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Price Data 19^th December 2024

Share Class	OCF*	Minimum	Price
T Class Acc	1.08%	EUR 2,000	€ 65.36
T Class Inc	1.08%	EUR 2,000	€ 61.53
R Class Acc	1.58%	EUR 2,000	€ 61.41
R Class Inc	1.58%	EUR 2,000	€ 60.25
I Class Acc	0.94%	EUR 5M	€ 66.45
I Class Inc	0.94%	EUR 5M	€ 61.78
USD T Class Acc	1.08%	USD 2,000	$ 11.03
USD T Class Inc	1.08%	USD 2,000	$ 11.01
USD R Class Acc	1.59%	USD 2,000	$ 10.87
USD R Class Inc	1.55%	USD 2,000	$ 10.87
USD I Class Acc	0.94%	USD 6M	$ 38.48
USD I Class Inc	0.94%	USD 6M	$ 36.09
CHF I Class Acc	0.94%	CHF 6M	CHF 43.95
CHF I Class Inc	0.94%	CHF 6M	CHF 40.79
GBP I Class Acc	0.94%	GBP 5M	£ 43.01
GBP I Class Inc	0.94%	GBP 5M	£ 40.78

Historical Prices

Standing Data

As at 29 Nov 2024
Portfolio Manager	Terry Smith
Inception Dates	Euro: 2.11.11 CHF: 5.4.12
Inception Dates	USD(I): 13.3.13 GBP: 15.4.14
Inception Dates	USD(T, R): 4.2.22
Administrator	Northern Trust
Auditor	Deloitte S.A.
Management Company Fundrock Mgmt Co. S.A.
Global Distributor/Promoter Fundsmith LLP
Investment Manager Fundsmith Investment Svcs Ltd.
Dealing	Daily at 13:00 C.E.T

Key Facts

As at 29 Nov 2024
Fund Size	€8.7bn
Gross / Net Yield ^§	1.18%/ 0.10%
2023 PTR^Δ	5.4%
7 Day Fund Liquidity ^#	99%
No. Holdings	26
Average Co. Founded	1920
Median Market Cap	€129.3bn
Active Share as at 31.12.23^◊	87%
2023 Transaction Costs	0.01%

Fund Performance Analysis

To 29 Nov 2024, T Class Acc	%
Annualised Rate of Return	+15.4
Best Month	+10.9 ( Oct '15)
Worst Month	-8.1 ( Jan '22)
Average Month	+1.3
% Positive Months	69

Geographic Split

As at 29 Nov 2024, by Country of Listing	%
US	75.3
Denmark	9.3
France	8.0
UK	3.6
Spain	1.8
Sweden	0.7
Cash	1.3

Sector Split

As at 29 Nov 2024, GICS® Categories	%
Health Care	27.3
Consumer Staples	24.3
Communication Services	12.6
Information Technology	11.7
Consumer Discretionary	10.8
Industrials	7.3
Financials	4.8
Cash	1.3

Security Identification Codes

Share Class	SEDOL	ISIN	MEXID
T ACC €	B4K9WN1	LU0690375182	4FFEED
T INC €	B6WVNC5	LU0690375422	4FEEDR
R ACC €	B58W369	LU0690374615	4FEDER
R INC €	B6SVBD6	LU0690374961	4FEDERE
I ACC €	B6TWPG9	LU0690374029	4FEQUI
I INC €	B4W03Z1	LU0690374532	4FQUIT
USD T ACC	BNVW1M4	LU2404859402	FUAADG
USD T INC	BNVW1N5	LU2404859584	FUAADF
USD R ACC	BNVW1P7	LU2404859667	FUAADE
USD R INC	BNVW1Q8	LU2404859741	FUAADD
USD I ACC	B9QN5S8	LU0893933373	4FUNDI
USD I INC	B96SVJ6	LU0893933456	4FUNDT
CHF I ACC	B96SVB8	LU0765121677	4FUNDS
CHF I INC	B96SVH4	LU0765126635	4FUNDM
GBP I ACC	BMH4M80	LU1053186349	4FAAAE
GBP I INC	BMH4MD5	LU1053186000	4FAAAD

Investment objective

The Fundsmith Equity Fund, a sub fund of Fundsmith SICAV (“Fund”) is actively managed, which means that the investments are selected at the discretion of the investment manager. The investment objective of the Fund is to achieve long-term growth 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. The Fund has stringent investment criteria which the Investment Manager adheres to in selecting securities for the Fund’s investment portfolio. These criteria aim to ensure that the Fund invests in:

high quality businesses that can sustain a high return on operating capital employed;
businesses whose advantages are difficult to replicate;
businesses which do not require significant leverage to generate returns;
businesses with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;
businesses that are resilient to change, particularly technological innovation; and
businesses whose valuation is considered by the Investment Manager to be attractive.

