
English fund manager called 'the English Warren Buffett' for buying and holding a small number of established companies; formerly CEO of Tullett Prebon and Collins Stewart.
Fundsmith
Tullett PrebonCollins Stewart
Accounting for Growth outlived its news cycle as a forensic-accounting primer, and the Fundsmith annual letters are a widely read quality-growth record.
2 books of their own · 24 letters · 12 articles · 14 appearances
The accounting tricks British companies used to inflate profits, firm by firm.
Buy good companies, don't overpay, do nothing: Fundsmith's letters and columns.
Accounting for Growth | The accounting tricks British companies used to inflate profits, firm by firm. | 1992 | T2 | – |
Investing for Growth | Buy good companies, don't overpay, do nothing: Fundsmith's letters and columns. | 2020 | T2 | – |
| Fundsmith Equity Fund Semi-Annual Letter to Shareholders 2026 | Terry Smith explains changes to how Fundsmith Equity is run after a 2.9% fall in the first half of 2026, and exits 13 holdings including Novo Nordisk, Nike and LVMH. | 2026 | Netflix, Uber, Unilever, Intuit, Sage Group, TSMC, Mastercard, LVMH, Coloplast, Zoetis, Microsoft, McCormick, IDEXX Laboratories, Novo Nordisk, Alphabet | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2025 | Terry Smith reports that Fundsmith Equity rose 0.8% in 2025 against 12.8% for the MSCI World Index, in its sixteenth annual letter. | 2025 | Meta Platforms, Alphabet, Microsoft, Apple, Nvidia, Intuit, Novo Nordisk, Zoetis, IDEXX Laboratories, Amazon, Philip Morris International, Brown-Forman, PepsiCo, Coloplast, EssilorLuxottica | |
| Fundsmith Equity Fund Semi-Annual Letter to Shareholders 2025 | Terry Smith reports Fundsmith Equity's first-half 2025 performance against the MSCI World Index and comparators. | 2025 | Coloplast, Novo Nordisk, Meta Platforms | |
| Fundsmith Equity Fund Owner's Manual | Fundsmith's owner's manual sets out its rules: buy and hold high-quality, hard-to-replicate businesses that need no leverage and have room to grow, at a fair price. | 2025 | London Stock Exchange Group | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2024 | Terry Smith reports Fundsmith Equity lagged the MSCI World Index's 20.8% rise in 2024 but has beaten it by 2.7% a year since inception. | 2024 | Meta Platforms, Nvidia, Microsoft, Diageo, IDEXX Laboratories, Novo Nordisk, Nike, L'Oréal, Apple, Philip Morris International, Brown-Forman, Amazon, Stryker, McCormick, Atlas Copco | |
| Fundsmith Equity Fund Semi-Annual Letter to Shareholders 2024 | Terry Smith reports a 9% half-year gain that trailed the index, as Amazon, Apple, Meta, Microsoft and Nvidia produced 46% of S&P 500 returns. | 2024 | Meta Platforms, Microsoft, Apple, Nvidia | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2023 | Terry Smith reports Fundsmith Equity underperformed the MSCI World Index's 16.8% rise in 2023, in its fourteenth annual letter. | 2023 | Meta Platforms, Microsoft, Alphabet, Nvidia, Estée Lauder, Diageo, Novo Nordisk, Mettler-Toledo, IDEXX Laboratories, Amazon, Adobe, McCormick, L'Oréal | |
| Fundsmith Equity Fund Semi-Annual Letter to Shareholders 2023 | Fundsmith's top contributors in the first half of 2023 were Meta, Microsoft, L'Oréal, LVMH and Amadeus; Meta had been a large detractor a year earlier. | 2023 | Meta Platforms, Estée Lauder, Amazon, L'Oréal, Microsoft, Apple, LVMH, Alphabet, Philip Morris International, Amadeus IT Group, Mettler-Toledo | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2022 | Terry Smith reports Fundsmith Equity's 2022 underperformance, its thirteenth year, and warns no strategy outperforms in every period. | 2022 | Unilever, Intuit, PayPal, Microsoft, Meta Platforms, Amazon, Alphabet, Apple, IDEXX Laboratories | |
| Fundsmith Equity Fund Semi-Annual Letter to Shareholders 2022 | Terry Smith blames 2022's fall on inflation, rate rises and recession risk, and asks how his companies would fare in 1970s-style stagflation. | 2022 | Meta Platforms, PayPal, Intuit, Microsoft, Philip Morris International, IDEXX Laboratories, Novo Nordisk, Alphabet, Brown-Forman, Adobe | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2021 | Terry Smith reports Fundsmith Equity rose 22.1% in 2021 against 22.9% for the MSCI World, and 570.7% since its 2010 launch. | 2021 | Unilever, L'Oréal, PayPal, Amadeus IT Group, Intuit, Microsoft, IDEXX Laboratories, Novo Nordisk, Amazon, Brown-Forman, Kone, Estée Lauder, InterContinental Hotels Group | |
