Important Legal Information (this/the/our "Site") is a website operated by Fundsmith LLP ("we", "our", "us", "Fundsmith"). We are registered in England and Wales under company number OC354233 and have our registered office at 33 Cavendish Square, London, W1G 0PW, United Kingdom.


This Notice governs the use of this Site. By using our Site, you confirm that you accept the terms of this Notice and agree to comply with them. If you do not agree to this Notice, you must not use our Site.

You are also responsible for ensuring that all persons who access this Site through your internet connection are aware of these terms and other applicable terms and/or policies, and that they comply with them.

If there is any provision in this Notice that you do not understand, it is your responsibility to ask us to explain it to you before you accept the Notice or continue using the Site.


This Notice refers to the following additional terms, which also apply to your use of this Site:

  1. Fundsmith's Privacy Policy, which sets out the terms on which we process any personal data we collect from you, or that you provide to us; and
  2. Fundsmith's Cookie Policy, which sets out information about the cookies on this Site.

By using this Site, you also accept the terms of these policies.


This Site is primarily directed at persons in South Africa. The information on this Site does not constitute an offer or solicitation of an offer to buy or sell any financial products, investments, financial advice or intermediary service or to engage in any investment activity where such activity would be contrary to South African law or regulation. It is your responsibility to be aware of and comply with any relevant laws or regulations applicable in South Africa.


We may revise the terms of this Notice from time to time without notice. Revised terms will apply to the use of our Site from the date of the publication of the revised terms on our Site. Please check this page regularly to ensure you are familiar with the current version of this Notice. Your continued use of this Site will be deemed to constitute your acceptance of any revised terms. If you do not agree with any changes we make to the terms of this Notice, you must not continue to use this Site.


Whilst Fundsmith has taken all reasonable care to ensure that information on this Site is accurate and complete at the date of its publication, Fundsmith cannot guarantee the adequacy, accuracy or completeness of such information. The information contained on this Site is subject to change at any time, without notice. The views expressed on this Site are the opinions of Fundsmith and such opinions are subject to change without notice.


Access to this Site is permitted for guests and registered users on a temporary basis.

Fundsmith reserves the right to withdraw or amend the Services provided by this Site at any time. Fundsmith does not accept responsibility as to the operation, functionality or availability of this Site, or warrant that the use of this Site will be free from delay, interruption, interception or error.

Fundsmith may restrict access to some parts of this Site to users who are registered users. If you are a registered user and you choose or are provided with a user identification code, password or any other piece of information as part of Fundsmith's security procedures you must, as also mentioned in our Privacy Policy, treat such information as confidential and you should not disclose it to any third party. Fundsmith reserves the right to disable any user identification code or password, whether chosen by you or allocated to you by Fundsmith, at any time if necessary, to protect the security of this Site or if you fail to comply with the provisions of this Notice.


You must not use this Site in any way that causes, or may cause damage to:

  1. or any of its business partners;
  2. this Site; or
  3. this Site's availability or accessibility.

In addition, you must not use our Site:

  1. in any way which is unlawful, illegal, fraudulent or harmful;
  2. in connection with any unlawful, illegal, fraudulent or harmful purpose or activity;
  3. to conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) without our express written consent;
  4. to transmit or send unsolicited commercial communications; or
  5. for any purposes related to marketing without our express written consent.

In addition, you must not use our Site to copy, store, host, transmit, send, use, publish or distribute any material which consists of (or is linked to) any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious or technologically harmful computer software.

You must not attempt to gain unauthorised access to our Site, the server on which this Site is stored or any server, computer or database connected to this Site. You must not attack this Site via a denial-of-service attack or a distributed denial-of service attack.

By breaching the terms of this section, you would commit an offence under Electronic Communications and Transactions Act 25 of 2002. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Site will cease immediately.

Fundsmith will take reasonable precautions to ensure the security of this Site. However, Fundsmith will not be liable for any loss or damage caused by a distributed denial of service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other material due to your use of this Site or to your downloading material posted on it.

All information provided on the Site is provided "as is" without warranty of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, completeness, or non-infringement, as may be allowed in law.

We do not warrant that the Site will be compatible with your smartphone or device.


Fundsmith Equity Fund (the "Fund") has been approved by the South African Financial Sector Conduct Authority as a foreign collective investment scheme in securities ("CIS") in terms of section 65 of the Collective Investment Schemes Control Act, 2002.

You may obtain copies of the Prospectus, Key Investor Information Document ("KIID") and the Annual and Interim Report and Accounts for the Fund free of charge by contacting us at Fundsmith LLP, PO Box 10846, Chelmsford, Essex, CM992BW or these can be downloaded directly from this Site.

Fundsmith does not provide financial, investment, tax or other advice or any intermediary service. If you are unsure as to whether an investment in the Fund is suitable for you, you should seek your own professional advice.


CIS's should be considered as medium to long-term investments. The value may go up as well as down and past performance is not necessarily a guide to future performance. CIS’s are traded at the ruling price and can engage in scrip lending and borrowing. A schedule of fees, charges and maximum commissions is shown on the KIID and is available on request from Fundsmith. There is no guarantee in respect of capital or returns in a portfolio. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. Performance has been calculated using net NAV to NAV numbers with income reinvested. Where foreign securities are included in a portfolio there may be potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, foreign exchange risks, tax risks, settlement risks; and potential limitations on the availability of market information.

The Prospectus of the Fund contains further information in relation to the potential risks of investing in the Fund.