The Fund takes sustainability risk and ESG characteristics into account as part of its selection process. In that respect, the Fund promotes environmental and/or social characteristics and discloses sustainability-related information in accordance with the requirements of Article 8 of Regulation (EU) 2019/2088 (the Sustainable Finance Disclosure Regulation (SFDR). More information can be found in the Prospectus (www.fundsmith.eu/forms) and in the Sustainability Related Disclosure (www.fundsmith.eu/documents) on the website.

Principal Risks

The value of companies invested in, and therefore the value of the Fund, will rise and fall, and there is no guarantee that you will get your investment back. An investment in the Fund should only be made by those persons who are able to sustain a loss on their investment. The Fund should be viewed as a long-term investment (at least 5 years).
The Fund's portfolio is a global portfolio and many of the investments will not be denominated in the currency in which you invest. There is no currency hedging made by the Fund. The value to you of the shares may therefore rise or fall purely on account of exchange rate movements.
The Fund's portfolio complies with the UCITS requirements on spread of investment. Having said that, application of the investment criteria described above significantly limits the number of potential investments: the Fund generally invests in 20 to 30 stocks and so it is more concentrated than many other funds. This means that the performance or underperformance of a single stock has a greater effect on the price of the Fund.
If you are unsure about the suitability of the Fund for you, please seek professional advice.
Past performance is not a guide to future performance.

Performance, % Total Return

	Nov 2024	2024 to 29.11.2024	2023	2022	2021	2020	2019	Inception to 29.11.2024	Annualised to 29.11.2024
Fundsmith¹	+4.3	+15.4	+13.4	-17.3	+28.9	+10.7	+32.5	+552.1	+15.4
Equities ²	+7.5	+27.4	+19.6	-12.8	+31.1	+6.3	+30.0	+436.3	+13.7
EU Bonds ³	+4.2	+3.7	+10.5	-32.3	-7.0	+11.2	+15.4	+63.2	+3.8
Cash ⁴	+0.3	+3.4	+3.2	-0.0	-0.6	-0.4	-0.4	+5.2	+0.4

The Fund is not managed with reference to any benchmark, the above comparators are provided for information purposes only. ¹ T class € accumulation shares, net of fees priced at midday UK time, source: Bloomberg ² MSCI World Index (€ Net) priced at close of business US time, source: www.msci.com. The MSCI World Index is a developed world index of global equities across all sectors and, as such, is a fair comparison given the Company's investment objective and policy. ³ Bloomberg Series-E Euro Govt 10+ yr Bond Index, source: Bloomberg ⁴ € Interest Rate, source: Bloomberg.

Portfolio Comment for November 2024

We exited our position in Apple during the month. The top 5 contributors in the month were Waters, Stryker, Visa, Marriott and Automatic Data Processing. The top 5 detractors were L'Oréal, Novo Nordisk, LVMH, IDEXX and Brown-Forman.

Top 10 holdings

Meta Platforms
Microsoft
Novo Nordisk
Stryker
Automatic Data Processing
Philip Morris
L’Oréal
Visa
Waters
Marriott

Our values

No Fees for Performance
No Up Front Fees
No Nonsense
No Debt or Derivatives
No Shorting
No Market Timing
No Index Hugging
No Trading
No Hedging

Fundsmith knows

Just a small number of high quality, resilient, global growth companies that are good value and which we intend to hold for a long time, and in which we invest our own money.

Our ratings

Past performance does not predict future returns. Returns for periods over one year are annualised. The past performance shown has been calculated using Euros. If the Euro is not your local currency, the returns shown may increase or decrease when converted into your local currency. For fees, refer to the KID.

