FUNDS
01 August 2019 | SHARES | 27ůŽŽŬĂŌĞƌƚŚĞŵƐĞůǀĞƐĂŶĚ
ƐŚĂƌĞŚŽůĚĞƌƐ͘
dŚĞƚŽƉϭϬŚŽůĚŝŶŐƐĂƐŽĨ
ƚŚĞĞŶĚŽĨ:ƵŶĞǁĞƌĞ͕ŝŶ
ĚĞƐĐĞŶĚŝŶŐŽƌĚĞƌ͗
WĂLJƉĂů͕DŝĐƌŽƐŽŌ͕&ĂĐĞŬ͕
ŵĂĚĞƵƐ͕/ĚĞdždž͕ ƐƚĞĞ>ĂƵĚĞƌ͕
/ŶƚƵŝƚ͕WŚŝůŝƉDŽƌƌŝƐ͕^ƚƌLJŬĞƌĂŶĚ
EŽǀŽEŽƌĚŝƐŬ͘
/ĨǁĞĂƐƐƵŵĞŵŽƐƚŝŶǀĞƐƚŽƌƐ
ǁŝůůŬŶŽǁŚĂůĨŽĨƚŚĞƐĞƐƚŽĐŬƐ͕
ƚŚĞŶĨŽƌƚŚŽƐĞǁŚŽĂƌĞ
ƵŶĨĂŵŝůŝĂƌǁŝƚŚƚŚĞŽƚŚĞƌŚĂůĨ͗
ŵĂĚĞƵƐŽǁŶƐĂŶĚŽƉĞƌĂƚĞƐ
ƚŚĞǁŽƌůĚ͛ƐŶƵŵďĞƌŽŶĞƚƌĂǀĞů
ĚŝƐƚƌŝďƵƟŽŶĂŶĚƌĞƐĞƌǀĂƟŽŶ
ĐŽŵƉƵƚĞƌƐLJƐƚĞŵĂŶĚŝƐůŝƐƚĞĚ
ŝŶ^ƉĂŝŶ͘
/ĚĞdždžĚĞƐŝŐŶƐĂŶĚŵĂƌŬĞƚƐ
ĚŝĂŐŶŽƐƟĐƚĞƐƟŶŐĞƋƵŝƉŵĞŶƚĨŽƌ
monitoring animal health and
ĂŶĂůLJƐŝŶŐĚĂŝƌLJƉƌŽĚƵĐƚƐĂŶĚŝƐ
ůŝƐƚĞĚŝŶƚŚĞh^͘
/ŶƚƵŝƚƉƌŽĚƵĐĞƐĂĐĐŽƵŶƟŶŐ
ŵĂŶĂŐĞŵĞŶƚĂŶĚƉĂLJƌŽůů
ƐŽŌǁĂƌĞ͕ŶŽƚĚŝƐƐŝŵŝůĂƌƚŽ
ŽŶĚŽŶͲůŝƐƚĞĚ Sage (SGE) , and its
ƐŚĂƌĞƐĂƌĞĂůƐŽƚƌĂĚĞĚŝŶƚŚĞh^͘
Stryker designs and markets
ŽƌƚŚŽƉĂĞĚŝĐĂŶĚƐƵƌŐŝĐĂů
ĞƋƵŝƉŵĞŶƚ͕ĂŶĚŝƐĂƌŽƵŐŚ
ůŽŽŬĂůŝŬĞĨŽƌ Smith & Nephew
(SN.) ͕ĂŶĚŝƐůŝƐƚĞĚŝŶƚŚĞh^͘
&ŝŶĂůůLJ͕EŽǀŽEŽƌĚŝƐŬŝƐŽŶĞŽĨ
ƚŚĞǁŽƌůĚ͛ƐůĞĂĚŝŶŐƉƌŽĚƵĐĞƌƐŽĨ
ŝŶƐƵůŝŶĂŶĚŝƐůŝƐƚĞĚŝŶĞŶŵĂƌŬ͘
PERFORMANCE DATA
ǀĞƌLJŵŽŶƚŚƚŚĞĨƵŶĚƌĞĐŽƌĚƐ
ŝƚƐƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞdžƉůĂŝŶƐ
