Fundsmith LLP
Fundsmith LLP is a London-based investment management company, established in 2010 by Terry Smith. As of December 2023, Fundsmith manages £36 billion (~$45 billion USD) in assets, making it the largest active equity mutual fund in the UK. The firm specializes in a concentrated, global, long-term buy-and-hold investment approach targeting high-quality growth companies. It serves a wide spectrum of clients, including individuals, wealth managers, institutions, private banks, prominent families, charities, and endowments, and is fully owned by its partners. Fundsmith employs around 30 staff worldwide and operates affiliate offices in the UK, Mauritius, and the USA.
Investment Strategy
Fundsmith LLP employs a long-term, buy-and-hold investment strategy focused on a concentrated portfolio of 20–30 high-quality companies globally. The firm seeks businesses with strong and defensible competitive advantages, high and sustainable returns on operating capital, predictable cash flows, and resilience to technological disruption and change. Fundsmith avoids leverage-dependent companies, highly cyclical sectors, banks, and emerging technology firms, instead favoring established leaders in predictable industries such as consumer staples and medical consumables. The philosophy is to invest only in companies that have already demonstrated the ability to win over long periods, reinvesting their cash flows to drive growth, and holding positions for the long-term to minimize costs and maximize compounding returns.
Top Holdings
Equity Positions (39)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
M META | META PLATFORMS INC | 11.44% | $2.63B | 3,568,752 | $173.89 | $738.09 | +$395.6M |
M MSFT | MICROSOFT CORP | 10.68% | $2.46B | 4,941,509 | $133.37 | $497.41 | +$442.1M |
S SYK | STRYKER CORPORATION | 8.04% | $1.85B | 4,677,007 | $132.09 | $395.63 | -$36.6M |
P PM | PHILIP MORRIS INTL INC | 7.18% | $1.65B | 9,074,195 | $86.38 | $182.13 | -$62.5M |
I IDXX | IDEXX LABS INC | 6.15% | $1.42B | 2,639,289 | $145.16 | $536.34 | +$303.4M |