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:
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 (www.fundsmith.eu/forms) and in the Sustainability Related Disclosure (www.fundsmith.eu/documents) on the website.
| Aug 2024 | 2024 to 30.08.2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Inception to 30.08.2024 | Annualised to 30.08.2024 | |
|---|---|---|---|---|---|---|---|---|---|
| Fundsmith 1 | +1.9 | +11.2 | +13.4 | -17.3 | +28.9 | +10.7 | +32.5 | +527.9 | +15.4 |
| Equities 2 | +0.3 | +16.5 | +19.6 | -12.8 | +31.1 | +6.3 | +30.0 | +390.2 | +13.2 |
| EU Bonds 3 | +0.1 | -0.7 | +10.5 | -32.3 | -7.0 | +11.2 | +15.4 | +56.3 | +3.5 |
| Cash 4 | +0.3 | +2.5 | +3.2 | -0.0 | -0.6 | -0.4 | -0.4 | +4.4 | +0.3 |
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 Series-E Euro Govt 10+ yr Bond Index, source: Bloomberg 4 € Interest Rate, source: Bloomberg.
We exited our position in Diageo during the month. The top 5 contributors in the month were Meta Platforms, Stryker, Fortinet, Novo Nordisk and Nike. The top 5 detractors were Mettler-Toledo, Alphabet, Microsoft, PepsiCo and L'Oréal.
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.
N.B. When a position is being built for the Fund the company name is not disclosed on the factsheet.
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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.
| 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 | +4.2 | +2.2 | -2.2 | -0.1 | +3.3 | -2.8 | +1.9 | +11.2 |
| Direct | Institutional | Institutional | Direct | Institutional | Institutional | ||
|---|---|---|---|---|---|---|---|
| EUR T Class | EUR I Class | CHF I Class | USD T Class | USD I Class | GBP I Class | ||
| Interim | 1st Jan 2024 to 30th Jun 2024 | 0.0000 | 0.0470 | 0.0291 | 0.0000 | 0.0379 | 0.0302 |
| 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.