which stocks added or detracted
ƚŚĞŵŽƐƚĨƌŽŵƌĞƚƵƌŶƐ͘/Ŷ:ƵŶĞ͕
ƚŚĞĨƵŶĚŐĂŝŶĞĚϯ͘ΘйƚŚĂŶŬƐ
ƚŽƉŽƐŝƟǀĞĐŽŶƚƌŝďƵƟŽŶƐĨƌŽŵ
^ƚƌLJŬĞƌ͕ ƐƚĞĞ>ĂƵĚĞƌ͕/ĚĞdždž͕
DŝĐƌŽƐŽŌĂŶĚEŽǀŽEŽƌĚŝƐŬ͘dŚĞ
ǁŽƌƐƚƉĞƌĨŽƌŵĞƌƐǁĞƌĞ ZĞĐŬŝƩ
Benckiser (RB.) ͕WŚŝůŝƉDŽƌƌŝƐ͕
DĐŽƌŵŝĐŬ͕ Unilever (ULVR) and
Diageo (DGE) ͘
hƉƚŽƚŚĞĞŶĚŽĨ:ƵŶĞƚŚĞĨƵŶĚ
ŚĂĚŐĂŝŶĞĚũƵƐƚƵŶĚĞƌϮκйƐŽĨĂƌ
ƚŚŝƐLJĞĂƌĂŐĂŝŶƐƚϭϳйĨŽƌŝƚƐŵĂŝŶ
ďĞŶĐŚŵĂƌŬ͕ƚŚĞD^/tŽƌůĚ
/ŶĚĞdžƉƌŝĐĞĚŝŶƐƚĞƌůŝŶŐ͘
>ĂƐƚLJĞĂƌ͕ǁŚĞŶεϮйŽĨ
h<ĨƵŶĚƐŝŶƚŚĞ/ŶǀĞƐƚŵĞŶƚ
ƐƐŽĐŝĂƟŽŶƵŶŝǀĞƌƐĞƉŽƐƚĞĚ
ŶĞŐĂƟǀĞƌĞƚƵƌŶƐĂůŽŶŐǁŝƚŚƚŚĞ
ƐƚŽĐŬŵĂƌŬĞƚ͕&ƵŶĚƐŵŝƚŚƉŽƐƚĞĚ
ĂϮ͘ϮйŐĂŝŶƉƵƫŶŐŝƚŝŶƚŚĞƚŽƉ
κйŽĨƉĞƌĨŽƌŵĞƌƐ͘
^ŝŶĐĞůĂƵŶĐŚŽŶϭEŽǀĞŵďĞƌ
ϮϬϭϬ͕ƚŚĞĨƵŶĚŚĂĚƌĂĐŬĞĚƵƉ
ŐĂŝŶƐŽĨϯρΘйƚŽƚŚĞĞŶĚŽĨ:ƵŶĞ
ϮϬϭεĐŽŵƉĂƌĞĚĂƌĞƚƵƌŶŽĨϭςϳй
ĨŽƌƚŚĞD^/tŽƌůĚ/ŶĚĞdžĂŶĚĂ
ƌĞƚƵƌŶŽĨκϬйŽŶh<ĮǀĞͲLJĞĂƌĂŶĚ
ϭϬͲLJĞĂƌ'ŝůƚƐ;ŐŽǀĞƌŶŵĞŶƚďŽŶĚƐͿ͘
/ŵƉŽƌƚĂŶƚůLJ͕ŝƚŚĂƐĂůŽƚŵŽƌĞ
ƵƉŵŽŶƚŚƐƚŚĂŶĚŽǁŶŵŽŶƚŚƐ
;ƌŽƵŐŚůLJϳϬͬϯϬͿĂŶĚǁŚĞŶŝƚŚĂƐĂďĂĚŵŽŶƚŚƚŚĞůŽƐƐĞƐĂƌĞ
smaller than in good months
;ďĞƐƚŵŽŶƚŚнε͘κй͕ǁŽƌƐƚŵŽŶƚŚ
Ͳς͘εйͿ͘dŚĞƌĞĨŽƌĞŝƚƐĂǀĞƌĂŐĞ
ŵŽŶƚŚůLJƌĞƚƵƌŶŝƐнϭ͘ρй͘
&ŝŶĂůůLJ͕ĨŽƌƚŚŽƐĞǁŽƌƌŝĞĚĂďŽƵƚ
