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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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Fundsmith News

What we are saying

Fundsmith Appointment

December 04 2020 Fundsmith

Fundsmith LLP, the fund management company founded by Terry Smith, announces the appointment of Paul Mainwaring as Chief Financial Officer.

Fundsmith Long/Short fund

June 26 2020 Fundsmith

You may have seen some media articles about a new fund that we have recently registered, the Fundsmith Long/Short Fund. The fund has been set-up to manage a portion of Terry’s assets that had hitherto been invested in bonds where yields are now near zero. The fund is not run by Terry Smith or being marketed to investors. Read the full statement...

What others are saying

Business Insider - Investing legend Terry Smith's $30 billion equity fund returned 440% to investors over a decade

December 28 2020 Kari McMahon

A decade since launching a new equity fund, investing legend Terry Smith has amassed £23 billion assets under management and returned 440% to investors over that timeframe. Smith provides Insider with exclusive insight into his 4-step strategy for success.

Investors Chronicle - Terry Smith talks big tech, fraud and ESG

December 17 2020 Dave Baxter

Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of today. He shares his views on China, the limits of ESG investment and some of the flagship fund's biggest holdings.

What Terry Smith is saying

Financial Times - There are only two types of investors

July 02 2020 Terry Smith

There is a lot to lose and little to gain from market timing I last wrote about the problems of so-called market timing in these pages in 2013 (Market timing: don't try this at home). With the Covid-19 pandemic dominating the news and recent volatility on world stock markets, you may have heard a lot about market timing again.

Financial Times - Never let a crisis go to waste

April 30 2020 Terry Smith

We now have a fully-fledged economic crisis caused by the reaction to the Covid-19 pandemic. What should you do about it in terms of investment?

Our Promise

FSEF will screen the world to find businesses which:

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

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Fundsmith News