{
  "crd_number": 160365,
  "slug": "fundsmith-llp-london-160365",
  "primary_business_name": "FUNDSMITH, LLP",
  "legal_name": "FUNDSMITH, LLP",
  "dbas": [],
  "city": "London",
  "state": null,
  "country": "United Kingdom",
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2014-02-14",
  "years_registered": 12,
  "period": "2026-10-01",
  "filing_date": "2026-06-26",
  "carried_forward": false,
  "raum_total": 18508143977.0,
  "raum_discretionary": 18508143977.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 43,
  "advisory_employees": 5,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 18508143977.0,
      "count": 5
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 0
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [],
  "websites": [
    "https://facebook.com/fundsmith",
    "https://fundsmith.co.uk",
    "https://fundsmith.co.za",
    "https://fundsmith.com",
    "https://fundsmith.eu",
    "https://fundsmith.mu",
    "https://fundsmith.us",
    "https://instagram.com/fundsmithllp",
    "https://linkedin.com/company/fundsmith-llp",
    "https://smithson.co.uk",
    "https://x.com/FundsmithLLP",
    "https://youtube.com/@Fundsmith"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/160365",
  "city_as_filed": "LONDON",
  "url": "https://advisorcensus.com/firm/fundsmith-llp-london-160365",
  "display_name": "Fundsmith, LLP",
  "summary": "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.",
  "citation": "AdvisorCensus. Fundsmith, LLP (CRD 160365): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Fundsmith, LLP compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Fundsmith, LLP reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "How much does Fundsmith, LLP charge?",
      "a": "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."
    },
    {
      "q": "Where is Fundsmith, LLP located?",
      "a": "Fundsmith, LLP's principal office is in London, United Kingdom, according to its Form ADV."
    },
    {
      "q": "Is Fundsmith, LLP registered with the SEC or a state?",
      "a": "Fundsmith, LLP is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 160365."
    },
    {
      "q": "How much does Fundsmith, LLP manage?",
      "a": "Fundsmith, LLP reports $18,508,143,977 in regulatory assets under management in its Form ADV filing dated June 26, 2026 (100% discretionary)."
    },
    {
      "q": "How have Fundsmith, LLP's assets and staff changed since 2021?",
      "a": "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."
    },
    {
      "q": "What types of clients does Fundsmith, LLP serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5)."
    },
    {
      "q": "Does Fundsmith, LLP report any disciplinary disclosures?",
      "a": "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"
    },
    {
      "q": "Does Fundsmith, LLP state an account minimum?",
      "a": "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.\""
    },
    {
      "q": "What changed in Fundsmith, LLP's recent Form ADV filings?",
      "a": "In the July 2026 filing data: Regulatory assets under management went from $30,593,682,376 to $18,508,143,977 (-40%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 45690066775.0,
      "total_employees": 47,
      "filing_date": "2021-06-28"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 41700418982.0,
      "total_employees": 35,
      "filing_date": "2022-06-29"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 35522818242.0,
      "total_employees": 39,
      "filing_date": "2023-06-29"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 37504375805.0,
      "total_employees": 43,
      "filing_date": "2024-06-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 30593682376.0,
      "total_employees": 43,
      "filing_date": "2025-06-27"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 18508143977.0,
      "total_employees": 43,
      "filing_date": "2026-06-26"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Regulatory assets under management went from $30,593,682,376 to $18,508,143,977 (-40%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated June 26, 2026",
    "provided_by_the_firm": false,
    "tiers": [
      {
        "band": "Up to $4,999,999.99",
        "rate": "1%"
      },
      {
        "band": "Above $5,000,000",
        "rate": "0.9%"
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$250,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "Up to $4,999,999.99: 1% a year",
          "Above $5,000,000: 0.9% a year"
        ],
        "quotes": [
          "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."
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $250,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "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."
        ]
      }
    ],
    "values": {
      "tiers": [
        {
          "min": 0.0,
          "max": 4999999.99,
          "rate_pct": 1.0
        },
        {
          "min": 5000000.0,
          "max": null,
          "rate_pct": 0.9
        }
      ],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 250000.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "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.",
      "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."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/fundsmith-llp-london-160365.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 5,
      "fewer_than_5": false,
      "raum": 18508143977.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/160365",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}