Fundsmith and its connected persons do hold investments in the Fund. Further information on Fundsmith's approach to handling material interests and conflicts of interest is contained in the Prospectus of the Fund.


Fundsmith is committed to protecting the confidentiality and security of your personal information in accordance with current data protection legislation as set out in our Privacy and Cookie Policies. Please refer to the detailed information included in the links to these policies at the bottom of each page on this Site for more information.


Fundsmith is the owner or the licensee of all intellectual property rights contained within this Site and in the material published on it. All such rights are reserved and your use of such materials are subject to the restrictions set out in this Notice.

You may view, download or print out a hard copy of pages from this Site or the material made available on it for your personal reference. However you must not:

  1. sell, rent or sub-license material from this Site;
  2. reproduce, duplicate, copy or otherwise exploit material on our Site for a commercial purpose without obtaining a licence to do so from us or our licensors;
  3. use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text; or
  4. modify the paper or digital copies of any materials you have printed off or downloaded from this Site in any way;
  5. in way reverse engineer, decompile, disassemble or otherwise attempt to discover any source code in the Site and/or Services, or any component thereof, nor may you attempt to do so; and/or
  6. redistribute material from this Site except for content specifically and expressly made available for redistribution. Where content is specifically made available for redistribution, it may only be redistributed within your organisation, or subject to such terms as may from time to time be imposed in relation to such content.

Fundsmith is the registered trade mark of Fundsmith LLP.

Fundsmith's status (and that of any identified contributors) as the authors of content on this Site must always be acknowledged.

If you print off, copy or download any part of this Site in breach of this Notice, your right to use this Site will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.


You may link to the Home Page of this Site, provided that you do so in a way which is fair, legal and does not damage Fundsmith's reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval or endorsement on Fundsmith's part where none exists and, in any event, without our prior written consent. You must not establish a link from a website that is not owned by you. This Site must not be framed on any other Site, and nor may you create a link to any part of this Site other than the Home Page.


Where this Site contains links to other sites and resources provided by third parties, these links are provided for your information only. Fundsmith has no control over the contents of these sites or resources and accepts no responsibility for them or for any loss or damage that may arise to you from your use of them. You access such sites at your own risk. These sites will have their own terms and conditions of use, and your use of them and your relationship with their owners and/or operators will be governed by such terms and conditions.


Fundsmith has the right to terminate your access to this Site at any time on giving notice to you and in any event if you commit any breach of the terms of this Notice. In addition Fundsmith may, in the event that you breach these terms, block computers using your IP address from accessing this Site, or contact your internet service provider to request that they block your access to this Site and/or bring court proceedings against you. Fundsmith shall have no liability to you for such termination or action. In the event that your access to this Site is terminated, the remaining provisions of this Notice will continue to apply.


Save as provided below, neither Fundsmith, its members, directors, officers, agents or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur:

  1. the event of any failure or interruption of this Site;
  2. as a result of the act or omission of any other party involved in making this Site or the data contained in it available to you; or
  3. from any other cause relating to your access to, inability to access, or use of this Site or the materials contained on this Site,
  4. whether or not the circumstances giving rise to such cause may have been within the control of Fundsmith, or of any vendor providing software, services, or similar support.

To the maximum extent permitted by applicable law we exclude all representations, warranties and conditions relating to this Site and the use of this Site (including, without limitation, any warranties implied by law of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill). Nothing in this Notice excludes or restricts any duty or liability that Fundsmith has under the Financial Services and Markets Act 2000 of the United Kingdom (as amended from time to time), the rules of the Financial Conduct Authority, the regulatory system as defined in FCA's Rules, or the Collective Investment Schemes Control Act 45 of 2002 of South Africa (as amended from time to time). Nothing in this Notice shall restrict or exclude any liability that Fundsmith has to any party that cannot be excluded by law, including for (a) death or personal injury resulting from negligence; (b) fraud or fraudulent misrepresentation. To the extent permissible by law, neither Fundsmith, any of its members, directors, officers, agents or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur indirect, incidental, special or consequential injury, loss or damages which might arise from your use of, or reliance upon, any material or content contained in, or inability to use, and/or unlawful activity on, the Site and/or any linked third party website.


To the fullest extent permitted by law, you shall indemnify Fundsmith from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of our legal advisors to compromise or settle any claim), all legal costs or expenses arising out of your use of this Site and any breach by you of any terms and conditions contained in this Notice, your violation of any third party right, including without limitation any copyright, trademark, trade secret or other property, or privacy right; or any claim that content you submitted to us on the Website that has caused damage to a third party. This defence and indemnification obligation will survive termination, modification or expiration of these Terms and your use of the Services and the Website.


This Notice, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by us without restriction. Any assignment or transfer by you shall be null and void.


This Site is intended only for adults. You affirm that you are either more than 18 (eighteen) years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in this Notice, and to abide by and comply with this Notice.


This Notice shall be governed by and construed in accordance with the laws of South Africa without regard to conflicts of law principles. The High Courts of South Africa will have the non-exclusive jurisdiction over any claim arising from or related to this Site. No failure of either party to enforce any of its rights under this Notice will act as a waiver of such rights. If any portion of any provision of this Notice is found invalid or unenforceable, that provision shall be enforced to the maximum extent possible and the remaining provisions of this Notice shall remain in full force and effect.


This Notice contains the whole agreement between you and us relating to the subject matter hereof and no other warranty or undertaking is valid, unless contained in this Notice.

To report any violations of this Notice that you become aware or should you wish to contact us please email us at