Baillie GiffordⓘAdd>+999%$272M0.28%Long-term growth / Global allocation
MarkelHold$19M0.16%Insurance float / Long-term value
HoskingⓘTrim-18.78%$7M0.27%Contrarian value / Global diversified
What managers sayⓘ
2025-12-31FundsmithBullFundsmith Annual Letter to Shareholders 2025Detail →
2025-06-30FundsmithBullFundsmith Semi-Annual Letter to Shareholders 2025Detail →
2025-06-30FundsmithNeutralFundsmith Equity Fund Interim Report 2025Detail →
2024-12-31FundsmithBullFundsmith Annual Letter to Shareholders 2024Detail →
2023-12-02Bireme CapitalNeutralBritish American TobaccoDetail →
2023-06-30FundsmithNeutralFundsmith Equity Fund Interim Report 2023Detail →
2021-01-14azvalor Asset ManagementBullQuarterly letter 4Q2020Detail →
2020-12-31FundsmithBearFundsmith Equity Fund Annual Report 2020Detail →
Earnings Callsⓘ
Q4 2026February 6, 2026
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Performance exceeded expectations, driven by strong growth in smoke-free products and the announcement of new medium-term targets, but the impact of Japan's consumption tax hike creates short-term pressure.
2026 smoke-free product volume growth guidance is high single-digit to low double-digit; IQOS adjusted to over 12% growth in 2025; ZYN growth in the U.S. fell short of expectations.
Business progress: IQOS accelerating growth in Italy, Germany, Spain, Indonesia, Philippines, and Taiwan (4% share); ZYN Ultra's FDA authorization application, expected approval in summer; Japan's phased consumption tax increases will impact volumes periodically, but IQOS market share remains solid amid the competitive landscape.
Guidance and outlook: 2026 targets upwardly revised; medium-term 2026–2028 algorithm is strong; combustible business sees volume declines due to sharp tax hikes in India and Mexico, but profits still grow; overall CAGR is similar to that of the medium term.
Risk/positive signals: Management is positive about FDA authorization, believing ZYN needs higher nicotine strength products, but is cautious about elasticity regarding Japan's consumption tax.