4.A. Advisory Firm Description
Fundsmith is a limited liability partnership that was formed in England and Wales on April 16, 2010
under the Limited Liability Partnerships Act 2000. Fundsmith is authorized and regulated by the
United Kingdom Financial Conduct Authority to carry on certain regulated activities in the United
Kingdom. Fundsmith is headquartered in London, England. The principal owner of Fundsmith is
Eighth Wonder Limited which is a direct wholly owned subsidiary of the Eighth Wonder Foundation
(“The Foundation”), a foundation registered in the Republic of Seychelles and established by
Fundsmith’s founder, Mr. Terence Charles Smith. The objective of The Foundation is, in part, to
provide for the long-term succession of Fundsmith’s business interests and to ensure employees,
partners and investors are sufficiently protected and for the provision for beneficiaries.
4.B. Types of Advisory Services
Fundsmith sponsors and provides advisory services to the following pooled investment vehicles (the
“Funds” and each, a “Fund”): (1) Fundsmith Equity Fund, L.P., a Delaware limited partnership, (2)
Fundsmith Sustainable Equity Fund, L.P., a Delaware limited partnership, and (3) Smithson LP, a
Delaware limited partnership. Fundsmith has appointed its affiliate, Fundsmith Investment Services
Limited (“FISL”), as sub-adviser to the Funds pursuant to a sub-advisory agreement.
Fundsmith also provides sub-advisory services to an investment company registered in the United
States (“U.S.”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as well
as to pooled investment vehicles sponsored by third-party managers (collectively “Unaffiliated
Funds”).
The Funds and the Unaffiliated Funds are collectively referred to below as “Advisory Clients.”
In addition, Fundsmith provides advisory services to certain non-U.S. pooled investment vehicles
(the “Non-U.S. Funds”), which are not available for purchase by third party investors
in the U.S.
4.C. Investment Objectives/Restrictions
Fundsmith, on behalf of Advisory Clients, invests in equities on a global basis employing a buy-
and-hold investment strategy that seeks to achieve long-term growth in value. Fundsmith’s
approach is to be a long-term investor in its chosen stocks and it does not adopt short-term trading
strategies for such Advisory Clients. Fundsmith adheres to strict investment criteria, through which
it seeks to invest only in high-quality businesses that it believes will deliver attractive risk-adjusted
returns to investors over the long term.
The information set forth herein is qualified in its entirety by reference to applicable registration
statements, confidential private placement memoranda (“PPMs”), or other offering documents,
limited partnership agreements (“LPAs”), investment management agreements, and/or other
governing documents (collectively, the “Governing Documents”) for each Advisory Client. In the
event of a conflict between the information set forth in this Brochure and the information in the
Governing Documents, the Governing Documents shall prevail.
Investors and prospective investors in each Fund should read the applicable Governing Documents
for complete information on the investment objectives and investment restrictions with respect to
a particular Fund. There is no assurance that any of the Funds’ investment objectives will be
achieved.
Fundsmith manages Unaffiliated Funds in accordance with the applicable investment objectives
and strategies of the pooled investment vehicle, which may be amended from time to time by the
third-party manager.
4.D. Wrap Fee Programs
Fundsmith does not participate in, nor is it a sponsor of, any wrap fee programs.
4.E. Assets Under Management
As of March 31, 2023, Fundsmith manages approximately $35,522,818,241 in regulatory assets
under management on a discretionary basis and $0 assets on a non-discretionary basis.