Fundsmith: 2026 AGM Full Transcript

Full transcript, finalized manually, with slides, links and some annotations added.

This is a full transcript of the Fundsmith AGM last month, including the hour-long Q&A session. The final product has been manually produced, contains all slides shown at the meeting, and includes some of our own annotations and links.

Full transcripts of the 2025 and 2024 meetings, and a summary of the 2023 one, are also available on our Substack.

Presenting: Terry Smith (CEO & CIO), Julian Robins (Head of Research), Ian King (Moderator)

Table of Contents

• Welcome & Introduction

• Fund Performance

• Investment Strategy

• Questions & Answers

  • Question 1: Why aren’t the Magnificent 7 all Good Businesses?

  • Question 2: Is Attention Economy a Bubble?

  • Question 3: Is AI the Largest Speculative Craze in History?

  • Question 4: How Does Fundsmith Decide What to Sell?

  • Question 5: How Much Microsoft Has Fundsmith Sold?

  • Question 6a: Psychological Pressure of Underperforming?

  • Question 6b: Is Portfolio Positioned for Reversal in Passive Flows?

  • Question 7: Dollar Decline & De-Dollarization?

  • Question 8: “Do Nothing” Until the Crash?

  • Question 9: Most Admirable CEO in Portfolio?

  • Question 10: Naming a Child After a Holding?

(The rest of this article is for paid subscribers only, but unlocking it costs just $10; you can see a free sample of our research here.)