Fundsmith Equity Fund
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687.29p T Class Acc, 24 Jun 25
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An ISA (Individual Savings Account) is a savings account available to UK residents on which the return is tax-free and which need not be declared on the investor’s tax return. All income (dividends and interest) and all capital gains within the account are free of tax. For the current year, 6 April 2025 to 5 April 2026 the overall investment limit is £20,000.

 

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Documents

Owner's Manual

Most fund managers will send you a glossy brochure. At Fundsmith we want you to have an Owner’s Manual. Why? Because your understanding of what we are trying to achieve and how we will approach it is a critical element in enabling us to attain our goal.

Owner's Manual

Letters to Shareholders

Periodically we publish letters to shareholders which review our investment strategy, performance, portfolio changes and other important issues at large that we believe our shareholders should be aware of.

Third-party Analysis on Fundsmith

A selection of third party reports on Fundsmith can be found here.

Morningstar Fundsmith Equity Fund Report

Reports and Accounts

About the fund

Key Investor Information Docs (KIID)

These documents provide you with key investor information about this fund. They are not marketing material. The information is required by law to help you understand the nature and risks of investing in this fund. You are advised to read them so you can make an informed decision about whether to invest. If you are unsure about the suitability of this fund, please consult a financial adviser.

Sustainability Disclosure Document

The Sustainability Disclosure Document provides information on the funds approach to sustainability as required by the FCA. The fund does not have a UK sustainable investment label as it does not have a sustainability goal. Sustainable investment labels help investors find products that have a specific sustainability goal.

Prospectus

Stewardship and Responsible Investing

These documents aim to provide our fund investors with a detailed insight into the environmental and social performance of our companies and how we execute our responsibilities as stewards of your money.

Assessment of Value

Fundsmith Assessment of Value 2024

Papers and Articles

  1. Fundsmith

    Unilever + GSK Consumer: A post mortem

    Project post mortems are often a good practice in business. The goal is to look at the project to determine what went right and what can be improved so that we can do things differently and better in future.

    By Fundsmith
    Read more
  2. Fundsmith

    AstraZeneca is beginning to look a lot like Tesco

    It might be tempting to view last week’s fall in the AstraZeneca share price in isolation, related to the disappointing results of the “Mystic” lung cancer drug trial. However, I suspect that AstraZeneca’s problems go much deeper than a setback for a single drug.

    By Terry Smith
    Read more
  4. Fundsmith

    Return Free Risk

    As investors we are taught that to obtain higher returns you must assume higher risk, but much of the evidence contradicts this assumption.

    By Terry Smith
    Read more
  5. Fundsmith

    Banned Words

    I have increasingly formed the view that there are some words and phrases which are used by company management, analysts and commentators which investors should be wary of.

    By Terry Smith
    Read more
  6. Fundsmith

    Lessons from the Tour de France

    You can take at least one vital lesson for successful investment from the Tour. It has never been won by a rider who won all the stages, and it never will.

    By Terry Smith
    Read more
  7. Fundsmith

    Share Buybacks

    Capital allocation decisions are amongst the most important decisions which management make on behalf of shareholders. In this document we analyse whether the current vogue for share buybacks is justified.

    By Terry Smith
    Read more