This is a marketing Factsheet

communication +352 282 941 36

Price Data 31st August 2022 Investment objective

Share Class OCF* Minimum Price The Fund is actively managed, which means that the investments are selected at the discretion of the investment manager. The
investment objective of the Sub-fund is to achieve long-term growth in value. The Sub-fund will invest in equities on a global basis. The
T Class Acc 1.09% EUR 2,000 € 52.33
Sub-fund’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. The Sub-fund has
T Class Inc 1.09% EUR 2,000 € 49.34 stringent investment criteria which the Investment Manager adheres to in selecting securities for the Sub-fund’s investment portfolio.
R Class Acc 1.61% EUR 2,000 € 49.74 These criteria aim to ensure that the Sub-fund invests in:
R Class Inc 1.61% EUR 2,000 € 48.80
high quality businesses that can sustain a high return on operating capital employed;
I Class Acc 0.94% EUR 5M € 53.03 businesses whose advantages are difficult to replicate;
I Class Inc 0.94% EUR 5M € 49.54 businesses which do not require significant leverage to generate returns;
businesses with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;
USD T Class Acc 1.12% USD 2,000 $ 8.47
businesses that are resilient to change, particularly technological innovation; and/or
USD T Class Inc 1.12% USD 2,000 $ 8.47 businesses whose valuation is considered by the Investment Manager to be attractive.
USD R Class Acc 1.68% USD 2,000 $ 8.45
The Sub-fund takes sustainability risk and ESG characteristics into account as part of its selection process. In that respect, the Sub-fund
USD R Class Inc 1.64% USD 2,000 $ 8.45 promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. For the assessment, areas like corporate
USD I Class Acc 0.95% USD 6M $ 29.46 strategy, corporate governance, transparency and the product and service range of a company are taken into account. More information
USD I Class Inc 0.94% USD 6M $ 27.77 can be found in the Prospectus.

CHF I Class Acc 0.95% CHF 6M CHF 36.80 Principal Risks

CHF I Class Inc 0.94% CHF 6M CHF 34.31 Currency Risk: The fund’s portfolio is a global portfolio and many of the investments are not denominated in Euros. There is no currency
GBP I Class Acc 0.94% GBP 5M £ 35.71 hedging made by the fund. The Euro price of the shares may therefore rise or fall purely on account of exchange rate movements.
GBP I Class Inc 0.94% GBP 5M £ 34.03
Concentration Risk: The fund’s portfolio complies with the UCITS requirements on spread of investment. Having said that, application
of the investment criteria described above significantly limits the number of potential investments: the fund generally invests in 20 to
Historical Prices 30 stocks and so it is more concentrated than many other funds. This means that the performance of a single stock has a greater effect
on the price of the fund.
Standing Data Operational Risk: Failures or delays in operational processes may negatively affect the fund.
Sustainability risk: The Fund is subject to the risk that environmental, social or governance conditions or events may occur that may
As at 31 Aug 2022
have a material negative impact on the value of its investments.
Portfolio Manager Terry Smith Risks inherent in the holding of shares: There is no assurance that any appreciation in the value of investments in Shares will occur. The
Fund Type SICAV Net Asset Value per Share is expected to fluctuate over time with the performance of the Sub-fund’s investments.  Shareholders may
not fully recover their initial investment when they choose to redeem their Shares or upon compulsory redemption, if the Net Asset
Launch Dates Euro: 2.11.11 CHF: 5.4.12
Value per Share at the time of such redemption is less than the Subscription Price paid by such Shareholder or if there remain any
Launch Dates USD (I): 13.3.13 GBP: 15.4.14 unamortised costs and expenses of establishing the Sub-fund. An investment in Shares should only be made by those persons who are
Launch Dates USD (T, R): 4.2.22 able to sustain a loss on their investment. The Shares should be viewed as long term investments (at least 5 years).
Administrator Northern Trust
Auditor Deloitte S.A. Performance, % Total Return
Dealing Daily at 13:00 C.E.T Aug 2022 to Inception to Annualised to
  2021 2020 2019 2018 2017
2022 31.08.22 31.08.22 31.08.22
Dividend Dates On or about 28/2 & 31/8
Fundsmith 1 -2.8 -13.2 +28.9 +10.7 +32.5 +0.9 +17.7 +423.3 +16.5
Key Facts Equities2 -2.8 -7.0 +31.1 +6.3 +30.0 -4.1 +7.5 +275.1 +13.0
As at 31 Aug 2022 EU Bonds3 -9.2 -24.1 -7.0 +11.2 +15.4 +2.4 -0.3 +59.5 +4.4
Fund Size €8.6bn Cash 4 -0.0 -0.3 -0.6 -0.4 -0.4 -0.4 -0.4 -1.7 -0.2
Gross / Net Yield< 1.09% / 0%
The Fund is not managed with reference to any benchmark, the above comparators are provided for information purposes only. 1 T class € accumulation shares, net of fees priced at
2021 PTR # -0.5%
midday UK time, source: Bloomberg 2 MSCI World Index (€ Net) priced at close of business US time, source: www.msci.com. The MSCI World Index is a developed world index of global
7 Day Fund Liquidity> 93% equities across all sectors and, as such, is a fair comparison given the Company's investment objective and policy. 3 Bloomberg/Barclays Bond Indices Euro Govt 10 yr, source:
Bloomberg 4 € Interest Rate, source: Bloomberg. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well
No. Holdings 28 as rise and be affected by changes in exchange rates, and you may not get back the amount of your original investment.
Average Co. Founded 1925
Median Market Cap €111.5bn
Portfolio Comment for August 2022
Active Share as at 31.12.21” 86%
We exited our position in Kone during the month. The top 5 contributors in the month were Paypal, Automatic Data Processing, Brown-
2021 Transaction Costs 0.03% Forman, Pepsico and Philip Morris. The top 5 detractors were Waters, IDEXX, Novo Nordisk, Church & Dwight and L'Oréal.

