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Fundsmith....New Holding

Closed-end funds and OEICs
flyer61
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Re: Fundsmith....New Holding

#357447

Postby flyer61 » November 17th, 2020, 6:04 pm

One more......Experian

ADrunkenMarcus
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Re: Fundsmith....New Holding

#357469

Postby ADrunkenMarcus » November 17th, 2020, 7:46 pm

flyer61 wrote:Seeking Alpha 30 Oct 20......40 per cent of the world toothpaste market is some moat..

Colgate-Palmolive (NYSE:CL) reports organic growth increased 7.5% vs. +3.9% consensus.


You can make a case:

41.8 percent average ten-year ROCE;
27.5 percent ditto CROIC;
24.3 percent ditto Operating Margin;
7.2 percent CAGR dividend per share.

I have to say, growth forecasts are not brilliant - earnings per share forecast up 7.8 percent in 2020, 5.7 percent in 2021 and 7 percent in 2022 and dividend growth lagging at 3.6-3.9 percent in each of those years as the payout ratio comes down.

Earnings forecast to grow ahead of turnover, showing margin expansion. However, free cash flow growth forecast to lag earnings. Nonetheless, a current free cash flow yield of 4 percent isn't too bad.

Best wishes

Mark

marathonman365
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Re: Fundsmith....New Holding

#357490

Postby marathonman365 » November 17th, 2020, 8:47 pm

According to the factsheets, Colgate was bought in the Sustainable fund in September and then another new holding (probably the same as the main fund) was added to the Sustainable fund in October.

My money is on either Coca Cola or Kimberley Clark.

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Re: Fundsmith....New Holding

#357530

Postby tikunetih » November 17th, 2020, 11:41 pm

marathonman365 wrote:According to the factsheets, Colgate was bought in the Sustainable fund in September


Doh - I'd forgotten all about that fund! The SEC filing now makes sense...


marathonman365 wrote:My money is on either Coca Cola or Kimberley Clark.


Kimberley Clark seems another very solid suggestion.

flyer61
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Re: Fundsmith....New Holding

#357628

Postby flyer61 » November 18th, 2020, 10:36 am

Kimberley Clark, Coca Cola and Colgate all fall into his sphere for sure. Which has the biggest growth runway going forward? Is it toothpaste penetration into Asia/Africa or an increase in the use of tissues/wipes. Is it that he likes the business decisions being made at KO. It is interesting that each of these Companies products are consumed by vast numbers of the planet everyday and probably for many decades to come. None seem staggeringly expensive at the moment.

Own KMB.

Adamski
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Re: Fundsmith....New Holding

#358554

Postby Adamski » November 20th, 2020, 6:01 pm

I hold some FS in my portfolio (c.5%). Noticed that it has been under-performing its benchmark recently, versus global large cap. Particularly last month and last 3 months. Not hung up on short term movements. Obviously this is a sterling performer, an out-performer by any measurement over 10 years. However wonder what issues, holdings have cause this short term under-performance re benchmark? Thanks

ReallyVeryFoolish
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Re: Fundsmith....New Holding

#358576

Postby ReallyVeryFoolish » November 20th, 2020, 7:15 pm

Adamski wrote:I hold some FS in my portfolio (c.5%). Noticed that it has been under-performing its benchmark recently, versus global large cap. Particularly last month and last 3 months. Not hung up on short term movements. Obviously this is a sterling performer, an out-performer by any measurement over 10 years. However wonder what issues, holdings have cause this short term under-performance re benchmark? Thanks

Possibly because it is underweight in the type of stocks that led the market recently? For example, Smith has nothing good to say about Apple or Amazon for instance. He has been warming recently to Alphabet (Google) though. He does hold Facebook and Microsoft.

RVF

flyer61
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Re: Fundsmith....New Holding

#358604

Postby flyer61 » November 20th, 2020, 10:16 pm

Fundsmith is not the 'market' but a collection of Businesses selected on strict criteria.

It is unhedged, currency effects can have an impact on the funds sterling value.

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Re: Fundsmith....New Holding

#367141

Postby smicker » December 17th, 2020, 8:20 pm

Zoetis bought in sustainable fund

flyer61
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Re: Fundsmith....New Holding

#372656

Postby flyer61 » January 3rd, 2021, 1:19 pm

Still none the wiser with the December update.

scrumpyjack
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Re: Fundsmith....New Holding

#372658

Postby scrumpyjack » January 3rd, 2021, 1:26 pm

flyer61 wrote:Fundsmith is not the 'market' but a collection of Businesses selected on strict criteria.

It is unhedged, currency effects can have an impact on the funds sterling value.


Given that sterling has for many many decades been a consistently weak currency, if I held Fundsmith I would certainly not want it hedged

marathonman365
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Re: Fundsmith....New Holding

#373098

Postby marathonman365 » January 4th, 2021, 5:22 pm

December’s factsheet shows that November’s new purchase was LVMH.

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Re: Fundsmith....New Holding

#373106

Postby ReallyVeryFoolish » January 4th, 2021, 5:52 pm

marathonman365 wrote:December’s factsheet shows that November’s new purchase was LVMH.

Funny thing, it seems I can only find factsheets up to end of November on the fund website?

RVF

flyer61
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Re: Fundsmith....New Holding

#373110

Postby flyer61 » January 4th, 2021, 6:08 pm

LOL marathonman365 - you are right. Thanks! RVF in the search facility type December 2020 that should do the trick.

What do we think of LVMH....my wife likes them :lol:

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Re: Fundsmith....New Holding

#373123

Postby nmdhqbc » January 4th, 2021, 6:51 pm

ReallyVeryFoolish wrote:
marathonman365 wrote:December’s factsheet shows that November’s new purchase was LVMH.

Funny thing, it seems I can only find factsheets up to end of November on the fund website?

RVF


seems like a glitch on their website. This page shows Nov 2020 info...
https://www.fundsmith.co.uk/fund-factsheet
But if you scroll down to the bottom to the "archive" factsheets there's a link to Dec20...
https://www.fundsmith.co.uk/docs/defaul ... f?sfvrsn=4


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