• Our Promise

    • No fees for performance
    • No up front fees
    • No nonsense
    • No debt or derivatives
    • No shorting
    • No market timing
    • No index hugging
    • No trading
    • No hedging
    • Fundsmith Knows

  • FSEF will screen the world to find businesses which:

    · Sustain a high return on operating capital employed
    · Have advantages that are difficult to replace
    · Do not require significant borrowing to generate returns
    · Have a high degree of certainty of growth from reinvestment of their cash flows at high rates of return
    · Are resilient to change, particularly technological innovation
    · Have a valuation which is considered to be attractive


    FSEF will not invest in businesses in any of the following sectors:

    · Aerospace & Defence
    · Brewers, Distillers & Vintner
    · Casinos and Gaming
    · Gas and Electric Utilities
    · Metals & Mining
    · Oil, Gas and Consumable Fuels
    · Pornography
    · Tobacco

    In addition Fundsmith screens investments for sustainability in the widest sense, taking account not only the companies handling of environmental, social and governance policies and practices but also their policies and practices on research and development, new product innovation, dividend policy and adequacy of capital investment.


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