Fundsmith Equity Fund T Acc EUR

The objective of the fund is to achieve long-term capital appreciation through global investment in equities. The fund’s approach is to invest in its selected company stocks for the long term and does not employ short-term trading strategies. The fund has strict investment criteria for the selection of
securities for its investment portfolio and invests in companies:

• which can generate a high return on operating capital employed on a sustained basis,
• whose advantages are difficult to replicate,
• that do not require significant debt financing to generate returns,
• that achieve growth with a high degree of certainty by reinvesting their cash flows at a high rate of return,
• that are impervious to change, especially with respect to technological innovation,
• whose valuation is considered attractive.

The sub-fund promotes environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related
Disclosure Requirements in the Financial Services Sector (SFDR). The fund will not make investments in other funds, real estate or derivatives, nor will it
Enter into hedging transactions. The Fund will not borrow except in the course of unusual circumstances.