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Fundsmith

Closed-end funds and OEICs
Backache
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Fundsmith

#392590

Postby Backache » March 5th, 2021, 8:57 am

Annual meeting now on line for those interested.
https://www.fundsmith.co.uk/tv
He discusses possible travails at Sage, his own succession planning ,possibility of downturn in portfolio. A bit more downbeat than some meetings but quite interesting for those who are interested in his vies.

ReallyVeryFoolish
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Re: Fundsmith

#392596

Postby ReallyVeryFoolish » March 5th, 2021, 9:07 am

Essential viewing for anyone interested in Fundsmith. But there's nothing new for those like myself who have watched every one of the annual meeting videos!

RVF

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Re: Fundsmith

#392606

Postby Tigger » March 5th, 2021, 9:34 am

I thought the succession stuff was pretty new (mainly the detail with which it was outlined) and I found it reassuring. And I like the fact he's looking to pass on the firm to staff. Sounds like the managers of Smithson and maybe FEET have impressed Terry Smith with their recent progress.

simoan
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Re: Fundsmith

#393076

Postby simoan » March 6th, 2021, 12:38 pm

ReallyVeryFoolish wrote:Essential viewing for anyone interested in Fundsmith. But there's nothing new for those like myself who have watched every one of the annual meeting videos!

RVF

I'd beg to differ sightly. Yes, the initial run through of performance in 2020 and commentary was as per usual, as you'd expect is necessary as part of the formal proceedings of an AGM, and re-iteration of the investment thesis is required for any new holders.

However, I thought the Q&A was much more interesting than usual without the distraction of the crowd - and not only because of the shelf behind Julian Robbins!! In particular, there were some very good points concerning comparison with Baillie Gifford funds and the aim to achieve returns with minimum volatility. IIRC I have seen people on TLF saying because the past 12 months performance of Fundsmith Equity has been relatively poor compared to other funds, they'd switched into Scottish Mortgage. Maybe they now regret that decision given the recent volatility in SMT which is down around 25% in the past month. I believe low volatility and risk-adjusted returns is something that too many private investors completely ignore. IMHO the risk adjusted return and volatility of Fundsmith is second to none.

I thought there were also some interesting comments on inflation and the effect of future digital currencies such as the Yuan on the payment processors such as Visa and PayPal. Not to mention that Sage looks like the next holding on the chopping block. I think it will be gone the next time there is a sell-off and one of their new targets hits their valuation for investment.

IMHO Even if you don't own Fundsmith, it's worth listening to what Terry and Julian have to say once a year.
All the best, Si

ReallyVeryFoolish
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Re: Fundsmith

#393092

Postby ReallyVeryFoolish » March 6th, 2021, 1:31 pm

simoan wrote:
ReallyVeryFoolish wrote:Essential viewing for anyone interested in Fundsmith. But there's nothing new for those like myself who have watched every one of the annual meeting videos!

RVF

I'd beg to differ sightly. Yes, the initial run through of performance in 2020 and commentary was as per usual, as you'd expect is necessary as part of the formal proceedings of an AGM, and re-iteration of the investment thesis is required for any new holders.

However, I thought the Q&A was much more interesting than usual without the distraction of the crowd - and not only because of the shelf behind Julian Robbins!! In particular, there were some very good points concerning comparison with Baillie Gifford funds and the aim to achieve returns with minimum volatility. IIRC I have seen people on TLF saying because the past 12 months performance of Fundsmith Equity has been relatively poor compared to other funds, they'd switched into Scottish Mortgage. Maybe they now regret that decision given the recent volatility in SMT which is down around 25% in the past month. I believe low volatility and risk-adjusted returns is something that too many private investors completely ignore. IMHO the risk adjusted return and volatility of Fundsmith is second to none.

I thought there were also some interesting comments on inflation and the effect of future digital currencies such as the Yuan on the payment processors such as Visa and PayPal. Not to mention that Sage looks like the next holding on the chopping block. I think it will be gone the next time there is a sell-off and one of their new targets hits their valuation for investment.

IMHO Even if you don't own Fundsmith, it's worth listening to what Terry and Julian have to say once a year.
All the best, Si

Indeed, fully agree.

RVF


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