Title: 

URL Source: https://is.gd/vgYEBe

Published Time: 2025-06-12T13:04:26.000Z

Markdown Content:
Northern Trust Apex Listed Companies Services Fundsmith LLP 

Price & NAV Data 

As at 30 May 2025 

NAV 1647.09p Price 1466.00p Premium (+) / Discount (-) -11.0% OCF to 31.12.2024 0.9% 

Historical Prices 

Standing Data 

Since Inception 

Portfolio Manager Simon Barnard Fund Type Investment Trust Inception Date 19.10.2018 Sponsor & Broker J.P. Morgan Cazenove Legal Adviser Travers Smith LLP Auditor Deloitte LLP Administrator & Depositary Registrar MUFG Corporate Markets (UK) Limited Co. Secretary Dealing LSE Main Market AIC Sector Global Smaller Companies Investment Manager 

Key Facts 

As at 30 May 2025 

Market Capitalisation £1.7bn Est. Portfolio Yield 1.3% 2024 PTR 35.9% No. Holdings 33 Median Company Founded 1969 Median Market Cap £6.9bn Gearing policy Up to 15% short term No. Shares in Issue 118,945,095 2024 Transaction Costs 0.03% 

Fund Performance Analysis 

To 30 May 2025 %

Annualised Rate of Return +7.8% Best Month +13.3% (Apr '20) Worst Month -15.1% (Jan '22) Average Month +0.7% % Positive Months 57% 

Geographical Split 

As at 30 May 2025 by Listing %

USA 51.1 UK 14.3 Italy 11.6 Germany 7.7 New Zealand 3.9 Denmark 3.1 Sweden 2.6 Japan 2.5 Switzerland 1.6 Belgium 1.3 Cash 0.3 

Sector Split 

As at 30 May 2025 by NAV - GICS® Categories %

Industrials 33.1 Information Technology 25.9 Health Care 17.8 Consumer Discretionary 10.5 Consumer Staples 7.0 Financials 3.6 Materials 1.9 Cash 0.3 

Fund Aim 

The Smithson Investment Trust plc. (the "Fund") investment policy is to invest in shares issued by small and mid ("SMID") sized listed or traded companies globally with a market capitalisation (at the time of initial investment) within the range of the constituents of the MSCI World SMID Index. The Fund’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. Accordingly, it will pursue its investment policy by investing in approximately 25 to 40 companies. The Investment Manager focuses on investing in those companies it believes can compound in value over many years. It seeks to achieve this by selecting companies that have an established track record of success, such as having already established a dominant market share in their niche product or service or having brands or patents which others would find difficult, if not impossible, to replicate. The Investment Manager believes such SMID sized companies tend to out-perform large companies and that there is also an investment opportunity to take advantage of greater discrepancies between the share price and valuation of SMID sized companies, in part due to lighter research coverage and less information being available on them. SMID sized companies tend to have higher expected returns but also higher expected risk, defined as price volatility (a measure of how much its price moves over time), when compared to larger companies. However, adding a small and mid-cap portfolio to a large-cap portfolio can raise expected returns without increasing risk, due to the different risk and return characteristics that SMID sized companies provide. The Investment Manager seeks to invest in SMID sized companies that exhibit strong profitability that is sustainable over time and generate substantial cash flow that can be reinvested back into the business. Its strategy is not to overpay when buying the shares of such companies and then do as little dealing as possible in order to minimise the expenses of the Fund, allowing the investee companies' returns to compound for shareholders with minimum interference. The Investment Manager looks to avoid companies that are heavily leveraged or forced to rely upon debt in order to provide an adequate return, as well as sectors and industries that innovate very quickly and are rapidly changing. It instead focuses on companies that have exhibited an ability to continue outperforming competitors and will look for companies that rely heavily on intangible assets in industries such as information technology, health care and consumer goods. The Fund's investments will be long-term and the Investment Manager will not be forced to act when market prices are unattractive. Past performance is not a guide to future performance. 

Performance Overview, % Return 

May 2025 2025 to 30.05.25 2024 2023 2022 2021 2020 Inception to 30.05.25 Annualised to 30.05.25 

Smithson NAV +2.7 +1.0 +2.1 +13.3 -28.1 +18.9 +31.4 +64.8 +7.8 Smithson Share Price +1.9 -1.2 +4.9 +8.2 -35.2 +18.1 +31.7 +46.7 +6.0 Equities +4.6 -2.8 +11.5 +9.1 -8.7 +17.8 +12.2 +59.6 +7.3 UK Bonds -1.1 +2.2 -2.3 +5.6 -15.0 -4.5 +4.6 -5.0 -0.8 Cash +0.4 +1.8 +5.1 +4.6 +1.4 +0.1 +0.3 +15.0 +2.1   

> Source: Bloomberg, starting NAV 1000, net of fees. MSCI World SMID Index, £ Net, source: www.msci.com. Bloomberg Series-E UK Govt 5 - 10 yr Bond Index, source: Bloomberg £ Interest Rate, source: Bloomberg. *From 19.10.18

Portfolio Comment for May 2025 

We initiated positions in Vertiv, a leading provider of liquid cooling for data centres, Manhattan Associates, which produces cloud-based software for supply chain management and a new position for the fund, the name of which will be revealed when we have accumulated our desired weighting. These positions were funded by selling out of Geberit and Equifax. The top 5 contributors in the month were Diploma, Oddity, Paycom, Qualys and Halma. The top 5 detractors were Ambu, Clorox, Doximity, Verisign and Reply. 