| Fundsmith Equity Fund Semi-Annual Letter to Shareholders 2021 | Terry Smith reports Fundsmith beat the FTSE 100 in the first half of 2021 despite the rotation from quality stocks to cyclicals. | 2021 | Amadeus IT Group | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2020 | Terry Smith reports Fundsmith Equity's 2020 results and compares them with the FTSE 100, which many UK investors use as their yardstick. | 2020 | Amadeus IT Group, Microsoft, Meta Platforms, Nike, PayPal, Sage Group, Intuit, IDEXX Laboratories, Philip Morris International, Reckitt Benckiser, LVMH, InterContinental Hotels Group | |
| Fundsmith Equity Fund Semi-Annual Letter to Shareholders 2020 | Terry Smith updates investors in March 2020 on how Fundsmith Equity is coping with the Covid-19 pandemic. | 2020 | ||
| Fundsmith Equity Fund Annual Letter to Shareholders 2019 | Terry Smith reports Fundsmith Equity's 2019 results, its tenth year, and compares them with the FTSE 100. | 2019 | Microsoft, Brown-Forman, Colgate-Palmolive, PayPal, Meta Platforms | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2018 | Terry Smith reports Fundsmith Equity beat its benchmark in 2018 and remains first in the Investment Association Global sector since inception, by 13 points. | 2018 | Meta Platforms, Sage Group, Unilever, Intuit, Microsoft, Philip Morris International | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2017 | Terry Smith reports Fundsmith Equity's 2017 results, its eighth year, against the MSCI World and UK bonds. | 2017 | Unilever, Kraft Heinz, PepsiCo, Imperial Tobacco (Imperial Brands), L'Oréal, PayPal | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2016 | Terry Smith reports Fundsmith Equity's 2016 results, its seventh year, against the MSCI World and UK bonds. | 2016 | IDEXX Laboratories, Novo Nordisk, Stryker, Procter & Gamble, Estée Lauder, InterContinental Hotels Group | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2015 | Terry Smith reports Fundsmith Equity's 2015 results, its sixth year, against the MSCI World and UK bonds. | 2015 | PayPal, eBay, Procter & Gamble | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2014 | Terry Smith reports Fundsmith Equity's 2014 results, its fifth annual letter. | 2014 | PayPal, Diageo, eBay, Microsoft, Sage Group, Becton Dickinson, Stryker, Reckitt Benckiser, Domino's Pizza | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2013 | Terry Smith reports Fundsmith Equity's 2013 results in its fourth annual letter. | 2013 | Colgate-Palmolive, Coca-Cola, Domino's Pizza, Waters | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2012 | Terry Smith reports Fundsmith Equity's 2012 results in its third annual letter. | 2012 | ||
| Fundsmith Equity Fund Annual Letter to Shareholders 2011 | Terry Smith reports Fundsmith Equity's first full year to October 2011 in its second annual letter. | 2011 | Domino's Pizza | |
| Fundsmith Equity Fund Annual Letter to Shareholders 2010 | Terry Smith's first annual letter to Fundsmith Equity owners, after the fund opened on November 1, 2010. | 2010 |
| There won't be another Buffett because no one will have his advantages | Financial Times | 2025 |
| Why I never invest in bank shares | Financial Times | 2023 |
| Who is to blame for the latest pensions debacle? | Financial Times | 2022 |
| Unilever has lost the plot / Fundsmith on Unilever and GSK | Fundsmith (reprint of his Financial Times pieces) | 2022 |
| There are only two types of investors | Financial Times | 2020 |
| Investors: never let a crisis go to waste | Financial Times | 2020 |
| The unique advantage of equity investing | Financial Times (Fundsmith reprint) | 2018 |
| Return-free risk | Financial Times (Fundsmith reprint) | 2016 |
| Banned words | Financial Times (Fundsmith reprint) | 2015 |
| Lessons from the Tour de France | Financial Times (Fundsmith reprint) | 2015 |
| AstraZeneca is beginning to look a lot like Tesco | Financial Times (Fundsmith reprint) | 2014 |
| Share buybacks - friend or foe? | Financial Times (Fundsmith reprint) | 2014 |