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Fundsmith

Closed-end funds and OEICs
crazypanda
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Re: Fundsmith

#442805

Postby crazypanda » September 16th, 2021, 6:48 pm

Anyone have an idea what Fundsmiths new holding is? I thought it strange that in the July factsheet it said that they were adding a new position but no mention of it, or even that they were still accumulating it in the August factsheet?…

Backache
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Re: Fundsmith

#443259

Postby Backache » September 18th, 2021, 10:56 am

crazypanda wrote:Anyone have an idea what Fundsmiths new holding is? I thought it strange that in the July factsheet it said that they were adding a new position but no mention of it, or even that they were still accumulating it in the August factsheet?…

Possibly Coloplast?
I don't recall it being mentioned before.

Aminatidi
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Re: Fundsmith

#443261

Postby Aminatidi » September 18th, 2021, 10:58 am

The latest semi-annual report is here.

https://www.fundsmith.eu/media/rerduews ... e-2021.pdf

crazypanda
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Re: Fundsmith

#443922

Postby crazypanda » September 20th, 2021, 7:51 pm

Backache wrote:
crazypanda wrote:Anyone have an idea what Fundsmiths new holding is? I thought it strange that in the July factsheet it said that they were adding a new position but no mention of it, or even that they were still accumulating it in the August factsheet?…

Possibly Coloplast?
I don't recall it being mentioned before.


I think they have owned Coloplast for a couple of years now but not a much talked talked about position….

ADrunkenMarcus
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Re: Fundsmith

#443923

Postby ADrunkenMarcus » September 20th, 2021, 7:52 pm

crazypanda wrote:I think they have owned Coloplast for a couple of years now but not a much talked talked about position….


It is not glamorous!

Best wishes

Mark.

crazypanda
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Re: Fundsmith

#443933

Postby crazypanda » September 20th, 2021, 8:41 pm

ADrunkenMarcus wrote:
crazypanda wrote:I think they have owned Coloplast for a couple of years now but not a much talked talked about position….


It is not glamorous!

Best wishes

Mark.


No too true!

monabri
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Re: Fundsmith

#443958

Postby monabri » September 20th, 2021, 10:25 pm

crazypanda wrote:
ADrunkenMarcus wrote:
crazypanda wrote:I think they have owned Coloplast for a couple of years now but not a much talked talked about position….


It is not glamorous!

Best wishes

Mark.


No too true!


But they give free samples... :?

https://www.coloplast.co.uk/products/?u ... lsrc=aw.ds

flyer61
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Re: Fundsmith

#444062

Postby flyer61 » September 21st, 2021, 10:24 am

Had wondered about Clorox.....

crazypanda
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Re: Fundsmith

#445746

Postby crazypanda » September 27th, 2021, 9:30 pm

flyer61 wrote:Had wondered about Clorox.....


Could be, sold because of valuation and ‘better opportunities’ has come down somewhat from the highs.

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Re: Fundsmith

#488151

Postby ian56 » March 21st, 2022, 7:41 pm

Latest Annual Meeting now available to view:

https://www.fundsmith.co.uk/tv/

Usual (virtual) format with some commentary on ESG, Ukraine and Unilever amongst others.

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Re: Fundsmith

#488816

Postby jimmyfromlargs » March 24th, 2022, 10:50 am

I watched the Fundsmith AGM……it was a very informative session I was left with the following observations it was for me a good session.

1. Questions sessions were excellent…..most useful part of the meeting, some clever charts.

2. Julian, whom I hope is the replacement for Terry when he decides to shuffle off in his flip flips….Julian seems smart, his command of detail did give me some confidence.

3. However I was left with with a tiny feeling that like a load of these guys I was in the presence of master class sales men……hence why I say the question session was most useful.

Also I would like them to get back to an auditorium format and take questions from the floor……..no scripting and no prep …….

Disclosure….I have a position with Fundsmith and bought my first stock at 1.48…….

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Re: Fundsmith

#488822

Postby BullDog » March 24th, 2022, 11:08 am

jimmyfromlargs wrote:I watched the Fundsmith AGM……it was a very informative session I was left with the following observations it was for me a good session.

1. Questions sessions were excellent…..most useful part of the meeting, some clever charts.

2. Julian, whom I hope is the replacement for Terry when he decides to shuffle off in his flip flips….Julian seems smart, his command of detail did give me some confidence.

3. However I was left with with a tiny feeling that like a load of these guys I was in the presence of master class sales men……hence why I say the question session was most useful.

Also I would like them to get back to an auditorium format and take questions from the floor……..no scripting and no prep …….

Disclosure….I have a position with Fundsmith and bought my first stock at 1.48…….

