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Old 11.05.2017, 21:01
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Question regarding Fundsmith

Hello,

as an EU investor living in Switzerland would you advise to invest in the T Class Acc GBP (ISIN GB00B4Q5X527, TER 1.06%) or in the SICAV equity fund feeder (T Acc Euro, ISIN LU0690375182, TER 1.29%)?

I have got in touch with the customer service of Fundsmith, however the lady I have spoken to was not familiar with the fund feeder.
According to her knowledge, the SICAV is managed in Luxembourg and it invests at least 85% or so in the Fundsmith fund.
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Old 11.05.2017, 21:10
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Re: Question regarding Fundsmith

Calling fatmanfilms.
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Old 11.05.2017, 21:56
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Re: Question regarding Fundsmith

You can just buy his basket of stocks directly. it's not like it's a big secret and there's not many names: https://www.sec.gov/cgi-bin/browse-e...ion=getcompany (US holdings) + monthly factsheets

Considering his style: no shorts (important as they don't get reported!), buy and hold with as little trading as possible, cloning the 13f should do just about fine despite the lag
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Old 11.05.2017, 23:07
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Re: Question regarding Fundsmith

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You can just buy his basket of stocks directly.
Doesn't the document you mention contain only US securities? As far as I know FS holdings include EU stocks too.
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Old 11.05.2017, 23:12
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Re: Question regarding Fundsmith

Yes, 13f filings concern only US holdings, I mentioned that. You'd need other sources for EU, start with fund's fact sheets. Morningstar and Bloomberg seem to have some data from somewhere
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Old 11.05.2017, 23:42
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Re: Question regarding Fundsmith

1.06% < 1.29%

so UK T class.

simples?

Last edited by Phil_MCR; 12.05.2017 at 11:11.
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Old 12.05.2017, 08:33
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Re: Question regarding Fundsmith

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1.06% < 1.29%

so T class.

simples?
One is a UK asset & one is not, both are T class. I hold both & the I class through Hargreaves Lansdown. The I class ends up being the most expensive due to HL's fees. Interestingly since the last discussion here it's beaten both the S&P 500 & Nasdaq 100.

I invested in the Luxembourg fund for 2 reasons :-

1: 80% of my expenditure is in Euros, so no need for multiple conversions, whilst large transactions are cheap, bank charges will use up any savings on small transactions.
2: I did not wish to hold UK assets, as I wished to loose UK domicile, however after leaving CH my UK domicile of birth has returned.
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Old 12.05.2017, 10:56
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Re: Question regarding Fundsmith

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One is a UK asset & one is not, both are T class. I hold both & the I class through Hargreaves Lansdown. The I class ends up being the most expensive due to HL's fees. Interestingly since the last discussion here it's beaten both the S&P 500 & Nasdaq 100.

I invested in the Luxembourg fund for 2 reasons :-

1: 80% of my expenditure is in Euros, so no need for multiple conversions, whilst large transactions are cheap, bank charges will use up any savings on small transactions.
2: I did not wish to hold UK assets, as I wished to loose UK domicile, however after leaving CH my UK domicile of birth has returned.
Out of interest, what is the benefit of holding some with Fundsmith directly and some with HL separately?
HL must be around 0.4% more per year in fees I imagine with mgmt. fees?
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Old 12.05.2017, 11:24
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Re: Question regarding Fundsmith

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Out of interest, what is the benefit of holding some with Fundsmith directly and some with HL separately?
HL must be around 0.4% more per year in fees I imagine with mgmt. fees?

Good question.

As a non resident UK resident buying direct is more complicated, FS online won't accept my UK debit card due to a foreign address whilst HL will accept unto £100k a day.

As my wife is UK tax resident it's just possible that at some point I could become UK tax resident. Being able to sell my entire holding on 4th March & reinvesting the same day in Lindsal Train global equity & swopping back into Fundsmith on 4th April to eradicate any potential past UK CGT is worth more than the fee. Dealing direct I would be out of the market for about 10 days with 2 direct transactions, market risk over 10 days is in excess of 0.4% The more you hold with HL, the lower the fees so over time the cost will be lower than 0.4% a year

HL is amazingly efficient, I had my 25% tax free lump sum from my UK pension 2 business days after my 55th Birthday, it would have been 1 day earlier if I had got the signed paperwork to them quicker
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Old 12.05.2017, 13:55
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Re: Question regarding Fundsmith

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Hello,

as an EU investor living in Switzerland would you advise to invest in the T Class Acc GBP (ISIN GB00B4Q5X527, TER 1.06%) or in the SICAV equity fund feeder (T Acc Euro, ISIN LU0690375182, TER 1.29%)?

