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Fundsmith 2018 ASM
Comments
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Interesting detail about how little of the fund holdings revenue come from the UK. The estimate is about 2%. I always assumed it was lower than the roughly 18% UK allocation but didn't expect it to be quite that low.0
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He said the main threat was rising interest rates but didn't really expand on that much.0
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I guess it's no fluke that during the volatility last year that Fundsmith was one of very few of my holdings that didn't go into the red!0
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One thought, if something happened to Terry, would the fund then be a risk as he seems to be all (or most) of the brains behind it?0
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He said the main threat was rising interest rates but didn't really expand on that much.
Likely because interest have no bearing on how the fund is run, so it was just commentary only. Fundsmith doesn't play the economic cycle. The companies in the fund should do relatively well with high or low interest rates.0 -
DennisTenus wrote: »One thought, if something happened to Terry, would the fund then be a risk as he seems to be all (or most) of the brains behind it?
I believe Julian Robins would run the fund.
Of course any fund is at some risk if the fund manager changes, but there's no immediate risk as the fund isn't worth anything because of Terry Smith, only because of the stocks it holds.0 -
DennisTenus wrote: »One thought, if something happened to Terry, would the fund then be a risk as he seems to be all (or most) of the brains behind it?
This has been raised before to Terry himself (he's the first to concede he's not immortal and is aged 65). The response is two fold.
(1) The fund has very little stock turnover, it's not like some hocus pocus hedge fund that holds positions for hours.
(2) He's part of a team.0 -
If something happened to Terry then I would expect significant retail outflows from the fund and an impact on the trust premium. While fund outflows don't normally affect the value of the underlying holdings if they have to sell high volumes it could slightly move some share prices. If you hold an ISA directly with Fundsmith you might experience delays in them processing a transfer out.0
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Fundsmith is an OEIC.
There is no premium.0
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