AdvisorCensus / Financial advisors / Fundsmith, LLP
Fundsmith, LLP is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2014, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 26, 2026.
Quick answers
From the filingHow is Fundsmith, LLP compensated?
On its Form ADV (Item 5.E, October 2026), Fundsmith, LLP reports these compensation arrangements: a percentage of assets under its management.
How much does Fundsmith, LLP charge?
Its Form ADV Part 2A brochure dated June 26, 2026 states: Up to $4,999,999.99: 1% a year; Above $5,000,000: 0.9% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Fundsmith, LLP located?
Fundsmith, LLP's principal office is in London, United Kingdom, according to its Form ADV.
Is Fundsmith, LLP registered with the SEC or a state?
Fundsmith, LLP is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 160365.
How much does Fundsmith, LLP manage?
Fundsmith, LLP reports $18,508,143,977 in regulatory assets under management in its Form ADV filing dated June 26, 2026 (100% discretionary).
How have Fundsmith, LLP's assets and staff changed since 2021?
In the Form ADV data for Fundsmith, LLP: Regulatory assets under management: $45,690,066,775 in the October 2021 data and $18,508,143,977 in the October 2026 data, down 59%. Total employees: 47 in October 2021 and 43 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Fundsmith, LLP serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5).
Does Fundsmith, LLP report any disciplinary disclosures?
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/160365
Does Fundsmith, LLP state an account minimum?
Its Form ADV Part 2A brochure dated June 26, 2026 says: "Investors in the Funds are required to make a minimum initial investment of $250,000, although the general partners of the Funds have discretion to accept lower amounts."
What changed in Fundsmith, LLP's recent Form ADV filings?
In the July 2026 filing data: Regulatory assets under management went from $30,593,682,376 to $18,508,143,977 (-40%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2A| Assets | Annual rate |
|---|---|
| Up to $4,999,999.99 | 1% |
| Above $5,000,000 | 0.9% |
The brochure's wording
Investors in the Funds pay a management fee based on the capital account of each limited partner as follows: • 1.0% of the capital account balance where that is under $5,000,000; or • 0.9% of the capital account balance where that is over $5,000,000.
Account minimum: $250,000 (the brochure says it may be waived or negotiated)
The brochure's wording
Investors in the Funds are required to make a minimum initial investment of $250,000, although the general partners of the Funds have discretion to accept lower amounts.
As stated in the firm's Form ADV Part 2A brochure dated June 26, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$18,508,143,977 as of October 2026, filing dated June 26, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2014 (12 years)
- Employees
- Total: 43. Performing investment advisory functions: 5.
- Wrap fee program participation
- No.
- States registered or notice-filed
- Not reported.
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $18,508,143,977 | 43 | June 26, 2026 |
| October 2025 | $30,593,682,376 | 43 | June 27, 2025 |
| October 2024 | $37,504,375,805 | 43 | June 28, 2024 |
| October 2023 | $35,522,818,242 | 39 | June 29, 2023 |
| October 2022 | $41,700,418,982 | 35 | June 29, 2022 |
| October 2021 | $45,690,066,775 | 47 | June 28, 2021 |
Regulatory assets under management: $45,690,066,775 in the October 2021 data and $18,508,143,977 in the October 2026 data, down 59%.
Total employees: 47 in October 2021 and 43 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- July 2026
- Regulatory assets under management went from $30,593,682,376 to $18,508,143,977 (-40%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Fundsmith, LLP (CRD 160365): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/fundsmith-llp-london-160365