Did receive an invitation email on the 20th.
England has decided to do away with any testing or quarantine requirements. I’m tempted (though it’s on a weekday).
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Alright, I nibbled into a bit of their T class via IBKR.
Is the order usually carried out at the end of the day, or how does it work with mutual funds?
Edit: I read on Investopedia - after market close. 
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Can you please share the ticker for it? I bought some SSON this morning, but that’s different from the T class. I saw GB00B4Q5X527 in one of the screenshots at the beginning of the thread, but not sure if this is the right one.
Pricing and dealing is once per day at noon uk time. If you place the order in IBKR before ~11 am CET you should be sure to get today’s price
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This is interesting, you can trade it without having an account with them ? I should make some research and thought about this opportunity.
Nice, I also got some SSON this morning on IBKR. The only downside is the high commission fee for the LSE. I now paid 21.94 in commissions for this buy transaction…
What? Why?
4.5gbp for me.
No clue why you could get so cheap. Was it a small amount maybe? Here below is the screenshot of my order…
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When you buy UK shares 0.5% stamp duty applies, SSON is traded as a share as is FEET
Does not apply to mutual funds (Fundsmith)
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It depends on the order size. I bought 149 shares (wanted to buy 150, but it didn’t work due to fees) and paid 13.67 GBP in fees (which amounted to 0.55%). So I guess it’s the stamp duty of 0.5% plus LSE and/or IB fees of 0.05%.
Cheers!
Edit: just noticed that I don’t have trading permissions for mutual funds yet. So I guess Fundsmith “T” has to wait for tomorrow. That can be good or bad. Let’s see how the markets will move after the FOMC press conference today.
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That’s it, thanks for the enlightenment!
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still managed to underperform the index
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I was able to get my mutual funds trading permission within 5 minutes yesterday, so I could put a buy order for I444363269. According to IBKR app, the order was filled at 12:45 yesterday. But: I can’t see the mutual fund in my portfolio overview. Is this to be expected, or what am I missing?
Just checked in the portal: I have an entry for I444363269 (Fundsmith Equity “T” (GBP) ACC) now, but the amount is still 0. The amount of GBP is gone from my cash, so I assume they have bought the funds. Did someone have the same experience when buying Fundsmith mutual funds?
Can you see it in “trades” with the price paid?
I could imagine there is a risk noon UK daily purchase time was missed and you might get today’s purchase and today’s price as a result.
Otherwise I can’t remember this problem but never followed it closely
Or maybe it was bought yesterday (at yesterday‘s price) but just takes time to settle and „deliver“
He/she will most likely be fine. It‘s not anything I‘d worry about, rather than just notice.
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Yes, I can see it in the trades from yesterday with the overall amount in GBP. Bought on exchange “ALLFUNDS”. Are you able to see the mutual fund in your IBKR mobile app? I can only see the name in portal. Amount is still 0, but I guess it should be fine.
Yes, as below in iPhone app. Would be nice if they showed the last price but not a major issue
[EDIT: Screenshot shows Smithson (SSON) which is traded as a share; as well as the IBKR code for Fundsmith T Class Acc GBP which is an open ended fund (Mutual fund ). I should have clarified that I included them both for comparison - thanks to @San_Francisco for pointing it out]
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SSON is not a mutual fund - it‘s an exchange-traded investment trust… Or much like an ETF, if you will, but unlike the main „Fundsmith equity fund.
Mutual funds and ETFs, closed-end funds or such investment trusts are, technically, quite different especially in how they‘re bought, sold and „delivered“.
SSON works as any other company‘s shares that can be traded throughout the day with any market participant at market prices on the exchange it‘s listed.
The main Fundsmith equity fund shares however will ultimately be bought and sold from/to the fund.
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Side note: you can also distinguish between them like this: mutual funds are usually bought at a „what it‘s really worth“ price (NAV plus or less fees), whereas exchange-traded shares are bought at what market participants are „willing to pay“. They can trade at considerable premiums over or discounts NAV.
For instance, Smithson showed a 3.0% premium in market price over their NAV as of December 31, while Fundsmith Emerging Equities Trust shows a 9.8% discount.
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