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smg8
Posted: 14 December 2021 10:32:14(UTC)
#1008

Joined: 26/04/2020(UTC)
Posts: 3,365
Jesse M;199272 wrote:


I'm curious but don't know if you have the 'by market cap', what is the value of those 80 odd companies that Fundsmith can invest in vs the VG All Cap?

Don't want to rule out what you are saying but likely these are companies that have excess cash and USP's that have got them where they are, and if that investable universe changes over time (new companies take that slot) then that opens that up for the fund to invest in surely?

Just trying to say we are just looking at a snapshot in time.
Edit: I may speak for myself here but its not just the decent returns but the comparative lower volatility that is also a consideration. Higher returns come with associated risk.


I have to admit I don't, and I know it's a very crude measure which doesnt take many factors into account (such as why those companies are the investable universe).

I just think something that can invest in more than 80 companies out of an entire index is lower risk (when it comes to size of factor bet) than something that will only invest in 30 of 80 of 6000 companies, but I totally understand others may not share that view.
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Jesse M
Posted: 14 December 2021 19:21:48(UTC)
#1009

Joined: 30/12/2020(UTC)
Posts: 1,471

Thanks: 10262 times
Was thanked: 3794 time(s) in 1126 post(s)
Article from a Blackrock fund manager talking about why and how he is rotating into quality stocks (and PE values) in the US, might be relative to Fundsmith fans

https://citywire.com/inv...insider-latest-news-list
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3 users thanked Jesse M for this post.
Keith Stewart on 14/12/2021(UTC), ANDREW FOSTER on 14/12/2021(UTC), Phil 2 on 03/01/2022(UTC)
Aminatidi
Posted: 03 January 2022 09:49:31(UTC)
#1010

Joined: 29/01/2018(UTC)
Posts: 5,865

Thanks: 7151 times
Was thanked: 11412 time(s) in 3831 post(s)
Any guesses?

Portfolio Comment for December 2021
We exited an as yet undisclosed position during the month. The top 5 contributors in the month were Stryker, Estée Lauder, McCormick, Philip Morris and Visa. The top 5 detractors were Intuit, Amazon, Nike, Brown Forman and Microsoft.
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3 users thanked Aminatidi for this post.
Robin on 03/01/2022(UTC), Phil 2 on 03/01/2022(UTC), Andrew59 on 03/01/2022(UTC)
Andy Picken
Posted: 03 January 2022 18:00:37(UTC)
#1015

Joined: 05/12/2020(UTC)
Posts: 17
No idea but its never happened before and it sounds like a balls up
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Andrew59
Posted: 03 January 2022 18:05:08(UTC)
#1011

Joined: 20/10/2020(UTC)
Posts: 532

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Was thanked: 901 time(s) in 339 post(s)
Aminatidi;201513 wrote:
Any guesses?

Portfolio Comment for December 2021
We exited an as yet undisclosed position during the month. The top 5 contributors in the month were Stryker, Estée Lauder, McCormick, Philip Morris and Visa. The top 5 detractors were Intuit, Amazon, Nike, Brown Forman and Microsoft.


Surprised about Nike.
They got hit in China but had a stellar 'rest of world' year.

The 'in/out' must be unprecedented for TS.
I read somewhere that this might have been crypto related, but I simply cant see that being the case. It would go against virtually all of Fundsmiths principles.
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1 user thanked Andrew59 for this post.
ANDREW FOSTER on 04/01/2022(UTC)
Joe Soap
Posted: 03 January 2022 18:32:18(UTC)
#1012

Joined: 24/01/2010(UTC)
Posts: 2,157
Andrew59;201562 wrote:
Aminatidi;201513 wrote:
Any guesses?

Portfolio Comment for December 2021
We exited an as yet undisclosed position during the month. The top 5 contributors in the month were Stryker, Estée Lauder, McCormick, Philip Morris and Visa. The top 5 detractors were Intuit, Amazon, Nike, Brown Forman and Microsoft.


Surprised about Nike.
They got hit in China but had a stellar 'rest of world' year.

The 'in/out' must be unprecedented for TS.
I read somewhere that this might have been crypto related, but I simply cant see that being the case. It would go against virtually all of Fundsmiths principles.

But it's one month!

If TS doesn't come clean on the in/out trade you can bet your life in a couple of months time at the AGM there will be questions asked. Of course, it is entirely up to TS to decide to answer or not.

Myself, I am very relaxed about it. Cloros wasn't held for long. And if better opportunities arise, then in/out could well be in shareholders interests. Maybe we will find out? Maybe not.
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Mike Stone
Posted: 04 January 2022 15:40:45(UTC)
#1013

Joined: 25/04/2019(UTC)
Posts: 630
Aminatidi;201513 wrote:
Any guesses?

Portfolio Comment for December 2021
We exited an as yet undisclosed position during the month. The top 5 contributors in the month were Stryker, Estée Lauder, McCormick, Philip Morris and Visa. The top 5 detractors were Intuit, Amazon, Nike, Brown Forman and Microsoft.

I reckon it's Brown-Forman as the share price is down over the year and has hardly moved over the past 5 years.
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Aminatidi
Posted: 04 January 2022 15:43:14(UTC)
#1016

Joined: 29/01/2018(UTC)
Posts: 5,865

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It's odd wording though.

I mean if they've exited it why is it undisclosed?

I might get it if they were still selling down but if it's been sold?
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Tom Mozy
Posted: 04 January 2022 16:00:03(UTC)
#1021

Joined: 09/07/2013(UTC)
Posts: 424
Wording is annoying.. is it A or B?

A ) Sold 1 position and not disclosing the sale yet - my guess would be either unilever (dog) or JNJ now its splitting.

B) Bought a position and have now sold it - pick anything in their investable universe they dont already own.
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Andy Picken
Posted: 04 January 2022 17:29:07(UTC)
#1014

Joined: 05/12/2020(UTC)
Posts: 17
Mike Stone;201684 wrote:
Aminatidi;201513 wrote:
Any guesses?

Portfolio Comment for December 2021
We exited an as yet undisclosed position during the month. The top 5 contributors in the month were Stryker, Estée Lauder, McCormick, Philip Morris and Visa. The top 5 detractors were Intuit, Amazon, Nike, Brown Forman and Microsoft.

I reckon it's Brown-Forman as the share price is down over the year and has hardly moved over the past 5 years.


It defo will NOT be Brown foreman. That position WAS disclosed months ag
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1 user thanked Andy Picken for this post.
Dan L on 04/01/2022(UTC)
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