I have got in touch with the customer service of Fundsmith, however the lady I have spoken to was not familiar with the fund feeder.
According to her knowledge, the SICAV is managed in Luxembourg and it invests at least 85% or so in the Fundsmith fund.
I see two benefits of the feeder:
- you can make montly online payments below the 10'000GBP threshold. Eur transactions are usually free, so you can do some nice cost averaging there. Whereas the UK fund has a 10'000GBP lower limit to wire transfers.
- no need to transfer to GBP
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Old 12.05.2017, 14:13
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Re: Question regarding Fundsmith

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I see two benefits of the feeder:
- you can make montly online payments below the 10'000GBP threshold. Eur transactions are usually free, so you can do some nice cost averaging there. Whereas the UK fund has a 10'000GBP lower limit to wire transfers.
- no need to transfer to GBP
what's this 10k limit? i thought the GBP minimum monthly was around £100 and for one-offs £1000.
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Old 12.05.2017, 14:34
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Re: Question regarding Fundsmith

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what's this 10k limit? i thought the GBP minimum monthly was around £100 and for one-offs £1000.
Apparently its some max limit, seems odd to me.
On the first day of the fund in business someone invested £400,000 via a debit card!
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Old 12.05.2017, 14:38
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Re: Question regarding Fundsmith

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As a non resident UK resident buying direct is more complicated, FS online won't accept my UK debit card due to a foreign address ...
But certainly they accept your electronic transfer, don't they?
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Old 12.05.2017, 14:41
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Re: Question regarding Fundsmith

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Apparently its some max limit, seems odd to me.
On the first day of the fund in business someone invested £400,000 via a debit card!
No. Its the MINIMUM amount that they accept as wire transfer. Below that it must be a UK debit or cheque.

See second page of this document: https://www.fundsmith.co.uk/docs/def...s.pdf?sfvrsn=2
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Old 12.05.2017, 14:42
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Re: Question regarding Fundsmith

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But certainly they accept your electronic transfer, don't they?
Only if its more than 10'000GBP
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Old 12.05.2017, 15:08
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Re: Question regarding Fundsmith

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As a non resident UK resident buying direct is more complicated, FS online won't accept my UK debit card due to a foreign address whilst HL will accept unto £100k a day.
they accepted my UK debit card even with a swiss address. strange...
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Old 12.05.2017, 15:18
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Re: Question regarding Fundsmith

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they accepted my UK debit card even with a swiss address. strange...
Perhaps thats working again, I will try again did the UK account have a UK or Swiss address?
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But certainly they accept your electronic transfer, don't they?
My direct holding relates to a PEP transfer from 1993/4 now designated an ISA. I tried to add money outside the ISA online about 3 years ago & it did not go through.
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Old 12.05.2017, 15:24
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Re: Question regarding Fundsmith

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Perhaps thats working again, I will try again did the UK account have a UK or Swiss address?


My direct holding relates to a PEP transfer from 1993/4 now designated an ISA. I tried to add money outside the ISA online about 3 years ago & it did not go through.
Swiss.

I think it might also be possible to make transfer through e-banking. At least my hazy memory seems to think I did that once.

I have a monthly direct debit set-up too for < £10k.
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Old 12.05.2017, 16:23
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Re: Question regarding Fundsmith

I hope Fundsmith one day offer some discount when going through HL, like other funds do (e.g. in HL Wealth 150)... makes it at least a bit less expensive, I like to hold all my investments on one platform for convenience...


Seems unlikely to happen with Fundsmith though. I currently hold Lindsell Train GE as a similar alternative.
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Old 12.05.2017, 17:07
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Re: Question regarding Fundsmith

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I hope Fundsmith one day offer some discount when going through HL, like other funds do (e.g. in HL Wealth 150)... makes it at least a bit less expensive, I like to hold all my investments on one platform for convenience...


Seems unlikely to happen with Fundsmith though. I currently hold Lindsell Train GE as a similar alternative.
Fundsmith will never be in the HL wealth 150 as they refuse to pay HL for the privilege . Interestingly it's beaten every one of the 150 recommendations despite HL being negative on the fund every year. Last year the sighted mediocre performance yet it rose 28.2% over the year.
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