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  #61  
Old 05.01.2018, 17:08
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Re: Question regarding Fundsmith

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2017 was one of the best years for investment. you could have invested in pretty much anything and made money.
Except prime London property where you can never loose money until you do
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  #62  
Old 05.01.2018, 17:47
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Re: Question regarding Fundsmith

2018 is off to a roaring start too.
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  #63  
Old 08.01.2018, 22:14
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Re: Question regarding Fundsmith

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Thank you all for your replies. I just got off the phone with the Luxembourg bank. They will open an account (I have to mail the original filled-in application form) and then I can trade through them (fax to send or withdraw money).

Not clear on the Swiss tax declaration (obviously they can't give advice on that), am I correct that I can declare them in the same way I do a swiss fund?

The Vaud tax declaration software has a section on "Etat de titres" (for all bank accounts, etc), with a subsection called "fonds de placements". One other question is whether the Luxembourg bank will withhold 35% (or anything) as "tax at source" (as Swiss banks do). Anyone knows about this?

Thank you again for your prompt answers!
I'm in similar boat. Did you end up sending your application? May I know what document did you send? From the list of appendix document in the application form (A,B,C, etc), which one did you need to send? Thanks.
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  #64  
Old 09.01.2018, 14:48
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Re: Question regarding Fundsmith

Over the last year, Lindsell Train Global Equity (very similar fund strategy) actually slightly beat Fundsmith Equity. Over 5 years, the return has been very close.. Fundsmith at 177% return and Train at 171% return.


This trend won't continue though IMO. 5 years is a very short time period in terms of economic cycles and the trends will change sooner or later. Timing is impossible and I continue to hold some Train but I'm sceptical of Active funds beating Passive trackers, and the huge fees that you have to pay for Active funds.
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  #65  
Old 09.01.2018, 14:52
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Re: Question regarding Fundsmith

I think last year and the next years will be the best time for active managers to prove their worth versus the passive trackers.
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  #66  
Old 09.01.2018, 14:53
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Re: Question regarding Fundsmith

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I think last year and the next years will be the best time for active managers to prove their worth versus the passive trackers.
Star fund managers can certainly fall from grace quickly.. just look at Neil Woodford
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  #67  
Old 09.01.2018, 15:07
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Re: Question regarding Fundsmith

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I'm in similar boat. Did you end up sending your application? May I know what document did you send? From the list of appendix document in the application form (A,B,C, etc), which one did you need to send? Thanks.
I didn't go that way in the end because I got an answer from a fundsmith employee saying that I can find them on the fund platform of several banks in CH, including UBS, Julius Bar or Credit Suisse. I don't have an account with any of them yet, and I am waiting for confirmation this is the case before I do. As usual, end of the year was too busy to get to it, but I'm looking at this again this week.

If you have an account with any of these banks, would you mind checking and posting back what you find?
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  #68  
Old 09.01.2018, 15:25
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Re: Question regarding Fundsmith

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I didn't go that way in the end because I got an answer from a fundsmith employee saying that I can find them on the fund platform of several banks in CH, including UBS, Julius Bar or Credit Suisse. I don't have an account with any of them yet, and I am waiting for confirmation this is the case before I do. As usual, end of the year was too busy to get to it, but I'm looking at this again this week.

If you have an account with any of these banks, would you mind checking and posting back what you find?
If you buy a fund through a third party / fund supermarket, be careful that they don't charge you extra fees on top...
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  #69  
Old 09.01.2018, 16:02
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Re: Question regarding Fundsmith

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Star fund managers can certainly fall from grace quickly.. just look at Neil Woodford
He started his own outfit & no longer has the backing of Perpetual's research dept, he also takes far higher risks than Terry Smith & does not look to only buy financially strong countries.

Woodford has never claimed to have a major investment in his fund where Smith invested 24 Million from day 1 & now has over 200 million in the fund.
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Over the last year, Lindsell Train Global Equity (very similar fund strategy) actually slightly beat Fundsmith Equity. Over 5 years, the return has been very close.. Fundsmith at 177% return and Train at 171% return.


This trend won't continue though IMO. 5 years is a very short time period in terms of economic cycles and the trends will change sooner or later. Timing is impossible and I continue to hold some Train but I'm sceptical of Active funds beating Passive trackers, and the huge fees that you have to pay for Active funds.
Both funds will underperform towards the end of the bull market, which is why I believe the bull market has a long way to go, most people are negative on investments today & have been for the last 10 years, when everybody gets bullish it's time to be afraid. Trump's tax cuts will be hugely beneficial to US equities.
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  #70  
Old 09.01.2018, 16:21
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Re: Question regarding Fundsmith

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Both funds will underperform towards the end of the bull market, which is why I believe the bull market has a long way to go, most people are negative on investments today & have been for the last 10 years, when everybody gets bullish it's time to be afraid. Trump's tax cuts will be hugely beneficial to US equities.
do you think people really are negative on stock markets? i see stories of record flows into passive funds and stock markets at all time highs.

but i agree there doesn't seem to be the same mania as in the dotcom boom (except in cryptocurrencies).

valuations seem stretched to me and i wonder if it is sustained mainly from monetary policy.
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  #71  
Old 09.01.2018, 16:29
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Re: Question regarding Fundsmith

Remember, Woodford was a stock market darling for many years and has fallen to the bottom of the pile. He may make his way back up, I think he's a very talented guy but I think it shows the limits and somewhat unpredictability of active management. I sit more on the 'passive is better' side. Fundsmith has been around only 5 years and has a long way to go before he proves his worth.


