NOVEMBER 2018 FUND FACTSHEET

Fund Aim

The Company's investment policy is to invest in shares issued by small and mid sized companies with a market capitalisation (at the time of investment) of between £500 million to £15 billion (although the Company expects that the average market capitalisation of the companies in which it invests to be approximately £7 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 as follows:

(a) the Company can invest up to 10 per cent. in value of its Gross Assets (as at the time of investment) in shares issued by any single body;

(b) not more than 20 per cent. in value of the Gross Assets (as at the time of investment) can be in deposits held with a single body. In applying this limit all uninvested cash (except cash representing distributable income or credited to a distribution account that the Depositary holds) should be included;

(c) not more than 20 per cent. in value of the Gross Assets (as at the time of investment) can consist of shares issued by the same group. When applying the limit set out in (a) this provision would allow the Company to invest up to 10 per cent. in the shares of 2 companies which are members of the same group (as at the time of investment);

(d) the Company’s holdings in any combination of shares or deposits issued by a single body must not exceed 20 per cent. in value of its Gross Assets (as at the time of investment) overall; 

(e) the Company must not acquire shares issued by a body corporate and carrying rights to vote at a general meeting of that body corporate if the Company has the power to influence significantly the conduct of business of that body corporate (or would be able to do so after the acquisition of the shares). The Company is to be taken to have power to influence significantly if it exercises or controls the exercise of 20 per cent. or more of the voting rights in that body corporate; and

(f) the Company must not acquire shares which do not carry a right to vote on any matter at a general meeting of the body corporate that issued them and represent more than 10 per cent. of these securities issued by that body corporate.


Performance Overview, % Return

Nov 2018Inception to 30.11.18
Smithson NAV1-0.7-0.6
Smithson Share Price-2.4+3.3
Equities2+0.7-0.0
UK Bonds3+0.7+1.6
Cash4+0.1+0.1

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


 
Portfolio Comment for November 2018

Since launch to the 30th November we have initiated positions in 29 companies and invested 97.4% of the net proceeds of the fund raising. The top 5 contributors in the month were Technology One, Verisign, Ansys, Sabre and Verisk Analytics. The top 5 detractors were Simcorp, CDK Global, Domino's Pizza Group, Domino's Pizza Enterprises and Chr Hansen.

 



Top 10 Holdings

  • Verisk Analytics
  • Sabre
  • Equifax
  • Check Point
  • Masimo
  • Rightmove
  • CDK Global
  • Ansys
  • Cognex
  • Halma


 


    Smithson

     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.

NB Where a position is being built for the fund the company name is not disclosed in factsheet data.

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


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.




Sector: Global Smaller Companies is the Association of Investment Companies defined sector and comprises a peer group of just 4 investment trusts which invest at least 80% of their assets in smaller company securities. Namely, Marwyn Value Investors, Oryx International Growth, ScotGems and Smithson.


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2018 Factsheets

© 2018 Fundsmith LLP. All rights reserved. The financial promotion on this Site is communicated by Fundsmith LLP. 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.