ůŝƋƵŝĚŝƚLJ͕&ƵŶĚƐŵŝƚŚŽŶůLJŝŶǀĞƐƚƐ
ŝŶůĂƌŐĞ͕ůŝƋƵŝĚƐƚŽĐŬƐĂŶĚŚĂƐŶŽ
ƵŶůŝƐƚĞĚŚŽůĚŝŶŐƐǁŚĂƚƐŽĞǀĞƌ͘
ĞƐƉŝƚĞŝƚƐƐŝnjĞ͕ƚŚĞŵĂŶĂŐĞƌƐƐĂLJ
ƚŚĂƚςϬйŽĨƚŚĞĨƵŶĚĐŽƵůĚďĞ
ůŝƋƵŝĚĂƚĞĚŝŶƐĞǀĞŶĚĂLJƐŝĨŝƚǁĞƌĞ
ĞǀĞƌŶĞĐĞƐƐĂƌLJ͘SHARES SAYS: È
Fundsmith excels at
communicating its strategy.
The fund’s process is crystal
clear and only picks long-term
winners. It is also designed to
survive Terry Smith’s demise as
the manual says cheerfully. It is
easy to see why this is the UK’s
most popular fund. Buy and hold
for the long term.By Ian Conway
^ĞŶŝŽƌZĞƉŽƌƚĞƌ14 15 16 17 18 19200300400500
FUNDSMITHFUNDSMITH TOTAL RETURN COMPARED WITH OTHER ASSETS
PERIOD FUNDSMITH EQUITIES UK BONDS
&ƌŽŵŝŶĐĞƉƟŽŶ
ƚŽ:ƵŶĞϮϬϭε ϯρΘ͘Ϭй ϭςϳ͘ϯй κϬ͘Ϭй
:ĂŶͲ:ƵŶĞϮϬϭε Ϯϯ͘εй ϭϳ͘ϭй ϯ͘ϭй
2018 Ϯ͘Ϯй Ͳϯ͘Ϭй ϭ͘Ϯй
2017 ϮϮ͘Ϭй ϭϭ͘Θй ϭ͘κй
ϮϬϭς ϮΘ͘Ϯй 2 Θ͘Ϯй ς͘ρй
ϮϬϭρ ϭρ͘ϳй κ͘εй ϭ͘Ϭй
ϮϬϭκ Ϯϯ͘ϯй ϭϭ͘ρй ϭϬ͘Ϭй
ϮϬϭϯ Ϯρ͘ϯй Ϯκ͘ϯй Ͳκ͘Θй
2012 ϭϮ͘ρй ϭϬ͘ϳй Ϯ͘ϳй
2011 Θ͘κй Ͳκ͘Θй ϭρ͘ςй
ƋƵŝƟĞƐсD^/tŽƌůĚ/ŶĚĞdžŝŶ'W͕h<ŽŶĚƐсůŽŽŵďĞƌŐͬĂƌĐůĂLJƐͬ &&^ŽŶĚ/ŶĚŝĐĞƐh<'ŽǀƚρͲϭϬLJƌ
&ƵŶĚůĂƵŶĐŚĞĚϭEŽǀĞŵďĞƌϮϬϭϬ