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! WARNING : RESTRICTED BUSINESSES !


N0 BOMBS


NO BOOZE


NO BETTING


NO BURNING COAL


NO BULLDOZING


NO BLACK GOLD


£ NO BONKING NO BACCY NO BASELESS PAY N0 BAMBINOS NO BRIBERY NO BULLYING


WILL screen the world to find businesses which:


• Sustain a high return on operating capital employed


• Have advantages that are difficult to replicate


• Do not require significant borrowing to generate returns


• Have a high degree of certainty of growth from reinvestment of their cash flows at high rates of return


• Are resilient to change, particularly technological innovation


• Have a valuation which is considered to be attractive


1


WILL NOT invest in any of the following sectors:


• Aerospace and Defence • Brewers, Distillers and Vintners • Casinos and Gaming • Gas and Electric Utilities • Metals and Mining • Oil, Gas and Consumable Fuels • Pornography • Tobacco


Performance Since Inception +29.1%


Fundsmith Sustainable Equity Fund1


+12.0%


Investment Association Global Sector


From 1st Nov 2017 to 30th June 2019 % Total Return


2019 Fundsmith Sustainable Equity1


Investment Assoc. Global Sector


Quartile Rank Nov 2017


to 30.6.19 +26.2


+19.9 1st


I class accumulation shares. Source: Financial Express Analytics. Inception: 1st


2018 +4.6 -5.7 1st


Inception to 30.6.19


+29.1 +12.0 1st


In addition, Fundsmith screens investments for sustainability in the widest sense, taking account not only the companies handling of environmental, social and governance policies and practices but also their policies and practices on research and development, new product innovation, dividend payments and the adequacy of capital investment.


www.fundsmith.green 020 3551 6337


For investment professionals only. This is not a financial promotion and this document does not constitute an offer or solicitation. Issued and approved by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority. 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.


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