Agreed. What do you make of the frequent references to Apple? I have never known Smith previously to cite companies as example when theyare not held in the fund. Can we expect next month's factsheet to declare a holding in Apple stock? Interesting.

simoan
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Re: Fundsmith

#488861

Postby simoan » March 24th, 2022, 12:36 pm

jimmyfromlargs wrote:I watched the Fundsmith AGM……it was a very informative session I was left with the following observations it was for me a good session.

1. Questions sessions were excellent…..most useful part of the meeting, some clever charts.

I thought the questions were good but obviously hand-picked. I also thought it was useful for them to show the affect on the bottom line of inflation in COGS for novice investors BUT... although they gave the quick caveat "All other things being equal" this really should have been more fully explained for balance IMO. By the very nature of most holdings in Fundsmith COGS is low in proportion to revenue and so you would expect high gross profit margins and inflation in COGS to have limited impact on profitability. HOWEVER... COGS does not include the vast majority of the wage bill for these types of companies, and inflationary compensation increases must surely be a very major concern as companies seek to retain talent. That wasn't even mentioned.

jimmyfromlargs wrote:3. However I was left with with a tiny feeling that like a load of these guys I was in the presence of master class sales men……hence why I say the question session was most useful.

Also I would like them to get back to an auditorium format and take questions from the floor……..no scripting and no prep …….

I don't think random questions have ever been asked in this way from the floor of the AGM. You have to remember the AGM is one massive selling exercise, or at the very least a "redemption minimisation" exercise. I personally don't like AGMs. Even watching the AGM gives you that cosy comforted feeling that twangs all your in-built biases that I don't find the least bit useful for my investment decision making process. You can multiply that feeling 10 fold if you attend in person whilst amongst all your fellow smug fund holders. No thanks!!

All the best, Si

BullDog
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Re: Fundsmith

#498155

Postby BullDog » May 3rd, 2022, 11:52 am

Interesting purchases by Fundsmith reported in the April factsheet -

"We completed the purchase of positions in Adobe and Mettler-Toledo."

ADrunkenMarcus
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Re: Fundsmith

#498168

Postby ADrunkenMarcus » May 3rd, 2022, 12:48 pm

BullDog wrote:Interesting purchases by Fundsmith reported in the April factsheet -

"We completed the purchase of positions in Adobe and Mettler-Toledo."


Blue Whale hold Adobe, too.

Best wishes


Mark.

BullDog
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Re: Fundsmith

#498171

Postby BullDog » May 3rd, 2022, 12:51 pm

ADrunkenMarcus wrote:
BullDog wrote:Interesting purchases by Fundsmith reported in the April factsheet -

"We completed the purchase of positions in Adobe and Mettler-Toledo."


Blue Whale hold Adobe, too.

Best wishes


Mark.

Indeed, it hasn't gone unnoticed here. Thanks.

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Re: Fundsmith

#504324

Postby BullDog » June 1st, 2022, 9:24 pm

For those who follow Fundsmith, the May report says they have sold out of their holding in Starbucks. No new holdings are reported this month.

monabri
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Re: Fundsmith

#504345

Postby monabri » June 2nd, 2022, 12:13 am

BullDog wrote:For those who follow Fundsmith, the May report says they have sold out of their holding in Starbucks. No new holdings are reported this month.


Reviewing the previous factsheets there appears to me to be a fair amount of selling for a fund with a mantra of " do nothing " after finding good companies and not overpaying.

https://www.fundsmith.co.uk/factsheet/

crazypanda
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Re: Fundsmith

#504353

Postby crazypanda » June 2nd, 2022, 7:33 am

monabri wrote:
BullDog wrote:For those who follow Fundsmith, the May report says they have sold out of their holding in Starbucks. No new holdings are reported this month.


Reviewing the previous factsheets there appears to me to be a fair amount of selling for a fund with a mantra of " do nothing " after finding good companies and not overpaying.

https://www.fundsmith.co.uk/factsheet/


I’m surprised with this sale at what are close to lows, despite some of the headwinds they are seeing

Arborbridge
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Re: Fundsmith

#504361

Postby Arborbridge » June 2nd, 2022, 8:22 am

monabri wrote:
BullDog wrote:For those who follow Fundsmith, the May report says they have sold out of their holding in Starbucks. No new holdings are reported this month.


Reviewing the previous factsheets there appears to me to be a fair amount of selling for a fund with a mantra of " do nothing " after finding good companies and not overpaying.

https://www.fundsmith.co.uk/factsheet/


You'd have to do it properly and look at various periods for comparison. Anyhow, it do nothing until you have to because the story changes, I'd presume - and I could credit quite a few story changes lately.


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