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.
It does not change how Fundsmith Equity Fund and our other funds are being run. Nor does it change Terry’s commitment to maintain his substantial investments in Fundsmith Equity and the other Fundsmith funds.
Terry’s cautious nature has underpinned the success of Fundsmith Equity with its focus on a straightforward strategy to buy good companies, don’t overpay and do nothing. This will not change.
Earlier in his career, Terry was best known for his best-selling book ‘Accounting for Growth’ which exposed bad companies and this remains an area of great interest to him.
We do not intend to comment further on press speculation.