Fund Performance Analysis

Top 10 holdings Our values
To 31 Aug 2022, T Class Acc %
Microsoft No Fees for Performance
Annualised Rate of Return +16.5
Novo Nordisk No Up Front Fees
Best Month +10.9 (Oct '15)
L'Oréal No Nonsense
Worst Month -8.1 (Jan '22)
Philip Morris No Debt or Derivatives
Average Month +1.3
Estée Lauder No Shorting
% Positive Months 71
Pepsico No Market Timing
Geographic Split IDEXX No Index Hugging
As at 31 Aug 2022, by Country of Listing % Automatic Data Processing No Trading
US 74.0 McCormick No Hedging
France 8.5 Stryker
Fundsmith knows
Denmark 7.4
UK 5.7
Just a small number of high quality, resilient, global growth companies that are good value and which we intend to hold for a long time,
Spain 1.4 and in which we invest our own money.
Cash 2.9

Sector Split
As at 31 Aug 2022, GICS® Categories %
Consumer Staples 34.7
Technology 26.2
Healthcare 21.1
Consumer Discretionary 9.0
Communication Services 4.8
Industrials 1.3
Cash 2.9

© 2022 Fundsmith LLP. All rights reserved. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. 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.
 This is a marketing Factsheet
communication +352 282 941 36

Security Identification Codes

Share Class Launch Date SEDOL ISIN MEXID Bloomberg
T Accumulation € 02/11/2011 B4K9WN1 LU0690375182 4FFEED FSEQFTA
T Income € 02/11/2011 B6WVNC5 LU0690375422 4FEEDR FSEQFTI
R Accumulation € 02/11/2011 B58W369 LU0690374615 4FEDER FSEQFRA
R Income € 02/11/2011 B6SVBD6 LU0690374961 4FEDERE FSEQFRI
I Accumulation € 02/11/2011 B6TWPG9 LU0690374029 4FEQUI FSEQFIA
I Income € 02/11/2011 B4W03Z1 LU0690374532 4FQUIT FSEQFII
USD T Accumulation 13/03/2013 BNVW1M4 LU2404859402 FUAADG FUFSETU
USD T Income 13/03/2013 BNVW1N5 LU2404859584 FUAADF FUFSETD
USD R Accumulation 13/03/2013 BNVW1P7 LU2404859667 FUAADE FUFSERU
USD R Income 13/03/2013 BNVW1Q8 LU2404859741 FUAADD FUFSERD
USD I Accumulation 13/03/2013 B9QN5S8 LU0893933373 4FUNDI FSEFIAU
USD I Income 13/03/2013 B96SVJ6 LU0893933456 4FUNDT FSEFIIU
CHF I Accumulation 05/04/2012 B96SVB8 LU0765121677 4FUNDS FSEQCHA
CHF I Income 05/04/2012 B96SVH4 LU0765126635 4FUNDM FSEQCHI
GBP I Accumulation 15/04/2014 BMH4M80 LU1053186349 4FAAAE FSEFGIA
GBP I Income 15/04/2014 BMH4MD5 LU1053186000 4FAAAD FSEFGII

Performance chart

Past performance does not predict future returns. Returns for periods over one year are annualised. The past performance shown has been calculated using Euros. If the Euro is not
your local currency, the returns shown may increase or decrease when converted into your local currency. For fees, refer to the KIID.

