Fundsmith Investment Services Limited

Terry Smith serves as CEO and Chief Investment Officer. He makes all major portfolio decisions, with a small team of fund managers including Will Morgan and Julian Robson handling research and execution.

Fundsmith relies on fundamental bottom-up research conducted by its small London-based team. The firm screens for companies with high returns on capital, strong competitive moats, and predictable earnings. It does not engage in activist investing or use external advisors.

Fundsmith is a regulated asset manager, not a family office. Its primary vehicle, the Fundsmith Equity Fund, is a UCITS fund listed on the London Stock Exchange and open to retail and institutional investors. Terry Smith and his family own a majority stake in the management company.

Fundsmith invests directly in listed equities. It does not commit to external funds, private equity, hedge funds, or other pooled vehicles. All deployment is through its public fund portfolio.

Fundsmith invests exclusively in large-cap, publicly listed equities. It avoids early-stage, growth-stage, and private companies. The firm's typical holdings are mature, globally diversified businesses with established brands.

Fundsmith systematically avoids financials, energy and commodity firms, cyclical industrial companies, and most technology hardware. It also steers clear of banks, insurance, and highly regulated utilities.

Terry Smith built his wealth through a career in investment banking and equity research at UBS, Credit Suisse, and Collins Stewart, and through the growth of Fundsmith, which he founded in 2010.