Smithson Investment Trust
UK flag United Kingdom UK
1472.00 p 10.00 (0.68%) Up 25 Dec, 18:00 GMT
UK
EU
US
South Africa Mauritius Global

Please enter a keyword and press return to search

Or explore one of the topics below

Fund Factsheet

Price & NAV Data

As at 23rd December 2024
NAV 1638.35p
Price 1462.00p
Premium (+) / Discount (-) -10.8%
OCF# to 30.06.2024 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
Northern Trust
Registrar Link Market Services Limited
Co. Secretary
Apex Listed Companies Services
Dealing LSE Main Market
AIC Sector Global Smaller Companies
Investment Manager
Fundsmith LLP

Key Facts

As at 29 Nov 2024
Market Capitalisation £2.0bn
Est. Portfolio Yield§ 1.3%
2023 PTRΔ 27.2%
No. Holdings 33
Median Company Founded 1963
Median Market Cap £8.3bn
Gearing policy Up to 15% short term
No. Shares in Issue 132,263,709
2023 Transaction Costs 0.03%

Fund Performance Analysis

To 29 Nov 2024 %
Annualised Rate of Return +8.8%
Best Month +13.3% (Apr '20)
Worst Month -15.1% (Jan '22)
Average Month +0.8%
% Positive Months 58%

Geographical Split

As at 29 Nov 2024 by Listing %
USA 48.2
UK 15.9
Italy 8.7
Germany 7.0
Switzerland 5.2
New Zealand 4.0
Sweden 3.8
Denmark 3.0
Japan 1.2
Belgium 1.0
Cash◊ 2.0

Sector Split

As at 29 Nov 2024 by NAV - GICS® Categories %
Industrials 43.2
Information Technology 18.3
Health Care 11.9
Consumer Discretionary 10.5
Consumer Staples 8.5
Financials 3.6
Materials 1.9
Cash◊ 2.0

Security Identification Codes

Name Code
SEDOL BGJWTR8
ISIN GB00BGJWTR88
EPIC SSON

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) of between £500 million and £15 billion. 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

  Nov 2024 2024 to
29.11.24		 2023 2022 2021 2020 2019 Inception* to
29.11.24		 Annualised to
29.11.24
Smithson NAV1 +4.7 +5.1 +13.3 -28.1 +18.9 +31.4 +33.2 +67.9 +8.8
Smithson Share Price +6.7 +5.7 +8.2 -35.2 +18.1 +31.7 +29.8 +49.6 +6.8
Equities2 +7.4 +16.7 +9.1 -8.7 +17.8 +12.2 +21.9 +71.7 +9.2
UK Bonds3 +1.7 -0.7 +5.6 -15.0 -4.5 +4.6 +3.8 -5.5 -0.9
Cash4 +0.4 +4.7 +4.6 +1.4 +0.1 +0.3 +0.8 +12.5 +1.9

1Source: Bloomberg, starting NAV 1000, net of fees.  2MSCI World SMID Index, £ Net, source: www.msci.com.
3Bloomberg Series-E UK Govt 5 - 10 yr Bond Index, source: Bloomberg.  4£ Interest Rate, source: Bloomberg.  *From 19.10.18

Portfolio Comment for November 2024

We sold out of Fortinet after the share price had increased by 4x since we acquired the position and the company became too large for the strategy. We began acquiring a holding in Medpace, a US based contract research company with exposure to the high growth biotechnology sector. The top 5 contributors in the month were Qualys, Sabre, Oddity, Graco and Choice Hotels International. The top 5 detractors were Ambu, Moncler, Rational, Fevertree Drinks and Croda.

Top 10 holdings

  • Diploma
  • Rational
  • Verisk Analytics
  • Verisign
  • Fisher & Paykel
  • Choice Hotels International
  • Geberit
  • Graco
  • Clorox
  • Moncler

Smithson

  •  Small &
  •  Mid Cap
  •  Investments
  •  That
  •  Have
  •  Superior
  •  Operating
  •  Numbers

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.

Δ 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   +5.1

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.

Fund Factsheet Archive

Disclaimer - Important

Please select your country of residence


THE WEBSITE YOU ARE SEEKING TO ACCESS IS MADE AVAILABLE BY SMITHSON INVESTMENT TRUST PLC (THE "COMPANY") IN GOOD FAITH AND IS PROVIDED FOR INFORMATION PURPOSES ONLY.
THE INFORMATION CONTAINED ON THIS WEBSITE IS INTENDED FOR PERSONS IN THE UNITED KINGDOM ONLY AND IN PARTICULAR IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (EEA), THE UNITED STATES OF AMERICA (UNITED STATES), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISIDICTION WHERE ITS RELEASE, PUBLICATION OR DISTRIBUTION IS OR MAY BE UNLAWFUL.

Please read this notice carefully – it applies to all persons who view this website. Please note that the terms set out below may be altered or updated without notice. You should read the following provisions in full each time you visit the site. In addition to this disclaimer, you should read the Legal Notice applicable to this site before you access it. A link to this site's Legal Notice can be found at the bottom of each page on this site.

The information on this website is intended for, and may be accessed only by, persons in the United Kingdom. Viewing the materials you are seeking to access may not be lawful in other jurisdictions.

No securities of the Company have been or will be registered under the US Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US person (within the meaning of Regulation S under the Securities Act). In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States.


If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the "Disagree" button below. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into any Member State of the EEA, the United States, Australia, Canada, the Republic of South Africa or Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. Neither the Company, Fundsmith LLP ("Fundsmith") nor their respective advisers accept any responsibility for any violation by any person of any of these restrictions.

Basis of access

Access to this website is for information purposes only. Any person seeking access to this website represents and warrants to the Company and to Fundsmith that they are doing so for information purposes only. Making this website available does not constitute an offer to issue or sell or the solicitation of an offer to subscribe for or buy securities in the Company. Further, it does not constitute a recommendation by the Company or Fundsmith or any associated company or any other person to subscribe for or buy securities in the Company. The information on this website is general in nature and does not in any way constitute investment, tax, legal or other advice.
None of the Company, Fundsmith or any other person has, or accepts, any responsibility or duty to update any information, document or announcement contained on this website and the Company reserves the right to add to, remove or amend any information available on this website at any time.

Investec Bank plc ("Investec"), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and no-one else in connection with the matters referred to on this website and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Investec or accordingly for providing advice in relation to any matters referred to on this website. Apart from the responsibilities and liabilities, if any, which may be imposed on Investec by the Financial Services and Markets Act 2000, as amended, or the regulatory regime established thereunder, Investec does not accept any responsibility whatsoever for the contents of this website or for any statement made or purported to be made by it, or on its behalf, in connection with the Company. Investec accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of such material or any such statement.

The information on this website is general in nature and may be subject to amendment and updating without notice. None of the Company, Fundsmith nor any other person guarantees the accuracy or completeness of any information on this website and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your use of this website and its content.


Neither the Company, its directors, Fundsmith nor any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website.

Confirmation of understanding and acceptance of terms

By clicking on the "Agree" button below, you confirm, represent and warrant to the Company and to Fundsmith that you are located in the United Kingdom and you agree that you will not forward, distribute or send any materials contained in this website to any person outside the United Kingdom.

I have read and understood the terms set out above, which I understand may affect my rights and I agree to be bound by those terms. By clicking on the "Agree" button below, I confirm that I am permitted to access the website.