Monthly performance table, % Total Return, T Class, EUR, Accumulation Shares

	Jan	Feb	Mar	Apr	May	Jun	July	Aug	Sept	Oct	Nov	Dec	Total
2011											+2.5	+6.6	9.3
2012	+1.2	+2.2	+2.4	+2.1	+1.2	+1.0	+6.5	-1.6	-0.2	-1.6	+2.4	-2.1	14.2
2013	+3.8	+3.8	+5.7	+1.2	+2.3	-2.3	+0.7	-2.1	+1.9	+2.7	+2.4	+0.2	22.2
2014	-2.3	+3.2	+0.9	+0.7	+5.1	+0.4	+1.8	+2.6	+3.7	+3.7	+5.5	+2.7	31.6
2015	+7.8	+4.0	+1.2	-0.9	+3.7	-5.4	+6.7	-7.3	-1.2	+10.9	+4.2	-1.8	22.3
2016	-4.6	+2.6	+1.5	+0.1	+4.1	-0.1	+3.8	+0.6	-0.8	-1.9	+1.8	+2.4	9.4
2017	+0.1	+6.6	+1.5	+2.0	+1.8	-1.7	-0.7	-0.9	+1.1	+6.0	+0.2	+0.7	17.7
2018	+2.8	-2.4	-3.8	+3.0	+6.7	+1.0	+1.9	+2.4	+1.0	-6.0	+2.9	-7.5	0.9
2019	+6.9	+6.4	+5.7	+2.0	-1.4	+2.5	+2.9	+0.5	-1.0	+0.8	+3.0	+0.6	32.5
2020	+3.5	-7.8	-7.2	+10.1	+3.1	-1.1	+2.0	+4.9	-1.0	-1.0	+5.0	+1.3	10.7
2021	-0.7	+2.6	+4.3	+3.6	+0.5	+5.9	+3.5	+0.9	-3.5	+2.2	+2.6	+4.1	28.9
2022	-8.1	-4.4	+2.8	-0.8	-5.4	-3.7	+9.5	-2.8	-6.8	+2.5	+1.0	-1.3	-17.3
2023	+1.9	+1.8	+3.4	+2.8	-1.7	+2.3	+1.0	-0.7	-2.8	-3.0	+5.1	+2.8	+13.4
2024	+4.6	+4.2	+2.2	-2.2	-0.1	+3.3	-2.8	+1.9	+0.1	-0.6	+4.3		+15.4

Dividends Per Share

		Direct	Institutional	Institutional	Direct	Institutional	Institutional
		EUR T Class	EUR I Class	CHF I Class	USD T Class	USD I Class	GBP I Class
Interim	1st Jan 2024 to 30th Jun 2024	0.0000	0.0470	0.0291	0.0000	0.0379	0.0302
Final	1st Jul 2023 to 31st Dec 2023	0.0627	0.0957	0.0607	0.0113	0.0602	0.0663
Interim	1st Jan 2023 to 30th Jun 2023	0.0000	0.0402	0.0267	0.0000	0.0232	0.0269
Final	1st Jul 2022 to 31st Dec 2022	0.0183	0.0678	0.0456	0.0035	0.0406	0.0480
Interim	1st Jan 2022 to 30th Jun 2022	0.0000	0.0100	0.0060	0.0000	0.0064	0.0084
Final	1st Jul 2021 to 31st Dec 2021	0.0000	0.0000	0.0000		0.0000	0.0000
Interim	1st Jan 2021 to 30th Jun 2021	0.0196	0.0538	0.0410		0.0355	0.0364
Final	1st Jul 2020 to 31st Dec 2020	0.0104	0.0395	0.0350		0.0231	0.0304
Interim	1st Jun 2020 to 30th Jun 2020	0.0596	0.0888	0.0689		0.0512	0.0660
Final	1st Jul 2019 to 31st Dec 2019	0.0288	0.0563	0.0443		0.0437	0.0394
Interim	1st Jan 2019 to 30th Jun 2019	0.0225	0.0473	0.0354		0.0295	0.0342

Accumulation share prices include all dividends received.
Income shares go ex-dividend on 30th June and 31st December and the dividends are paid out on or about 28th February and 31st August.

^◊ Active Share measures how much the portfolio holdings differ from the benchmark index (MSCI World) i.e. a portfolio that is identical to the benchmark would have 0% active share.

^* 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. Certain costs paid by the Fund will be charged in Euros and exchange rate fluctuations may cause these costs to increase or decrease when converted into your local currency.

^Δ The PTR (Portfolio Turnover Rate) is a measure of the Fund's trading activity, and has been calculated by taking the total share purchases and sales less total creations and liquidations divided by the average net asset value of the Fund.

^# 7 Day Fund Liquidity is calculated based upon 30% of trailing 20 day average volume.

^§ Gross Yield reflects the historic dividend income received by the Fund before the deduction of all expenses including management fees. Net yield is Gross Yield less the deduction of all expenses including management fees i.e. Gross Yield less the OCF. In both cases we use T Class Shares as reference. Please note that rates would vary for I Class and R Class shares. Additional Fund expenses will further reduce the yield received.

