"Since launching the Fundsmith Equity Fund in 2010, Smith has delivered strong returns by focusing on a concentrated portfolio of resilient global growth stocks, avoiding hype-driven sectors, and emphasizing businesses with high returns on capital and predictable cash flows. His straightforward style, annual shareholder letters critiquing market excesses, and personal investment in his own fund mirror Buffett's philosophy at Berkshire Hathaway ( )( ). With around $20 billion in assets under management, Fundsmith remains one of the U.K.'s most successful active funds."
"The pattern intensified in the third quarter. Reports indicate Smith fully exited at least five positions, including completely selling out of Mastercard ( ). He also cut Meta Platforms ( NASDAQ:META ) - once a top holding - by more than half and slashed Microsoft ( NASDAQ:MSFT ) almost in half. These moves reduced exposure to high-multiple tech leaders that drove much of the market's gains."
Terry Smith founded Fundsmith and launched the Fundsmith Equity Fund in 2010. He concentrates on resilient global growth stocks, avoids hype-driven sectors, and emphasizes businesses with high returns on capital and predictable cash flows. Smith shares a straightforward investor style and invests personally in his fund. Fundsmith manages around $20 billion in assets and ranks among the U.K.'s most successful active funds. During 2025 Smith trimmed many positions, selling at least five holdings, fully exiting Mastercard and cutting stakes in Meta Platforms and Microsoft. Buys remained minimal while cash balances rose, signaling limited attractive opportunities at current valuations.
Read at 24/7 Wall St.
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