Fundsmith LLP

Brochure

At Fundsmith we have always been concerned with finding companies to invest in which take and implement the commercial decisions necessary to sustain and grow their business and have always measured items like capex, marketing and product innovation.

Letters to Shareholders

Every January we publish our annual letter to shareholders which reviews our investment strategy, performance, portfolio changes and other important issues at large that we believe our shareholders should be aware of.

Our approach to responsible investment

This document sets out what we mean by responsible investment and how we integrate ESG (environmental, social and governance) factors into our investment process.

Papers and articles

  1. 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
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  2. 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
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  3. 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
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  4. 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.

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  5. 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
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Third-party Analysis on Fundsmith