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Fundsmith Equity - New rating
The fund targets long-term growth by investing in developed world equities. Manager Terry Smith invests in a concentrated portfolio of large, liquid stocks, then holds them for the long term – this is principally a buy-and-hold strategy. The fund focuses on ‘quality’ companies trading on attractive valuations, with the preferred metric being FCF yield. Quality businesses are defined as those able to sustain high rates of return on capital, in cash, often through intangible assets such as brands that deter competition. These are typically found in Europe, UK and North America and often in the consumer staples, technology, industrials and healthcare sectors. Given a quality growth style bias, the fund may be susceptible to rising interest rates. Smith has also managed funds for the Tullett Liberty pension scheme.
The fund has been awarded a four-star rating and will feature on Our Top-rated Funds list - our research team’s premier selection.
The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing. Current or past yield figures provided should not be considered a reliable indicator of future performance. Investment trusts are similar to funds in that they provide a means of pooling your money but they are publicly listed companies whose shares are traded on the London Stock Exchange. The price of their shares will fluctuate according to investor demand and changes in the value of their underlying assets. This is not advice to invest.