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  #141  
Old 21.04.2020, 17:22
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Re: Another fundsmith question

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Julian Roberts has lived in the US for many years. FS do have a fund for US Citizens &residents so possibly he invests via that. He is also a partner in the LLP.

He has been resident in the US since the start of Fundsmith, this is confirmed by the 2010 incorporation found here
https://beta.companieshouse.gov.uk
Fundsmith LLP, then filing history page 2 at the bottom
Glad to learn that. I am investment proxy for my daughter’s US Roth IRA & her SIPP (She was US-UK-CH but renounced US a couple of years ago). I invest her ISA & SIPP in FS & index funds and IRA mostly in Fidelity Focused (and some Fid Contrafund) which have done well but maybe not compared to FS. Have to check. Thanks.

PS: Fidelity show FMEQF Fundsmith Emerging Market Equities. I wonder how that compares with FS T fund.

Last edited by Caryl; 21.04.2020 at 17:37.
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  #142  
Old 21.04.2020, 18:44
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Re: Another fundsmith question

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PS: Fidelity show FMEQF Fundsmith Emerging Market Equities. I wonder how that compares with FS T fund.
It really has not performed to date as in excess of 100% of net investments in Emerging Markets go into index funds. FEET trades at a 15% discount, it's possible with all the fallout the companies it holds will finally shine.
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  #143  
Old 04.05.2020, 19:09
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Re: Another fundsmith question

I am pleased to say Fundsmith ended April at the same price it ended December 19 in GBP, so most investors won't have lost much sleep YTD.

The market timers sold 342 million in March but reinvested 408 Million in April

Clorex was sold & small positions were taken in Starbucks & Nike, this has been accidentally published by Refinitiv as FS don't comment until they have built up their position.
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  #144  
Old 04.05.2020, 20:55
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Re: Another fundsmith question

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I am pleased to say Fundsmith ended April at the same price it ended December 19 in GBP, so most investors won't have lost much sleep YTD.

The market timers sold 342 million in March but reinvested 408 Million in April

Clorex was sold & small positions were taken in Starbucks & Nike, this has been accidentally published by Refinitiv as FS don't comment until they have built up their position.

Well... it's not like I can time the market when I have to fax them my buy orders.

And I still haven't a clue exactly how to sell it!
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  #145  
Old 04.05.2020, 21:05
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Re: Another fundsmith question

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And I still haven't a clue exactly how to sell it!
That's for your own sake
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  #146  
Old 05.05.2020, 10:06
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Re: Another fundsmith question

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Well... it's not like I can time the market when I have to fax them my buy orders.

And I still haven't a clue exactly how to sell it!
Send them a fax, if they have your Bank details, you will receive the money about 4 business days later.
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  #147  
Old 05.05.2020, 17:35
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Re: Another fundsmith question

FMF (or whoever else, everybody) do you know the stock FEET holds, and (roughly) when they got bought? Could you post them or PM? I loath going through the quarterly reports and collect the data myself.
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  #148  
Old 05.05.2020, 18:27
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Re: Another fundsmith question

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FMF (or whoever else, everybody) do you know the stock FEET holds, and (roughly) when they got bought? Could you post them or PM? I loath going through the quarterly reports and collect the data myself.
I don't, however they will be shown in full in the annual accounts, I will find that later.
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  #149  
Old 05.05.2020, 18:31
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Re: Another fundsmith question

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I don't, however they will be shown in full in the annual accounts, I will find that later.
That's simple enough, I'll try to find that myself and report back.

ETA
You're right, they list all holdings. Nice!
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  #150  
Old 05.05.2020, 18:37
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Re: Another fundsmith question

Screen shots from the accounts, hope you can read them, they are a year old so not up to date
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another-fundsmith-question-screenshot-2020-05-05-18.36.31.png   another-fundsmith-question-screenshot-2020-05-05-18.36.19.png  
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  #151  
Old 05.05.2020, 19:31
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Re: Another fundsmith question

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they are a year old so not up to date
That doesn't matter here (significantly). Thank you.

If FEET's lackluster performance is caused by investment flows rather than poor company performance, this should show in their valuation, especially those bought 2014-15. That's what I need the fund holdings for, gonna check some.
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  #152  
Old 05.05.2020, 20:06
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Re: Another fundsmith question

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That doesn't matter here (significantly). Thank you.

If FEET's lackluster performance is caused by investment flows rather than poor company performance, this should show in their valuation, especially those bought 2014-15. That's what I need the fund holdings for, gonna check some.
There are no investment flows into FEET in the sense of zero redemptions possible, however the fund has increased its share capital since inception. The main reason for underperformance is in excess of 100% of all inflows have been to index funds, however it's in a severe downturn that FEET could start performing, it's currently on a 16.25% discount, I picked up 500 yesterday!
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  #153  
Old 05.05.2020, 20:41
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Re: Another fundsmith question

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The main reason for underperformance is in excess of 100% of all inflows have been to index funds
That's what I meant. If that's true, then the companies held by FEET must get continually cheaper to buy, not necessarily the price as such but their valuation(?), P/E, price/book, or whatever.
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  #154  
Old 08.05.2020, 08:17
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Re: Another fundsmith question

Here are the holdings for FEET from the Interim accounts from last summer.
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another-fundsmith-question-screenshot-2020-05-08-08.13.21.png   another-fundsmith-question-screenshot-2020-05-08-08.15.20.png   another-fundsmith-question-screenshot-2020-05-08-08.14.57.png  
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  #155  
Old 08.05.2020, 13:21
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Re: Another fundsmith question

Depressing performance, down 19% over 1 year, 5% over 5 years. Amidst Coronavirus can one realistically hope for a turnaround?
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  #156  
Old 08.05.2020, 14:16
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Re: Another fundsmith question

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Depressing performance, down 19% over 1 year, 5% over 5 years. Amidst Coronavirus can one realistically hope for a turnaround?
Discount has gone up by about 17.5% over the last year, I suspect the companies are quite resilient, certainly true in the main fund. It's unloved & not very liquid, even Smithson went to a 10% discount one day in March, it's back to a premium again.
I can't remember if there will be a vote to liquidate if the discount stays large, certainly is true for Smithson.
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  #157  
Old 11.05.2020, 09:33
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Re: Another fundsmith question

I see my second largest holding Smithson hit 14.00 in early trade, that would be an all time high off 1% now.
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  #158  
Old 11.05.2020, 10:18
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Re: Another fundsmith question

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I see my second largest holding Smithson hit 14.00 in early trade, that would be an all time high off 1% now.
Unbelievable missed opportunity. Bought some at 9 in March. Should have bought a lot more as I had the cash.
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  #159  
Old 18.06.2020, 15:14
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Re: Another fundsmith question

With regards to taxes when holding Fundsmith, what is the correct thing to do?

Is it ...

Declare the income in a UK tax return and declare thewealth here in Switerland

or ...

Declare both the income and the wealth/value here in Switerland?
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  #160  
Old 18.06.2020, 15:44
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Re: Another fundsmith question

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With regards to taxes when holding Fundsmith, what is the correct thing to do?

Is it ...

Declare the income in a UK tax return and declare thewealth here in Switerland

or ...

Declare both the income and the wealth/value here in Switerland?
Income & wealth in CH.
UK has a generous dividend allowance on top of the personal allowance, however unless you are dual tax resident you are only taxable in CH on dividends.
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