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Change of Portfolio Manager

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Fundsmith
By Smithson

14 September 2026


Dear Fellow Investor,

I am writing to inform you of some changes to the portfolio management arrangements for the Smithson Equity Fund (the "Fund"), which will take effect on 1st October. 

Change of Portfolio Manager

Simon Barnard will be stepping down as the Portfolio Manager of the Fund. This is an amicable parting and we wish him well.

Jonathan Imlah will assume the role of Portfolio Manager. Jonathan has been a member of the research team for the Fund (and its predecessor Smithson Investment Trust plc) since inception, working closely alongside Simon. Jonathan knows the portfolio, the companies within it, and the investment philosophy that underpins it, intimately. Jonathan has a substantial personal investment in the Fund, aligning his interests directly with those of our fellow investors.

He is based in the United States, employed by our US subsidiary Fundsmith Partners US LLC. We will therefore formally appoint that entity to provide portfolio management in respect of the Fund.

The Investment Approach Remains Unchanged

I will remain Chief Investment Officer and will continue to have ultimate responsibility for the investment philosophy and approach which will not change. We will continue to invest in a concentrated portfolio of high-quality small and mid-sized companies from across the globe, capable of compounding in value over many years. 

Yours sincerely,

Terry Smith Signature

Terry Smith
Chief Executive Officer and Chief Investment Officer 
Fundsmith LLP

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