| Change Details | |
|---|---|
| Title | Smithson Investment Trust Plc |
| Type | Mergers |
| Companies Impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Effective Date | 27 February 2026 |
| 1. Asset details | |
| Companies impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Asset Group | Fundsmith LLP |
| Asset Name | Smithson Investment Trust Plc |
| Type of change | Merger |
| Date merger effective from | 27 February 2026 |
| Date asset suspended | 10 February 2026 |
| Deadline for investors to switch out if appropriate | 2:00pm on 10 February 2026 |
| Is the event subject to shareholder approval? | Yes - Approved |
| 2. Asset details | |
| Current Asset | New Asset |
| Smithson Investment Trust Plc (Investment Trust) | Smithson Equity(OEIC) |
| 3. Merger details | |
| Will the phasing option automatically continue? | Yes |
| Will the rebalancing option automatically continue? | Yes |
| Will ongoing direct debit payments automatically be redirected into the new asset? | Yes |
| 3. Investment objectives | |
| Previous objective | The Company’s investment objective is to provide Shareholders with long term growth in value through exposure to a diversified portfolio of shares issued by listed or traded companies. The Company’s investment policy is to invest in shares issued by small and mid (“SMID”) sized listed or traded companies globally with a market capitalisation (at the time of initial investment) within the range of the constituents of the MSCI World SMID Index. 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 investing in approximately 25 to 40 companies. The Company may also invest cash held for working capital purposes and awaiting investment in cash deposits and money market funds |
| New objective | The fund's objective is to achieve long-term (over 5 years) growth in value, investing in shares of small and mid-cap listed companies globally that (at the time of investment by the Company) have a market capitalisation within the range of the constituents of the MSCI World SMID Index. The fund is not limited to investing in companies which are constituents of the MSCI World SMID Index. The fund's approach is to be a long-term investor in its chosen shares and it will not adopt short-term trading strategies. The fund has stringent investment criteria in selecting securities for its investment portfolio, investing in businesses: • that can sustain a high return on operating capital employed; • that generate substantial cashflow • that have a clearly identifiable source of secular growth (growth that is driven by long-term forces in the market, rather than short-term, cyclical change) to enable retained cash to be invested at a high rate of return; • whose advantages are difficult to replicate; • which do not require significant borrowing to generate returns; • that are resilient to change, particularly technological innovation; • whose valuation is considered to be attractive. The investment portfolio of the fund will be concentrated, generally comprising between 25 - 40 stocks. The fund will not invest in other funds, property or derivatives nor hedge any currency exposure. The fund will not borrow money, except in unusual circumstances. The fund is actively managed meaning that the fund manager uses their expertise to select investments to achieve the fund's objective. The fund does not track and is not managed by reference to any particular benchmark. The fund does not have any specific geographical or sector focus. |