Investor viewpoints
Firm public videos, interviews, shareholder letters, public Q&A, and site analysis are shown from newest to oldest.
Fundsmith · Terry Smith
Terry Smith explains why Fundsmith will continue to underperform MSCI World in 2025, focusing on index concentration, passive fund momentum, AI leader valuations, dollar weakness and persistence in not chasing index weights.
Fundsmith · Terry Smith
2025 semi-annual letter disclosed Fundsmith’s first half portfolio adjustments: began to accumulate Zoetis, Intuit, EssilorLuxottica, and sold PepsiCo and Brown-Forman.
Fundsmith · Terry Smith
The Fundsmith Owner's Manual is the foundational document for understanding Terry Smith's methodology, systematically explaining fund objectives, investment criteria, fees, trading disciplines and how shareholders should evaluate Fundsmith.
Fundsmith · Terry Smith
The 2024 letter revolves around AI, Nvidia, index concentration and passive funds, explaining why Fundsmith owns some large tech companies but is unwilling to turn the portfolio into a Magnificent Seven weight replication.
Fundsmith · Terry Smith
The 2024 half-year letter disclosed low turnover and new buys in Texas Instruments, and stated that during the half-year period Fundsmith placed more emphasis on long-term free cash flow than short-term price action.
Fundsmith · Terry Smith
The 2023 annual letter discusses contributions from Meta, Microsoft, Novo Nordisk and others, and re-elaborates Fundsmith's three-step strategy: buy good companies, don't pay too much, and do nothing.
Fundsmith · Terry Smith
2023 semi-annual letter explains portfolio valuation, low turnover, selling Amazon, and why Fundsmith still prioritizes long-term free cash flow compounding.
Fundsmith · Terry Smith
The 2022 annual letter puts Fundsmith's pullback into the context of inflation, rising interest rates, the end of easy money, and the revaluation of highly valued growth stocks.
Fundsmith · Terry Smith
The 2022 semi-annual letter focuses on explaining the impact of inflation, gross margin, free cash flow yield and rising interest rates on high-quality growth portfolios.
Fundsmith · Terry Smith
The 2021 annual letter reviews post-pandemic markets, portfolio quality, and long-term compounding, discussing high valuations, business fundamentals, and investor temptations toward short-term style rotations.
Fundsmith · Terry Smith
The 2021 semi-annual letter discusses the rebound in value stocks in the pandemic recovery, the resilience of quality portfolios, and why bad companies don't automatically become good investments just because they are cheap.
Fundsmith · Terry Smith
In a special letter at the beginning of the epidemic impact, Smith used a very short form to remind shareholders to focus on corporate resilience, cash flow and long-term holdings, rather than trying to predict the market bottom.
Fundsmith · Terry Smith
Fundsmith's first annual letter, documenting the fund's early goals, investment discipline and how to explain long-term quality investing to shareholders.