Morningstar Fund Report  | 02/04/2025Print

Fundsmith Equity T Acc

Performance History28/02/2025
Growth of 1,000 (GBP) Advanced Graph
Fundsmith Equity T Acc
Fund22.1-13.812.48.93.9
+/-Cat7.54.3-3.7-6.32.8
+/-B’mrk4.05.2-9.9-15.14.1
 
Category: Global Large-Cap Growth Equity
Category Benchmark: Morningstar Gbl Growth TME ...
Key Stats
NAV
01/04/2025		 GBP 6.78
Day Change 1.63%
Morningstar Category™ Global Large-Cap Growth Equity
IA (formerly IMA) Sector Global
ISIN GB00B4Q5X527
Fund Size (Mil)
31/01/2025		 GBP 23587.14
Share Class Size (Mil)
01/04/2025		 GBP 3603.70
Max Initial Charge -
Ongoing Charge
03/03/2025		  1.04%
Morningstar Research
Analyst Report22/03/2024
Daniel Haydon, Analyst
Morningstar, Inc

The structured and methodical investment process overseen by a long-standing manager are among Fundsmith Equity's many strengths. The Morningstar Analyst Rating of Gold for most share classes, including the clean I share class, is retained. The...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People25
Parent24
Process25
Performance
Price
Investment Objective: Fundsmith Equity T Acc
The investment objective of the Fund is to achieve long term growth (over 5 years) 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.
Returns
Trailing Returns (GBP)01/04/2025
YTD-4.18
3 Years Annualised4.18
5 Years Annualised10.02
10 Years Annualised12.39
12 Month Yield 0.23
Management
Manager Name
Start Date
Terry Smith
01/11/2010
Inception Date
01/11/2010

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Not BenchmarkedMorningstar Gbl Growth TME NR USD
Portfolio Profile for  Fundsmith Equity T Acc30/11/2024
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock100.000.00100.00
Bond0.000.000.00
Property0.000.000.00
Cash0.000.000.00
Other0.000.000.00
Top 5 Regions%
United States74.32
Eurozone11.34
Europe - ex Euro10.95
United Kingdom3.38
Canada0.00
Top 5 Sectors%
Healthcare27.17
Consumer Defensive22.51
Technology20.76
Communication Services13.04
Consumer Cyclical8.89
Top 5 HoldingsSector%
Meta Platforms Inc Class ACommunication ServicesCommunication Services9.30
Microsoft CorpTechnologyTechnology9.17
Novo Nordisk AS Class BHealthcareHealthcare7.61
Stryker CorpHealthcareHealthcare6.65
Philip Morris International IncConsumer DefensiveConsumer Defensive4.94
Increase Decrease New since last portfolio
Fundsmith Equity T Acc
Growth Of 1000 (GBP) 28/02/2025
Fund:  Fundsmith Equity T Acc
Category:  Global Large-Cap Growth Equity
Category Index:  Morningstar Gbl Growth TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)28/02/2025
 201820192020202120222023202428/02
Price Return2.2025.6318.2922.11-13.8012.378.873.87
+/- Category6.941.40-5.417.544.28-3.65-6.332.76
+/- Category Index---4.045.17-9.94-15.094.11
% Rank in Category342611630667810
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day1.63   3.302.13
1 Week-1.99   1.182.34
1 Month-7.75   -0.390.63
3 Months-4.18   2.444.42
6 Months-3.18   -1.64-2.25
YTD-4.18   2.444.42
1 Year-4.79   -3.26-7.77
3 Years Annualised4.18   0.62-2.46
5 Years Annualised10.02   -0.29-2.98
10 Years Annualised12.39   3.261.34
 
Category: Global Large-Cap Growth Equity
Category Index: Morningstar Gbl Growth TME NR USD
Quarterly Returns (GBP)28/02/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20249.56-0.23-2.011.64
20236.891.47-1.775.47
2022-9.75-8.901.683.11
20210.9012.081.586.30
2020-7.8716.805.474.23
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageLow3 star
5-YearAverageLow3 star
10-YearHighBelow Average5 star
OverallAbove AverageBelow Average4 star
 
Category :  Global Large-Cap Growth EquityClick here to see our Methodology
Volatility Measurements28/02/2025
 
