	+215.0	+13.1
EU Bonds³	-3.9	-5.2	+11.2	+15.4	+2.4	-0.3	+6.6	+114.4	+8.5
Cash⁴	-0.0	-0.1	-0.4	-0.4	-0.4	+0.4	-0.3	-0.9	-0.1

The Fund is not managed with reference to any benchmark. Above are a number of comparisons of the Fund's performance. (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 February 2021

We sold our stake in testing services company Intertek and purchased a stake in Church & Dwight, the US consumer products business. The top 5 contributors in the month were Estée Lauder, Paypal, IDEXX, Amadeus and Stryker. The top 5 detractors were McCormick, Pepsico, Unilever, Microsoft and Facebook.

Top 10 holdings

Paypal
Microsoft
L'Oréal
IDEXX
Estée Lauder
Stryker
Intuit
Nike
Philip Morris
Facebook

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.

# 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.

Our ratings

Monthly performance table, % Total Return, T Class, 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											+1.9

Dividend Payments

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 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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