© 2022 Fundsmith LLP. All rights reserved. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. 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.
 This is a Factsheet
marketing +352 282 941 36
communication

Monthly performance table, % Total Return, T Class, EUR, Accumulation Shares

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2011                     +2.5 +6.6 9.3
2012 +1.2 +2.2 +2.4 +2.1 +1.2 +1.0 +6.5 -1.6 -0.2 -1.6 +2.4 -2.1 14.2
2013 +3.8 +3.8 +5.7 +1.2 +2.3 -2.3 +0.7 -2.1 +1.9 +2.7 +2.4 +0.2 22.2
2014 -2.3 +3.2 +0.9 +0.7 +5.1 +0.4 +1.8 +2.6 +3.7 +3.7 +5.5 +2.7 31.6
2015 +7.8 +4.0 +1.2 -0.9 +3.7 -5.4 +6.7 -7.3 -1.2 +10.9 +4.2 -1.8 22.3
2016 -4.6 +2.6 +1.5 +0.1 +4.1 -0.1 +3.8 +0.6 -0.8 -1.9 +1.8 +2.4 9.4
2017 +0.1 +6.6 +1.5 +2.0 +1.8 -1.7 -0.7 -0.9 +1.1 +6.0 +0.2 +0.7 17.7
2018 +2.8 -2.4 -3.8 +3.0 +6.7 +1.0 +1.9 +2.4 +1.0 -6.0 +2.9 -7.5 0.9
2019 +6.9 +6.4 +5.7 +2.0 -1.4 +2.5 +2.9 +0.5 -1.0 +0.8 +3.0 +0.6 32.5
2020 +3.5 -7.8 -7.2 +10.1 +3.1 -1.1 +2.0 +4.9 -1.0 -1.0 +5.0 +1.3 10.7
2021 -0.7 +2.6 +4.3 +3.6 +0.5 +5.9 +3.5 +0.9 -3.5 +2.2 +2.6 +4.1 28.9
2022 -8.1 -4.4 +2.8 -0.8 -5.4 -3.7 +9.5 -2.8         -13.2

Dividend Payments
Payable on 28th February and 31st August 

Name Direct Advised Institutional Institutional Institutional Institutional

Share class T Class R Class I Class CHF I Class USD I Class GBP I Class
Interim 1st Jan 2022 to 30th June 2022 Income 0.0000 0.0000 0.0100 0.0060 0.0064 0.0084
Final 1st Jul 2021 to 31st Dec 2021 Income 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Interim 1st Jan 2021 to 30th June 2021 Income 0.0196 0.0000 0.0538 0.0410 0.0355 0.0364
Final 1st Jul 2020 to 31st Dec 2020 Income 0.0104 0.0000 0.0395 0.0350 0.0231 0.0304
Interim 1st Jan 2020 to 30th June 2020 Income 0.0596 0.0000 0.0888 0.0689 0.0512 0.0660
Final 1st Jul 2019 to 31st Dec 2019 Income 0.0288 0.0000 0.0563 0.0443 0.0437 0.0394
Interim 1st Jan 2019 to 30th June 2019 Income 0.0225 0.0000 0.0473 0.0354 0.0295 0.0342

" Active Share measures how much the portfolio holdings differ from the benchmark index (MSCI World) i.e. a portfolio that is identical to the benchmark
would have 0% active share.

* 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. The fees and charges paid by the Fund will reduce the return on your investment. Certain costs paid by the fund will be
charged in Euros and exchange rate fluctuations may cause these costs to increase or decrease when converted into your local currency.

# The PTR (Portfolio Turnover Ratio) has been calculated in accordance with the methodology laid down by the CSSF. This compares the total share
purchases and sales less total creations and liquidations with the average net asset value of the fund.

> 7 Day Fund Liquidity is calculated based upon 30% of trailing 20 day average volume.

< Gross Yield reflects the historic dividend income received by the fund in the preceding 12 months before the deduction of all expenses including
management fees. Net yield is Gross Yield less the deduction of all expenses including management fees i.e. Gross Yield less the OCF. In both cases we use
T Class Shares as reference. Please note that rates would vary for I Class and R Class shares. Additional fund expenses will further reduce the yield received.

N.B. When a position is being built for the fund the company name is not disclosed on the factsheet

This factsheet is issued by Fundsmith SICAV which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a societé
d’investissement à capital variable. The SICAV is governed by Part I of the UCI Law and qualifies as a UCITS. The SICAV’s prospectus and annual and semi-
annual reports are available in English, while the key investor information documents (“KIIDs”) are available in Danish, Dutch, English, French, German,
Norwegian, Portuguese, Spanish and Swedish. The prospectus, annual and semi-annual reports and KIIDs are available on www.fundsmith.eu. This is a
marketing communication. Please refer to the prospectus of the UCITS and to the KIID before making any final investment decisions.

Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well as rise and be
affected by changes in exchange rates, and you may not get back the amount of your original investment. Please note that the performance information
provided takes into account withholding taxes or taxes of another nature levied over the dividends or interest received by the SICAV. The tax treatment of
the gains and losses made by the investor and of distributions received by the investor depends on the individual circumstances of each investor and may
imply the payment of additional taxes. Before any investment is made in the SICAV, investors are urged to consult with their tax advisors for a complete
understanding of the tax regime which is applicable to their individual case. The decision to invest in the Fund should take into account all the
characteristics or objectives of the Fund as described in its prospectus.

MSCI World 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. Further information about the
sustainability-related aspects of the Fund is available here.
 This is a Factsheet
marketing +352 282 941 36
communication

Australia
By receiving materials with respect to the SICAV, each prospective investor is deemed to represent that it is a wholesale client and professional or
sophisticated investor (as those terms are defined in the Australian Corporations Act). Such materials are not intended to be distributed or passed on,
directly or indirectly, to any other class of persons in Australia. The information in this factsheet has been prepared for information purposes and sets out
information relating to the offer of shares in the SICAV. It does not take into account any investor's investment objectives, financial situation or particular
needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation
and needs. Any advice contained in this document is provided by the SICAV. The SICAV does not hold an Australian financial services licence which
authorises it to provide advice in relation to the shares in the SICAV. No cooling-off regime applies to an acquisition of the shares in the SICAV.

France
The SICAV's prospectus is not available in French

Netherlands
FundRock Management Company S.A. is a management company of undertakings for collective investment in transferable securities ("UCITS") within the
meaning of the UCITS Directive and is authorised to offer shares in the Fundsmith Equity Fund SICAV to investors in the Netherlands on a cross border basis
and is registered as such in the register kept by the Dutch Authority for the Financial Markets ("AFM") www.afm.nl

Portugal
Please note that the performance information provided takes into account withholding taxes or taxes of another nature levied over the dividends/interest
received by the SICAV. The tax treatment of the gains and losses made by the investor and of distributions received by the investor depends on the
individual circumstances of each investor and may imply the payment of additional taxes. Before any investment is made in the SICAV, investors are urged
to consult with their tax advisor for a complete understanding of the tax regime which is applicable to their individual case.

Singapore
Fundsmith Sicav (the “Fund”), which is the subject of this document, does not relate to a collective investment scheme which is authorised under section 286
of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or Recognised under section 287 of the SFA. This document has not been registered
as a prospectus with the Monetary Authority of Singapore (the “MAS”). Accordingly, this document and any other document or material in connection with
the offer or sale, or invitation for subscription or purchase, of units in the Fund may not be circulated or distributed, nor may units be offered or sold, or be
made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than 1.To an institutional investor
under section 304 of the SFA; or 2.To a relevant person pursuant to section 305(1) of the SFA or any person pursuant to section 305(2) of the SFA (and such
distribution is in accordance with the conditions specified in section 305 of the SFA); or 3.O therwise pursuant to, and in accordance with the conditions of,
any other applicable provision of the SFA. In particular, for investment funds that are not authorised or recognised by the MAS, units in such funds are not
allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus
as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply and investors should consider
carefully whether the investment is suitable for them.

Switzerland
Swiss representative and paying agent: RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Bleicherweg 7, CH-8027 Zürich. The
prospectus, KIIDs, instrument of incorporation and annual and semi-annual report can be obtained free of charge from the Swiss representative. 

© 2022 Fundsmith LLP. All rights reserved. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered
number 523102. 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.