Terry Smith

Terry Smith has had a colorful career in British finance, including a period as an analyst at Collins Stewart where he wrote a book "Accounting for Growth" that exposed accounting tricks used by companies, which led to his dismissal. He later led Collins Stewart and Tullett Prebon before founding Fundsmith in 2010. Fundsmith Equity Fund has become the UK's largest and one of its best-performing equity funds, following a remarkably simple strategy: buy shares in exceptional businesses with high returns on capital, do not overpay, and do nothing (i.e., hold without trading). The fund holds approximately 20-30 stocks globally, primarily consumer, healthcare, and technology businesses. Smith publishes annual shareholder letters that have become required reading for investors interested in quality-growth investing.