Morningstar Fund Report  | 17/04/2025Print

Fundsmith Equity Fund T EUR Inc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Fundsmith Equity Fund T EUR Inc
Fund20.9-12.610.78.4-5.3
+/-Cat6.35.4-5.3-6.81.3
+/-B’mrk2.86.3-11.6-15.53.3
 
Category: Global Large-Cap Growth Equity
Category Benchmark: Morningstar Gbl Growth TME ...
Key Stats
NAV
16/04/2025		 EUR 52.25
Day Change -
Morningstar Category™ Global Large-Cap Growth Equity
ISIN LU0690375422
Fund Size (Mil)
15/04/2025		 EUR 6979.07
Share Class Size (Mil)
15/04/2025		 EUR 121.81
Max Initial Charge -
Ongoing Charge
30/01/2025		  1.08%
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 Fund T EUR Inc
The investment objective of the Sub-fund is to achieve long term growth in value. The Sub-fund will invest in equities on a global basis. The Subfund’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)16/04/2025
YTD-
3 Years Annualised-
5 Years Annualised-
10 Years Annualised-
12 Month Yield 0.02
Dividend Paying Frequency Half-yearly
Management
Manager Name
Start Date
Terry Smith
11/02/2011
Inception Date
02/11/2011

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI World NR EURMorningstar Gbl Growth TME NR USD
Portfolio Profile for  Fundsmith Equity Fund T EUR Inc31/12/2024
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.300.0099.30
Bond0.000.000.00
Property0.000.000.00
Cash0.700.000.70
Other0.000.000.00
Top 5 Regions%
United States74.72
Eurozone12.22
Europe - ex Euro9.68
United Kingdom3.38
Canada0.00
Top 5 Sectors%
Healthcare25.91
Consumer Defensive22.37
Technology20.89
Communication Services13.90
Consumer Cyclical9.35
Top 5 HoldingsSector%
Meta Platforms Inc Class ACommunication ServicesCommunication Services9.40
Microsoft CorpTechnologyTechnology8.94
Novo Nordisk AS Class BHealthcareHealthcare6.50
Stryker CorpHealthcareHealthcare6.46
L'Oreal SAConsumer DefensiveConsumer Defensive5.12
Increase Decrease New since last portfolio
Fundsmith Equity Fund T EUR Inc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Fundsmith Equity Fund T EUR Inc
Category:  Global Large-Cap Growth Equity
Category Index:  Morningstar Gbl Growth TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return2.0325.0516.9520.88-12.6510.698.40-5.32
+/- Category6.770.82-6.756.315.43-5.33-6.791.25
+/- Category Index---2.816.32-11.62-15.553.28
% Rank in Category348662224758031
Trailing Returns (GBP)16/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-   --
1 Week-   --
1 Month-   --
3 Months-   --
6 Months-   --
YTD-   --
1 Year-   --
3 Years Annualised-   --
5 Years Annualised-   --
10 Years Annualised-   --
 
Category: Global Large-Cap Growth Equity
Category Index: Morningstar Gbl Growth TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-5.32---
20249.880.01-2.741.43
20236.230.96-1.454.73
2022-9.13-7.991.123.31
20211.1611.080.936.58
2020-7.5915.285.663.89
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageLow3 star
5-YearBelow AverageLow3 star
10-YearAbove AverageBelow Average5 star
OverallAverageBelow Average4 star
 
Category :  Global Large-Cap Growth EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev11.62 %
3-Yr Mean Return3.66 %
 
3-Yr Sharpe Ratio-0.03
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl Growth TME NR USD  Morningstar Dev Europe Grt TME NR EUR
3-Yr Beta0.730.73
3-Yr Alpha-3.20-2.54
 
Investment Style Details31/12/2024
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 175865-
Market Capitalisation% of Equity
Giant49.95
Large34.03
Medium16.02
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings24.871.11
Price/Book8.041.73
Price/Sales5.101.42
Price/Cash Flow18.651.19
Dividend-Yield Factor1.661.36
 
Long-Term Projected Earnings Growth9.220.85
Historical Earnings Growth13.160.99
Sales Growth11.841.26
Cash-Flow Growth9.170.76
Book-Value Growth11.330.99
 
Category: Global Large-Cap Growth Equity
Asset Allocation31/12/2024
Asset Allocation
 % Long% Short% Net Assets
Stock99.300.0099.30
Bond0.000.000.00
Property0.000.000.00
Cash0.700.000.70
Other0.000.000.00
World Regions31/12/2024
 % of EquityRelative to Category
United States74.721.14
Canada0.000.00
Latin America0.000.00
United Kingdom3.380.66
Eurozone12.221.14
Europe - ex Euro9.681.86
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 Weightings31/12/2024
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical9.350.78
Financial ServicesFinancial Services4.870.32
Consumer DefensiveConsumer Defensive22.374.44
HealthcareHealthcare25.911.88
Communication ServicesCommunication Services13.901.68
IndustrialsIndustrials2.710.24
TechnologyTechnology20.890.71
 
Category: Global Large-Cap Growth Equity
Top 10 Holdings31/12/2024
 Portfolio NEW
Total Number of Equity Holdings26
Total Number of Bond Holdings0
Assets in Top 10 Holdings59.61
NameSectorCountry% of Assets
Meta Platforms Inc Class A308United States9.40
Microsoft Corp311United States8.94
Novo Nordisk AS Class B206Denmark6.50
Stryker Corp206United States6.46
L'Oreal SA205France5.12
Automatic Data Processing Inc311United States4.84
Visa Inc Class A103United States4.83
Philip Morris International Inc205United States4.67
Waters Corp206United States4.45
Alphabet Inc Class A308United States4.40
 
Increase Decrease New since last portfolio
Category: Global Large-Cap Growth Equity
 
Management
Name of CompanyFundsmith Investment Services Limited
Phone-
Website -
Address33 Cavendish Square London W1G 0PW
 London   NULL
 United Kingdom
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date02/11/2011
Fund Advisor(s)
Fundsmith Investment Services Limited
Fund ManagerTerry Smith
Manager Start Date11/02/2011
 
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 Charge0.10%
Ongoing Charge1.08%
Purchase Details
Minimum Investments
Initial2000  EUR
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes