I wouldn’t say my view has changed much since then. We had the 2021 half-year results last month and quality-type shares favoured by Fundsmith have had a better run in the last few months after a more difficult patch from February to May.

Hope that helps!

Thanks GI. Difficult to say how much issuing shares at a premium has added to performance. Maybe between 1% and 1.5% since the fund launched? Not insignificant, therefore, but not a massive factor either.

Personally, I’m not too worried about the small number of companies in the SSON portfolio as I’ve got a few funds that take a similar approach. But it does mean investors need to consider whether the trust can buy and sell its holdings in the quantities it wants, and the larger the trust gets the more difficult that’s likely to become. So I’ll definitely be watching to see what they say on this in future statements/results/presentations etc.

There is a second point that I would make as to whether there are adequate numbers of quality smaller companies to invest in the £500 million to £15 Billion range that you point out in the article Smithson likes to invest in . So is this type of Fund going to be constrained by available investee companies going forward and can it therefore increase the share capital size,, which as stated above is part of it’s strategy, only if it invests more in the same target companies. The number of investee companies at 31 in number is quite small so this makes me wonder going forward.