N.B. When a position is being built for the Fund the company name is not disclosed on the factsheet.

This factsheet is issued by Fundsmith SICAV which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a societé d’investissement à capital variable. The SICAV is governed by Part I of the UCI Law and qualifies as a UCITS. The SICAV’s prospectus and annual and semi-annual reports are available in English, while the key information documents (“KIDs”) are available in Danish, Dutch, English, French, German, Italian, Norwegian, Portuguese, Spanish and Swedish. The prospectus, annual and semi-annual reports and KIDs are available on www.fundsmith.eu. This is a marketing communication. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.

FundRock Management Company S.A. is a management company of undertakings for collective investment in transferable securities ("UCITS") within the meaning of the UCITS Directive and is authorised to offer shares in the Fundsmith SICAV to investors on a cross border basis.

Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well as rise and be affected by changes in exchange rates, and you may not get back the amount of your original investment. The decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its prospectus.

Please note that the performance information provided takes into account withholding taxes or taxes of another nature levied over the dividends/interest received by the SICAV. The tax treatment of the gains and losses made by the investor and of distributions received by the investor depends on the individual circumstances of each investor and may imply the payment of additional taxes. Before any investment is made in the SICAV, investors are urged to consult with their tax advisor for a complete understanding of the tax regime which is applicable to their individual case.

The Fund is registered with the national regulator for marketing in that country.

MSCI World 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. Further information about the sustainability-related aspects of the Fund is available at www.fundsmith.eu/documents.

A summary of Investor rights in connection with your investment in the Fundsmith SICAV is available on the website and can be accessed at www.fundsmith.eu/investor-rights.

Either Fundsmith or Fundrock Management Company S.A. may terminate arrangements for marketing under the denotification process in the new Cross-border Distribution Directive (Directive EU) 2019/1160.

Australia
By receiving materials with respect to the Fund, each prospective investor is deemed to represent that it is a wholesale client and professional or sophisticated investor (as those terms are defined in the Australian Corporations Act). Such materials are not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia. The information in this factsheet has been prepared for information purposes and sets out information relating to the offer of shares in the Fund. It does not take into account any investor's investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs. Any "financial product advice" (as that term is defined in the Australian Corporations Act) contained in this document is provided by the Fund." The Fund does not hold an Australian financial services licence which authorises it to provide advice in relation to the shares in the Fund. No cooling-off regime applies to an acquisition of the shares in the Fund.

France
The SICAV's prospectus is not available in French.

Singapore
This document is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority. Fundsmith Equity Fund (the “Fund”), which is the subject of this document, does not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act 2001 of Singapore as amended or modified (the “SFA”) or Recognised under section 287 of the SFA. This document has not been registered as a prospectus with the Monetary Authority of Singapore (the “MAS”). Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of units in the Fund may not be circulated or distributed, nor may units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than 1. To an institutional investor (as defined in Section 4A of the SFA) under section 304 of the SFA; or 2. To a relevant person (as defined in Section 305(5) of the SFA) pursuant to section 305(1) of the SFA or any person pursuant to section 305(2) of the SFA (and such distribution is in accordance with the conditions specified in section 305 of the SFA); or 3. Otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

In particular, for investment funds that are not authorised or recognised by the MAS, units in such funds are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply and investors should consider carefully whether the investment is suitable for them.

Switzerland
Swiss representative and paying agent: CACEIS Bank, Montrouge, Zurich Branch / Switzerland, Bleicherweg 7, CH-8027 Zurich. The prospectus, KIDs, instrument of incorporation and annual and semi-annual report can be obtained free of charge from the Swiss representative.

United Arab Emirates
This document relates to the Fund which is not subject to any form of regulation or approval by the Securities and Commodities Authority, the Central Bank, the Dubai Financial Services Authority or the Financial Services Regulatory Authority (collectively, the “Aforementioned Regulators”). This document is intended for distribution only to persons who constitute professional or institutional investors and must not, therefore, be delivered to, or relied on by, any other category of investor. The Aforementioned Regulators do not have any responsibility for reviewing or verifying this document or other documents in connection with this Fund. Accordingly, the Aforementioned Regulators have not approved this document or any other associated documents, nor taken any steps to verify the information contained within it, and they do not have any responsibility for it. The units to which this document relates may be subject to restrictions on their resale. Prospective unit holders should conduct their own due diligence on the unit. If you do not understand the contents of this document you should consult an authorized financial adviser.