SEPTEMBER 2021 FUND FACTSHEET


Price & NAV Data

As at 30 Sep 2021
Price1470.00p
NAV1553.58p
Premium (+) / Discount (-)-5.4%
OCF to 30.06.211.3%

Standing Data

As at 30 Sep 2021
Portfolio Manager post 31.5.19Michael O'Brien
Fund TypeInvestment Trust
EPIC Code/TickerFEET
Launch Date25th Jun-14
Performance FeeNone
AMC pre/post 31.5.191.25% / 1.0%
Base CurrencyGBP
Sponsor & BrokerInvestec Bank
Legal AdviserTravers Smith LLP
AuditorDeloitte
AdministratorNorthern Trust
RegistrarLink Asset Services
DepositaryNorthern Trust
Co. SecretaryFrostrow Capital LLP
DealingLSE Main Market
AIC SectorEmerging Markets

Key Facts

As at 30 Sep 2021 by Listing
LTM Portfolio Yield^1.2%
No. Holdings38
Median Company Founded1985
Median Market Cap£4.5bn
GearingNone
No. Shares in Issue26,288,283
Market Capitalisation £386m
2020 Transaction Costs0.03%
2020 PTR*21.0%

Geographic Split

As at 30 Sep 2021 by Listing %
India46.2
US17.3
Hong Kong10.4
China5.6
UK3.6
Other Countries16.6
Cash incl. Money Market a/c's0.4

Sector Split

As at 30 Sep 2021 by NAV - GICS® Categories%
Consumer Staples44.4
Healthcare15.2
Communication Services10.7
Consumer Discretionary9.2
Technology8.1
Materials5.1
Industrials5.1
Financials1.8
Cash incl. Money Market a/c's0.4

Security Identification Codes

NameCode
SEDOLBLSNND1
ISINGB00BLSNND18
EPICFEET

Fund Aim

To provide shareholders with an attractive return by investing in a portfolio of shares issued by listed or traded companies which have the majority of their operations in, or revenue derived from, Developing Economies and which provide direct exposure to the rise of the consumer classes in those countries or to the broader social and/or economic development of those countries.

The Company maintains a portfolio diversified by issuer concentration and the Company’s portfolio will normally comprise 25 to 40 investments. 

The Investment Manager intends to find companies which make their money by a large number of everyday, repeat, relatively predictable transactions. Its strategy is to not overpay when buying the shares of such companies and then do as little dealing as possible in order to minimise the expenses of the Company, allowing the investee companies' returns to compound for Shareholders with minimum interference.

The Investment Manager will avoid the financial sector and heavily cyclical sectors such as construction and manufacturing, utilities, resources and transport, and will instead focus almost exclusively on consumer stocks and in any event only on stocks in companies which will benefit from the rise of the consuming class in the Developing Economies.

The companies in which the Company will seek to invest have relatively predictable revenues and low capital intensity, and correspondingly high returns on capital. The targeted companies will also deliver most or all of their profits in cash. They will have defensible and strong market positions, typically derived from a combination of brands, trademarks and distribution systems or networks. The Investment Manager believes this combination will deliver compound growth in shareholder value over the long term.

The Investment Manager is also cognisant of the additional risks of investing in Developing Economies as opposed to developed economies, both in terms of the countries in which the companies operate and the standard of corporate governance within the companies themselves. The Investment Manager will take into account the degree of economic freedom, particularly the measure derived by the Heritage Foundation, of the country in which the companies are listed and/or operate in assessing the risks of any particular opportunity.

Performance Overview, % Return

Sep 20212021 to 30.09.2120202019201820172016Inception to 30.09.21 Annualised to 30.09.21
FEET NAV10.0+6.6+20.7-0.5-3.0+21.2+12.0+57.0+6.4
FEET Share Price+2.4+4.0+29.1-7.4-9.4+24.5+10.5+47.9+5.5
Equities2-1.9+0.3+14.4+13.9-9.3+25.3+32.4+77.9+8.2
UK Bonds3-2.0-4.6+4.6+3.8+1.2+1.4+6.5+22.8+2.9
Cash4+0.0+0.0+0.3+0.8+0.7+0.4+0.5+3.7+0.5

1Source: Bloomberg, starting NAV 995.5.  2MSCI Emerging & Frontier Markets Index, £ Net, source: www.msci.com.
3Bloomberg/Barclays Bond Indices UK Govt 5-10yr, source: Bloomberg.  4 £ Interest Rate, source: Bloomberg.

​

Portfolio Comment for September 2021

There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Foshan Haitian, Havells, Avenue Supermarts, Medlive Technology and Info Edge. The top 5 detractors were Mercadolibre, XP, Hypera, Dr Lal Pathlabs and BIM.​

Top 10 Holdings

  • Mercadolibre
  • Info Edge
  • Foshan Haitian
  • Asian Paints
  • Havells
  • Avenue Supermarts
  • Nestlé India
  • Marico
  • Hindustan Unilever
  • Godrej

Our Values

  • No Fees For Performance
  • No Upfront Fees
  • No Nonsense 
  • No Debt or Derivatives
  • No Shorting
  • No Market Timing
  • No Index Hugging
  • No Trading
  • No Hedging
 
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.
Cash in the Sector and Geographic split represents current assets, of which cash is typically the largest part, less any current liabilities.
^ LTM 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. 
* The PTR (Portfolio Turnover Ratio) has been calculated in accordance with the methodology laid down by the FCA. This compares the total share purchases and sales less total shares issues and redeemed with the average net asset value of the fund.

Monthly Performance Table, % Total Return, T Class, Accumulation Shares

JanFebMarAprMayJunJulAugSepOctNovDec
20139.44.43.70.93.5-1.82.5-4.1-0.2+4.6
20121.63.41.2-0.3-0.41.93.6-0.2-0.2-0.52.9-1.4
2011-3.20.42.71.43.90.3-2.1-2.2-0.24.8-2.35.0
20102.04.1

Dividend Payments, payable on 28th February and 31st August

NameDirectDirectAdvisedAdvisedInstitutionalInstitutional
2013123456
2012123456
2011234567
2010234567

© 2021 Fundsmith LLP. All rights reserved. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW.



















MSCI Emerging & Frontier Markets Index is the exclusive property of MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or final products. This report is not approved, reviewed or produced by MSCI. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s and “GICS®” is a service mark of MSCI and Standard & Poor’s.

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