TXN - Fundsmith Equity Fund 2024 Semi-Annual Letter To Shareholders

2024-07-09 11:20:00 ET

Summary

• Fundsmith Equity Fund underperformed the MSCI World Index in 2023 but has outperformed it since inception with lower price volatility.
• Fundsmith Equity Fund was up by 9.3% in the first six months of the year, 3.4 percentage points less than what is perhaps the most obvious comparator - the MSCI World Index.
• We prefer not to update the valuation at this stage of the year as although share prices are certain, the free cash flow on which we base our valuation has elements of seasonality, so we will leave it until the year-end to update the portfolio valuation.
• We began accumulating stakes in Texas Instruments.

Dear Fellow Investor,

The table below shows the performance of the Fundsmith Equity Fund ('Fund') and other comparators during the first half of 2024 and since inception....

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