SBUX - Fundsmith Equity Fund Annual Letter 2020 To Shareholders

• Fundsmith Equity Fund manages £14 billion on behalf of some of the world’s largest and most sophisticated wealth managers and private banks, as well as for prominent families, charities, endowments and individuals invested in our fund range, and is focused on delivering superior investment performance at a reasonable cost.
• T Class Accumulation shares, the most commonly held share class and one in which I am invested, which rose by +18.3% in 2020 and compares with a rise of +12.3% for the MSCI World Index in sterling with dividends reinvested.
• The FTSE 100 delivered a total return of -11.5% in 2020 so our Fund outperformed this by a margin of 29.8 percentage points.
• We sold our stakes in Clorox and Reckitt Benckiser and purchased stakes in Nike and Starbucks during the year.

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