Fundsmith Equity Fund
692.28p T Class Acc, 23 Jul 24

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Terry Smith to Stand Down as CEO of Tullett Prebon to Focus on Fundsmith – Fundsmith Equity Fund Assets Exceed £2 billion

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Fundsmith LLP (‘Fundsmith’) notes the statement issued yesterday by Tullett Prebon plc confirming Terry Smith’s intention to stand down from his position as Chief Executive of Tullett Prebon plc. Terry will focus on Fundsmith which he founded in 2010.

This announcement coincides with the assets under management in the Fundsmith Equity Fund exceeding £2 billion in May, having delivered an annualised return of 16.1% p.a. and a total return of 70.7% (T Class Accumulation Shares) since inception to 30th May 2014, outperforming the MSCI World Index (GBP, Net) by 26% and the average IMA Global equity fund by 38% and placing the fund 4th in the IMA Global sector out of 217 funds.

In addition Fundsmith is planning to launch this month the Fundsmith Emerging Equities Trust (‘FEET’) to apply its investment methodology to Developing Economies. Further information is available at


For further information please contact:

Greenbrook Communications   

Charlotte Balbirnie, Georgiana Brunner

+44 (0)20 7952 2000, +44 (0)7989 528421,

Notes to Editors

About Fundsmith

Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the crowd.” The rigorous research process of Fundsmith is central to what we do. We apply exacting standards to potential investments to produce a portfolio of resilient businesses with excellent performance. Minimising the costs we incur on behalf of our customers in implementing our strategy also sits at the heart of our philosophy.

Fundsmith was established in 2010 by Terry Smith. The business is owned and controlled by its partners, who have worked closely together over many years, and is headquartered in London with an office in Connecticut, USA. It is structured to survive Terry Smith’s demise and continue with the same investment philosophy. All partners of the firm have a significant co-investment in the Funds delivering a clear alignment of interest. Ancillary activities are outsourced to some of the world's leading providers in order to deliver high quality operations whilst allowing the Fundsmith team to focus on the investment analysis, portfolio management and customer care. Fundsmith has valued relationships and manage investments on behalf of some of the world’s largest and most sophisticated wealth managers, families, private banks, financial intermediaries and individuals.


Fundsmith Equity Fund

The Fundsmith Equity Fund has over £2 billion in assets under management invested in a high quality, concentrated portfolio of 20-30 resilient global growth companies which are held for the long term with the following characteristics:   

-high quality businesses that can sustain a high return on operating capital employed;

-businesses whose advantages are difficult to replicate;

-businesses which do not require significant leverage to generate returns;

-businesses with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;

-businesses that are resilient to change, particularly technological innovation;

-businesses whose valuation is considered by the Company to be attractive.

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 Emerging Equities Trust (FEET)

In May 2014, Fundsmith announced the launch of the Fundsmith Emerging Equities Trust PLC, an investment trust to be listed on the premium segment of the Official List and traded on the London Stock Exchange's Main Market for listed securities. The offer will close at noon on 20th June 2014. Online applications for shares and other details can be found at

Same Fund Manager

Same Unique Investment Process

Same No Nonsense

Same Discipline

Same Sectors

Same Methodology

Same Inactivity

Same Total Alignment of Interest

Same High Conviction


Important Information

An English language prospectus for the Fundsmith Equity Fund is available on request and via the Fundsmith website and investors should consult this document before purchasing units in the fund. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well as rise and be affected by changes in exchange rates, and you may not get back the amount of your original investment. Fundsmith LLP does not offer investment advice or make any recommendations regarding the suitability of its product. This financial promotion is intended for UK residents only and is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority.

The content of this announcement has been approved for the purposes of section 21 of the Financial Services and Markets Act 2000 by Fundsmith LLP ("Fundsmith"), which is authorised and regulated by the Financial Conduct Authority. Reliance on this announcement for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.

This announcement is not intended to constitute, and should not be construed as, investment advice. This announcement relating to Fundsmith Emerging Equities Trust plc ("FEET") does not constitute or form part of, and should not be construed as an offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in FEET in any jurisdiction. This announcement is an advertisement and not a prospectus. Neither this announcement, nor any part of it nor anything contained or referred to in it, nor the fact of its distribution, should form the basis of, or be relied on in any connection with, or act as an inducement in relation to a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any such securities. In particular, details included in this announcement are subject to updating, revision, further verification and amendment and refer to events as having occurred which have not occurred at the date of this announcement but which are expected to happen in the future. This announcement does not constitute a recommendation regarding the securities of FEET.

Investec Bank plc ("Investec"), which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and for no one else in relation to Admission and the Issue and the other arrangements referred to in this announcement.

Recipients of this announcement who are considering acquiring ordinary shares in FEET (the "Ordinary Shares") following publication of a prospectus in relation to those Ordinary Shares are reminded that any such acquisition must be made only on the basis of the information contained in the prospectus which may be different from the information contained in this announcement.

The Ordinary Shares have not been, nor will they be, registered under the US Securities Act of 1933, as amended or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Canada, Australia, the Republic of South Africa or Japan or any other jurisdiction that is a member state of the European Economic Area (other than the United Kingdom). Subject to certain exceptions, the Ordinary Shares may not be offered or sold in the United States, Canada, Australia, the Republic of South Africa, Japan, or any other jurisdiction that is a member state of the European Economic Area (other than the United Kingdom) or to or for the account or benefit of any national, resident or citizen of Canada, Australia, the Republic of South Africa, Japan or any person located in the United States. The distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.