Most fund managers will send you a glossy brochure. At Fundsmith we want you to have an Owner’s Manual. Why? Because your understanding of what we are trying to achieve and how we will approach it is a critical element in enabling us to attain our goal.
Documents
![](/media/xddj442x/unnamed.jpg?width=747&height=402&v=1d7a7c8418e6db0)
Notices to Shareholders
Please note that as of the 1st March 2021 the structure of the Fundsmith Equity Fund SICAV was changed and we introduced a new fund, the Fundsmith Sustainable Equity Fund SICAV. Other Notices to Shareholders can be found by clicking the links opposite.
Letters to Shareholders
- 2023 Annual Letter To SICAV Shareholders
- 2023 Semi Annual Letter to SICAV Shareholders
- 2022 Annual Letter To SICAV Shareholders
- 2022 Semi Annual Letter To SICAV Shareholders
- 2021 Annual Letter To SICAV Shareholders
- 2021 Semi Annual Letter To SICAV Shareholders
- 2021 January Notice To SICAV Shareholders
- 2020 March Letter To SICAV Shareholders
- 2020 Annual Letter To SICAV Shareholders
- 2019 February Notice to SICAV Shareholders
- 2019 Annual Letter To Shareholders
- 2018 Annual Letter To Shareholders
- 2017 Annual Letter To Shareholders
- 2016 Annual Letter To Shareholders
Third-party Analysis on Fundsmith
A selection of third-party reports on Fundsmith can be found here.
![](/media/e40go2m2/responsible-investment-xl-2x.jpg?rxy=0.41893830703012913,0.45338468051401809&width=747&height=402&v=1d7a728f43b33d0)
Annual Reports and Audited Financial Statements
- Annual Report Including Audited Financial Statements As At 31 December 2023
- Unaudited Semi Annual Report For The Period From 1 January 2023 To 30 June 2023
- Annual Report Including Audited Financial Statements As At 31 December 2022
- Unaudited Semi Annual Report For The Period From 1 January 2022 To 30 June 2022
- Annual Report Including Audited Financial Statements As At 31 December 2021
- Unaudited Semi Annual Report For The Period From 1 January 2021 To 30 June 2021
- Annual Report Including Audited Financial Statements As At 31 December 2020
- Unaudited semi-annual report for the period from 1 January 2020 to 30 June 2020
- Annual report including Audited Financial Statements as at 31 December 2019
- Unaudited semi-annual report for the period from 1 January 2019 to 30 June 2019
- Annual Report Including Audited Financial Statements As At 31 December 2018
- Unaudited semi-annual report for the period from 1 January 2018 to 30 June 2018
- Annual report including audited Financial Statements as at 31 December 2017
- Unaudited semi-annual report for the period from 1 January 2017 to 30 June 2017
- Annual report including audited Financial Statements as at 31 December 2016
- Unaudited semi-annual report for the period from 1 January 2016 to 30 June 2016
- Annual report including audited Financial Statements as at 31 December 2015
- Unaudited semi-annual report for the period from 1 January 2015 to 30 June 2015
- Annual report including audited Financial Statements as at 31 December 2014