Price & NAV Data

As at 29 Jul 2022
Price 1384.00p
NAV 1477.25p
Premium (+) / Discount (-) -6.3%
OCF to 31.12.21 1.0%

Standing Data

Since Inception
Portfolio Manager Simon Barnard
Fund Type Investment Trust
EPIC Code/Ticker SSON
Sponsor & Broker Investec Bank
Legal Adviser Travers Smith LLP
Auditor Deloitte LLP
Administrator & Depositary Northern Trust
Registrar Link Asset Services
Co. Secratary Sanne Fund Services
Dealing LSE Main Market
AIC Sector Global Smaller Companies

Key Facts

As at 29 Jul 2022
Market Capitalisation £2.4bn
Est. Portfolio Yield 0.8%
2021 PTR* 9.5%
No. Holdings 32
Median Company Founded 1972
Median Market Cap £6.4bn
Gearing policy Up to 15% short term
No. Shares in Issue 175,489,958
2021 Transaction Costs 0.02%

Fund Performance Analysis

To 29 Jul 2022 %
Annualised Rate of Return +10.9%
Best Month +13.3% (Apr '20)
Worst Month -15.1% (Jan '22)
Average Month +1.0%
% Positive Months 59%

Geographical Split

As at 29 Jul 2022 by Listing %
USA 44.0
UK 17.0
Italy 9.5
Denmark 6.6
Switzerland 6.1
Australia 5.7
Germany 4.7
New Zealand 2.4
Sweden 2.3
Cash 1.7

Sector Split

As at 29 Jul 2022 by NAV - GICS® Categories %
Information Technology 41.6
Industrials 19.3
Consumer Discretionary 13.9
Healthcare 13.2
Communication Services 3.8
Consumer Staples 3.5
Financials 3.0
Cash 1.7

Security Identification Codes

Name Code

Fund Aim

The Company's investment policy is to invest in shares issued by small and mid ('SMID') sized companies with a market capitalisation (at the time of investment) of between £500 million to £15 billion on a long-term, global basis. The Company’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. Accordingly, it will pursue its investment policy by investing in approximately 25 to 40 companies.

The Investment Manager focuses on investing in those companies it believes can compound in value over many years. It seeks to achieve this by selecting companies that have an established track record of success, such as having already established a dominant market share in their niche product or service or having brands or patents which others would find difficult, if not impossible, to replicate. The Investment Manager believes such SMID sized companies tend to out-perform large companies and that there is also an investment opportunity to take advantage of greater discrepancies between the share price and valuation of SMID sized companies, in part due to lighter research coverage and less information being available on them. SMID sized companies tend to have higher expected returns but also higher expected risk, defined as price volatility (a measure of how much its price moves over time), when compared to larger companies. However, adding a small and mid cap portfolio to a large cap portfolio can raise expected returns without increasing risk, due to the different risk and return characteristics that SMID sized companies provide.

The Investment Manager seeks to invest in SMID sized companies that exhibit strong profitability that is sustainable over time and generate substantial cash flow that can be reinvested back into the business. Its strategy is not to 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 looks to avoid companies that are heavily leveraged or forced to rely upon debt in order to provide an adequate return, as well as sectors and industries that innovate very quickly and are rapidly changing. It instead focuses on companies that have exhibited an ability to continue outperforming competitors and will look for companies that rely heavily on intangible assets in industries such as information technology, health care and consumer goods. The Company's investments will be long-term and the Investment Manager will not be forced to act when market prices are unattractive.

Performance Overview, % Return

  Jul 2022 2022 to
2021 2020 2019 2018* Inception to
Annualised to
Smithson NAV1 +10.3 -24.7 +18.9 +31.4 +33.2 -5.8 +47.7 +10.9
Smithson Share Price +16.8 -31.5 +18.1 +31.7 +29.8 +0.0 +38.4 +9.0
Equities2 +8.4 -6.4 +17.8 +12.2 +21.9 -8.3 +38.3 +9.0
UK Bonds3 +2.7 -4.6 -4.5 +4.6 +3.8 +2.1 +1.1 +0.3
Cash4 +0.1 +0.4 +0.1 +0.3 +0.8 +0.2 +1.8 +0.5

1Source: Bloomberg, starting NAV 1000.  2MSCI World SMID Index, £ Net, source:
3Bloomberg/Barclays Bond Indices UK Govt 5-10yr, source: Bloomberg.  4£ Interest Rate, source: Bloomberg.  *From 19.10.18

Portfolio Comment for July 2022

There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Wingstop, Moncler, Addtech, Diploma and Cognex. The top 5 detractors were Fevertree Drinks, Temenos, Qualys, Recordati and Domino's Pizza Group.

Top 10 holdings

  • Moncler
  • Recordati
  • Sabre
  • Fortinet
  • Temenos
  • Verisign
  • Rightmove
  • Simcorp
  • Fevertree Drinks
  • Masimo


  •  Small &
  •  Mid Cap
  •  Investments
  •  That
  •  Have
  •  Superior
  •  Operating
  •  Numbers

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 FCA. This compares the total share purchases and sales less total shares issues and redeemed with the average net asset value of the fund.

N.B. When a position is being built for the fund the company name is not disclosed in factsheet data.

Monthly NAV Performance Table

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2018 - - - - - - - - - - -0.7 -5.2 -5.8
2019 +7.5 +5.0 +5.5 +4.4 -3.6 +6.5 +2.1 -0.2 -1.0 -3.2 +7.5 -0.5 +33.2
2020 +0.2 -4.7 -5.4 +13.3 +11.7 +0.8 +0.1 +0.7 +2.3 -2.7 +7.2 +5.7 +31.4
2021 -3.3 -3.3 +4.3 +7.5 -3.9 +5.1 +4.4 +3.9 -3.1 +3.3 +0.2 +3.3 +18.9
2022 -15.1 -4.3 +2.2 -5.7 -6.0 -7.2 +10.3           -24.7


Sector: Global Smaller Companies is the Association of Investment Companies defined sector and comprises a peer group of just 6 investment trusts which invest at least 80% of their assets in smaller company securities. Namely, BMO Global Smaller Companies, Edinburgh Worldwide, Herald, North Atlantic Smaller Companies, ScotGems and Smithson.

MSCI World SMID 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.

Fundsmith LLP ("Fundsmith") is authorised and regulated by the Financial Conduct Authority and only acts for the funds to whom it provides regulated investment management and transaction arrangement services. Fundsmith does not act for or advise potential investors in connection with acquiring shares in Smithson Investment Trust plc and will not be responsible to potential investors for providing them with protections afforded to clients of Fundsmith. Prospective investors are strongly advised to take their own legal, investment and tax advice from independent suitably qualified advisers. The value of investments may go up as well as down. Past performance is not a guide to future performance.