Key Investor Information

This document provides you with key investor information about this fund. It is not marketing material. The
information is required by law to help you understand the nature and the risks of investing in this fund. You are
advised to read it so you can make an informed decision about whether to invest.

T Class Shares in Fundsmith Equity Fund

Accumulation Shares (ISIN: GB00B4Q5X527)
Income Shares (ISIN: GB00B4M93C53)
The fund is managed by Fundsmith LLP

Objectives and investment policy

The fund’s objective is to achieve long-term (over 5 years) growth in value, investing in shares of companies on a global basis. The fund’s
approach is to be a long-term investor in its chosen stocks and it will not adopt short-term trading strategies. The fund aims to invest in
businesses:

• that can sustain a high return on operating capital employed;

• whose advantages are difficult to replicate;

• which do not require significant borrowing to generate returns;

• with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;

• that are resilient to change, particularly technological innovation;

• whose valuation is considered to be attractive;

The fund will not invest in other funds, property or derivatives nor hedge any currency exposure. The fund will not borrow money, except in
unusual circumstances. The fund is actively managed meaning that the fund manager uses their expertise to select investments to achieve the
fund’s objective. The fund does not track and is not managed by reference to any particular benchmark. The fund does not have any specific
geographical or sector focus.
An investor, or prospective investor, may buy or sell their shares on demand each business day in the UK. Instructions to buy or sell received
before noon will be implemented that day; instructions received after noon or on a non-business day will be implemented at noon on the next
business day.
For the Accumulation Shares, the dividends are reinvested in the fund. For the Income Shares, the dividends are paid out to you from the fund.
Recommendation: This fund invests for the long-term (over 5 years) and may not be appropriate for investors who plan to withdraw their money
within 5 years.

Risk and reward profile

Lower risk Higher risk

Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7

The risk category reflects the significance of the fund’s share price fluctuations based on historical data. Historical data may not be a reliable
indication of the future risk profile of the fund. The risk category of the fund is not guaranteed and may change over time. Further, the lowest
category of risk does not mean risk free. Your initial investment is not guaranteed.
Generally, the higher the risk category, the greater the potential for higher returns but also the higher the risk of losing money. This fund is ranked
at 5 because funds of this type have experienced medium to high rises and falls in value in the past. The underlying investments are, however, in
large companies with shares that are, in most cases, highly liquid.
There are a number of other risks that are not covered by the indicator above. A full description is contained in the prospectus under the heading
“Risk Factors”. The most material are:
Currency risk: The fund’s portfolio is a global share portfolio and many of the investments are not denominated in Sterling. There is no currency
hedging in place and the price of shares in the fund may therefore rise or fall purely on account of exchange rate movements.
Concentration risk: The investment criteria adopted by the fund significantly limits the number of potential investments. The fund generally holds
20 to 30 stocks and so it is more concentrated than many other funds. This means that the performance of a single stock within the portfolio
has a greater effect on the price of the shares of the fund.
Operational risk: Failures or delays in operational processes may negatively affect the fund. There is a risk that any company responsible for the
safekeeping of the assets of the fund may fail to do so properly or may become insolvent, which could cause loss to the fund.
Key Investor Information
T Class Shares in Fundsmith Equity Fund

Charges
The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the
potential growth of your investment.
The charges for the fund are shown below. The ongoing charges figure is based on the fund’s expenses for the year ended 31 December 2020.
This includes all costs borne by the fund except for portfolio transaction costs but, because the portfolio turnover is relatively low, these charges
should equally be low.

The ongoing charges are used to pay the costs of running the fund, including the fee payable to Fundsmith LLP, which is 1.00% per annum, and
certain other costs including marketing and distributing the fund. These ongoing charges reduce the potential growth of the investment. The
overall ongoing charges may vary from year to year.

One-off charges taken before or after you invest:

Entry charge 0.00%
Exit charge 0.00%
These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your
investment. In some cases, you might pay less and you should speak to your financial adviser about this.
Charges taken from the Fund over a year:
Ongoing charges 1.06%
Charges taken from the Fund under specific conditions:
Performance fee NONE

Past performance

30% You should be aware that past performance is not a guide to future
28.2%
performance.
25% 25.3% 25.6%
23.3%
Fund launch date: 01/11/2010
22.0% Share class launch date: 01/11/2010
20%
Performance is calculated in: GBP
18.3%

15% 15.7%
This performance is calculated based on the net asset value per
12.5% class (which includes all charges) and assuming the income has
10%
been re-invested in the fund.
8.4%

5%

2.2%
0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Practical information

Further information on the fund is available from the website – available from the website - www.fundsmith.co.uk and include a
www.fundsmith.co.uk. You can also obtain it by calling us on 0330 description of how remuneration and benefits are calculated and the
1231 815 or by writing to Fundsmith LLP, PO Box 10846, identities of the persons responsible for awarding remuneration and
Chelmsford, Essex CM99 2BW. benefits. A paper copy of this information will be made available free
of charge on request.
This includes the Supplementary Information Document, the
Prospectus, the latest price of shares of the fund, and the latest The tax legislation of the United Kingdom may have an impact on the
annual or semi-annual reports as and when they are published. personal tax position of the investor.
These documents are available free of charge and in English. We are required, under Money Laundering regulations, to confirm
your identity. In the majority of cases, we do this electronically, but
This Key Investor Information Document describes the GBP T Class
we may require additional documents from you if we cannot do this.
shares. The equivalent document for other share classes is available
from the website and address above.
Fundsmith LLP may be held liable solely on the basis of any
The depositary of the fund is State Street Trustees Limited. statement contained in this document that is misleading, inaccurate
Details of Fundsmith LLP’s up to date remuneration policy are or inconsistent with the relevant parts of the prospectus for the fund.

This fund and Fundsmith LLP are authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at: 05/02/2021