Top 10 holdings Smithson 

> © 2025 Fundsmith LLP. All rights reserved. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW.

# Factsheet   

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Diploma Moncler Verisign Rational Recordati Paycom Oddity Fisher & Paykel Qualys Graco 

Small & 

Mid Cap 

Investments 

That 

Have 

Superior 

Operating 

Numbers Security Identification Codes 

Launch Date SEDOL ISIN EPIC Bloomberg 

19/10/2018 BGJWTR8 GB00BGJWTR88 SSON SSON LN 

Performance chart 

19/10/2018 - 30/05/2025 

Cumulative performance (%) Performance data as at 30 May 2025 

Key Instrument YTD 1M 3M 6M 1Y 3Y 5Y From inception From inception annualised 

A Smithson Investment Trust (NAV) 1.0 2.7 -4.6 -1.9 6.3 14.1 14.8 64.8 7.8 

B Smithson Investment Trust (Price) -1.2 1.9 -5.1 -2.0 6.9 12.0 1.0 46.7 6.0 

C Sector: Global Smaller Companies (GBP) -5.3 5.1 -1.4 -4.2 3.3 10.1 20.1 31.8 4.3 

> Source: Fundsmith Source: Morningstar Sector: Global Smaller Companies is the Association of Investment Companies defined sector and comprises a peer group of just 5 investment trusts which invest at least 80% of their assets in smaller company securities. Namely, Edinburgh Worldwide, Herald Investment Trust, North Atlantic Smaller Companies, The Global Smaller Companies Trust and Smithson.

The OCF (Ongoing Charges Figure) is the total expenses paid by the fund (excluding bank overdraft interest), annualised, against its average net asset value. The OCF will fluctuate as the average net assets and costs change. The OCF is updated following the publication of accounts for the periods ending 30th June and 31st December. Cash in the Sector and Geographic split represents current assets, of which cash is typically the largest part, less any current liabilities. Estimated Portfolio Yield is based on an estimate of the forecast dividends receivable from the underlying portfolio companies over the next twelve months. Where the OCF exceeds the amount of dividends received or there are no distributable reserves then no dividends will be distributable to shareholders of Smithson Investment Trust. The PTR (Portfolio Turnover Rate) is a measure of the fund's trading activity, and has been calculated by taking the total share purchases and sales less total creations and liquidations divided by the average net asset value of the fund. N.B. When a position is being built for the fund the company name is not disclosed in factsheet data. 

Monthly NAV Performance Table 

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total 

2018 - - - - - - - - - - -0.7 -5.2 -5.8 2019 +7.5 +5.0 +5.5 +4.4 -3.6 +6.5 +2.1 -0.2 -1.0 -3.2 +7.5 -0.5 +33.2 2020 +0.2 -4.7 -5.4 +13.3 +11.7 +0.8 +0.1 +0.7 +2.3 -2.7 +7.2 +5.7 +31.4 2021 -3.3 -3.3 +4.3 +7.5 -3.9 +5.1 +4.4 +3.9 -3.1 +3.3 +0.2 +3.3 +18.9 2022 -15.1 -4.3 +2.2 -5.7 -6.0 -7.2 +10.3 -2.9 -7.2 +3.9 +4.8 -2.6 -28.1 2023 +8.0 -1.9 +2.7 +2.7 -0.8 +0.7 +0.8 -3.3 -4.3 -6.3 +6.9 +8.4 +13.3 2024 -1.8 +1.8 +1.1 -5.3 +1.4 +1.2 +3.7 +0.4 -0.5 -1.4 +4.7 -2.8 +2.1 2025 +7.8 -1.7 -7.6 +0.5 +2.7 +1.0 

MSCI World SMID Index is the exclusive property of MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or final products. This report is not approved, reviewed or produced by MSCI. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s and “GICS®” is a service mark of MSCI and Standard & Poor’s. Fundsmith LLP ("Fundsmith") is authorised and regulated by the Financial Conduct Authority and only acts for the funds to whom it provides regulated investment management and transaction arrangement services. Fundsmith does not act for or advise potential investors in connection with acquiring shares in Smithson Investment Trust plc and will not be responsible to potential investors for providing them with protections afforded to clients of Fundsmith. Prospective investors are strongly advised to take their own legal, investment and tax advice from independent suitably qualified advisers. The value of investments may go up as well as down. Past performance is not a guide to future performance. 

> © 2025 Fundsmith LLP. All rights reserved. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW.

# Factsheet