3-Yr Std Dev10.27 %
3-Yr Mean Return8.61 %
 
3-Yr Sharpe Ratio0.43
 
Modern Portfolio Statistics28/02/202528/02/2025
 Standard IndexBest Fit Index
 Morningstar Gbl Growth TME NR USD  Morningstar Dev Europe Grt TME NR EUR
3-Yr Beta0.720.72
3-Yr Alpha-1.830.06
 
Investment Style Details30/11/2024
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 178343-
Market Capitalisation% of Equity
Giant49.62
Large34.33
Medium16.04
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings25.611.06
Price/Book8.291.67
Price/Sales5.291.42
Price/Cash Flow19.311.17
Dividend-Yield Factor1.581.39
 
Long-Term Projected Earnings Growth9.960.89
Historical Earnings Growth13.250.99
Sales Growth11.881.31
Cash-Flow Growth9.280.76
Book-Value Growth11.481.03
 
Category: Global Large-Cap Growth Equity
Asset Allocation30/11/2024
Asset Allocation
 % Long% Short% Net Assets
Stock100.000.00100.00
Bond0.000.000.00
Property0.000.000.00
Cash0.000.000.00
Other0.000.000.00
World Regions30/11/2024
 % of EquityRelative to Category
United States74.321.13
Canada0.000.00
Latin America0.000.00
United Kingdom3.380.66
Eurozone11.341.06
Europe - ex Euro10.952.05
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: Global Large-Cap Growth Equity
Sector Weightings30/11/2024
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical8.890.72
Financial ServicesFinancial Services4.820.32
Consumer DefensiveConsumer Defensive22.514.57
HealthcareHealthcare27.171.96
Communication ServicesCommunication Services13.041.57
IndustrialsIndustrials2.800.26
TechnologyTechnology20.760.70
 
Category: Global Large-Cap Growth Equity
Top 10 Holdings30/11/2024
 Portfolio NEW
Total Number of Equity Holdings26
Total Number of Bond Holdings0
Assets in Top 10 Holdings60.54
NameSectorCountry% of Assets
Meta Platforms Inc Class A308United States9.30
Microsoft Corp311United States9.17
Novo Nordisk AS Class B206Denmark7.61
Stryker Corp206United States6.65
Philip Morris International Inc205United States4.94
Automatic Data Processing Inc311United States4.89
Visa Inc Class A103United States4.82
L'Oreal SA205France4.81
Waters Corp206United States4.45
Marriott International Inc Class A102United States3.88
 
Increase Decrease New since last portfolio
Category: Global Large-Cap Growth Equity
 
Management
Name of CompanyFundsmith LLP
Phone-
Websitewww.fundsmith.co.uk
AddressFundsmith LLP
 London   W1G 0PW
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date01/11/2010
Fund Advisor(s)
Fundsmith Investment Services Limited
Fund ManagerTerry Smith
Manager Start Date01/11/2010
 
Biography
Terry Smith graduated in History from University College Cardiff in 1974. He worked for Barclays Bank from 1974-83 and became an Associate of the Chartered Institute of Bankers in 1976. He obtained an MBA at The Management College, Henley in 1979. He became a stockbroker with W Greenwell & Co in 1984 and later joined Barclays de Zoete Wedd, holding the position of the top-rated bank analyst in London from 1984-89. In 1990 he became head of UK Company Research at UBS Phillips & Drew, a position from which he was dismissed in 1992 following the publication of his best selling book Accounting for Growth. He joined Collins Stewart shortly after, and became a director in 1996. In 2000 he became Chief Executive and led the management buy-out of Collins Stewart, which was floated on the London Stock Exchange five months later. In 2003 Collins Stewart acquired Tullett Liberty and followed this in 2004 with the acquisition of Prebon Group, creating the world's second largest inter-dealer broker. Collins Stewart and Tullett Prebon were demerged in 2006 with Terry remaining CEO of Tullett Prebon until September 2014. In 2010 he founded Fundsmith where he is CEO and CIO. In 2012 he was appointed a Member of the New Zealand Order of Merit for services to New Zealand-UK relations following the success of his campaign to commemorate the New Zealander, Air Marshal Sir Keith Park.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.00%
Ongoing Charge1.04%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional250  GBP
Savings-
Tax Free Savings Schemes
ISAsYes