Fundsmith

Directors’ and Fund Managers’ Pay is Excessive

On the latest data, the pay of FTSE-100 CEOs has fallen slightly. A report from the CIPD and High Pay Centre notes that the average pay has fallen from...

Safestore and Fundsmith AGMs

Today I attended the Annual General Meeting of Safestore Holdings Plc (SAFE) in Borehamwood. Their head office is next to one of their self-storage units. They now have 146 stores with a concentration in London/South-East England, and in major UK cities, plus some in Paris. The Chairman, Alan Lewis, commenced the meeting with a very brief statement. He said 2018 was a good year with good strategic progress. He is confident value creation will continue. Note that Mr Lewis is stepping down ...

Fundsmith Annual Meeting – Another Good Performance

Last night was the latest annual meeting for investors in the Fundsmith Equity Fund. It was another good performance by Terry Smith on the night, and of course a good performance by the Fund itself was reported. It achieved a return of 15.7% last year (year ending December 2015) which was way ahead of any global fund index you care to choose. A lot of stock picking investors did well last year, but how many also have achieved 4.7% in the ...

Fundsmith Equity Fund Investors Meeting

Last night (3/3/2015) Fundsmith held its Annual Meeting for investors in London. It was a full house at the venue - about 300 people I would estimate. Terry Smith the fund manager did most of the talking and he is of course a good speaker. The format was very much like Warren Buffett's meetings for Berkshire Hathaway shareholders with questions having to be submitted in advance, and some clearly being rhetorical ones asked by the faithful as many investors will have ...

Beating the index – Fundsmith results and newsletter

Terry Smith has recently issued his annual newsletter to investors in his Fundsmith Equity Fund. Those who invested primarily in UK focussed index trackers last year (FTSE-AllShare down 2.5%) will be possibly annoyed to discover that Mr Smith managed to achieve a total return of 23.3% last year. He had the advantage of being invested in global equities perhaps which generally did better than UK stocks, but he still managed to outperform his benchmark which is the MSCI World Index. How did ...

Fundsmith progress and new Emerging Markets Trust

Fundsmith have recently published their results for the year ending December 2013. ShareSoc reviewed this fund in our November 2012 newsletter so it's interesting to review their progress since then and whether they have managed to keep up their initial superior performance. Led my well known investor Terry Smith, Fundsmith has a very specific style and these are the promises they make to investors: No performance fees, No initial fees, No redemption fees, No overtrading, No leverage, No shorting, No hedging, No ...