I agree this bull market could stretch a bit further but I'm not as optimistic as you, FMF... The schiller CAPE of the S&P500 for example is very high, it's been the longest bull market in history and most companies (especially growth) are expensive by P/E and P/book ratios. It's very hard to find value in the stock market these days.
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  #72  
Old 09.01.2018, 16:32
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Re: Question regarding Fundsmith

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do you think people really are negative on stock markets? i see stories of record flows into passive funds and stock markets at all time highs.

but i agree there doesn't seem to be the same mania as in the dotcom boom (except in cryptocurrencies).

valuations seem stretched to me and i wonder if it is sustained mainly from monetary policy.
Nobody ever gives tips or talks about the stock market, they all invest in property & can't understand why I don't. Lots of crypto noise
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  #73  
Old 09.01.2018, 16:49
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Re: Question regarding Fundsmith

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Remember, Woodford was a stock market darling for many years and has fallen to the bottom of the pile. He may make his way back up, I think he's a very talented guy but I think it shows the limits and somewhat unpredictability of active management. I sit more on the 'passive is better' side. Fundsmith has been around only 5 years and has a long way to go before he proves his worth.


I agree this bull market could stretch a bit further but I'm not as optimistic as you, FMF... The schiller CAPE of the S&P500 for example is very high, it's been the longest bull market in history and most companies (especially growth) are expensive by P/E and P/book ratios. It's very hard to find value in the stock market these days.
Fundsmith was launched on 1 November 2010, Terry took over investing the Tullett Prebon pension fund using the same strategy since 2003 achieving 14% compound before setting up Fundsmith in 2010.
https://www.theguardian.com/business...ndsmith-launch

It's not the longest bull market in history nor the largest jump in value.
https://www.bloomberg.com/view/artic...is-bull-market
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  #74  
Old 09.01.2018, 16:55
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Re: Question regarding Fundsmith

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Fundsmith was launched on 1 November 2010, Terry took over investing the Tullett Prebon pension fund using the same strategy since 2003 achieving 14% compound before setting up Fundsmith in 2010.
https://www.theguardian.com/business...ndsmith-launch

It's not the longest bull market in history nor the largest jump in value.
https://www.bloomberg.com/view/artic...is-bull-market
My bad for the 'longest bull market in history' - I must've read it somewhere..! Either way... I don't think anybody can deny the current market is pretty expensive. We'll see how the next couple of years play out.


I hold Train over Fundsmith for the global focused strategy, mainly because the fees are slightly cheaper.
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  #75  
Old 09.01.2018, 18:57
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Re: Question regarding Fundsmith

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My bad for the 'longest bull market in history' - I must've read it somewhere..! Either way... I don't think anybody can deny the current market is pretty expensive. We'll see how the next couple of years play out.


I hold Train over Fundsmith for the global focused strategy, mainly because the fees are slightly cheaper.
Thats a very good reason, all things being equal it should out perform.

For a short period was 100% Lindsal Train as it was just possible that I was going to become a UK resident after getting married. I did not want to risk holding cash for 1 month. (it's a requirement for UK CGT not to hold an asset for 1 month for rebasing purchase cost). My wife pension is 65%/35% FS/LT I believe FS is lower risk to LT, both I believe are lower risk than S&P500 or FTSE100 due to the crap included in both
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  #76  
Old 10.01.2018, 09:40
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Re: Question regarding Fundsmith

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I didn't go that way in the end because I got an answer from a fundsmith employee saying that I can find them on the fund platform of several banks in CH, including UBS, Julius Bar or Credit Suisse. I don't have an account with any of them yet, and I am waiting for confirmation this is the case before I do. As usual, end of the year was too busy to get to it, but I'm looking at this again this week.

If you have an account with any of these banks, would you mind checking and posting back what you find?
I believe it is available on BCV's trade direct platform
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  #77  
Old 10.01.2018, 15:15
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Re: Question regarding Fundsmith

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My bad for the 'longest bull market in history' - I must've read it somewhere..! Either way... I don't think anybody can deny the current market is pretty expensive. We'll see how the next couple of years play out.


I hold Train over Fundsmith for the global focused strategy, mainly because the fees are slightly cheaper.
In addition to FS, I also hold every company individually, however looking at LT if I add 11 companies (due to overlap) I will own 80% of LT portfolio. Adding just 5 companies would be 50% (due to overlap).
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  #78  
Old 10.01.2018, 17:29
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Re: Question regarding Fundsmith

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In addition to FS, I also hold every company individually, however looking at LT if I add 11 companies (due to overlap) I will own 80% of LT portfolio. Adding just 5 companies would be 50% (due to overlap).
Is that to save a bit on fees? Do you go for the Fundsmith strategy for your whole portfolio?
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  #79  
Old 10.01.2018, 18:01
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Re: Question regarding Fundsmith

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Is that to save a bit on fees? Do you go for the Fundsmith strategy for your whole portfolio?
The idea was to save on fees & have the holdings in a 3rd jurisdiction (USA).

After some reorganisation today & purchasing 10 LT holdings

Fundsmith + LT 75%

Apple, BIDU, Berkshire Hathaway, S&P 500 + Cash = 25%
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Old 11.01.2018, 00:27
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Re: Question regarding Fundsmith

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I didn't go that way in the end because I got an answer from a fundsmith employee saying that I can find them on the fund platform of several banks in CH, including UBS, Julius Bar or Credit Suisse. I don't have an account with any of them yet, and I am waiting for confirmation this is the case before I do. As usual, end of the year was too busy to get to it, but I'm looking at this again this week.

If you have an account with any of these banks, would you mind checking and posting back what you find?
Here's what's available via UBS:

http://i68.tinypic.com/312u7lw.png


Seems to be less hassle than buying directly from Fundsmith. Is there any catch other than possibly higher fees?
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