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mark spurrier
Posted: 21 February 2021 09:56:23(UTC)
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I have been a long time holder of Fundsmith Equity but I really dislike paying fund holding fees to platforms and as my big holdings are in SIPP and ISAs, holding direct with them isn't an option.as i dont have a FSmith only ISA.

So........ I have been playing around on Trustnet. I have compared

Fsmith
Blue Whale
Monks
MNP
BNKR
Mid Wynd and JGGI

Over 10 years, Fsmith wins by a country mile
At 5 years it is second place behind Monks
At 3 years it lags, Monks, Whale and martin Currie
At 1 Year it lags all of those and Mid Wynd

The performance is still creditable but the relative out performance does seem to have been in years 5-10

[img]https://ibb.co/1fHg479[/img]
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Keith Cobby
Posted: 21 February 2021 10:04:22(UTC)
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This might be due to the size of the fund (as with Berkshire Hathaway).
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Aminatidi
Posted: 21 February 2021 10:07:49(UTC)
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Isn't it the Tour de France analogy?

It hasn't won every stage but over the long term it's done very well?

I know you know this but not sure you can compare what Fundsmith does to what Blue Whale and Monks are trying to do?
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john x on 10/01/2024(UTC)
mark spurrier
Posted: 21 February 2021 10:19:10(UTC)
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Aminatidi;154154 wrote:
Isn't it the Tour de France analogy?

It hasn't won every stage but over the long term it's done very well?

I know you know this but not sure you can compare what Fundsmith does to what Blue Whale and Monks are trying to do?


Do you think Whale and fsmith are trying to do different things? listen to them both and they have the same story. Fsmith makes a point of buy and hold, Whale trades more


I have Fsmith as a concentrated global that will outperform the index. If you continue the TdF analogy, did fsmiths legs blow 5 years ago? :) It hasn't won a stage in a long while.

It could be a function of size - I noticed that MNP has holdings in common with Smithson. Monks less concentrated than MNP/Whale/Fsmith/MWY
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Aminatidi
Posted: 21 February 2021 10:30:30(UTC)
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mark spurrier;154160 wrote:
Aminatidi;154154 wrote:
Isn't it the Tour de France analogy?

It hasn't won every stage but over the long term it's done very well?

I know you know this but not sure you can compare what Fundsmith does to what Blue Whale and Monks are trying to do?


Do you think Whale and fsmith are trying to do different things? listen to them both and they have the same story. Fsmith makes a point of buy and hold, Whale trades more


I have Fsmith as a concentrated global that will outperform the index. If you continue the TdF analogy, did fsmiths legs blow 5 years ago? :) It hasn't won a stage in a long while.

It could be a function of size - I noticed that MNP has holdings in common with Smithson. Monks less concentrated than MNP/Whale/Fsmith/MWY


I keep an eye on Fundsmith Sustainable to see if the size argument holds up.

Not convinced.

I'd see Blue Whale as a riskier play than Fundsmith but I couldn't articulate why.
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Irsh Fit
Posted: 21 February 2021 10:32:33(UTC)
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sold all just don't like size focused on MONKS T.ROWE , Morgan Stanley global opportunity and Asia
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Apostate
Posted: 21 February 2021 10:43:20(UTC)
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FS has very few stocks that have benefitted from the pandemic - IMO that's why it has done less well recently - same with Lindsell Train.
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Laurence O'Brien
Posted: 21 February 2021 11:09:18(UTC)
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Blue Whale say on their factsheet:

• Aim to buy and hold high quality businesses at an attractive price.
• In-house research underpinning a high-conviction portfolio of 25-35 stocks.
• Signifificant resources dedicated to internal fifinancial modelling and proprietary valuation metrics. • Focus on a genuinely active, valuation-driven approach.

But Yiu doesn’t do that does he? He buys and sells like Del Boy. That’s why I wouldn’t buy.

If you have high conviction, why sell out of a position every few months?
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Jim99
Posted: 21 February 2021 11:30:27(UTC)
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To correct the stats I think JGGI has bettered Fundsmith over 5 years; but fared worse over all other periods.

On thing that does strike me is that Fundsmith is concentrated on the USA and Europe. I do wonder if they have the research capacity to successfully target Japan and other Asia countries that other fund houses such as BG, Artemis and JPM have. This may become a weakness if these markets continue to grow in importance i.e. I am not sure that you can classify Fundsmith as a truly a Global fund.
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Bulldog Drummond
Posted: 21 February 2021 11:41:33(UTC)
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As regards 10 year returns, bear in mind that MNKS had a poorly performing recovery strategy until 2015 when it changed manager and switched to growth, so a 10 year comparison to Fundsmith is not entirely fair.
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