Fundsmith Equity Fund Annual Letter To Shareholders 2018

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About: Facebook (FB), UL, PM, SGGEF, Includes: BRK.A, BRK.B, IDXX, INTU, KDP, MMM, MSFT, NSRGY, NVO, PYPL, SBUX
by: Fund Letters
Summary

Fundsmith Equity Fund manages £14 billion on behalf of some of the world’s largest and most sophisticated wealth managers and private banks, as well as for prominent families, charities, endowments and individuals invested in our fund range, and is focused on delivering superior investment performance at a reasonable cost.

Includes detailed analysis of Fundsmith Equity Fund's positions in Philip Morris, Facebook, Unilever and Sage Group.

The fund does not adopt short-term trading strategies and will not invest in derivatives, and will not hedge any currency exposure arising from within the operations of an investee business nor from the holding of an investment denominated in a currency other than sterling.

The Fund beat the benchmark MSCI World Index in 2018, and it remains the No. 1 performer since its inception in the Investment Association Global sector by a cumulative margin of 13 percentage points over the second best fund and 188 percentage points above the average for the sector, which has delivered +81.9% over the same time frame.

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.