Fundsmith Equity Fund
709.00p T Class Acc, 24 Apr 24

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An ISA (Individual Savings Account) is a savings account available to UK residents on which the return is tax-free and which need not be declared on the investor’s tax return. All income (dividends and interest) and all capital gains within the account are free of tax. For the current year, 6 April 2024 to 5 April 2025 the overall investment limit is £20,000 (excluding the British ISA which has a separate £5,000 limit).

 

Archive

  1. Financial Times

    Financial Times - What Buffett has known since 1979

    Terry Smith writes to the Financial Times to point out that investors are only starting to realise what Warren Buffett has known for decades - that return on capital employed is the best measure of managerial performance.

    By Financial Times, Terry Smith
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  2. Financial Times - Poor and Confused Outlook Continues for Retail Investors.

    Sir, I refer to Alice Ross's article " Market timing errors prove too costly " (FT Money, November 20). The article quoted Skandia saying that behaviour on its investment platform reflects the fact that many investors buy UK equities in response to what the FTSE has been doing - buying more when it is high and less when it is low - a recipe for poor investment performance adding further justification to the notion that most investors are their own worst enemy.

    By Terry Smith
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  3. ETF's - you were warned.

    The losses of $2bn incurred by an allegedly rogue trader on the Delta One desk at UBS have again raised the subject of the (lack of) risk controls by banks dealing in opaque instruments, the need to separate investment and retail banking and the risks inherent in ETFs.

    By Terry Smith
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  4. Daily Mail

    Daily Mail - The battle I warned was bound to come

    Terry Smith argues that the sovereign debt crisis he predicted in 2008 has arrived, and that none of the piecemeal measures being proposed will work until the fundamental issues are addressed.

    By Daily Mail, Terry Smith
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  5. Fundsmith

    Fundsmith Plans Junior ISA For Government Launch Date

    Fundsmith today announces plans to launch a Junior ISA. As the latest savings initiative from the Government to promote investing for children, Fundsmith would welcome the Junior ISA investment limit being raised 20% to £3,600 and would also encourage the Government to convert Child Trust Funds to Junior ISAs to aid simplicity, broader consumer adoption and equal opportunities for all children to maximise their savings.

    By Fundsmith
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  6. The Guardian

    The Guardian - News Corp: A family business

    Terry Smith gives his account on News Corp, highlighting how extraordinary share arrangements insulate Rupert Murdoch from the repercussions of the company’s underperformance.

    By The Guardian, Terry Smith
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  7. Accelerated Stock Repurchases

    This week there was a new development in the share buyback mass shareholder value destruction exercise which has gripped American companies and has some following in the UK.

    By Terry Smith
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  8. Well he would, wouldn't he?

    When Mandy Rice-Davies was giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, in the Profumo Affair, she made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?" (often misquoted as "Well he would say that, wouldn't he?"). By 1979 this phrase had entered the third edition of the Oxford Dictionary of Quotations.

    By Terry Smith
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  9. ETFs - Worse than I thought

    On 11th January I published my first annual letter to the holders of the Fundsmith Equity Fund. In it I levelled some criticisms at the investment fad for Exchange Traded Funds ("ETFs").

    By Terry Smith
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  10. Share Buybacks - Friend or Foe?

    Almost 20 years on from publishing my book, Accounting for Growth, I am exposing another loophole in the accountancy rules which is allowing companies to appear to have created value when they have not.

    By Terry Smith
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  11. Fundsmith's Terry Smith Commenting On The Year Ahead

    At an Editorial Intelligence event, in association with the Financial Times, a panel debated "the Year Ahead". The event was chaired by Lionel Barber, the FT's Editor, and Terry Smith, Founder of Fundsmith, was joined on the panel by Lord Andrew Adonis, Gillian Tett and Baroness Shriti Vadera .

    By Terry Smith
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