MAY 2019 FUND FACTSHEET

Price & NAV Data Fund Aim

As at 31 May 2019 The Company's investment policy is to invest in shares issued by
Price 1164.00p small and mid sized companies with a market capitalisation (at the
NAV 1129.03p time of investment) of between £500 million to £15 billion (although
the Company expects that the average market capitalisation of the
Premium (+) / Discount (-) +3.1%
companies in which it invests to be approximately £7 billion) on a
OCF to 31.12.18 1.05%
long-term, global basis.The Company’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
Standing Data
investing in approximately 25 to 40 companies as follows:
Since Inception
Portfolio
Simon Barnard (a) the Company can invest up to 10 per cent. in value of its Gross
Manager
Assets (as at the time of investment) in shares issued by any single
Fund Type Investment Trust
body;
EPIC
SSON
Code/Ticker
Launch Date 19 October 2018 (b) not more than 20 per cent. in value of the Gross Assets (as at
Performance the time of investment) can be in deposits held with a single body. In
None
Fee applying this limit all uninvested cash (except cash representing
AMC 0.9% distributable income or credited to a distribution account that the
Base Currency GBP Depositary holds) should be included;
Sponsor &
Investec Bank
Broker (c) not more than 20 per cent. in value of the Gross Assets (as at
Legal Adviser Travers Smith LLP the time of investment) can consist of shares issued by the same
Auditor Deloitte LLP group. When applying the limit set out in (a) this provision would
allow the Company to invest up to 10 per cent. in the shares of 2
Administrator Northern Trust
companies which are members of the same group (as at the time of
Registrar Link Asset Services

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 investment);
Depositary Northern Trust
Co. Secretary Praxis IFM (d) the Company’s holdings in any combination of shares or
Dealing LSE Main Market deposits issued by a single body must not exceed 20 per cent. in
Global Smaller value of its Gross Assets (as at the time of investment) overall;
AIC Sector
Companies
(e) the Company must not acquire shares issued by a body
corporate and carrying rights to vote at a general meeting of that
Key Facts
body corporate if the Company has the power to influence
As at 31 May 2019 by significantly the conduct of business of that body corporate (or
Listing
would be able to do so after the acquisition of the shares). The
Est. Portfolio Yield 1.2%
Company is to be taken to have power to influence significantly if it
No. Holdings 29 exercises or controls the exercise of 20 per cent. or more of the
Median Company voting rights in that body corporate; and
1971
Founded
Average Market Cap £7.3bn
(f) the Company must not acquire shares which do not carry a right
Up to 15% short
Gearing policy to vote on any matter at a general meeting of the body corporate
term
that issued them and represent more than 10 per cent. of these
No. Shares in Issue 101,775,958
securities issued by that body corporate.
Market Capitalisation £1.2bn

Geographic Split
Performance Overview, % Return
As at 31 May 2019 by Listing %
Inception
USA 50.3 May 2019 to
2018* to
2019 31.05.19
UK 19.0 31.05.19
Smithson NAV1 -3.6 +19.8 -5.8 +12.9
Denmark 6.5
Smithson Share Price -4.3 +16.4 +0.0 +16.4
Switzerland 5.9
Equities2 -2.8 +11.4 -8.3 +2.2
Australia 5.4
UK Bonds3 +1.9 +2.8 +2.1 +4.9
Italy 4.3
Cash4 +0.1 +0.4 +0.2 +0.6
New Zealand 2.9

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 Germany 1.7 1Source: Bloomberg, starting NAV 1000. 2MSCI World SMID Index, £ Net, source:

Cash 4.0 www.msci.com.

3Bloomberg/Barclays Bond Indices UK Govt 5-10yr, source: Bloomberg. 4Month £ LIBOR

Interest Rate source: Bloomberg. *From 19.10.18

Sector Split
As at 31 May 2019 by NAV - GICS®
%
Categories
Information Technology 43.8 Portfolio Comment for May 2019
Industrials 20.5 There were no outright sales or purchases of holdings made in the
month. The top 5 contributors in the month were Rightmove, Geberit,
Healthcare 16.2
Recordati Spa, Temenos and Paycom. The top 5 detractors were Ambu,
Consumer Discretionary 5.7 IPG Photonics, CDK Global, Cognex and A.O. Smith.
Communication Services 5.2
Financials 3.0
Materials 1.6
Top 10 Holdings Smithson
Cash 4.0
Rightmove Small &
Masimo Mid Cap
Security Identification Codes Equifax Investments
Sabre That
Name Code
Verisk Analytics Have
SEDOL BGJWTR8
Check Point Superior
ISIN GB00BGJWTR88 Recordati Spa Operating
EPIC SSON Halma
Numbers
Ansys
CDK Global

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

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 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.

NB Where a position is being built for the fund the company name is not disclosed in
factsheet data.

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.

Sector: Global Smaller Companies is the Association of Investment Companies defined sector and comprises a peer group of just 4 investment
trusts which invest at least 80% of their assets in smaller company securities. Namely, Marwyn Value Investors, Oryx International Growth,
ScotGems and Smithson.

Equity Fund Facts Archive

2019 Factsheets 2018 Factsheets

May 2019 Dec 2018

Apr 2019 Nov 2018

Mar 2019

Feb 2019

Jan 2019

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 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.

© 2019 Fundsmith LLP. All rights reserved. The financial promotion on this Site is communicated by
Fundsmith LLP. 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.

All investment is subject to risk. The value of the shares in Smithson Investment Trust plc (the "Company") may go down as well as up. Past
performance is no guarantee of future returns and there is no guarantee that the market price of the Company's shares will fully reflect their
underlying net asset value. There is also no guarantee that the Company's investment objective will be achieved. Potential investors are advised to
seek expert financial advice before making any investment decision and should be aware that they may not fully recover the amount invested.
Smithson Investment Trust plc Registered in England, Registered Number: 11517636
Smithson Investment Trust plc is an Investment Company (as defined under s833 of the Companies Act 2006).

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