# 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.

- CRD: 160365
- Filed as: FUNDSMITH, LLP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: June 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/160365
- AdvisorCensus page: https://advisorcensus.com/firm/fundsmith-llp-london-160365

## Quick answers

**How 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

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated June 26, 2026)

- Up to $4,999,999.99: 1% a year
- Above $5,000,000: 0.9% a year

> 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)

> 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $18,508,143,977
- Discretionary: $18,508,143,977
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $18,508,143,977 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2014 (12 years)
- Employees: 43 total, 5 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- fundsmith.co.uk
- fundsmith.co.za
- fundsmith.com
- fundsmith.eu
- fundsmith.mu
- fundsmith.us
- smithson.co.uk
- Facebook @fundsmith
- Instagram @fundsmithllp
- LinkedIn @fundsmith-llp
- X @FundsmithLLP
- YouTube @Fundsmith

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $45,690,066,775 | 47 | June 28, 2021 |
| October 2022 | $41,700,418,982 | 35 | June 29, 2022 |
| October 2023 | $35,522,818,242 | 39 | June 29, 2023 |
| October 2024 | $37,504,375,805 | 43 | June 28, 2024 |
| October 2025 | $30,593,682,376 | 43 | June 27, 2025 |
| October 2026 | $18,508,143,977 | 43 | June 26, 2026 |

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.

## 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Fundsmith, LLP (CRD 160365): Form ADV filing data as of October 2026.