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 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

May 20212021 to 28.05.21202020192018*Inception to 28.05.21Annualised to 28.05.21
Smithson NAV1-3.9+0.8+31.4+33.2-5.8+66.2+21.5
Smithson Share Price-4.3-0.8+31.7+29.8+0.0+69.6+22.5
UK Bonds3+0.4-3.6+4.6+3.8+2.1+6.9+2.6
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 May 2021

There were no outright sales or purchases of holdings made in the month.  The top 5 contributors in the month were Rational, Geberit, Fortinet, Temenos and Spirax-Sarco. The top 5 detractors were Ambu, Sabre, Cognex, Verisk Analytics and Paycom.

Top 10 Holdings

  • Sabre
  • Fevertree Drinks
  • Rightmove
  • Fortinet
  • Domino's Pizza Enterprises
  • Temenos
  • Equifax
  • Recordati
  • Domino's Pizza Group
  • Ansys


     Small &
     Mid Cap

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


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


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.

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 +0.8

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.

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