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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.

www.fundsmith.green

Contact: Mark Laurence 020 3551 6337

Fundsmith News

What we are saying

Fundsmith Appoints IFA Sales Director

August 19 2019 Fundsmith

Fundsmith LLP (‘Fundsmith’), the fund management company founded by Terry Smith, announces the appointment of Scott Chivers as Sales Director to independent financial advisors (‘IFAs’), strengthening its customer relationship team.

Response to The Sunday Times article

April 07 2019 Fundsmith

Fundsmith is aware of an article published in The Sunday Times on 24 March 2019 alleging that we fail to abide by FCA rules on portfolio disclosure. Fundsmith has always prided itself on being at the vanguard of investor communications and The Sunday Times has now published a prominent apology.

What others are saying

GuruFocus - Terry Smith: The British Fund Manager Beating Buffett

September 04 2019 GuruFocus

Technically speaking, Terry Smith is not a hedge fund manager. The UK based fund manager, founded and manages the Fundsmith Fund, which today manages more than $20 billion of assets for clients, which mostly include small UK-based investors.

Apology from The Sunday Times

April 07 2019 The Sunday Times

On 24th March, The Sunday Times wrote an article suggesting that we were in breach of the FCA rules by failing to publish our full portfolio online. Today they have published a prominent apology, confirming there is no FCA or other obligation to do so and that we disclose our full portfolio of investments upon request. As we informed them ahead of publication of the original article, The Sunday Times has confirmed that we are not in breach. “We apologise to Mr Smith for this error.”

What Terry Smith is saying

Money Observer - Fundsmith’s Terry Smith: forecasters are like Michael Fish

January 03 2019 Terry Smith

Tumult, turbulence and turmoil are just the words beginning with the letter T used by commentators to describe the behaviour of stock markets in October. I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval(s), turbulence, tumult, disorder.

Financial Times - Busting the myths of investment: Do equities outperform bonds?

November 07 2018 Terry Smith

As an equity fund manager, questioning the investment myth that equities outperform bonds is the equivalent of coprolalia, an occasional characteristic of Tourette’s syndrome in which the sufferer involuntarily utters socially inappropriate remarks.

Our Promise

FSEF will screen the world to find businesses which:

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

www.fundsmith.green

Contact: Mark Laurence 020 3551 6337

Fundsmith News